APPLICATION OF QUANTITATIVE MODELS IN THE ORGANIZATION OF THE FINANCIAL FUNCTION OF AGRICULTURAL ENTERPRISES
DOI:
https://doi.org/10.5937/ekoPolj2003747MKeywords:
financial function, optimization, agricultural enterprisesAbstract
The role and content of the financial function can be seen through the identification of its tasks. They determine the volume and method of organization of the financial function in agricultural enterprises. Hierarchical priorities of tasks, their volume and complexity, the impact on business efficiency are just some aspects that affect its organization. Multi-criteria optimization methods can be used in choosing the organization and setting the model of job specialization within the organizational structure of the financial function of agricultural enterprises. By applying the individual methods that have been applied so far, not all requirements could be fully covered, so in this paper we applied a hybrid optimization model – DEMATEL TOPSIS. The DEMATEL method was used for obtaining the weighting coefficients of the criteria on the basis of which the evaluation of alternatives was performed. The selection of criteria for evaluating the model was based on the analysis of the available literature. Evaluation and selection of models was performed using a multi criteria method - TOPSIS. The paper presents the practical application and sensitivity analysis of the TOPSIS method.
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References
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31. Vasilev, D., Cvetković, D., & Grgur, A. (2019). Detection of fraudulent actions in the fnancial statements with particular emphasis on hotel companies. Hotel and Tourism Management, 7(1), 115-125. doi: https://doi.org/10.5937/menhottur1901115V
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2. Alberti, M., Ciurana, J., Rodriguez, C., & Ozel, T. (2011). Design of a decision support system for machine tool selection based on machine characteristics and performance tests. Journal of Intelligent Manufacturing, 22(2), 263-277. doi: https://doi.org/10.1007/s10845-009-0286-6
3. Bergman, M.A., & Lundberg, S. (2013). Tender evaluation and supplier selection methods in public procurement. Journal of Purchasing & Supply Management, 19(2), 73–83. doi: https://doi.org/10.1016/J.PURSUP.2013.02.003
4. Bobar, V., Mandic, K., Delibasic, B., & Suknovic, M. (2015). An Integrated Fuzzy Approach to Bidder Selection in Public Procurement: Serbian Government Case Study. Acta Polytechnica Hungarica, 12(2), 193-211. doi: https://doi.org/10.12700/APH.12.2.2015.2.12
5. Bolzem, B. (2015). A new integrative model on trust in organizations: A quantitative approach for application in strategic management. Proceedings of the International Conference on Intellectual Capital, Knowledge Management and Organisational Learning, ICICKM.
6. Ciutacu, C., & Chivu, L. (2014). About Agrarian structures and economic advantages. Procedia Economics and Finance, 8, 182-186. doi: https://doi.org/10.1016/S2212-5671(14)00079-3
7. Chomanov, U., Temirbekov, N.M., Kenenbay, G.S., Tultabayeva, T.C., Omirzhanova, B.C., & Tultabayev, M.C. (2020) Reduction interpolation function for determining the rheological properties of bile in farm animals to increase the entrepreneurial activity of the agricultural sector. Academy of Entrepreneurship Journal, 26(1), 365-375.
8. Durkalić, D., Furtula, S., & Borisavljević, K. (2019). Rangiranje perfomansi turističkog tržišta u zemljama EMU - rezultati PROMETHEE - GAIA pristupa. Hotel and Tourism Management 7(2), 67-76. doi: https://doi.org/10.5937/menhottur1902067D
9. Đurković, V., Radosavljević, M., & Stanković, R. (2019). Primena AHP metode u određivanju značaja primene savremenih bankarskih proizvoda na uspešnost poslovanja banaka. Oditor, 5(1), 70-80. [in English: Đurković, V., Radosavljević, M., & Stanković, R. (2019). Application of the AHP method in determining the importance of the application of modern banking products to the performance of banks. Oditor, 5(1), 70-80]. doi: https://doi.org/10.5937/Oditor1901069D
10. Ertz, M., Leblanc-Proulx, S., Sarigollu, E., & Morin, V. (2019). Advancing quantitative rigor in the circular economy literature: New methodology for product lifetime extension business models. Resources conservation and recycling, 4(1), 145-160. doi: https://doi.org/10.1016/j.resconrec.2019.104437
11. Falagario, M., Sciancalepore, F., Costantino, N., & Pietroforte, R. (2012). Using a DEA-cross effciency approach in public procurement tenders. European Journal of Operational Research, 218, 523-529. doi: https://doi.org/10.1016/j.ejor.2011.10.031
12. Grbić, M., & Jovanović, D. (2020). Komparativni fnansijski sistemi – implikacije za ekonomski rast. Oditor, 6(1), 49-65. [in English: Grbić, M., & Jovanović, D. (2020). Comparative fnancial systems: Implications for economic growth. Oditor, 6(1), 49-65]. doi: https://doi.org/10.5937/Oditor2001046G
13. Ilić, B. (2019). Cena zemlje kao faktor održivog razvoja. Održivi razvoj, 1(2), 7-16. [in English: Ilić, B. (2019). Land price as a factor of sustainable development. Održivi razvoj, 1(2), 7-16]. doi: https://doi.org/10.5937/OdrRaz1902007I
14. Janićijević, N., Bogićević Milikić, B., Petković, M., & Aleksić Mirić, A. (2019). Organizacija. Beograd: CID, Ekonomski fakultet.
15. Jing, Z. (2020). Corn Amino Acid Nutrition and Economic Benefts of Agricultural Finance. Archivos latinoamericanos de nutricion, 70(2), 695-703.
