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THE ANNALS OF THE

"

Ş

TEFAN CEL MARE"

UNIVERSITY OF SUCEAVA.

FASCICLE OF THE FACULTY OF

ECONOMICS AND

PUBLIC ADMINISTRATION

VOLUME 9, NO. 2(10), 2009

Editura Universit ii Suceava

Revist

ă

cotat

ă

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ED I TORI AL BOARD :

Edit or - in - ch ie f: Carmen N STASE

Ge n e r a l e dit or ia l se cr e t a r y: Adrian Liviu SCUTARIU

Edit or s: Elena HLACIUC, Carmen CHAŞOVSCHI, Mariana LUPAN, Ovidiu Florin HURJUI

SCI EN TI FI C COM M I TTEE:

Angela ALBU, „Ştefan cel Mare” University of Suceava, Romania George P. BABU, University of Southern Mississippi, USA

Christian BAUMGARTNER, International Friends of Nature, Austria Grigore BELOSTECINIC, ASEM, Chişin u, Republic of Moldova Ionel BOSTAN, „Alexandru Ioan Cuza” University of Iaşi, Romania Aurel BURCIU, „Ştefan cel Mare” University of Suceava, Romania

Gheorghe CÂRSTEA, Academ y of Economic Studies, Bucharest, Romania Slobodan CEROVIC, Singidunum University, Belgrade, Serbia

Simion CERTAN, State University of Chişin u, Republic of Moldova

Carmen CHAŞOVSCHI, „Ştefan cel Mare” University of Suceava, Romania Liliana ELMAZI, Tirana University, Albania

Cristian Valentin HAPENCIUC, „Ştefan cel Mare” University of Suceava, Romania Elena HLACIUC, „Ştefan cel Mare” University of Suceava, Romania

Elena IFTIME, „Ştefan cel Mare” University of Suceava, Romania Marian JALENCU, State University of Chişin u, Republic of Moldova Miika KAJANUS, Savonia University of Applied Sciences, Iisalmi, Finland Stefanos KARAGIANNIS, Institute of Tourism Research, Athens, Greece Maria MUREŞAN, Academy of Economic Studies, Bucuresti, Romania Carmen N STASE, „Ştefan cel Mare” University of Suceava, Romania Alexandru NEDELEA, „Ştefan cel Mare” University of Suceava, Romania Ion PÂR ACHI, ASEM, Chişin u, Republic of Moldova

Rusalim PETRIŞ, „Ştefan cel Mare” University of Suceava, Romania Abraham PIZAM, University of Central Florida, Orlando, Florida Ion POHOA , „Alexandru Ioan Cuza” University of Iaşi, Romania

Gabriela PRELIPCEAN, „Ştefan cel Mare” University of Suceava, Romania Gheorghe SANDU, „Ştefan cel Mare” University of Suceava, Romania Petru SANDU, Elizabethtown College, Pennsylvania, USA

Pavlo SHYLEPNYTSYI, Bucovina State Academy of Finance, Chernivtsi, Ukraine Doru TILIU E, „Ştefan cel Mare” University of Suceava, Romania

Ion TORONCIUC, National University Yuri Fedcovici, Chernivtsi, Ukraine Viorel URCANU, ASEM, Chişin u, Republic of Moldova

Diego VARELA PEDREIRA, University of A Coruna, Spain

R zvan VIORESCU, „Ştefan cel Mare” University of Suceava, Romania

Valeriy YEVDOKYMENKO, National University Yuri Fedcovici, Chernivtsi, Ukraine

Text review: Alina HODOROAB , Adrian Liviu SCUTARIU. Cover design: Adrian Liviu SCUTARIU Contact:

Faculty of Economics and Public Administration „Ştefan cel Mare” University of Suceava

Str. Universit ţii nr. 13, Corp H, Camera H108 720229 SUCEAVA, ROMANIA

Phone: (+40) 230 216147 int. 294 E-mail: cercetare@seap.usv.ro

Journal web site: www.seap.usv.ro/annals Faculty web site: www.seap.usv.ro

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CONTENT

SECTION 1

ECONOMY, TRADE, SERVICES ... 7

DETERMINANTS OF KEY PERFORMANCE INDICATORS (KPIS) OF PRIVATE SECTOR BANKS IN SRILANKA: AN APPLICATION OF EXPLORATORY FACTOR ANALYSIS ... 9

