The main objective of this research paper is to examine the relationship between corporate social responsibility (CSR) and financial performance (FP) of the companies included in the official share index of the Zagreb Stock Exchange. CROBEX10® includes shares of 10 companies traded at the regulated market in Croatia. Corporate social responsibility is a factor having an important role in the consumer selection of products and services. Thus, CSR is increasingly gaining in importance because it creates organizational value for a company by giving the ability to differentiate the company from its competitors. All successful companies in the world have recognized the importance of CSR, but not all are equally successful in its implementation. Although many empirical studies found a link between the quality of CSR and the company performance measured by financial indicators, there is still a lot of inconsistency in the results of previous research, mainly due to the factors influencing this relation. The paper starts from the general premise that there is no relationship between CSR and FP, for companies included in CROBEX10®. In this paper common indicators such as the measure of the financial performance (such as ROA and ROE) are determined by using document analysis method. Levels of CSR indicators are evaluated by using content analysis. The relationship between CSR and financial performance is interpreted using descriptive statistics, method of simple regression analysis and factor analysis.

In this paper authors have analysed development of legal and technical framework of interconnection of registries of company data at the level of the European Union. Analysis of sources of the European Union Law and case law of the Court of Justice of the European Union has led to the conclusion on importance of integration of registries of Member States of the European Union for affirmation of principle of transparency and development of freedom of establishment. Efforts made so far in this area of law have resulted in adoption of Directive (EU) 2012/17 on interconnection of central, commercial and companies’ registries. The aim of the Directive is to create a framework for easier access to companies’ data and to increase transparency. Amended provisions of Act on Court Register have been analysed, by which provisions of Directive (EU) 2012/17 have been implemented. Legal solutions which would contribute to overall integration of central register of financial data of Croatian Financial Agency into the system of interconnection of companies’ registries are taken into consideration.

Paper examines the impact of a going-concern audit opinion on the corporate governance, measured by the changes in board of directors’ composition. External auditor’s opinion is used as a measure to address agency problems in companies. We examine this impact on sample of 55 companies listed on the Banja Luka Stock Exchange which have received going-concern audit opinion for 2013 financial reports. In this paper, the relationship between going-concern audit opinion and the corporate governance is investigated observing changes in board of director composition and additional requests for rigorous board performance evaluation after the shareholder’s assembly have received external auditor’s report. Results show that board of directors of companies that received going-concern audit opinions have not suffered serious consequences such as rigorous board performance evaluation, reduction of board size or changes of board members. This highlights the importance of measures that need to be put in place in order to increase of external auditor’s role in corporate governance.

The purpose of this paper is to provide a new theoretical insight regarding top managers' personal values in developing countries based on the Schwartz Values Theory (Schwartz, 1992, 1996, 2006; Schwartz and Bilsky, 1990) and to explore the influence of top managers' personal values on sustainability performances of successful businesses.

The research describes personal values differences between top managers and their commitment to pro-social and pro-environmental responsibility who were approached through the validated and reliable questionnaire on identifying top managers' personal values (PVQ40) and questionnaire on sustainability indicators observed through the „triple bottom line“ concept which includes three measuring elements: financial, social and environmental performances (Fauzi, Svensson and Rahman, 2010).

Given that top managers are very often the owners in SMEs, their values are largely reflected in the organizational values, which means that in small pro-environmentaly oriented firms, the personal values of owners-managers seem to play a much stronger part in motivating pro-environmental behaviors than in other SMEs (Lawrence at al., 2006). With regard to business sustainability, it is still insufficiently known, developed and understood in Southeast Europe and in developing countries. Therefore, this research may be used to encourage companies and local governments to include a sustainability issues in their business activities as a pre-condition for business success and competitiveness. The managers in SMEs can use this research as a guideline on introduction of contemporary principles of sustainability into their companies and to improve and direct their personal values towards sustainability.

