For quite a while, in the second half of the 20th Century, Albania was considered the possibly most radical communist country, even beyond Mao's China, and was an isolated country in Europe. Then, after the fall of the Berlin wall, it evolved towards some form of western capitalism, which is...

This paper is an attempt to set up a more general formulation of the principal-agent model that can accommodate these organizational situations, rather common in the world of business management, for the purpose of deriving useful propositions about both organizational design and the process of...

Control systems are a fundamental tool in the management process. Management control systems have been judged using the criterion of goal congruence - that is, to what extent the possible rewards given to people when they take specific actions benefit at the same time individuals and the...

Accounting systems are an essential tool for providing information for decision-making intended for the survival of the firm in the long run, which will benefit the different stakeholders of the firm (if managed properly) and society in general. Of course, the financial function and the...

While for quite a long time the budget was considered one of the crucial management tools, it has always been subject to criticisms, which have become stronger in the last couple of decades, under the commercial name of “Beyond Budgeting”. In this article, we review the history and...

Control systems are a fundamental tool in the management process. Management control systems have been judged under the criterion of goal congruence, i.e., on whether the possible rewards given to people when they take specific actions benefit at the same time individuals and the organization as...

This paper attempts to take steps towards the formulation of a more human approach to the theory of the firm from the starting point of the conventional economics-based models. Bounded rationality and self-interest are shown to be crucial assumptions of conventional economic theory, together...

While for quite a long time the budget was considered a crucial management tool, it has always been subject to criticism. The criticism has become stronger in the past couple of decades, with an alternative system going by the trade name Beyond Budgeting. In this paper, we review the history and...

It is not unusual for management researchers to take the stand that value judgements and, thus, virtues, are an unrealistic approach to management, because what is considered to be realistic is achieving specific results, which may be easier to obtain in the short-run if managers follow some...