{"id":1587,"date":"2024-02-08T17:29:48","date_gmt":"2024-02-08T17:29:48","guid":{"rendered":"https:\/\/mer.ase.ro\/?page_id=1587"},"modified":"2024-02-12T14:04:05","modified_gmt":"2024-02-12T14:04:05","slug":"vol-4-issue-1-2018","status":"publish","type":"page","link":"https:\/\/mer.ase.ro\/?page_id=1587","title":{"rendered":"&#8211; Vol. 4, Issue 1, 2019"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1587\" class=\"elementor elementor-1587\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-838b5db elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"838b5db\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-40ae700\" data-id=\"40ae700\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63da4c8 elementor-widget elementor-widget-heading\" data-id=\"63da4c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Vol. 4, Issue 1, 2019<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5c9320e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5c9320e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a153513\" data-id=\"a153513\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57187bf elementor-button-success elementor-align-center elementor-widget elementor-widget-button\" data-id=\"57187bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/Summary-4_2019.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Summary<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-997b6e7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"997b6e7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-01c65a6\" data-id=\"01c65a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1517a91 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1517a91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-725c4ac elementor-widget elementor-widget-text-editor\" data-id=\"725c4ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"box-sizing: inherit; margin-top: 0.75rem; margin-bottom: 1.5rem; text-rendering: optimizelegibility; font-size: 1.15rem; color: #000000; font-family: roboto, sans-serif; font-style: normal;\"><b style=\"box-sizing: inherit;\">Does Increasing Public Hospital Financial Autonomy Improve\u00a0Performance? A Study of Indonesian Public Hospitals<\/b><\/h4><ul style=\"box-sizing: inherit; margin-top: 1.5rem; margin-bottom: 1.5rem; margin-left: 1.5rem; list-style-type: none; color: #000000; font-family: roboto, sans-serif; font-size: 16px; font-style: normal; font-weight: 400;\"><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Page:\u00a0<\/span>1<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Authors:\u00a0<\/span>Fitri HANDAYANI,\u00a0Hasan BASRI,\u00a0Heru FAHLEVI<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Abstract:\u00a0<\/span>This study aims to compare the financial and non-financial performance of Indonesian public hospitals after gaining improved autonomy in financial management (Badan Layanan umum\/ BLU or Public Service Agency\/ PSA). It is conducted in two public hospitals in Banda Aceh City, Indonesia. Qualitative research design and descriptive analysis were undertaken to obtain a clearer picture of the performance and to provide a comparative analysis. The financial performance analysis is measured by using trend analysis, profitability ratio, cost recovery rate, and independence level. The non-financial performance analysis is measured by using BOR (Bed Occupancy Ratio), TOI (Turn over Interval), BTO (Bed Turn Over), ALOS (Average Length of Stay), GDR (Gross Death Rate), and NDR (Net Death Rate). The results show divergent results. There is an increase in revenue and profit after gaining BLU, but profitability, cost recovery rate, and independence level have decreased. The ratios of BOR, TOI, and NDR after BLU has changed slightly. However, the BTO, ALOS, and GDR after BLU are far above the criteria\/standard of hospital service performance.<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">JEL Classification:\u00a0<\/span>H51<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Key words:\u00a0<\/span>Public Service Agencies, Financial Performance, Non-financial Performance<br style=\"box-sizing: inherit;\" \/>Public hospitals<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">DOI:\u00a0<\/span><span style=\"box-sizing: inherit;\">10.24818\/mer\/2019.06-01<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0cd6ec elementor-button-success elementor-widget elementor-widget-button\" data-id=\"e0cd6ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/4-1.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-37f7647 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"37f7647\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64d1082\" data-id=\"64d1082\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4c2dfc3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"4c2dfc3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28d2c60 elementor-widget elementor-widget-text-editor\" data-id=\"28d2c60\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"box-sizing: inherit; margin-top: 0.75rem; margin-bottom: 1.5rem; text-rendering: optimizelegibility; font-size: 1.15rem; color: #000000; font-family: roboto, sans-serif; font-style: normal;\"><b style=\"box-sizing: inherit;\">Determination of Purchase Intensity in Online Shopping:\u00a0Case on Syiah Kuala University Student<\/b><\/h4><ul style=\"box-sizing: inherit; margin-top: 1.5rem; margin-bottom: 1.5rem; margin-left: 1.5rem; list-style-type: none; color: #000000; font-family: roboto, sans-serif; font-size: 16px; font-style: normal; font-weight: 400;\"><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Page: 14<\/span><\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Authors:\u00a0<\/span>Teuku