Factoring in family freight forwarder company: case study

Each freight forwarder company must independently determine whether factoring is the right choice for them and if will pay off. If the factoring as a financial method would not be economically viable, it certainly would not exist. There are several different financing methods, which are more or less useful. However, not all of them are appropriate for every company, just like all buyers do not represent equal risks for the suppliers. The same buyer can pay one supplier within the agreed period, and not pay the other supplier at all. Still, the most important elements are the agreement made with the customer, the method of insuring ourselves and the method of monitoring the implementation of the agreements. Problems rarely occur overnight and that is why we have to constantly supervise our buyers; otherwise account receivables can occur. My thesis contributes to the ongoing research into how the use of factoring within the Slovenian economic environment can help a small freight forwarder company to grow. In effect, the specific characteristics of the Slovenian economic, legal and institutional environment make such an analysis an interesting one to explore. I used data from a family freight forwarder company TOP Hrvatin in drugi d.n.o. in order to establish future company growth by applying factoring as a right choice of financing. After applying all the data and preparing the company's financial plan, my results suggest that factoring is not the right choice for financing future investments for this particular freight forwarder business. Furthermore, the results even show that factoring is an extremely undeveloped financing method in Slovenia and that practically there is no legal base for its use.

Using data envelopment analysis to assess the efficiency of social security systems: the case of income protection in old age

As the number of pensioners in Europe rises relative to the number of people in employment, the gap between the contributions and the benefit levels increases, and consequently ensuring adequate pensions on a sustainable basis has become a major challenge. This study aims to explore the potential of using the Data Envelopment Analysis (DEA) technique in order to access the efficiency of the income protection in old age, one of the most important branches of Social Security. To this effect, we collected data from the 27 European Union Member States regarding this branch. Our results show important differences among the Member States and stress the importance of identifying best practices to achieve more adequate, sustainable and modernised pension systems. Our results also highlight the importance of using DEA as a decision support tool for policy makers.

Golf destinations' brand personality: the case of the Algarve

The purpose of this research is to develop and validate a measurement scale to assess golf destinations’ brand personality and therefore to perceive the destination personality of the Algarve as a golf destination. Based on literature review on human personality, brand personality, destination brand image and marketing scales validation procedures, an initial 36 unrepeated items were the base for a survey instrument. Those items were generated from the literature, from the results of individual interviews with experts in tourism and golf in the Algarve and from promotional texts in golf- related websites. After content validation, the items were allocated into categories of attributes by a panel of expert judges. A survey was then applied to a convenient sample of 600 golf players in the Algarve, and 545 (valid) questionnaires were analysed to refine the scale. Golf players assessed the components of the relational brand personality (functional, symbolic and experiential) as well as the Algarve as a golf destination. A taxonomy of brand personality was developed and tested in the Algarve as it is recognized as one of the world best golf destination. The developed taxonomy of brand personality was assessed in two ways: 1) through the overall perception of the Algarve as a golf destination and 2) through the perception of specific attributes of the destination grouped into three main categories (functional, symbolic and experiential). Therefore, two multi-dimensional brand personality models were estimated by using structural equation modelling. Findings of this study indicate that golf players ascribe personality characteristics to destinations. The brand personality of the Algarve is translated into three main dimensions enjoyableness, distinctiveness and friendliness when tourists/golf players reveal their overall perception of the destination. The brand personality of golf destination Algarve is reflected in the dimensions reliability, hospitality, uniqueness and attractiveness when tourists assess the components of the relational brand personality. Refined scales consisting of 10 and 12 items were finally derived meeting both reliability and validity requirements. This study does not replicate Aaker’s (1997) personality dimensions and very little parallelism can be drawn with Aaker’s (1997) brand personality scale since only three items from her scale were validated in both models: friendly and cheerful, (sincerity), reliable (competence). The same is verified concerning the ‘Big-five’. The human personality traits (HPT) validated to describe golf destinations personality are only four helpful, pleasant (agreeableness), relaxed (emotional stability), and innovative (intellect or openness). As far as destination image descriptors (DID) are concerned, the items appealing, relaxed and safe were validated, while traits suggested by the interviews and website promotional texts such as calm, natural, spectacular, unique, welcoming, and the best (destination-specific traits) appear to be appropriate to describe the personality of a golf destination. The results suggest that the overall perception of the Algarve´s brand personality is described by the dimensions enjoyableness, distinctiveness and friendliness. Moreover, the relational perspective revealed that the functional attributes of the destination are described by the dimension reliablility, while the symbolic attributes are described by the dimensions hospitablility and uniqueness and finally its experiential attributes are described by the dimension attractiveness. These results show that a golf destination´s brand personality should not just be based on good golf practices. Theoretical and practical implications are discussed in the context of destination brand personality.

Case study - balanced scorecard targets

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2014