Balasundaram NIMALATHASAN

Department of Commerce, University of Jaffna, Jaffna, SriLanka

CO-OPERATION STRATEGIES ENHANCING THE INNOVATION IN NATURE-BASED TOURISM SERVICES ... 18

Anne MATILAINEN

University of Helsinki Ruralia Institute, Seinäjoki, Finland Gerhard WEISS

University of Natural Resources and Applied Life Sciences, Vienna, Austria Zuzana SARVASOVA

National Forest Centre, Zvolen, Slovakia Diana FELICIANO

Macaulay Institute, Aberdeen, Scotland Carmen NASTASE

University “Ştefan cel Mare”, Suceava, Romania

THE EUROPEAN EXPERIENCE CONCERNING REGIONAL DECENTRALIZATION ... 30

Associate Professor PhD. Irina-Maria DR GAN Lecturer PhD. Rodica-Manuela GOGONEA Academy of Economic Studies, Bucharest, Romania

ECONOMIC GROWTH IN RUSSIA REGIONS: KEY FACTORS ... 35

Ph.D. Vitaly ALESCHENKO

Institute of Economy and Organization of an Industrial Production of the Siberian Branch of the Russian Academy of Sciences, Russia

Associate Professor Ph.D. Alexandru NEDELEA University Stefan cel Mare of Suceava

Lecturer Ph.D. Student Oana NEDELEA University Stefan cel Mare of Suceava

APPRECIATIONS ON CRITICS OF THE GLOBALIZATION PROCESS ... 41

Lecturer PhD. Student Carmen BOGHEAN Lecturer PhD. Student Florin BOGHEAN Lecturer PhD. Mihai POPESCU

“Ştefan cel Mare”University of Suceava, Romania

THE SOCIAL LCA: THE STATE OF ART OF AN EVOLVING METHODOLOGY ... 47

Luigia PETTI

Patrizia CAMPANELLA

DASTA, G. d’Annunzio University, Pescara, Italy

THE CONNECTION IDENTIFICATION BETWEEN THE NET INVESTMENTS IN HOTELS AND

RESTORANTS AND TOURISTIC ACCOMODATION CAPACITY BY USING THE ANOVA METHOD ... 57

Assistant Roxana Elena STAN Lecturer Emilia GABROVEANU Assistant Nicoleta RADNEANTU

Romanian-American University, Bucharest, Romania

CONSIDERATIONS ON THE NEW COMMUNITY LEGISLATION REGARDING THE EUROPEAN PRIVATE SOCIETY ... 62

Lecturer PhD. Elise Nicoleta VÂLCU University of Piteşti, Romania

A THEORETICAL OVERVIEW ON INSTITUTIONS ... 70

PhD. Student Ana Iolanda VOD

“AL. I. Cuza” University, Iasi, Romania

THE ABILITY TO ASSUME THE DECISIONAL RISK IN THE CONSUMPTION PROCESS ... 75

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CONCEPTS, MODELS, TECHNIQUES AND PRACTICES OF ECONOMIC AND FINANCIAL ANALYSIS83

Ec. PhD. Student Alina BALAN ASE Bucharest, Romania

SECTION 2

MANAGEMENT AND BUSINESS ADMINISTRATION ... 91

HUMAN RESOURCES MANAGEMENT CONTROL ... 92

Professor PhD. Mihaela DUMITRANA Lecturer PhD. M d lina DUMITRU Lecturer PhD.Iulia JIANU

Lecturer PhD.Gabriel JINGA Lecturer PhD.Gabriel RADU

Academy of Economic Studies, Bucharest, Romania

THE IMPLICATIONS OF THE FDI FLOWS ON THE ECONOMICAL GROWTH IN THE CENTRAL AND EASTERN EUROPE COUNTRIES ... 100

Lecturer PhD. Mariana LUPAN

“Stefan cel Mare University” of Suceava, Romania

THE MANAGEMENT OF INNOVATION,A CHANCE TO STRENGTHEN THE ORGANIZATION ... 107

PhD. Student Virgil Dan AMZA

Academy of Economic Studies, Bucharest, Romania. Professor PhD. Constantin BR TIANU

