The Role of Information Feedback in the Management Group Decision-Making Process Applying System Dynamics Models

The research project addresses the influence of feedback information on the decision process supported by the application of system dynamics models. A user-friendly application was developed and used in the experiment with decision groups. The participants were 174 undergraduate management science students. They had the task of determining the optimum business strategy by maximizing the multiple criteria function under three experimental conditions: a ₁) an indivIDual decision process without the support of a system dynamics model, a ₂) an indivIDual decision process supported by a system dynamics model, and a ₃) a decision process supported by a system dynamics model and subject interaction via computer mediation. The hypotheses that the indivIDual decision process supported by a system dynamics model yields higher Criteria Function values than one without a system dynamics model, as well as the decision process supported by both a system dynamics model and subject interaction yields higher Criteria Function values than one supported by a system dynamics model alone were confirmed.     

SURVEY OF SOCIAL AND ECONOMIC GROWTH IN SE EUROPE – A NEW CONCEPTUAL FRAME FOR SUSTAINABILITY METRICS

The practice so far has indicated that there is a sensitive relationship that exists between social and economic subsystem of sustainable development, therefore this research suggests comparison of the states of these two subsystems as a new conceptual frame which is essential for strategic conceptualization of development. The research pointed out a rather visible collision between the achieved degree of economic and social development in the countries of South Eastern Europe in respect to Germany and France, which were taken into consideration as two of the most developed countries in the European Union and in the entire world. The indicators which are given in this research point to the necessity of further scientific and practical consideration of strategic conceptualization of relationship between economics and society.     

Corporate Governance Viability： Theoretical Exploration

The purpose of this exploratory paper is to try to envision how corporate governance systems and practices are evolving and what eventually determines the forms they take and the functions they perform. Practical implications especially concern different consequences that recent global economic crisis has imposed on regulatory, business, and social aspects of corporate governance. In order to encompass different approaches to this ongoing issue, the author takes into account mainly theoretical contributions that address the issue from the following perspectives： interrelations between product market competition and corporate governance, assessment of capital market pressures on corporate governance; relation between labour market and corporate governance; and actors influencing corporate governance changes in national systems of corporate governance. Since the viability of any corporate governance system and practice, at national and international levels, depends on their ability to respond to both market pressure towards competitiveness and diversified requirements by influential social, political, and economic actors of change, the author suggests that all groups of factors should continue to be in the focus of future researches. On the other hand, as global economic crisis differently affects different countries and businesses, it is of particular importance for those that shape corporate governance policies and practices to be aware of the deep relatedness between corporate governance, on the one hand, and economic, social, and environmental aspects of growth and development, on the other hand.