—траница 16 - Focusing on single countries Germany is ranked on the 5th place after the emerging countries China, India and Russia and the economy of the USA. The attractiveness of a region in this case is determined by the factors image, trust of investors and the estimation that the region offers the most potential for the foreign investor (Englisch, 2010).

Looking at the European countries foreign direct investments went in 2011, the United Kingdom maintained its position as leading FDI destination but fell by 7%. Germany ranked on 2nd position and therefore outpaced France. Germany benefits from its position as Ц Ц Ц leading economy in Europe, from strengths in manufacturing and exporting and a positive economic outlook (Ernst & Young 2012). Last named is also reflected by the expectation of decision makers, that Germany will profit by a high degree of the financial crisis (Englisch, 2010). Table 1 shows the Top 5 European countries for FDI in 2011 and the recent development. Ц Ц Ц TABLE 1.

TOP 5 EUROPEAN COUNTRIES FOR FDI (Based on Ernst & Young 2011 and 2012) More than one third of all FDI project can be allocated in the three main engines business services and software, automotive as well as innovation and technology. As requirements for these engines, investors expect a high educational level, high research and development expenditures and welldeveloped automotive industry (Ernst & Young 2012). The discussion shows, that especially the infrastructure, the qualification of the employees, the availability of research and development are crucial factors for the attractiveness of an investment region.

Диссертация 2008 года на тему Интеграционные процессы как фактор развития предпринимательских структур в условиях глобализации экономики. Автор: Владимирова, Ирина Геннадьевна, доктор экономических наук. Специальность: Экономика и управление народным хозяйством: теория управления. The Oxford Handbook of International Business (2-ed) Edited by Alan M. Rugman/Oxford University Press -2009.- 806 p. Дополнительные ресурсы. Www.gks.ru – Федеральная служба государственной статистики. Www.economy.gov.ru – Минэкономразвития РФ. Www.cbr.ru – Центральный банк РФ.

The survey of Ernst & Young identified for the German economy a high assessment in the location factors logistic infrastructure (85% very appealing or fairly appealing), communications infrastructure (82%), qualification level of employees (82%) and in the availability and quality of R&D (78%). This estimation is also verified by a study of the American Chamber of Commerce in Germany (2012) and is reflected by the development of Chinese ODIs in Germany which is displayed in Figure 7. Ц Ц Ц Figure 7: Chinese ODI in Germany (unit: DM/EURO millions) RESEARCH DESIGN The objective of the study is to analyse the implications of Chinese OFDIs on German companies.

Список книг на английском языке International Business / Alan M. Rugman, Richard M. Hodgetts 2nd ed. - Mc Graw Hill, 2003.

To meet the target, qualitative primary data is raised through semi-structured interviews with German companies which have a Chinese investor. In the study, investors from ChinaТs mainland are considered and hence, FDIs from Hong Kong, Taiwan and Macao are ecluded. Furthermore, M&A transactions are analysed whereas greenfield investments are excluded because of the lack of a German company history.

Therefore, the Sino-German M&A transactions from 2000 until 2013 were identified. On this basis, a sample according to branches was specified and a semi-structured questionnaire as guideline for the telephone interviews was developed. Consequently, qualitative primary data was raised. In order to validate and check the comprehensibility and the clearness of the questions, the qualitative interview guideline has been pre-tested with one company. After the pre-test, marginal changes have been undertaken.

Thus, the interview guideline is validated and the pre-test could be included in the analysis as well. The final version for the semi-structured questionnaire is presented in the appendix. An interview request has been sent to the companies of the. Finally eight company representatives could be interviewed. Findings By aggregating all challenges into one illustration as shown in figure 8, it becomes obvious that examined challenges are categorised more often as very big and big challenge compared to small challenge or no challenge. Consequently, participating companies still face considerable challenges with the linguistic and cultural challenge at the top. Due to significant differences between Chinese and German culture, approaching the Chinese investor demands a totally different thinking.

