The globalization has increased the importance of research and development (R&D) activity and of technological advancements, especially in information and communication technologies. This case is valid for small and medium-sized enterprises (SMEs) which have taken a crucial place in all economies. Since R&D activi-ties have high costs and public features, these activities cannot be carried out by firm, especially SMEs’ fiscal sources. Direct supports play a key-role in most countries. In related literature, many researchers have stressed that direct public supports towards R&D activities are important for SMEs. Recently, the requirement of public support in R&D activities has been increased in Turkey, just as in most countries. The study investigated both the relationship between direct pub-lic supports and R&D in SMEs and the factors determining the using level of R&D supports with an empirical study for Turkey as a sam-ple. A survey of 600 SMEs in Turkey was con-ducted by a research company on behalf of the authors. The survey data have been estimated by logistic regression analysis and allow us to indicate the factors which determine the using level of direct public supports of SMEs. Accord-ing to the logistic regression model, the deter-miner factors are the information level of firms on R&D supports, available convenient support kind, the number of licenses and patents, supply of new product to market etc., in order to increase the possibility for benefit from supports. The most important factor is the fact that SMEs obtain licenses and patents. These results pro-vide contribution to improving R&D activities in SMEs.

Since the early 1990s, Albania has adopted the flexible exchange rate regime. A vast empirical literature on exchange rate is focused on model-ing its volatility. In contrast, this paper provides empirical analysis regarding the news impact on the EUR/ALL exchange rate volatility, using TGARCH model. We argue that the series has three important features of asset return pro-posed by the theory: unpredictability, fat tails and volatility clustering. The results show the existence and importance of news impact on exchange rate return. Albanian lek, EUR/ALL, news im-pact, TGARCH

This paper aims to clarify the influence of changing both the sample size and selection of financial ratios in bankruptcy models accuracy of companies listed in the industrial sector of Jordan. The study sample is divided into three sub-samples counting 6, 10 and 14 companies respectively; each sample is composed of bank-rupt companies and the solvent ones during the period from 2000 to 2013. Financial ratios were calculated and categorized into two groups. The first group includes: liquidity, profitability, debt, and activity, while the second group includes ten most popular financial ratios found to be useful in earlier studies and expected to predict financial distress. The results show that when 18 models built using discriminant analysis, the model based on most popular financial ratios, found to be useful in earlier studies, has the highest classification accuracy with 100% and consistently for all the samples before bankruptcy. The prediction accuracy varies among models when increasing the sample size from 6 to 14 companies for the models that developed from the financial ratios of the first group.

Foreign trade represents an important factor for the economic development of a single country and a basic element in the system of forms through which the openness of the economy is being realized. Taking into account the fact that the Federal Republic of Germany (FRG) is the most important foreign trading partner of the Republic of Macedonia (RM), the paper brings an analysis of the value, dynamics and struc-ture of the foreign trade between RM and FRG for the time period of 2001-2013. It also analyzes the competitiveness of Macedonian prod-ucts on the German market so that the product categories having a comparative advantage can be determined. The results of the analysis point to the fact that in the past few years the RM has realized a trade surplus in the exchange with FRG as a result of the catalyst export of bearers of precious metals and their compounds, the product category which brings the country a comparative advantage in the exchange with FRG.

The study examines the relationship between workplace stress and job performance. A survey method was employed to gather selfad-ministered questionnaires from executive and non-executive employees of a leading private investment bank in Peninsular Malaysia. The outcomes of SmartPLS path model analysis of the data showed two important findings: firstly, physiological stress was positively and significantly correlated with job performance. Secondly, psychological stress was positively and significantly correlated with job performance. This finding reveals that physiological and psychological stresses act as important predictors of job performance in the studied organization. The paper provides discussion, implications and conclusion.

Background: Social media allow companies to create more “friendly” and personal interaction with their customers on an individual basis affecting the relationship development. Generally, people have more confidence in their friends’ recommendations. On the other hand, companies prefer this type of direct and targeted communication considering its reasonably lower costs, greater ability to target specific categories of visitors, the speed of response, etc. Objectives: This paper aims to investigate the characteristics and benefits of using Social Customer Relationship Management (or abbreviated SCRM) for developing relations that many customers nowadays perceive as the most valuable component of the business offer. Methods/Approach: The most important characteristics of SCRM were examined using factor analysis and logistic regression in order to explore how respondents’ gender and vari-ables with highest weight from each factor re-late to customers’ choice of social media-based interaction. Sampling technique was applied via an online questionnaire containing four sections of questions with a link posted to ensure a greater response rate for analysis. Results: This study indicates that the most significant added values of SCRM compared to traditional CRM, of often called classic CRM, are: customers’ mutual collaboration and interactions, customers’ engagement and interactions with company, available and flexible interaction, and customers’ involvement. The final logistic model indicates that two variables were statistically significant for the probability of making decision on further interaction. Conclusions: Paper provides some important practical contributions, offering managers a framework of important factors that need to be considered when planning and implementing their CRM strategies. Precisely, they can establish and adjust their social-media based interaction in line with identified added values from customer perspective.