Roli Ilhamsyah PUTRA,\u00a0Anzan HARIO<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Abstract:\u00a0<\/span>This study aims to examine the effect of mediating product risk perceptions on the relationship of shopping experience and the intensity of purchases on Syiah Kuala University students. The data were collected from 150 students using the purposive sampling technique. The results show that online shopping experience has a significant effect on purchasing intensity and product risk perception on students. Product risk perception also has a significant effect on the purchase intensity. Product risk perception is proven to partially mediate the relationship between shopping experience and the purchase intensity on Syiah Kuala University students. The result supports the theories and provides implications for both theory and practice. The limitation of this research is it uses only 3 variables and focuses in one object.<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">JEL Classification:\u00a0<\/span>M3<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Key words:\u00a0<\/span>Shopping Experience, Product Risk Perception, Purchase Intensity<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">DOI:\u00a0<\/span><span style=\"box-sizing: inherit;\">10.24818\/mer\/2019.06-02<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-914f5de elementor-button-success elementor-widget elementor-widget-button\" data-id=\"914f5de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/4-2.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-81e9177 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"81e9177\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f3a2648\" data-id=\"f3a2648\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79b06c1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"79b06c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd14bca elementor-widget elementor-widget-text-editor\" data-id=\"dd14bca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"box-sizing: inherit; margin-top: 0.75rem; margin-bottom: 1.5rem; text-rendering: optimizelegibility; font-size: 1.15rem; color: #000000; font-family: roboto, sans-serif; font-style: normal;\"><b style=\"box-sizing: inherit;\">Do Audit Committees Have Capacity to Monitor Management:\u00a0The Case of Serbia<\/b><\/h4><ul style=\"box-sizing: inherit; margin-top: 1.5rem; margin-bottom: 1.5rem; margin-left: 1.5rem; list-style-type: none; color: #000000; font-family: roboto, sans-serif; font-size: 16px; font-style: normal; font-weight: 400;\"><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Page: 23<\/span><\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Authors:\u00a0<\/span>Savka VU\u010cKOVI\u0106-MILUTINOVI\u0106<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Abstract:\u00a0<\/span>In this paper we examine audit committees composition and work in companies in Serbia. Audit committees are seen as integral part of the modern system of corporate governance worldwide which role is even reinforced with new EU Auditing Directive. According to the agency theory, this committee shell contribute to the prevention of management opportunistic behaviour by performing set of monitoring activities. In this study, we intend to illuminate actual capabilities of audit committees in Serbia. We perform content analysis to assess transparency of companies with regard to audit committees and formal assumptions for the design and work of audit committees. In addition, we conduct a survey of external auditors to uncover substance of the audit committee performance. Our results show that the current state of the audit committee in Serbia is not satisfactory. We find that the level of audit committee disclosure is low, formal standards for audit committee composition and responsibilities are not fully in line with EU regulation and audit committee substance is fairly missed. Management is not effectively monitored by audit committee and it still has more power than audit committee in the process of selection of the external auditor. This paper contributes to the discussion about audit committee effectiveness with focus on an emerging country where audit committee does not have long tradition. Our findings reveal that Serbian companies have to make significant improvements in order to have audit committees able to perform substantial monitoring.<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">JEL Classification:\u00a0<\/span>M42, M48<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Key words:\u00a0<\/span>audit committee, corporate governance, institutional theory, Serbia<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">DOI:\u00a0<\/span><span style=\"box-sizing: inherit;\">10.24818\/mer\/2019.06-03<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-770435a elementor-button-success elementor-widget elementor-widget-button\" data-id=\"770435a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/4-3.