Croatian agriculture stagnates over the last quarter of the century. Although it is heavily subsidized and the investment in mechanization was high, Croatian agriculture did not improve its production level, not even after the accession to the European Union. The project of green and blue Croatia, which aim is to connect agricultural production and tourism, did not show significant results import substitution. In this paper non-perennial crops agriculture is analyzed since it forms more than 40% of total agricultural production in Croatia. In order to distinguish the contribution of capital, labour and total factor productivity, a Cobb-Douglas production function is estimated on a panel data set for Croatian non-perennial agriculture in the period of 2008 – 2014. It was discovered that production elasticities do not correspond to the shares of expenditures on labour and capital which is a common production function assumption. Also, it is shown that total factor productivity declines over time, a disinvestment and labour decline caused stagnation of this sector of Croatian economy. A further analysis is made to determine the impact of subsidies and export orientation on TFP and it is found that Croatian agricultural production is affected by export orientation and subsidies, but their impact is almost irrelevant.

Internationalization has become an inevitable fact in the business world since the 1970s, when a strong liberalization of the market started to take place and the technology came to a level which enabled companies to expand their businesses outside the boundaries of their countries. Businesses use range of different modalities entering foreign markets but this research is focused on exporting companies as one of the most commonly used strategy in foreign market exploitation. Research conducted on the basis of 113 exporting companies examines the role of managerial capabilities regarding their international performance. Managerial capabilities are associated with key organizational requirements necessary for entering these foreign markets, along with the methodical building of a competitive product portfolio and achieving sustainable competitive advantage. Managerial capabilities are measured by the level of their general education, skills and experience, as well as knowledge about international markets.

League Central America (LCA) is presented as an example of leaders, managers, guides and entrepreneurs who are starting a new era in the management of companies, where values and spirituality mark the path to excellence and define administrative roles, behaviors and attitudes of all members of the organization. Corporate Social Responsibility is the Management Model. Leaders in the business world are judged by hard-number figures, short term actions; added value and wealth creation long term vision & purpose. But, surely, leadership is in itself a risky business role and a visionary leader does not shy away from taking risks because following his/her vision is inherently hazardous. Visionary leaders understand that spirituality, in the work place context, is about finding, meanings and purpose beyond one’s self. It means that need the others. The working life of engagement is about understanding and using our family social values and strengths in the day today. When we experience this deep engagement and absorption we are a state of flow (Csikszentmihaily, 1975 – Gardner 2002). A meaningful life comes from serving others, volunteer activities or visionary work. The visionary leader role may be instrumental by opening opportunities to motivational and positive work.

The D.N.A. of Maquila League culture is oriented to task results and processes, it means short term. The professors we are trying to work with its managers, around 20-25, and supervisors, around 60, to develop crucial leadership skills based at medium- long term objectives like:

 Showing respect for others, Demonstrating fair treatment in conflict situations, Demonstrating fair treatment in conflict situations, Expressing caring and concern, Listening responsively, Recognizing the contributions. Engaging in reflective practice every morning after to know the results of the day before.

 Mission: Corporate Social Responsibility

In the current economic environment characterized by globalization, technological innovation, financial crisis, firms are facing a sharp drop in sales, production and number of employees. These changes require firms to formulate viable business responses to prevent market exit. One of the ways to strengthen the production system is represented by network agreement, according to which firms work together to achieve a common goal to be more competitive and to achieve what they themselves could not do because of the limitations inherent in the lack flexibility, expertise and lack of financial resources. The purpose of this paper is to evaluate the effectiveness of the network agreements implemented by firms operating in the industrial sector. The analysis is conducted on the Italian firms that, from 2009, have started collaborative relationships through the network contract introduced by the Italian law n. 33 of 9th April 2009. The paper is structured as follows. The first part examines the main contributions in the literature concerning the topics related to networks and the firms' competitiveness and also the reasons influencing the formation and development of alliances between firms. The second part, instead, is focused on the evaluation of the effectiveness of the network contracts by observing the performance of firms before and after their join the network. In terms of competitiveness has been observed sales while, with regard to profitability was observed the return on investment (ROI). The findings show significant results in relation to both the turnover and profitability.

