When companies sell goods/services, they may request cash prior to or at the delivery or they may offer deferred payment. The decision on credit policy is a trade-off between the benefits gained from increased sales and the costs of approving credit. Based on the appropriate analysis of reports, controlling should help the management to bring such business decisions aimed towards customers and to take all the necessary measures for obeying the appropriate legal regulations. This way, controlling may influence better liquidity of a company, which includes faster cash turnover, payment to its suppliers, lower outstanding accounts, and better profitability. Apart from the general importance of controlling credit sales and collection of receivables, the article examines the position and the role of controlling in the companies operating in wood processing as the fastest growing industry in Bosnia and Herzegovina.

Social responsibility has become increasingly important in recent times. The term “corporate social responsibility” (CSR) is also found in the literature, treated by the Islamic economy and finance. Islamic CSR is based on the principles of Shariah. Therefore, the main objective of this paper is to study CSR approaches of Islamic and Conventional Economics. Financial institutions, corporations and enterprises need much more to do CSR practices, to promote CSR that underpinned under the principles of Shariah. The main goal of the paper is to analyse and explore the theoretical and practical aspects of social responsibility from the aspect of Islamic economy and finance. The conducted research showed that there is no significant deviation of the principles of Islamic economy and finances versus the traditional principles of social responsibility. The only difference is that the principles of Islamic economy and finances include a higher degree of application of ethical principles, which should result in moral and ethical economic development of society.

*1 The authors wish to express their gratitude to one of the postgraduate students (an employee of the specific Bank) for her valuable help with the empirical research. **2 Adisa Delić, PhD, Faculty of Economics, University of Tuzla, Univerzitetska 8, 75000 Tuzla, Bosnia and Herzegovina, Phone: +387 61 331 830, E-mail: adisa.delic@untz.ba ***3 Emira Kozarević, PhD, Faculty of Economics, University of Tuzla, Univerzitetska 8, 75000 Tuzla, Bosnia and Herzegovina, Phone: +387 61 178 821, E-mail: emira.kozarevic@untz.ba ****4 Mersiha Alić, PhD student, Indiana Institute of Technology (Indiana Tech), 1600 E. Washington Blvd. Fort Wayne, IN 46803, USA, Phone: Tel: +1 260 804 0415, E-mail: malic01@indianatech.net Abstract

Abstract Modern companies’ business environments have become increasingly complex, dynamic, and uncertain as a consequence of globalization and the rapid development of information communications technology. Companies are urged to increase their flexibility in order to keep their competitiveness in the global market. The affirmation of intrapreneurship becomes one of the basic ways for achieving higher adaptability and competitiveness of large companies in the modern business environment. In this context, the choice of an organizational solution that improves the development of entrepreneurial orientation and increases employee entrepreneurship and innovativeness becomes an important task for large companies. Research studies and business practices have indicated that various types of modern organizational forms enable the development of intrapreneurship. Therefore, the main aim of this paper is to identify dominant characteristics of organizational solutions and analyse their influence on the development of intrapreneurship in large companies in Bosnia and Herzegovina (BiH). The research results indicate that current organizational characteristics are not favourable for the development of intrapreneurship in large BiH companies and that improvement is necessary in order to create an enabling environment for intrapreneurship and innovativeness. Based on these findings, recommendations for appropriate organizational changes are presented that might result in a more intensive development of intrapreneurship in large BiH companies.

The subject of this paper refers to the current obstacles to the development of women's entrepreneurship in B&H: namely, the obstacles arising from the impact of gender roles on women's entrepreneurship, barriers arising from missing entrepreneurial knowledge and skills, barriers relating to the source of capital and establishment procedures and the obstacles that result from inhibiting factors. The overall purpose of this research was to identify the scientific method and clarify the current obstacles to the development of women’s entrepreneurship in B&H, in order to be on the basis of research results identify concrete measures to reduce unemployment. In order to identify the key obstacles to the development of women entrepreneurship in B&H, the methodology is based on primary research, in which data are collected by the method of written tests using a structured questionnaire. Based on consultation with relevant theoretical sources and the empirical research, the main conclusion of this study is that access to finance and advisory services, entrepreneurial skills and administrative services are basic factors limiting the development of female entrepreneurship in B&H.

Investment into people through education, professional training in accordance to bank’s needs, and work on “nurturing” the readiness to challenges and changes are all significant starting points for achieving bank competitiveness. Identifying the dominant forms of employee training and determining the level of employee satisfaction by the existing training programs, which is the basic goal of this paper, enable bank managers to obtain valid information on appropriate changes of certain training programs and development of employees. The paper presents the results of the empirical research conducted in a subject BiH bank, aimed at defining the methods of employee training that are characteristic of the banking sector and the level of employee satisfaction by training programs they attend. The research included 172 employees of the subject bank. The authors believe that the critical analysis of the employee training and development methods applied in the banking sector as well as the criteria for selecting the programs for the realization of these methods can lead to widening the scientific knowledge in the field of human resource management in banking and to creating specific recommendations for bank managers which they can/need apply in their practice in order to improve the entire business operations.