According to one respondent, doing business requires to understand the Chinese investorsТ organisation and Ц Ц Ц Figure 8: Challenges of collaboration with Chinese investors As indicated in figure 9, the collaboration with the Chinese investor was classified by five respondents as positive, by two even as very positive and one does not specify the collaboration. With regard to the classification not specified, the answer implies that the collaboration is not seen positively in order to avoid a negative answer. Although considered challenges are categorised more than twice as very big or big challenge compared to the answer possibilities small and no challenge, the collaboration is perceived positively by the majority of the respondents. Consequently, as long as the willingness and continuing efforts by German and Chinese company is ensured, the Sino-German collaboration works. Ц Ц Ц Figure 9: Chinese-German collaboration By aggregating the results of examined key figures, figure 10 shows that the influences on the German company through the M&A transaction with the Chinese investors are all perceived either as positive or no influence on corresponding key figure could be derived solely due to the M&A deal.

Moreover, the positive assessment clearly outweighs the category no influence. Ц Ц Ц Figure 10: Influence on the development of key figures With regard to job security for German employees as well as location guarantee for German locations which is shown in figure 11. Three of the participating companies were given job security and four a guarantee for the German location for example via letter of intent.

Job securities and locations guarantees last at minimum three years which is specified through contracts safeguarding the German Ц Ц Ц location with its employees. Other participants report from indirect job guarantees because the German company intended to give their employees a guarantee and the Chinese partner agreed to their resolution. German companies were given medium to long-term location guarantees but even when the guarantee is ending, respondents see no indicators that the Chinese investors change their strategy. Figure 11: Job security for German employees & location guarantee for German location As illustrated in figure 12, six out of the eight investigated companies report to have achieved synergy effects whereas two respondents answer negatively. The latter is explained that synergy effects could not be realised until the interview but are scheduled to be reached in future. In this case, distribution is targeted to realise synergy effects as well as production. Especially production requires that the Chinese company raise quality standards in order to utilise products from the Chinese parent company in the production facility in Germany.

Figure 12: Achievement of synergy effects. Ц Ц Ц Regarding the areas of synergy effects as demonstrated in figure 13, most stated areas are R&D and distribution (each mentioned four times) followed by production, technology and the reduction of costs ( each mentioned three times) and marketing (mentioned tow times). Figure 13: Areas of synergy effects Following section focus on the Chinese investment strategy which is illustrated in figure 14. The impact of the strategy of the Chinese investment on German companies varies which is discussed in the following. Figure 14: Strategy of Chinese investment The most often mentioned strategy is the acquisition and widening of know-how which first of all highlights German companiesТ top position regarding technology and know-how.

This strategy as background allows deriving two implications. On the one hand, this strategy results in the technologytransfer from German to Chinese company.

On the other side, the Chinese long-term orientation in business relationships results in further investments in the German locations or rather results in Ц Ц Ц focussing the German company on R&D. Consequently, the Sino-German business relationship creates mutual benefit. Additionally, in the context of the overall move towards more market orientation of Chinese SOEs which are still subject to achieve planned target figures, the aspect of gaining managerial knowledge in order to compete in a changing business environment has to be considered. Three respondents state that the intention of the Chinese company was that he Chinese government seeks to invest in a German company.

The impact on the German company is primarily of financial nature. SOEs are linked with financial strength due to the support of the Chinese government with funding projects. Finally, one respondent mentions diversification as the Chinese investorТs strategy.

This strategy is primarily linked with enlarging the Chinese companiesТ product profile which in turn can result in intra-group production or R&D orders. Figure 15 summarizes the most essential issues experienced by the German company with the Chinese investors. This clearly demonstrates that communication and language barriers are seen as the most important issue mentioned by seven respondents. It is closely followed by cultural diversity (mentioned six times), the leadership style (mentioned four times) and quality standards (mentioned three times). Other issues such as the new vision & strategy, the integration process, insufficient knowledge, problems with the workerТs council or other problems such as the due diligence by the Chinese company are mentioned once. In particular, issues in executing due diligence highlights again the Chinese information lack to comply and conduct defined procedures.

Figure 15: Summary of issues of German company with Chinese investor Ц Ц Ц The final assessment of the M&A transaction is illustrated in figure 16. Figure 16: Final assessment of M&A transaction Seven respondents classify the M&A transaction as a win/win situation for both German and Chinese company. According to one company, the Sino-German business relationship is beneficial only for the Chinese company and simultaneously has no discernible effects for the German company. On the whole, Chinese investors have only positive effects on German companies or the effects can be described neither positive nor negative. CONCLUSION AND OUTLOOK УSwarm out!Ф Ц Regarding the total stock of OFDIs in Germany, the Chinese OFDIs account only to 0.23%. Nevertheless, the Chinese OFDIs in Germany have experienced a remarkable increase since ChinaТs accession to the WTO in 2001.