The concept of good governance constitutes a wide perspective for academic discussion because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank. Notably, the scholarly discussions these days reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way.

This paper addresses the question under which conditions small-scale urban agriculture (UA) initiatives can accelerate a sustainability transition of the global food system. It develops the notion of a glocal garden, a large number of likeminded local initiatives with a global impact and forms of worldwide collaboration. Taking a transition perspective, the glocal garden, producing vegetables and fruits, is a niche that has to overcome barriers to compete with the dominant food regime. Since a sustainability transition restructures (policy) sectors, institutional domains including knowledge systems, the paper explores which innovations are needed for the glocal garden to succeed. It discusses the glocal garden as an environmental, a social, an economic and a global project. As an environmental project, the glocal garden will link sustainable production of food with renewable energy production. As a social project, it will be organized into a consumers’ cooperative. As an economic project, it will strive for profit, increasing the yield in a sustainable manner. As a global project, it will enhance collaboration between local cooperatives in the North and the South, as well as with rural agriculture. Under these conditions, the glocal garden can develop into a power, able to resist a possible future food regime that splits societies, in terms of quality standards and food products, into haves and have-nots.

Sustainability is currently a very popular topic in the world of business. This paper explores the concept of sustainable investment, its evolution, the role of stock exchanges in corporate sustainability, sustainability indices both in developed and developing markets and literature regarding sustainable investing performance. The main purpose of the study is to introduce Borsa İstanbul Sustainability Index and to study its performance. Wilcoxon test is used to test the differences in return of the index companies before and after the launch of the index. The results obtained revealed that most of the companies suffered a decrease in return after being included in the index. Also, paired samples t-test is used to explore the differences in performance between BIST Sustainability Index and other benchmark indices. The results showed no statistically significant difference between BIST Sustainability index and other benchmark indices.

Sustainability is rapidly moving from an abstract concept to a measurable state of dynamic human-ecological systems. The large number of economic, social, and environmental indicators currently available provides a view of system sustainability. In this respect, sets of sustainability indicators and aggregation of these indicators into indices are increasingly used to make policy decisions.

The indices offer companies the opportunity to compare their sustainability performances on both local and global level. With the indices, provide companies an instrument for evaluating their performance and consequently adopting new targets or furthering their performance while allowing them to develop their risk management abilities for corporate transparency, accountability and sustainability.

The purpose of this paper is to discuss conceptual requirements for Sustainability Indices and with using Dow Jones Sustainability Indices (DJSI) analyze the differences and the relationship of DJSI Emerging Markets with DJSI Developed Markets in which North America and Europe is chosen.

Agriculture is a field which is critically important for the economy of every country. Countries pursue different agricultural production strategies in different regions in accordance with their needs. In this study, a production planning model was developed based on Modern Portfolio Theory for the production of summer and winter vegetables in Denizli, which has a significant agricultural production potential for the Aegean region. The historical data of the specified products were obtained from Turkish Statistical Institute (TUIK). As the analysis method, Markowitz mean variance model and efficient frontier concepts were used. The optimum production portfolios, which have different product ranges and through which the manufacturers can make maximum profit according to their risk appetite, were determined. This study serves as a guide way to the manufacturers for the cultivation plans in future seasons.

As a result of intensive competition, banks offer many differentiated loans. Unfortunately, while these loans are being offered, there may be differences among their forms and substances; and reporting them depending on their form distorts financial statements and misleads users. Banks can even offer loans with zero percent interest, while overcharging fees, commissions, and insurance premiums in advance to compensate the cost and make a reasonable profit. They may divert interest and commission sources of income by interchangeably reporting them. This study aims to show the effects of misrepresenting fixed repayment bank loans (installment loans) on the financial reports of relating parties and propose solutions in the light of International Accounting Standards/International Financial Reporting Standards.

