Template-Type: ReDIF-Article 1.0
Author-Name: Bohumil Král
Author-Name: Jaroslav Wagner
Title: Perspectives on Performance Management
Abstract: Dear readers, Presenting a research paper at international conference and publishing it in the prestigious academic journal, both represent outstanding opportunity for researchers to bring out their research results and share them with other experts. It is really valuable tradition to publish sound and innovative conference papers in leading academic journals. Thanks to such tradition, progressive ideas can be disseminated all over the researchers’ community and thus, the journals can initiate and support future research directions. Considerable synergy effect can be realized as the result of such mutual collaboration. Following these reasons, it is our great pleasure to introduce this volume of European Financial and Accounting Review which includes selection of papers presented at the research forum of 5th International Conference Integrating Perspectives on Performance Management. Selection of papers is based on careful peer review among 25 papers presented at the conference. The conference has been organized by Management Accounting Department and under the auspices of Prof. Richard Hindls, rector of the University of Economics, Prague from 10th to 12th September 2008. Papers published in this volume show the variety of topics corresponding to performance management issues. The reason for that is evident. In global economy with strong competitive pressures, concepts and methods for managing and controlling all external as well as internal performance factors and determinants shall be considered in an integrated business performance management system. To achieve the organizational performance goals belongs to crucial dimension of everyday job for each manager and executive rather than to task for individuals in finance and controlling area. Browsing the papers, many particularly interesting topics are announced. In the first paper Bartłomiej Nita is searching for the comprehensive set of criteria - requirements which should be fulfilled by modern corporate performance management system regardless of concrete type of organization. Following the same issues Jaroslav Wagner deals with “conceptual framework questions” which should be serviceable as start-point for design and analysis of the performance measurement system. Financial markets belong to really important sector of business nowadays. The next paper of Eleftherios Thalassinos analyses how changes in European financial sector influence the requirements on their organizational performance. Shifting our attention to public educational sector, in the last paper, Sanna Pekkola and Juhani Ukko aim to create a measurement system which can be used for evaluating the effectiveness and innovative capability of the university consortium. How to set appropriate transfer price in large multibusiness enterprises? Analyzing relevant implication Tomáš Buus and Jaroslav Brada focus on optimal transfer price setting. The papers make evident the two recent tendencies in performance management research. The authors join to co-operate on international basis and the applied methods confirms that they respect interdisciplinary approach. Let us enjoy the reading and feel free to discuss the papers critically!
Pages: 4-5
Volume: 2008
Issue: 3
Year: 2008
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Template-Type: ReDIF-Article 1.0
Author-Name: Bartłomiej NITA
Title: Requirements for Performance Management Systems: A Delineation of the Comprehensive Set of Criteria
Abstract: The paper deals with the problem of identification of the requirements that should be ful-filled by modern corporate performance management systems. In the first part of the article the essence of corporate performance management was depicted very briefly taking into ac-count the evolution of management accounting. Next, the overview of different ideas on the subject was presented and some opinions taken from literature were discussed. On this basis the original and comprehensive set of criteria treated as the requirements for performance management systems was proposed.
Keywords: Management Accounting, Performance management
Classification-JEL: M41
Pages: 6-22
Volume: 2008
Issue: 3
Year: 2008
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Wagner
Title: Measuring Performance - Conceptual Framework Questions
Abstract: This paper aims to formulate some principal questions which should be used as start-point for design and analysis of the performance measurement conceptual framework. The paper is based on literature study followed by analysis and generalization. It reflects the diversity of approaches to performance measurement in performance-oriented literature and it investigates their similarities and differences. The paper is divided into two sections. First section defines performance measurement as a causal chain of activities and it deals with the role of subjectivity in this chain. Second section concerns common features of various performance models for organizational performance, namely motivational aspects of performance model design, users and purposes of performance information, hierarchical structure and time dimension of performance model etc.
Keywords: Performance Measurement, Organizational Performance, Subjectivity in Measurement
Classification-JEL: M41
Pages: 23-43
Volume: 2008
Issue: 3
Year: 2008
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Template-Type: ReDIF-Article 1.0
Author-Name: Eleftherios THALASSINOS
Title: Trends and Developments in the European Financial Sector
Abstract: The international tendency towards the deregulation of restrictions and administrative settlements has suppressed the barriers between national financial markets. The adoption of a common currency and the rapid spread of new technologies lead to intense competition, imposing the acceleration of reformations in the European financial sector. Financial institutions have consequently adjusted their strategies, in order to confront the challenges and exploit the opportunities of new developments. In this work, a review of strategies that have been applied by financial institutions in the most important European markets is presented, as well as the repercussions of those strategies on the structure of the European financial sector. The controversial question is which form of affiliation will allow them to encounter successfully the expected intensity of international financial competition.
Keywords: European financial system, Deregulation, Structural change, Mergers and acquisitions, Regulating barriers, Cross-border extension
Classification-JEL: E5, G2, G34
Pages: 44-61
Volume: 2008
Issue: 3
Year: 2008
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanna PEKKOLA
Author-Name: Juhani UKKO
Title: Measuring the Effectiveness and Innovative Capability: Case Lahti University Consortium
Abstract: The aim of this study is to create a measurement system for evaluating the effectiveness and innovative capability of the Lahti University Consortium. The Lahti University Consortium is a network university, which was established by four Finnish universities and offers services provided by departments of these universities. The empirical evidence of the study is based on interviews carried out in six organisations. The result of the study represents an evaluation matrix, which measures the effectiveness and innovative capability of the Lahti University Consortium. The evaluation matrix consists of four sectors and five dimensions. The study also reveals several challenges faced in designing and implementing a performance measurement system for the Lahti University Consortium.
Keywords: Public sector, Effectiveness, Innovative capability
Classification-JEL: I23
Pages: 62-78
Volume: 2008
Issue: 3
Year: 2008
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Buus
Author-Name: Jaroslav BRADA
Title: On the Necessity of Using Average Cost as a Base for Transfer Price
Abstract: Both older and recent literature on transfer pricing is not unified about the opinion whether optimal transfer price should be equal to marginal cost of supplying company and set by centralized decision (of vertically integrated multibusiness enterprise headquarters) or whether it should be set by negotiation or even set on level of market (arms-length) price. Those, who argue for setting transfer price by negotiation or at the market price base their arguments on market imperfections like information asymmetry, motivation of managers, et cetera. This paper deals inter alia with problem of methodology transfer pricing mathematical modelling. We prove that optimal transfer price should be equal to average cost of the supplying division plus part (or whole) economic profit of the multibusiness enterprise, independent on the market conditions at the market of either intermediate or final product. Setting transfer price on the level of marginal cost is inefficient and would earlier or later lead to loss of multibusiness enterprise’s ability to compete its rivals. Applicability of results of our research on multinational enterprises gives us possibility to use it for further research on optimal design of transfer pricing rules setting and of multinationals’ taxation.
Keywords: Multibusiness enterprise, OECD taxation guidelines, Transfer pricing, Vertical integration
Classification-JEL: D21, D29, G39
Pages: 79-94
Volume: 2008
Issue: 3
Year: 2008
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