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c195ac1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c195ac1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-13d5cda\" data-id=\"13d5cda\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ca89b43 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ca89b43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6887a1 elementor-widget elementor-widget-text-editor\" data-id=\"d6887a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"box-sizing: inherit; margin-top: 0.75rem; margin-bottom: 1.5rem; text-rendering: optimizelegibility; font-size: 1.15rem; color: #000000; font-family: roboto, sans-serif; font-style: normal;\"><b style=\"box-sizing: inherit;\">Challenging the Status Quo: Steel Producer Case Study on the Enterprise\u00a0Value for M&amp;A<\/b><\/h4><ul style=\"box-sizing: inherit; margin-top: 1.5rem; margin-bottom: 1.5rem; margin-left: 1.5rem; list-style-type: none; color: #000000; font-family: roboto, sans-serif; font-size: 16px; font-style: normal; font-weight: 400;\"><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Page: 41<\/span><\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Authors:\u00a0<\/span>M\u0103d\u0103lina Viorica MANU<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Abstract:\u00a0<\/span>The purpose of this paper is to analyze the enterprise value determinants, in order to help the interested parties make correct (investment) decisions by studying industry cases of mergers and acquisitions (M&amp;A). In order to understand and identify value-adding opportunities for the companies, the paper investigates a divestiture within a major international steel group. The research questions refer to the understanding the relation between the enterprise value and market capitalization of the selected companies acting in the steelmaking field, including other factors such as the revenue, EBITDA, EPS or ownership structure. In order to understand how the enterprise value is determined, I have analyzed relevant theories, including Tobin\u2019s Quotient (q) for a company\/ aggregate corporations, for the study of the relation between the market value and its replacement value. If used empirically, Tobin\u2019s q helps avoid issues of estimating shareholders\u2019 risk-adjusted required return by the market prices. Besides using the graphical visualization of the share price, I have used the datasets available for several years on the value of several mature steel producing companies, market capitalization and other indicators. The methodology also includes Market Comparable method and own spreadsheet calculations. After analyzing the evolution of the share price for the global steelmaking leader (ArcelorMittal), between 2009 and 2018, I have not identified any growth potential; the market value of ArcelorMittal is a proxy for the market value of its assets.<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">JEL Classification:\u00a0<\/span>L10<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Key words:\u00a0<\/span>enterprise value; market value; book value; EBITDA; Tobin\u2019s q;<br style=\"box-sizing: inherit;\" \/>capitalization<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">DOI:\u00a0<\/span><span style=\"box-sizing: inherit;\">10.24818\/mer\/2019.06-04<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04e05a3 elementor-button-success elementor-widget elementor-widget-button\" data-id=\"04e05a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/4-4.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c0f2656 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c0f2656\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-986bbca\" data-id=\"986bbca\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4dfb0e2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"4dfb0e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13d8b18 elementor-widget elementor-widget-text-editor\" data-id=\"13d8b18\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"box-sizing: inherit; margin-top: 0.75rem; margin-bottom: 1.5rem; text-rendering: optimizelegibility; font-size: 1.15rem; color: #000000; font-family: roboto, sans-serif; font-style: normal;\"><b style=\"box-sizing: inherit;\">Promoting Cities: Measures to Improve Urban Marketing Strategy<\/b><\/h4><ul style=\"box-sizing: inherit; margin-top: 1.5rem; margin-bottom: 1.5rem; margin-left: 1.5rem; list-style-type: none; color: #000000; font-family: roboto, sans-serif; font-size: 16px; font-style: normal; font-weight: 400;\"><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Page: 57<\/span><\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Authors:\u00a0<\/span>Ruxandra Irina POPESCU,\u00a0Laura MINA-RAIU<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Abstract:\u00a0<\/span>This study aims to identify the perception of residents and tourists related to the current practices and the level of promotion of Bucharest, as well as to reveal ways and opportunities to improve the effectiveness of this activity. Data collection for this research is based on a survey, whose main findings reveal that Bucharest lacks an appropriate promoting strategy and a strong urban brand. Moreover, public authorities are the ones who should initiate activities for promoting the city, by developing a complex and long-term urban marketing strategy. Instead, private initiatives prove to be the most successful, thus public-private partnerships could be an effective instrument in this direction, together with the establishment of a specialised marketing department.<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">JEL Classification:\u00a0<\/span>M37, O18<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Key words:\u00a0<\/span>Promotion, Urban Marketing, Strategy<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">DOI:\u00a0<\/span><span style=\"box-sizing: inherit;\">10.24818\/mer\/2019.06-05<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c89f80 elementor-button-success elementor-widget elementor-widget-button\" data-id=\"5c89f80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/4-5.