The new conditions in airline industry due to the effects of liberalization have changed the market considerably since the 1980s. The difficulties in the industry force the airline companies to compete that financial analysis became indispensable to compare their profitability among the rivals worldwide. For this reason; it is aimed to reveal the relationship between profitability and traditional financial and airline-specific ratios for 17 leading major airlines for the 2011-2013 period in the study. Here; it is suggested to display the impact of traditional ratios on profitability rates for the companies. Operating Profit Margin (OPM), Net Profit Margin (NPM), Return on Assets (ROA) are selected as the profitability rates while Current Ratio (CR), Debt Ratio (DR), Total Assets Turnover Rate (TATR) and Revenue per Revenue Passenger Kilometers (RRPK) are chosen in the study as traditional financial and airline- specific ratios. The methods as Descriptive Statistics, Correlation and Regression Analyses (the profitability rates as dependent variables and traditional financial and airline-specific ratios as independent variables) are studied respectively by running SPSS 20.0 Software Package to reveal the mentioned relationship between profitability rates and traditional ratios and to interpret the outcome for major airlines.

2005 yılına kadar halka açık anonim ortaklıklarda SPKn.'na göre bağımsız denetim SPKn. Seri X No:11 Tebliğine göre yapılmakta iken, Avrupa Birliği Müktesebatı çerçevesinde başta SPK olmak üzere diğer düzenleyici kurumlar (BDDK- Hazine Müsteşarlığı ve EPDK gibi) bağımsız denetimi Uluslararası Finansal Raporlama Standartlarına (UFRS) göre hazırlanan finansal tablolar üzerinden yapılmasını emretmiştir. Türkiye'de tüm işletmeler Vergi Usul Kanunu (VUK) hükümlerine göre finansal tablolarını hazırlamakla yükümlüdür. Türkiye’de başta SPK'na tabi halka açık anonim ortaklıklar ve düzenleyici üst kurumlara tabi şirketler VUK'nuna göre hazırladıkları finansal tablolardan sonra UFRS'na göre finansal tablo hazırlarken bir takım düzeltme ve sınıflandırma kayıtları vermek durumundadırlar ve genelde bu muhasebe kayıtları çoğu şirket tarafından muhasebe bilgi sistemi üzerinden değil de muhasebe dışından verilmektedir. (While the independent auditing in publicly-held corporations was made in accordance with Serial X No:11 Communique of the Capital Market Law until 2005 pursuant to CML, then the regulatory authorities (Banking Regulation and Supervision Agency, BRSA - Undersecretariat of Treasury and Energy Market Regulatory Authority, etc.) led by the Capital Market Board ordered independent audit to be made over the financial statements prepared in accordance with the International Financial Reporting Standards within the framework of union acquis. Basically, all the companies in Turkey are obliged to prepare their financial statements in accordance with the provisions of Tax Procedure Law (TPL). Companies subject to supreme regulatory authorities led by publicly-held corporations subject to Capital Market Law are obliged to submit some correction and classification records while preparing their financial statements in accordance with International Financial Reporting Standards (IFRS) after the preparation of financial statements in accordance with the Tax Procedure Law; and generally these accounting records are provided by majority of the companies not over the accounting information system but outside accounting.)

The main objective of this study was to evaluate the impact of Financial Literacy (FL) and Frequency of Meetings (FM) of members of Audit Committee on financial reporting quality in Nigerian quoted companies. Data for the study were derived from annual reports of one hundred and thirty one (131) companies quoted on the Nigerian Stock Exchange over the period of 2006 to 2012. The data were analyzed using descriptive, correlation and Ordinary Least Square (OLS). The multivariate regression technique was utilized to estimate our model. The findings showed that audit committee financial literacy and audit committee frequency of meetings had a positive significant influence on financial reporting quality. Based on these findings, some recommendations were made, prominent amongst them, was that, in order to strengthen the impact of financial literacy on financial reporting quality, regulatory authorities such as SEC, CBN and NDIC, should give special attention to audit committee members with high status with a view to making it mandatory for all companies to comply with it. Status, in this context, implies an aspect of personal power reflecting the ability to influence outcomes based on perceived skills, qualities and personal attributes.