Academy of Economic Studies, Bucharest, Romania MSc Student Miruna Vladia AMZA

SNSPA, Bucharest, Romania

THE INFLUENCES FINANCIAL MANAGEMENT IN DEVELOPING THE FUTURE FIRM`S BUSINESS 112

Lecturer PhD. Student Valeria Arina B L CEANU Ecological Univeristy of Bucharest, Romania

BALANCED SCORECARD AND THE MANAGEMENT INTRUMENTS COMPLEMENTARITY ... 119

Lecturer dr. ing. ec. Sunhilde CUC University of Oradea, Romania

THE WAY IN WHICH METAPROGRAMS AND METAMODELS INFLUENCELEADERS OF

ORGANIZATIONS ... 125

Ec. PhD. Student Cornel IOSIF University ”Al. I. Cuza” Iasi, Romania

CURRENT TRENDS IN HRM ... 134

Assistant Otilia ALBU

Assistant PhD. Student Lucia MOROŞAN-D NIL University „Ştefan cel Mare”, Suceava, Romania

THE OUTSET AND DEVELOPMENT OF PUBLIC RELATIONS (PR) IN ROMANIAN ECONOMY AFTER 1990 ... 140

Assistant Raluca ZOLTAN

Professor PhD. Ghiorghi PRIS CARU Associate Professor PhD. Romulus VANCEA ”Ştefan cel Mare” University of Suceava, Romania

HOW TO UNDERSTAND THE NEW ECONOMY... 148

Assistant Ph.D. Student Angela-Nicoleta COZORICI Assistant Ph.D. Student Simona BUTA

Professor PhD. Ghiorghi PRIS CARU

”Ştefan cel Mare” University of Suceava, Romania

SECTION 3

ACCOUNTING - FINANCES ... 156

EVALUATION AND RECOGNITION OF INTANGIBLE FIXED ASSETS IN ACCORDANCE WITH

NATIONAL AND INTERNATIONAL FINANCIAL REPORTING STANDARDS IAS / IFRS... 157

Professor PhD. Dorel MATES

West University of Timisoara, Romania Professor PhD.Elena HLACIUC

“Stefan cel Mare” University of Suceava, Romania University AssistantPhD. Student Marian SOCOLIUC

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MODELS FOR THE ASSESSMENT OF THE ENTREPRISE BANKRUPTY RISK IN CRISIS SITUATIONS ... 163

Professor PhD. Silvia Melania PETRESCU „Al. I. Cuza” University of Iaşi, Romania Lecturer PhD. Camelia C t lina MIHALCIUC „Ştefan cel Mare” University of Suceava, Romania

ACCOUNTING ALTERNATIVE TREATMENTS REGARDING FIXED ASSETS - A NATIONAL AND INTERNATIONAL APPROACH... 173

Professor PhD. Ion PERES

West University of Timisoara, Romania Professor PhD. Dumitru COTLET West University of Timisoara, Romania

University Assistant PhD. Student Veronica GROSU University “Stefan cel Mare” of Suceava, Romania

ASSESSMENT OF INFLUENCE INFLATION STOCKS ... 181

Associate Professor Ph.D. Mihaela TULVINSCHI Lecturer Ph.D. Student Mariana VLAD

“Ştefan cel Mare” University of Suceava, Romania

PARTICULAR ASPECTS OF THE PROCESS OF FINANCIAL COMMUNICATION FROM THE PERSPECTIVE OF EXIGENCIES REGARDING THE QUALITY ASSURANCE OF ACCOUNTING

PRODUCTS ... 189

Associate Professor PhD. Valeriu BRABETE Associate Professor PhD. Cristian DR GAN University of Craiova, Romania