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ea3059f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ea3059f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-44e5ad1\" data-id=\"44e5ad1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1e080d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c1e080d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25f5774 elementor-widget elementor-widget-text-editor\" data-id=\"25f5774\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"box-sizing: inherit; margin-top: 0.75rem; margin-bottom: 1.5rem; text-rendering: optimizelegibility; font-size: 1.15rem; color: rgb(0, 0, 0); font-family: roboto, sans-serif; font-style: normal;\"><b style=\"box-sizing: inherit;\">Improving the Management Process through IT&amp;C for Increasing the&nbsp;Customer Satisfaction Level in Health Care Sector<\/b><\/h4><ul style=\"box-sizing: inherit; margin-top: 1.5rem; margin-bottom: 1.5rem; margin-left: 1.5rem; list-style-type: none; color: rgb(0, 0, 0); font-family: roboto, sans-serif; font-size: 16px; font-style: normal; font-weight: 400;\"><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Page: 69<\/span><\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Authors:&nbsp;<\/span>Darko SHULESKI,&nbsp;Monica Adriana PANAIT,&nbsp;C\u0103talin Liviu PRICOP,&nbsp;Elena TALEVSKA<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Abstract:&nbsp;<\/span>In order to become Client-oriented, an organization needs to improve each service and to align the business processes with its customer satisfaction strategy. Customer oriented means to place the client satisfaction at the core of the business decisions. To be customer-oriented means that you need to focus on customers\u2019 needs and align them with the company strategy and objectives in order to satisfy clients. According to (Anderson et al., 1997) Customer satisfaction has been one of the top tools for a successful business. Customer satisfaction is defined as an overall evaluation based on the total purchase and consumption experience with the good or service over time. The evolution of Information Technology is accelerating at a very fast pace, organizations need to adopt new methods and already existent information technologies to improve their services, and become a customer oriented company. Business transformation management is a change management strategy, that align the employees, business processes and Information technology with vision and business strategy. Business transformation is the process or results of changing from one state or condition to another. It can be caused by internal or external factors, but the result is a shift in how the organization relates to its wider economic environment. In this article we will try to improve the customer satisfaction level by improving business decision making processes using the mathematical algorithms supported by information and communications technology. In our research we will use the quantitative and qualitative methods and will be applying fuzzy assets in healthcare business services, also using a case study for the Bucharest public health system.<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">JEL Classification:&nbsp;<\/span>I11, M15, O33<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">Key words:&nbsp;<\/span>Transformation Management, Client oriented, Decision making, IT&amp;C, BI,<br style=\"box-sizing: inherit;\">Fuzzy assets<\/li><li style=\"box-sizing: inherit; list-style-type: none;\"><span style=\"box-sizing: inherit; font-weight: bold;\">DOI:&nbsp;<\/span><span style=\"box-sizing: inherit;\">10.24818\/mer\/2019.06-06<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6213370 elementor-button-success elementor-widget elementor-widget-button\" data-id=\"6213370\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/mer.ase.ro\/files\/2019-1\/4-6.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-arrow-alt-circle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b334a3e elementor-widget elementor-widget-spacer\" data-id=\"b334a3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Vol. 4, Issue 1, 2019 Summary Does Increasing Public Hospital Financial Autonomy Improve\u00a0Performance? A Study of Indonesian Public Hospitals Page:\u00a01 Authors:\u00a0Fitri HANDAYANI,\u00a0Hasan BASRI,\u00a0Heru FAHLEVI Abstract:\u00a0This study aims to compare the financial and non-financial performance of Indonesian public hospitals after gaining improved autonomy in financial management (Badan Layanan umum\/ BLU or Public Service Agency\/ PSA). It [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-1587","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>- Vol. 4, Issue 1, 2019 - Management and Economics Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mer.ase.ro\/?page_id=1587\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"- Vol. 4, Issue 1, 2019 - Management and Economics Review\" \/>\n<meta property=\"og:description\" content=\"Vol. 4, Issue 1, 2019 Summary Does Increasing Public Hospital Financial Autonomy Improve\u00a0Performance? A Study of Indonesian Public Hospitals Page:\u00a01 Authors:\u00a0Fitri HANDAYANI,\u00a0Hasan BASRI,\u00a0Heru FAHLEVI Abstract:\u00a0This study aims to compare the financial and non-financial performance of Indonesian public hospitals after gaining improved autonomy in financial management (Badan Layanan umum\/ BLU or Public Service Agency\/ PSA). 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A Study of Indonesian Public Hospitals Page:\u00a01 Authors:\u00a0Fitri HANDAYANI,\u00a0Hasan BASRI,\u00a0Heru FAHLEVI Abstract:\u00a0This study aims to compare the financial and non-financial performance of Indonesian public hospitals after gaining improved autonomy in financial management (Badan Layanan umum\/ BLU or Public Service Agency\/ PSA). 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