Hence, the Chinese investors appreciate Germany as FDI location which fosters the increasing attractiveness of Germany as FDI destination. The motives for the engagement in FDI are natural resource seeking, market seeking, efficiency seeking as well as strategic asset seeking. All motives are relevant regarding Chinese investments abroad.

Especially the seeking of strategic assets gains in importance because ChinaТs government tries to transform the Chinese economy to a high-technology industry. Hence, Chinese companies target industrialised countries. Particularly, Chinese companies focus on industries such as the high-end manufacturing, the information technology, the environmental protection and the new energy sector. Ц Ц Ц Germany is well-known for the automotive industry, the engineering and the manufacturing industry Ц branches which are targeted by the Chinese investors. The research study includes participants of the machinery sector (38%), the machine tool industry (37%) and the automotive suppliers (25%).

The analysis of the implications on the German company through the Chinese investment based on conducted semi-structured interviews lead to following key findings: The main reasons for the decision of the German company for a Chinese investor are the search for an external funding source and the growth strategy. The intensity of integration of the German company in the Chinese organisation is described as low.

Hence, the German companies stay relatively independent which is consistent with the evaluation of the strategic influences on the German company which are mainly evaluated as moderate. Furthermore, the analysis shows that the corporate management stays exclusively in Ц Ц Ц On the whole, the Sino-German collaboration is assessed as positive and even outweighs existent challenges which are mainly evaluated as big.

Most important challenges are the linguistic and the cultural challenges. The comparison of the economic situation at the M&A deal and the future forecast of the economic situation of the German company shows a positive development which can be traced back to the Chinese investment. In case of companies which were subject to insolvency Ц Ц Ц The influence of M&A transactions on key figures clearly shows that only positive effects can be derived or the M&A has no discernible effects on examined figures. The Chinese investors are willing to give job and location guarantees which underlines the Chinese long-term orientation. The majority of participating companies realises synergy effects through the Sino-German Ц Ц Ц In one case the M&A transaction has no discernible effect on the German company. Considering all other companies, the M&A transactions are evaluated as win/win situation Ц a mutual benefit for both companies.

Chinese companies swarm out to compete within stiff competition and consequently raising quality standards are required which are represented in those companies they invest. Hence, they are not Ц Ц Ц interested to buy out the German companies Ц they are rather interested to learn from them how to build up the ability to innovate on their own as German companies are able. Therefore, the German management is mostly left on the German side. It cannot be neglected that the Chinese companies benefit from the German company especially by technological and know how transfer.

The technological and know how transfer is not necessarily to the detriment of the German company. As most respondents highlight that high-end production and R&D stays or is focused in Germany the following statement is supported: The most important aspect is the ability to innovate which cannot be bought Ц it is a process of learning. Hence, the implications on German companies by Chinese investors have to be considered in long-term.

Chinese companies are not yet able to compete with УMade in GermanyФ but they are learning rapidly. УWithin five to ten years, they will be able to do soФ, one respondent stated. As a result and summary of considered implications of Chinese investors on Germany, German companies should focus in building up technological know-how and focus on innovation Ц the main aspect to remain and improve competitiveness. ChinaТs continuing process of economic reform has led to lessen control and limit OFDIs. Moreover, by the Going Global Policy, Chinese government encourages and promotes companies financially to invest abroad. According to a study released by the Bertelsmann Stiftung in May 2014, Chinese organisations will focus and reinforce ODFIs in order to entry new markets and to gain and enlarge technology and management know-how (Jungbluth, 2014). Figure 17 shows data according to the MOFCOM and illustrates the considerable increase of Chinese OFDIs since 2003 as well as the forecast from 2013 until 2020.

Referring to this projection, Chinese OFDIs will triple and reach a volume of 2.2 billion USD. Figure 17: Projection of Chinese OFDI flows to Germany 2003 - 2020: (Jungbluth, 2014) Ц Ц Ц Germany can benefit from OFDIs through fresh capital flows to the economy and thus, jobs can be safeguarded or even new business strategies can be developed. Therefore, Germany has to stay attractive as FDI destination to further strengthen its economy. The contribution of the foreign exchange stock towards Chinas OFDI engagement has to be overviewed since the stock will probably decrease. Furthermore, it is interesting how Chinas OFDIs develop in combination with the countryТs foreign exchange stock. On the basis of the latest publication of the German Federal Bank regarding the foreign direct investment stock, the current Chinese OFDI stock amounts to 0.23% in Germany.