QUO VADIS INTERNAL AUDIT EDUCATION? ... 197

PhD Candidate Cristina BO A-AVRAM PhD Professor Atanasiu POP

Babeş-Bolyai University, Cluj-Napoca, Romania

THE DISCRETIONARY FISCAL POLICY IN THE EUROPEAN ECONOMIC AND MONETARY UNION ... 206

Lecturer PhD Candidate Cristian PANA Ecological University Bucharest, Romania

CONCEPTUAL APPROACHES CONCERNING THE NEW PARADIGM OF THE MONETARY ECONOMY ... 213

Professor, Ph.D Spiridon PRALEA

University of Iaşi „ Al. I. Cuza”, FEAA, Romania Lecturer Ph.D. Irina – Ştefana CIBOTARIU University Stefan cel Mare, Suceava, Romania Lecturer Ph. D. Candidate Anişoara-Niculina APETRI University Stefan cel Mare, Suceava, Romania

COSIDERATIONS REGARDING THE ORGANISATION OF FINANCIAL MANAGEMENT OF THE ECONOMIC ENTITIES... 223

Lecturer PhD. Lucia RISTI

“Aurel Vlaicu” University Arad, Romania

RELEVANCE AND CREDIBILITY OF THE INFORMATION FROM

THE FINANCIAL-ACCOUNTING STATEMENTS ... 231

University Lecturer Ph.D. Marilena ZUCA

Romanian-American University, Bucharest, Romania

THE RELATIONSHIP BETWEEN FINANCIAL MANAGEMENT AND THE INFORMATION SUPPLIED BY ACCOUNTANCY IN THE PROCESS OF SUBSTANTIATING THE FINANCIAL DECISIONS AT THE LEVEL OF AN ECONOMICAL ENTITY ... 238

Assistant Irina CHIRITA

Assistant Claudia GRIGORAŞ-ICHIM

University “Ştefan cel Mare”, Suceava, Romania

CONCEPTUAL DELIMITATION OF FIXED ASSETS PROCUREMENT IN PROJECTS WITH GRANT FUNDING ... 244

Assistant PhD. Student Mihaela N t li a LESCONI-FRUMUŞANU PhD. Student Ec. Ioan Anton PAULESCU

University Eftimie Murgu, Resita, Romania

THEORIES REGARDING FINANCIAL INTERMEDIATION AND FINANCIAL INTERMEDIARIES – A SURVEY ... 254

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ACCOUNTING POLICIES APPLIED IN DETERMINING CASH FLOW ... 262

PhD Student Florin HOSTIUC

Alexandru Ioan Cuza University of Iasi, Romania Lecturer student PhD Ciprian Dan COSTEA

Vasile Goldis West University of Arad, Satu Mare branch, Romania

SECTION 4

STATISTICS, DATA PROCESSING (INFORMATICS) AND MATHEMATICS ... 272

A STATISTICAL ANALYSIS OF THE NORTH-EAST REGION OF ROMANIA COMPARED TO THE OTHERS IN TERMS OF TOURIST ACTIVITY ... 273

Assistant PhD. Student Ioana CIOTIR „Al. I. Cuza” University of Iaşi, Romania Assistant PhD. Student Adrian Liviu SCUTARIU “Ştefan cel Mare” University of Suceava, Romania

DATABASE ACCESS THROUGH JAVA TECHNOLOGIES ... 281

Professor PhD. Ion LUNGU

Inf. PhD. Student Nicolae MERCIOIU Inf. PhD. Student Victor VL DUCU

Academy of Economic Studies, Bucharest, Romania

MATHEMATICAL MODELING OF THEDISSEMINATION PHENOMENON CONCERNINGTHE

CURRENCY CRISIS OF SUOTH-EASY ASIA ... 292

Lecturer PhD. Student Tudor COLOMEISCHI Lecturer PhD. Student Anamaria G. MACOVEI „Ştefan cel Mare” University of Suceava, Romania

SECTION 5

LAW AND PUBLIC ADMINISTRATION ... 299

ROMANIA AND BULGARIA IN THE EUROPEAN UNION: A SPATIAL ANALYSIS OF COUNCIL

VOTING ... 300

Adjunct Professor PhD. Diego VARELA University of A Coruña, Spain

CONSIDERATIONS ON PRE-EMPLOYMENT STAGE SPECIFICPERSONNEL ADMINISTRATION ... 310

Lecturer Ph.D. Alunica MORARIU

“Stefan cel Mare” University of Suceava, Romania Professor Ph.D. Grigore BELOSTECINIC