Contemporary business environment generates hyper changes and hyper competition, which is why enterprises are challenged to search for new sources to

Much has been written about the (still present) world economic crisis in the past few years, and in those scientific discussions the main factors – causes of crisis have been often analyzed. All those (up to now) analyzed factors make the crisis long-lasting, harder, uncertain with hardly predictable implications. On the other hand, understanding the cause and preventing the consequences of crises are an important precondition of economic and social development of any country. With regard to this, the main aim of research by the authors of this paperwork has been based on the attempt to explain the view according to which, the greed of Wall Street bankers caused by excessive management compensation has also been, inter alia, one of the relevant factors causing and deepening the 21 st century world economic crisis. Furthermore, the paperwork provides an overview of possible directions of regulation in the field of management compensation, all with the aim to prevent large scale crises in the future. Finally, to complete the research, the authors have analyzed the state in the field of management compensation in Bosnia and Herzegovina.

Banks worldwide are looking for new and creative ways to operate and achieve competitive advantages under the global recession conditions. The recession effects have forced the banks to look into more effective utilisation of internal resources and their potential. Human resources are recognised as the key element in successful business navigation through difficult market conditions, including competition with other banks and non-banking financial institutions. This is even more important for the banks operating in developing countries, where the effects of the recession are considerably harsher. Many studies have acknowledged the direct link between productivity and the level of employee satisfaction. This work aims to establish and recognise some of the main factors associated with the job satisfaction of banking employees in the Federation of BiH and provide useful guidance to bank managers in this region and beyond, as a contribution to their continuous improvement efforts in business and people management during these challenging times. The research is predominantly based on the survey conducted in the banking sector of the Federation of BiH in 2013. The survey sample covers 529 respondents that represent 7.4% of the overall banking employee sector base of 7,130. The analysis of survey results, supported by empirical research and the review of related literature, revealed that job satisfaction amongst the bankers is determined by a wide spectrum of factors such as: demographic characteristics, management and supervision, monetary compensation, non-monetary recognition, work environment, job responsibility and type of tasks, social atmosphere at work and general satisfaction with life.

Intrapreneurship holders are entrepreneurial employ ees who develop entrepreneurial activities within the existing enterprises, which i n turn produces improved business performances. However, in order for entrepreneuria l employees to act and release their creative energy, it is necessary to provide the spe cific organizational requirements. Specifically, the rigid traditional o rganizational structures and bureaucratic approach to job design, which is often inherent in large enterprises, are not suitable infrastructures for developing entrepreneu rial climate in the organization. Consequently, the identification and analysis of the dominant type of organizational structure as well as the degree of c entralization and formalization and the degree of specialization and application of teamwor k in Bosnian companies, in light of ensuring organizational assumptions for the develop ment of intrapreneurship in these companies, are only some of the goals of this paper . This analysis will be based on the results of the empirical research conducted back in 2011, which covered a hundred of Bosnian companies, and also on the results of the G EM research back in 2011. This paper will include both the presentation and debate on the basic obstacles to the development of stronger Bosnian intrapreneurship in companies, but also recommendations regarding the content of the organi zational changes that should be undertaken for this purpose.

The technological revolution (especially in the field of information and communications technology) and globalization are the key factors in shaping the new competitive landscape which is characterized by hypercompetition, increasing consumer demands and increasing demands for innovation, knowledge and learning. Modern enterprises along with the emerging business environment must appropriately adjust, and one of the preconditions for their successful adaptation is also the choice of an appropriate organizational design. Organizational structure, as the most important element of organizational design, is there today to provide companies with propulsion of internal and external borders. Consequently, the analysis of recent trends in the design of the organization in the context of adapting the enterprise global dynamic environment is one of the goals of this paper. In addition, this study will also include the results of the empirical study whose purpose was, among other things, the identification and analysis of the dominant type of organizational structure of the enterprises in Bosnia and Herzegovina. The results of this research will demonstrate the extent to which the structure of these companies is in accordance with the new trends in the field of organization.

It is a common view in both theory and practice of modern management that enterprises of the 21st century must seek new sources to build and maintain competitive advantage in the dynamic and uncertain global market. In this context, individual and organizational learning are identified as significant sources of competitiveness. Consequently, the knowledge we gain from learning and its application ensures that companies differentiate from their competitors who are very hard to copy and imitate. In addition, organizational learning generates the changes in cognitive and behavioral nature, and as such, significantly increases the organization's ability to innovate and increase its adaptability in complex and unpredictable environment. The implementation of the concept of learning organization, which implies "double loop learning", i.e. changing the underlying assumptions, mental components and way of thinking is particularly important for companies that operate in the conditions of the transition period from ex-socialist economy to a new cognitive stage capitalism and new socially responsible ways of market business. Therefore, the aim of this paper is to focus not only on theoretical critical review of the concept of the learning organization, but also to shed light on the analysis of the assumptions for the implementation of this concept in the context of building a competitive advantage in Bosnian enterprises. The analysis will be based on the results of an empirical study on the degree of the implementation of learning organizations within a hundred of Bosnian enterprises, conducted back in 2012.

This paper is focused on the process of evaluating performance of employees. Special emphasis has been put on possible errors that may impair the objectivity of the outcome of this process. The purpose of implementing this process lies in identifying potential employees, providing information that can serve as a basis for human resource planning, forming a basis for assessing the effectiveness of the process of professional selection, establishing training needs and planning employees' training, reinforcing the motivation of employees at work, etc. However, due to inadequate structure of the system of performance evaluation, there appears to be a list of various errors that limit their objectivity. Hence, the purpose of this study is to indicate the possible sources of errors and mistakes in evaluating the performance, with special emphasis put on empirical research conducted in this field in the sector of public administration of Bosnia and Herzegovina (B&H).