Consequently, the further development of Chinese OFDIs in Germany, the implications on the German companies and the long-term implications of Chinese OFDIs on the entire German economy are highly interesting. REFERENCES American Chamber of Commerce in Germany and Bosten Consulting Group, УPerspektiven zum Wirtschaftsstandort Deutschland, УAmCham/BCG, 2011.

20Business%20BarometerMai%202011.pdf (accessed 25 July 2012). Baeler, U.; Heinrich, J. And Utecht, B.

(2010): Grundlagen und Probleme der Volkswirtschaft, 19th edition, Stuttgart. And Fritz, M. (2012): Studie Ц Chinese Outbound Investments in 2012. Eine Tiefenanalyse des chinesischen privaten Mittelstands, Stuttgart. In: Berners Consulting GmbH (publ.). Britzelmaier B. (2013): УChinese direct investments in Germany Ц Status quo, perspectives, threats and opportunities for Chinese investorsФ,: International Journal of Sales, Retailing and Marketing, Vol.

Britzelmaier, B. And Xu, Y., Business in China, NWB, Herne, 2012. УStandort Deutschland 2010 Ц Deutschland und Europa im Urteil internationaler Manager,У Ernst & Young, 2010. Rvey.pdf (accessed 20 July 2012). Ernst & Young, УRestart Ц Ernst & YoungТs 2011 European attractiveness survey,Ф Ernst & Young, 2011. Ernst & Young, УGrowth actually Ц Ernst & YoungТs 2012 European attractiveness survey,Ф Ernst & Young, 2012. And Apfelthaler, Gerhard (2009): Management internationaler Geschftsttigkeit, 2nd edition, Vienna.

Et al (2004): УForeign Direct Investments in China: Policy, recent Trend and ImpactФ Global Economic Review, Vol. German Federal Bank (2014): Statistische Sonderverffentlichung 10: Bestandserhebung ber Direktinvestitionen Ц Kapitalverflechtung mit dem Ausland 10/statistischesonderveroeffentlichungen10.html. (2012): International Business: competing in the global marketplace. 11th edition, New York. Jungbluth, C. (2014): Going Global, Going West! Chinese Direct Investments in Germany.

In: Bertelsmann Stiftung (publ.): Germany and Asia. Building Bridges Ц Promoting Progress. Asia Policy Brief.

3 rd edition, May 2014, Ц Ц Ц Ministry of Commerce PeopleТs Republic of China, УFDI Stocks as of 2010,Ф 2012. 140890.htm (accessed 03 July 2012).

And Collinson, S. (2009): International Business, 5th edition, Harlow. And Verbeke, A. (2009): Location, competitiveness, and the multinational enterprise. In: Rugman, Alan M. (publ.) (2009): The Oxford Handbook of International Business. Oxford University Press: Oxford, p.

(2009): National policies and domestic policies. In: Rugman, Alan M. (publ.) (2009): The Oxford Handbook of International Business.

Oxford University Press: Oxford, p. Stonehouse, G. Et al (2000): Global and Transnational Business: strategy and management, Oxford et al.

Ц Ц Ц APPENDIX: SEMI-STRUCTURED QUESTIONNAIRE FINAL VERSION Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 321 Controlling, Finance & Accounting (M.A.) Ц Ц Ц 5) What is the name of the Chinese investor who invested in the German company? 6) What kind of Chinese investor invested in the German company?

Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 Chinese State-Owned-Entity in a DynamicChinese Private-Owned-Entity Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 322 Controlling, Finance & Accounting (M.A.) Ц Ц Ц If planning evaluated negatively: 11) Based on what aspects do you evaluate the planning of the Chinese investor as negative? (Multiple choice possible) No early initiated planning process No/insufficient knowledge of German laws No/insufficient knowledge of German market No/insufficient knowledge of cultural aspects Language barriers Other aspects: If planning evaluated positively: 12) Based on what aspects do you evaluate the planning of the Chinese investor as positive? (Multiple choice possible) Early initiated planning process Good knowledge of German laws Good knowledge of the German market Good knowledge of cultural aspects Other aspects: Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 323 Controlling, Finance & Accounting (M.A.) Ц Ц Ц If an integration planning took place: 14) How was the integration planning conducted? (Multiple choice possible) External consultants were included In-house, international team was build Other strategies: Ц Ц Ц 19) Did a technology and knowledge transfer from the German side on the Chinese investor take place?

