In today's environment the leader is already faced with changes in the status quo of the field of work. Changes such as automation and digitization of work, changing forms of employment and the constant demand for further specialization make up an explosive context that could not easily be considered productive and psychologically likable for humans. There has been a great demographic shift, therefore different generations of employees need to be led properly within the organization. On the threshold of the 4.0 industrial revolution, leaders need to balance variables such as technological advances and the generational differences and/or clashes. To properly lead the organization, leaders must have abilities and skills that fall within all four capitals, economic, human, social and positive psychological capital. The ever-evolving theory of leadership highlights the characteristics that leaders must have for the organization to prosper and subordinates/followers as well. The paper discusses the leadership theory and the emergence of e-leadership. The new mentality and the differences within different generations are analyzed as well. The paper proposes the concept of the ‘holistic’ leader and discusses the gap regarding the leadership theories and the need for the higher education programs to be modified for the new leaders to be trained more effectively.

Today's world is extremely fast moving, and customer requirements as well as the customer expectations are changing unpredictably day by day. Firms need to continuously innovate their business model in order to keep up with the dynamic environment. All these changes affect the role of the customer in the supply chain and the relationships between partners, customers, and companies. Furthermore, it disrupts firms' strategies as well as their organizational structures, which forces companies to transform digitally as soon as possible. To respond to these changes and to remain competitive, firms need to adapt their existing business models and create value in new ways. To meet the new requirements, firms need to stay closer to their customers and identify new opportunities by creating value together with the customer (customer co-creation). This process can be supported by the digitalization and the usage of digital technologies, such as Big Data, Internet of Things and Artificial Intelligence. The goal of this paper is to give an overview of the combined research areas business model innovation and customer co-creation. A literature review has been performed to explore the emerging and undiscovered new field. Especially in the customer-centric, digital world, the value creation together with the customer plays a major role. Based on the literature future research avenues are identified and introduced.

There are many different types of instruments and hundreds of different markets for investment, leading to an extremely large and hard-to-define universe of financial data. The related commercial offer is extremely heterogeneous and complex. In this scenario, it is difficult to source the most appropriate financial services providers. In the past, eProcurement was mainly focused on the use of ERP management tools to record and examine previous buying decisions and expenditure data. In recent years, machine learning and artificial intelligence have been applied to procurement workflows, introducing computation of external or third party unstructured data to achieve a higher level of market knowledge and decision automation. In order to exploit the possibilities provided by these new technologies to the full extent possible, theoretical models for understanding large amounts of unstructured data are essential. In this research-in-progress paper we propose a taxonomy of financial data services and depict the related prototype ontological model, providing a possible conceptualisation and specification of the domain of interest potentially useful for the development of applications based on semantic technologies.

The interactive effect of export strategic orientations on export market learning ambidexterity has been studied in this paper. Export market orientation and export entrepreneurial orientation, as strategic orientations, have a complement feature among them, while ambidexterity itself is a complement form of exploration and exploitation. In this study, the relationship between these two complement effects was examined by using 291 export SMEs located in Turkey which is an emerging economy. According to the results, a great impact from interactive effect of strategic orientations to ambidexterity is examined. Also, in line with the previous researches, the results confirmed that export strategic orientations individually have impact on exploration and exploitation. The findings help provide a more complete understanding of how export strategic orientations might be related to export market learning dimensions. It is revealed that both types of orientations provide different managerial efforts individually and interactively to develop and foster exploration, exploitation and ambidexterity in export markets.

This study investigates the causality between financial development, economic growth, and income inequality using panel data for 23 European Union countries over the period 1987-2017. Various proxies of financial development are chosen to represent the depth, efficiency, and stability of the banking system and stock markets. For the empirical analysis, the study performs the Granger non-causality test in heterogeneous panels. The findings are contradictory and sensitive to the measures of financial development. Most importantly, the results reveal a one-way causality from financial development to economic growth when private credit, stock market capitalization, net margin interest rate, and Z-score are chosen as financial development indicators. In addition, a two-way causality exists between bank assets, liquid liabilities, non-performing loans, and economic growth, and a one-way causality from economic growth to value traded and turnover ratio. However, the results show no causality between stock price volatility and economic growth. The results indicate a one-way causality running from income inequality to economic growth. Finally, a one-way causality runs from income inequality to financial development for most measures of financial development except for a one-way causality running from private credit to income inequality, a two-way causality between bank assets and inequality, and an absence of causality between income inequality and turnover ratio, Z-score and stock price volatility.