16. Jolović, I., & Bobera, D. (2019). Analiza uloge projektnog menadžera u upravljanju istraživačko-razvojnim projektom. Oditor, 5(3), 38-52. [in English: Jolović, I., & Bobera, D. (2019). Analysis of the project managers role in the research and development projects. Oditor, 5(3), 38-52]. doi: https://doi.org/10.5937/Oditor1903038J
17. Krstić, S.L., Savić-Gligić, A.P., & Gligić-Dumonjić, J P. (2017). Mogućnost upravljanja rizikom portfolija hartija od vrednosti. Vojno delo, 69(6), 374-383. doi: https://doi.org/10.5937/vojdelo1706374K
18. Milašinović, M., Knežević, S., & Mitrović, A. (2019). Bankruptcy forecasting of hotel companies in the Republic of Serbia using Altmans Z-score model. Hotel and Tourism Mangement, 7(2), 87-95. doi: https://doi.org/10.5937/menhottur1902087M
19. Mimović, P. & Krstić, A. (2016). Application of Multi-Criteria Analysis in the Public Procurement Process. Optimization Economic Themes, 54(1), 103–128, doi: https://doi.org/10.1515/ethemes-2016-0006
20. Mogollon, M.R., Jara, A.F., Contreras, C., & Zoffoli, J.P. (2020). Quantitative and qualitative VIS-NIR models for early determination of internal browning in Cripps Pink apples during cold storage. Postharvest Biology and Technology, 5(9), 256- 268. doi: https://doi.org/10.1016/j.postharvbio.2019.111060
21. Okunlola, F.A., Osuma, G.O., & Omankhanlen, E.A. (2019). Agricultural finance and economic growth: Evidence from Nigeria. Business: Theory and Practice, 20(3), 467-475. doi: https://doi.org/10.3846/btp.2019.43
22. Pamučar, D., Pejcic-Tarle S., & Parezanovic, T. (2018). New hybrid multicriteria decision-making DEMATEL-MAIRCA model: sustainable selection of a location for the development of multimodal logistics centre. Economic ResearchEkonomska Istrazivanja, 31(1), 1641-1665. doi: https://doi.org/10.1080/1331677X.2018.1506706
23. Rakić, S., & Adamović, V. (2019). Poslovna etika u funkciji uspešnog poslovanja savremenih kompanija. Oditor, 5(2), 42-57. [in English: Rakić, S., & Adamović, V. (2019). Business ethics in the function of successful business operations of modern companies. Oditor, 5(2), 42-57]. doi: https://doi.org/10.5937/Oditor1902043R
24. Saaty, T. (1980). The Analytic Hierarchy Process. McGraw-Hill, New York
25. Savić, V., & Nešković, S. (2018). The effect of the agrarian reform on the development of cultural activities in the Republic of Cuba. Economics of Agriculture, 65(3), 971- 984. doi: https://doi.org/10.5937/ekoPolj1803971S
26. Simić, N., Kosumi, T., & Jialiang, Y. (2019). Regulatorni instrumenti održivog razvoja. Održivi razvoj, 1(1), 15-26. [in English: Simić, N., Kosumi, T., & Jialiang, Y. (2019). Sustainable development regulatory instruments. Održivi razvoj, 1 (1), 15-26]. doi: https://doi.org/10.5937/OdrRaz1901017S
27. Shripathi, K.P. (2018). Trends in Agricultural Finance in India. Asian Journal of Research in Banking and Finance, 8(1), 57-63. doi: https://doi.org/10.5958/2249-7323.2018.00006.8
28. Tang, L., Wang, H., Li, L., Yang, K., & Mi, Z. (2020). Quantitative models in emission trading system research: A literature review. Renewable and Sustainable Energy Reviews, 8(4), 457-462. doi: https://doi.org/10.1016/j.rser.2020.110052
29. Tsai, J.P., Cheng, H.Y., Wang, S.Y., & Kao, Y.C. (2010). Multi-criteria decision making method for selection of machine tool. Proceedings of IEEE International Symposim on Computer Communication Control and Automation (3CA), 2, 49-52.
30. Vasić, Z. (2015). Poreska kontrola uslov funkcionisanja budžetskog sistema. Akcionarstvo, 21(1), 5-22.
31. Vasilev, D., Cvetković, D., & Grgur, A. (2019). Detection of fraudulent actions in the fnancial statements with particular emphasis on hotel companies. Hotel and Tourism Management, 7(1), 115-125. doi: https://doi.org/10.5937/menhottur1901115V
32. Yang, J.L., Chiu, HN, Tzeng, G.H., & Yeh, R.H. (2008). Vendor selection by integrated fuzzy MCDM techniques with independent and interdependent relationships. Information Sciences, 178, 4166–4183. doi: https://doi.org/10.1016/j.ins.2008.06.003
33. Zekić, M. (2015). Kontrola i revizije u javnom sektoru. Akcionarstvo, 21(1), 23- 34. [in English: Zekić, M. (2015). Public sector controls and audits. Akcionarstvo, 21(1), 23-34].
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Published
2020-09-29
How to Cite
Milojević, I., Milojević, M., Popović, M., & Pantić, N. (2020). APPLICATION OF QUANTITATIVE MODELS IN THE ORGANIZATION OF THE FINANCIAL FUNCTION OF AGRICULTURAL ENTERPRISES. Ekonomika Poljoprivrede, 67(3), 747–762. https://doi.org/10.5937/ekoPolj2003747M
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