Yes No Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 324 Controlling, Finance & Accounting (M.A.) Ц Ц Ц If the Chinese investor exercises strategic influence: 22) On which areas does the Chinese investor exercise strategic influence in the German company? (Multiple choice possible) Vision, mission statement & philosophy Operating sector(s) Location(s) Production Products & services Distribution Other strategic influences: 23) How does the Chinese investor exercise strategic influence in the pre-agreed areas on the German company? Ц Ц Ц Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 325 Controlling, Finance & Accounting (M.A.) If the Chinese investor exercises operational influence: 25) On what areas does the Chinese investor exercise operational influence in the German company? (Multiple choice possible) Production methods Work methods Leadership of employees IT-systems Other operational influences: 26) How does the Chinese investor exercise operational influence in the above mentioned areas on the German company? 27) How are decisions of corporate management with the Chinese investor made? Chinese Investor states corporate management Constructive decision process (compromise) Corporate management stays exclusively in the German company Please evaluate subsequent aspects in relation to the collaboration with the Chinese investor: Ц Ц Ц Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 326 Controlling, Finance & Accounting (M.A.) Ц Ц Ц If the M&A transaction influenced the development of market shares: 36) Where (e.g.

China/Asia, Germany/Europe) did the market shares change and how (in%) did they change? Ц Ц Ц Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 327 Controlling, Finance & Accounting (M.A.) If the M&A transaction influenced the numbers of products/services sold: 38) Why (e.g. New customers, new distribution areas, new marketing strategy, smaller/richer range of products) did the number of products/services sold change and how (in%) did it change? Ц Ц Ц If the M&A transaction influenced the development of the distribution area: 40) Where (e.g.

China/Asia, Germany/Europe) did the distribution area change and how (in%) did it change there? Ц Ц Ц If the M&A transaction influenced the development of revenue: 42) Why (e.g. New customers, new distribution areas, new marketing strategy, richer/smaller range of products) did the development of revenue change and how (in%) did it change? Ц Ц Ц Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 328 Controlling, Finance & Accounting (M.A.) If the M&A transaction influenced the development of the number of employees: 44) Why (e.g. New locations, close of locations) did the development of the number of employees change and how (in%) did it change? Ц Ц Ц If the M&A transaction influenced the development of investments: 46) Where (e.g.

Machinery, production facilities) did the Chinese investor invest/disinvest and why does he invest/disinvest (strategy)? Ц Ц Ц 50) If Yes: How long does/did the security for the German location(s) last? If No: Was a security for the German location(s) discussed (in advance)?

Ц Ц Ц Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 329 Controlling, Finance & Accounting (M.A.) Ц Ц Ц 53) How have the particular synergy effects been achieved? 54) What is/was the strategy/objective of the Chinese investor of its investment in the German company? (Multiple choice possible) Build & enlarge global profile and reputation Diversification strategy Achieve synergy effects Acquire and widen know-how Others: Ц Ц Ц 56) Can you explain the issues more detailed? Innovation, Entrepreneurship and Sustainable Value Chain ISBN: 978-9963-711-37-6 in a Dynamic Environment Caroline Flum & Martina Gog 8th Annual Conference of the EuroMed Academy of Business 330 Controlling, Finance & Accounting (M.A.) Ц Ц Ц 58) How do you evaluate the M&A in general? (Multiple choice possible) Win/win situation for German and Chinese company Beneficial only for German company Beneficial only for Chinese company Negative effect for German and Chinese company Negative only for German company Negative only for Chinese company No discernible effect for German and Chinese company No discernible effect for German company No discernible effect for Chinese company Ц Ц Ц ABSTRACT Appropriate managerial tools are relevant in firmsТ management, especially for the improvements and growth of firms in this turbolent international scenario.