It is discussed in different studies that the performance of any team is directly or indirectly dependent on the leadership of that team. But there are always some circumstances which affect the performance of a team on various points. These circumstances may include team conflict and its three sub-level conflicts which include task conflicts, relationship conflicts, and process conflicts. The proposed article will be a joint venture of Information Technology and Project Management discipline in which quantitative research method is used. Given the relationship between team temporal leadership and project team performance, it is obligatory for a leader of the technical team to be well aware of managing the conflicts that arise among a team and also be well aware of resources provided by higher-ups. The research will highlight 1) the negative effect of team conflict on the performance of a team, 2) the influence of temporal leadership on team performance and 3) the role of temporal leadership to overcome negative impact of conflicts to improve project team performance.

This study examines talent retention in the Information and Communication Technology (ICT) sector by focusing on the relationships between human resource management (HRM), knowledge management (KM), change management (CM) and employee engagement. In this respect, a conceptual framework is proposed to understand the relationships between these constructs. The proposed framework highlights the importance of implementing specific talent retention practices in knowledge-intensive sectors like ICT, in order for employees to be engaged both with their work and their organization.

In recent years, the information and communication technology (ICT) sector has recorded rapid growth and development and is the driving force of the Croatian economy. At the same time, this sector is characterized by fast and dynamic changes which in the demanding business environment requires an immediate and adequate response, so the question of how organizational changes affect change management in ICT sector in the Republic of Croatia arises. To answer this question, empirical research was conducted. The research sample is structured according to data collected from 103 experts in Croatian ICT sector. It offers sufficient elements to establish a quality methodological framework to monitor the impact of organizational change on change management in this sector. This empirical research offered evidence on the possibility of using the ADKAR model of change management in analysis of need for change, implementation, and monitoring of the course of change in ICT organizations. The research results point to the conclusion that organizational change presented through ADKAR model has an impact on change management and is of key importance for ICT organizations. This paper contributes to a better understanding of organizational change and its significance for change management in Croatian ICT organizations.

In the era of the digital revolution, organizations are surrounded by disruptive technologies and find themselves constantly in the middle of change processes. In recent years, blockchain technology has evolved tremendously, and in the future, it may fundamentally influence and change the finance and accounting domain of the early 21^st century. Originally the blockchain technology was created only as technology to introduce the cryptocurrency Bitcoin, however by now the blockchain is considered by experts as a major innovation beyond its initial scope. In light of these changing circumstances, innovative opportunities, as well as new challenges, arise. This creates many questions and academic debates among researchers all over the globe as to which business models and functions in the financial sector may become obsolete or where to streamline and enhance processes through blockchain applications. The paper addresses the research question to what extent the blockchain technology is capable of changing well-known business processes and finance functions within companies. In doing so, it shows the opportunities and challenges, which are based on an extensive literature-review by the authors. The paper presents current use cases on market and finishes with an outlook on the future potential of blockchain.

As comprehensively discussed by prominent authors such as Fama or Schiller, stock return research is ever since its origin of major importance for the academic and business community given that decision-relevant information is analyzed and discussed, which can be used for investment decisions, to guide and improve corporate performance, to upgrade accounting standards, and disclosure requirements. In summary, partly inconclusive results of the past, the faster-changing environment, and the focus on the pharmaceutical industry motivate further research regarding the subject of stock return analysis. In this regard, this paper provides empirical evidence to the question of which financial indicators are significantly related to stock returns. First, it was theoretically argued that a meaningful indicator of operating and strategic performance should be highly associated with stock returns, given that management decisions that change shareholder wealth should simultaneously cause corresponding stock returns. Based on this assumption, this research analyzed several traditional indicators and EVA (as reported by Bloomberg). Second, the relationship between these financial determinants and stock returns was studied using the data of 29 pharmaceutical companies in a five-year period. Given the dataset's characteristics, a panel regression was the most appropriate method to enlighten the questions of interest. Finally, as a result of this study, empirical evidence shows that several financial indicators such as Equity PS, Turnover PS, or Cash PS are helpful to explain shareholder wealth but only to a very limited extend. Nevertheless, as outlined in the course of this paper, in terms of management control, the advantage of value-oriented indicators should not be denied, as this may contribute to less budgetary slack and better incentive systems.