The accounting frauds have massive adverse impacts on the business environment. Due to high incidence of accounting fraud in the economic environment, regulatory bodies make considerable efforts to the development of a reliable and accurate model that can detect accounting fraud. The primary objective of this paper is to establish an empirical model that significantly contributes to the development of a reliable model for detecting accounting fraud committed by firms listed on Borsa İstanbul. This study investigates ten accounting variables with probit regression analysis and covers 144 firms between the time period of 2005 to 2015. The results indicate that firms with low liquidity ratios are more probable to issue fraudulent financial statements, negative financial performance is a vital motivational factor for fraud, smaller firms are more likely to issue fraudulent financial statements, firms with high debt to equity are more likely to be classified as fraud firms and fraud firms have lower accounts receivable turnover and inventory turnover than non-fraud firms.

Due to corporations and cooperatives go bankrupt, important costs come up in economic manner. Two rehabilitation institutions, postponement of bankruptcy and restructuring by conciliation are put into practice for preventing the corporations and cooperatives collapse because of bankruptcy. These institutions’ aim is to straighten the corporation and cooperatives financial states, to provide move on and to reach the more profitable and healthy solution for all stakeholders. However, to put these institutions into practice in an effective way, is depend on lawyers and accountant professions working together. Within this phase, if accountant professions do not perform his responsibility as required, this will prevent to move on these rehabilitation institutions. Even in this case, probability of the misuse will be coming out by the malicious debtors easily.

Management accounting is a set of applications developed to help managers attain their reasonable economic goals in the field. Traces of these applications can also be followed from developments of the accounting literature. Developments in the accounting literature are observed in periodicals and books. In this context, it is important to draw from the Handbooks of Management Accounting Research which is subdivided into theoretical perspectives, research methods, and practices that collect the main works in the management accounting research literature. Reference data of the Handbooks of Management Accounting Research publication has been compiled, and tried to point out the studies which are the main sources of these publications. Additionally, in the analysis of reference data, the authors with the most citations and most widely used periodicals are listed. According to the results of the study, the main sources in the references of publications relate not only to the management accounting field but is valid in all areas of accounting. Particularly when the frequency of use of periodicals is taken into account, management accounting literature contains numerous business management journals in the list.

Several studies exist in the literature to analyze the effect of weather conditions on finance field. As an addition to the mentioned ones, in the study; the relationship between the weather condition reports and Istanbul Stock Exchange Food and Beverage Index is examined. For this reason, the daily data of weather conditions of Turkey from August 2013 to November 2015 besides closing prices of the Food and Beverage Index are benefited. As climatic factors like weather conditions are suggested to affect the amount of the agricultural products and their prices; the condition reports are assumed to cause volatility in cases such as costs in addition to financial structures of the companies listed on the index. Hence; the effect of mentioned factors on profitability and market value of the firms are tried to be revealed. Johansen ve Juselius Cointegration tests are run between the average temperature and daily closing prices data in advance and long term relationship is revealed between the variables in the study. Therefore; Vector Error Correction Model to indicate the short term effect of the relation is used so that findings are shown to obtain the balance for the deviation of short term deviation.

Civil aviation sector has entered a rapid development process in the globalized world and increased competition has forced companies to be included in the different alliances. Furthermore, the low cost airline companies appeared in the nineties has changed the structure of the sector and the competition has become more difficult. The costs of minimum standards on flight safety as well as this tough competitive conditions make it difficult for companies to manage their financial risk. This study aims the comparative analysis of financial risk levels, measured over their financial ratios, of Star Alliance, One World and Sky Team; the world's three largest global airline alliances and the airlines that sell cheap tickets through low cost strategy by performing fuzzy logic method. Two different analysis are made using two different models. The first analysis results show that there is no difference between alliances and low-cost airlines in terms of financial risk levels for the period of 2010-2014. However the second analysis results show that there is difference between alliaces and low-cost airlines in terms of financial risk levels.