Regarding this topic, mainstream studies in management literature focus more on large firms; however, in some countries such as Italy, small and medium firms play an important role. So, this research investigates management and implications issues with regard to the performance measurement systems (PMSs) in Italian SMEs. Thus, using survey tool and a sample of 309 Italian SMEs, the aim of this paper is to deeply understand the use of management accounting tools in Italian SMEs. In particular, findings concern the use of management control tools and the analysis of management issues are conducted through both the main national and international literature and empirical evidences. Finally, this study contributes to better understanding the behavior of SMEs with regard to the management and control of their performance.

In particular, this research highlights the budget is still as an important Ц Ц Ц Keywords: management control, Italy, budget, SMEs, managerial issues. INTRODUCTION In the literature is often underlined that management accounting tools empower managerial capabilities, but these tools are not so widespread and adopted in the correct way by firms, especially if these are of small and medium size (Aram and Cowen 1990). The Management Control System is the basis for the performance measurement system that supports the decision-making process, not only the financial and taxation areas, and that is why, in the last years, some advanced tools were developed. Also in the Smes the management complexity is growing and they increasingly need some advanced tools to overcome managerial difficulties, also considering the crisis period. Ц Ц Ц Consequently, it is interesting to understand how the management accounting system is evolving in these particular kind of firms, considering that appropriate managerial tools have an important influence in the firmsТ management. This research is supported also by Chenhall (2003), which, in his survey of contingency-based research on management control systems, points out that only few studies on management control systems include size as a contextual variable, contributing to better understand the behavior of small and medium size firms, which play an important role in the economy, not only in Italy, but also in the Europe and United States.

This research is structured as follows: a theoretical framework about Smes, Management Control System theories, the description of the research method and the sample, findings, conclusions and implications of the study, along with its limitations. LITERATURE REVIEW Smes In the literature, there is attention about Smes especially because they are considered making change in social and attitudinal engineering, conforming and legitimizing self- employment and promoting new venture creation and entrepreneurship (Braker et al., 1986; Dangayach and Deshmukh, 2001; Ferraris, 2013). Analyzing the literature, the SME researches focused on (Augustine, B., Bhasi, M., & Madhu, G. 2012): ownership and decision making, ownership and production control (Lyles et al, 1993); management style and firm performance (Bhutta et al., 2008); organizational culture and productivity (Ritchie et al.,2005); levels of organization structure and production performance; stakeholderТs characteristics (Bhutta et al., 2008); matching production methods with environment (Jonsson et al.

2003) and use of innovation and training (Soderquist et al., 1997; Bresciani, 2010; Omerzel and Antoncic, 2008). Some studies (Ritchie et al., 2006 and Kraus et al., 2008) underlines as SME owner/managers follow autocratic and egocentric management style so that the performance level is very low and competitive advantage of SMEs depends on IT infrastructure, cultural dimensions and strategic use of forecasting planning and control methods. Consequently the strategic use of forecasting planning and control methods play an important role in Smes, also if some researches underlines the poor management of SMEs in many countries. Ц Ц Ц In order to better understand the management control system in the Smes it is useful to identify their features.

An interesting study (Ates A., Garengo P., Cocca P., Bititci U., 2013) describes the Smes as follows. SMEs have a flat structure, which allows clear, uninterrupted streams of communication; in addition performance measurement in SMEs is limited by barriers of limited resources and strategy oriented processes. (2013) found that SMEs are more focused on internal and shortterm planning, paying less attention to longterm planning. They suggest an appropriate, balanced use of strategic and operational practices and relevant measures to make performance management practice more effective. Therefore, managerial activities such as vision, mission and values development, internal and external communication, change management and horizon scanning represent recommended areas for improvement. Frequently Smes, to operate in a more flexible manner and to be more reactive to market changes, operate with less resources and managerial expertise (Garengo, 2009). Indeed not having the skills to understand or apply the information (Reddaway, Goodman, Graves, 2011) SMEs make a not optimal use of accounting information (Marriott & Marriott, 2000; Sian & Roberts, 2009).

Also other studies identified the factors, which in the Smes, obstacle the adoption of management control tools (Garengo, Biazzo, Bititci, 2005) strictly tied to less resources. Some researchers identified the lack of human resources which are always involved in the operative activities (Hudson et al. 2000), other ones the lack of Managerial capacity (Marchini 1995), or limited capital resources, poor strategic planning (Marchini 1995), lack of a managerial system and formalized management of the processes (Jennings and Beaver 1997), the perception that management accounting systems are a cause of bureaucratization (Hvolby and Thorstenson 2000).

Indeed, analyzing the management control tools more adopted by Smes, it emerges that these are the ratio analysis and the analysis of the items which compose the financial statement; in particular the attention is focused on taxation issues and on the results more relevant for banks (Broccardo, 2009; Bresciani and Oliveira, 2007). In addition, also if, in the recent years, the studies about Smes are increasing, little attention is given to these firms and the main studies about management accounting system in Smes are conducted in Australia, Finland and Denmark (Garengo, Biazzo, Bititci, 2005). Management Control System Ц Ц Ц The management control system has been defined by Simons (1994) as Уthe formal, information-based routines and procedures managers use to maintain or alter patterns in organizational activitiesФ. In this way control is a policy or procedure that facilitates an organization to ensure that its goal and objectives are reached. Management accounting control acts setting a standard, receiving feedback on actual performance and taking corrective action whenever actual performance deviates significantly from the planned performance.

In doing so, the control actually Later, Simons (1999) suggested the levers of control framework for studying the implementation and control of business strategy. Management Control System (MCS) provides information to managers, creating conditions that motivate the organization and assist the managers in making decisions according to their plans and objectives to achieve (Fisher, 1998). MCS was important especially for organizational growth, when coordination and control problems could not be solved through informal interaction. MCS then emerged to formalize this learning by codifying routines and liberating management attention from repetitive tasks (Jamil, C. M., & Mohamed, R. 2013; Thrassou et al., 2014).

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Председател€ омитета по тарифному регулированию ћурманской области Ќа заседании присутствовали: „лены коллегии: — »ƒјЌќ¬ ƒ.Ѕ. «аместитель председател€ омитета Ў»Ћќ¬ј ј.Ѕ. Ќачальник отдела омитета —“” ќ¬ј ≈.—.

Ќачальник отдела.ї Ђ регулированию ћурманской области ¬.ј. √убинский Ђ25ї но€бр€ 2014 г. Ѕредседатель заседани€: √”Ѕ»Ќ— » ¬.ј. Ќачальник управлени€ по тарифному регулированию ћурманской области Ќа заседании присутствовали: „лены коллегии: ”“≈ѕќ¬ ќ.¬. «аместитель начальника ”правлени€ —“” ќ¬ј ≈.—.

Ќачальник отдела ”правлени€ Ў»Ћќ¬ј ј.Ѕ. Ќачальник отдела.ї Ђ of Secrecy or Speculation ЂGreen Cross Russiaї ЂTomsk Green Crossї NGO ЂSiberian Ecological Agencyї A. Toropov CONSEQUENCES OF THE NUCLEAR ARMS RACE FOR THE RIVER TOM: WITHOUT A MASK OF SECRECY OR SPECULATION SCIENTIFIC BOOK Tomsk Ц 2010 Ђ«еленый рестї Ђ“омский «еленый рестї “–Ѕќќ Ђ—ибирское Ёкологическое јгентствої ј.

“оропов.ї Ђ длинные дистанции и их реализаци€ в подготовке российских бегунов / √.Ќ. √ерманов, ≈.√. ÷уканова // ”ченые записки университета имени ѕ.‘.

»нформационное агентство –оссии Ёлектронный ресурс // URL: Ц ƒата обращени€ 05.11.15. »нформационное агентство –оссии.ї Ђ воспитани€ и физического развити€ детей ќсеннее волшебство 44 16+ ∆урнал Ђћой счастливый ребЄнокї є 3 окт€брь†Ц†но€брь 2015 г. ”чредитель и издатель »ѕ утепова ќлес€ јлександровна —видетельство о регистрации ѕ» є “”31-00216 от 07 ма€ 2015†года. ¬ыдано ”правлением ‘едеральной службы по надзору в сфере св€зи, информационных технологий и массовых.ї Ђ регулированию ћурманской области ¬.√убинский Ђ29ї но€бр€ 2013 г. Ѕредседатель заседани€: √”Ѕ»Ќ— » ¬.ј.

Ќачальник ”правлени€ по тарифному регулированию ћурманской области Ќа заседании присутствовали: ќ∆≈¬Ќ» ќ¬ј ≈.¬. «аместитель начальника ”правлени€ ¬џ—ќ÷ јя ≈.». «аместитель начальника ”правлени€ начальник отдела ”правлени€ ¬ќ— ќ¬џ’ ≈.Ќ.ї Ђ ¬Ќ”“–≈ЌЌ»’ ƒ≈Ћ » ¬Ќ”“–≈ЌЌ»’ ¬ќ— –ќ——»» »нформационный бюллетень. »здаетс€ при содействии √” ћ¬ƒ –‘ по –остовской области Ќаши поздравлени€: — ƒЌ®ћ «јў»“Ќ» ј ќ“≈„≈—“¬ј!

”важаемые коллеги, друзь€, товарищи! —овет –остовского регионального отделени€ ќбщероссийской общественной организации јссоциации ветеранов боевых действий органов.ї Ђ —≈“≈¬џ’ ќ–√јЌ»«ј÷» Ёлектросетевой бизнес относитс€ к монопольным видам де€тельности, в отношении которого примен€ютс€ различные методы государственного регулировани€, в т.ч. В сфере тарифообразовани€. Јдекватный тариф на услуги территориальных электросетевых компаний €вл€етс€ залогом надежного функционировани€ и стабильного развити€.ї Ђ Ѕел€ева Ќ.¬.ѕредседательствующий: ћальков Ќ.¬.

„лены правле“ро€н √.¬. Ни€: ¬ычегжанин ј.¬. Ёдинцева Ќ.√. Ѕетухова √.».

Ривошеина “.Ќ. Ќиконова ћ.Ћ. По вопросам электроэнерќтсутствовали: гетики ¬ладимиров ƒ.ё.

Представлено письменное мнение вх.є от “регубова “.ј. —екретарь: Ќовикова ∆.ј., »вонина «.Ћ., ”полномочен алина.ї Ђ воспитани€ и физического развити€ детей ќсеннее волшебство 44 16+ ∆урнал Ђћой счастливый ребЄнокї є 3 окт€брь†Ц†но€брь 2015 г. ”чредитель и издатель »ѕ утепова ќлес€ јлександровна —видетельство о регистрации ѕ» є “”31-00216 от 07 ма€ 2015†года. ¬ыдано ”правлением ‘едеральной службы по надзору в сфере св€зи, информационных технологий и массовых.ї Ђ nojayurt@mail.ru.T/c) 8 (87148) 2-22-57 04 є3 Ђ ї 2015г.

Є ќ“ /с –уководителю —екретариата √лавы „еченской –еспублики «.“. √≈–«≈Ћ»≈¬” ”важаемый «елимхан “апаевич!

Јдминистраци€ Ќожай-ёртовского муниципального района направл€ет в ¬аш адрес информацию о ходе реализаций поручений √лавы „еченской –еспублики –.ј. Адырова посто€нного характера, данных в 2015.ї Ђ г. Ѕроверка финансово-хоз€йственной де€тельности ѕубличного акционерного общества коммерческого банка Фѕ–»¬ј“ЅјЌ Ф по результатам финансового 2012 года проводилась –евизионной комиссией, в составе: председател€ комиссии: Ћопатиной ћарии ƒмитриевны, членов комиссии: ≈ршовой Ќины —ергеевны, Ѕасан ≈лены »вановны, по месту нахождени€ ѕјќ Ѕ.ї Ђ –ќ ƒ ¬ќ –” √ ¬џ –ј Ѕќ “ќ ћ.ј.– ќ « ≈ Ќ Ѕ ј ” ћ, д-р техн. Наук, проф ессор, зав. Лаборат орией, dav886@ m ail.ru Ќ ациональны й м инерально-сы рьевой университ ет Ђ√орны йї, — анкт -ѕ ет ербург, –осси€ Ѕ.ѕ.Ѕ ј ƒ “ » ≈ ¬, д-р техн.

Наук, замест ит ель директ ора департ амент а горнорудного произ≠ водства, B. Badtiev@.ї Ђ ё∆Ќќ-—ј’јЋ»Ќ— ј «ј 2014 √ќƒ 1. ¬водна€ часть. Ќасто€щий годовой отчет о работе онтрольно-счетной палаты √ородской ƒумы города ёжно-—ахалинска (далее ќтчет), содержащий итоги проведенных контрольных меропри€тий и экспертно-аналитических меропри€тий, а также итоги выполнени€ иных заданий, представл€етс€ √ородской ƒуме города ёжно-—ахалинска в.ї.