Academy of Economic Studies of Moldova, Chisinau ProfessorPh.D. Ionel BOSTAN

“Stefan cel Mare” University of Suceava, Romania

THE DISTINCTION BETWEEN DECENTRALIZATION AND DECONCENTRATION OF PUBLIC

SERVICES ... 315

Lecturer Ph.D. Student Irina BILOUSEAC University Assistant Petronela ZAHARIA

,,Ştefan cel Mare” University of Suceava, Romania

BOOK REVIEW ... 321

BOOK REVIEW FORMACROECONOMICS: FUNDAMENTAL CONCEPTS, Carmen N STASE, Mihai POPESCU, Carmen BOGHEAN, Adrian Liviu SCUTARIU ... 322

Professor PhD. Gheorghe CÂRSTEA

Dean of the Faculty of Management, ASE Bucharest, Romania

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SECTION 1

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DETERMINANTS OF KEY PERFORMANCE INDICATORS (KPIS) OF PRIVATE SECTOR BANKS IN SRILANKA: AN APPLICATION OF EXPLORATORY FACTOR

ANALYSIS

Balasundaram NIMALATHASAN

Department of Commerce, University of Jaffna, Jaffna, SriLanka

bnimalathasan@yahoo.com

Abstract:

An efficient banking system facilitates linkage between mobilization and use of resources, which accelerates the process of economic growth. It is a widely accepted belief that a banking system which relies on a wide array of banking products, is able to carry out this function because it increases the efficiency of a banking systems to a large extent by offering a broader and flexible arrange of services to the benefits of both borrowers and investors. Meanwhile, there are no comprehensive and empirical researches in that field especially in banking sector.

In an attempt to fill in this gap, the present study is conducted determinants of key performance indicators (KPIs) of private sector banks in SriLanka with samples of hundred respondents in twelve branches in North and Eastern Provinces. Data were collected through a five points Likert type summated rating scales of questionnaire from strongly disagree (1) to strongly agree (5) were adopted to identify indicators. Sophisticated statistical model as “Exploratory Factor Analysis” (EFA) has been used. The results show that eight factors extracted from the analysis that together accounted 73.781% of the total variance. These factors were categorized as 1) Accident Ratio (AR); (2) Opportunity Succession Rate (OSR); (3) Cash Flow (CF); (4) Return on Capital Employed (ROCE); (5) Customer Satisfaction Rate (CSR); (6) Overall Equipment Effectiveness (OEE); (7) Return on Investment (ROI); (8) Internal Promotion (IP).

Keywords: Key Performance Indicators; Banking; Measurement; Efficiency

JEL Classifications: M1, M4

INTRODUCTION

Every organisation measures them to some degree. Often these measurements are based on historical information. While there is certainly value in historical analysis, it is a fundamental principle of Key Performance Indicators (KPIs) to be current or forward-looking metrics. It is also critical that KPIs be closely aligned to strategic company goals and implemented in such a way as to support positive change. KPIs are financial and non-financial metrics used to help an organization define and measure progress toward organizational goals. KPIs can be delivered through business intelligence techniques to assess the present state of the business and to assist in prescribing a course of action.

KPIs are quantifiable measurements, agreed to beforehand, that reflect the critical success factors of an organization. Whatever KPIs indicators are selected, they must reflect the organization's goals, they must be key to its success, and they must be quantifiable (measurable). KPIs usually are long-term considerations. The definition of what they are and how they are measured do not change often. The goals for particular KPIs may change as the organization's goals change, or as it gets closer to achieving a goal.The act of monitoring KPIs in real-time is known as Business Activity Monitoring (BAM). KPIs are frequently used to "value" difficult to measure activities such as the benefits of leadership development, engagement, service, and satisfaction. KPIs are typically tied to an organization's strategy (as exemplified through techniques such as the Balanced Score Card).

LITERATURE REVIEW

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governments of the future (Carter, Klein & Day, 1992; Hughes, 1994). However, the literature on performance indicators suggests that their application may bring about dysfunctional effects. In particular, authors from countries such as the UK (Barnett, 1992), Australia (Marginson, 1995), United State of America (USA) (Porter, 1988), and the Netherlands (Vroeijenstijin & Acherman, 1990) had voiced their concerns that performance indicators could set the criteria for performance.

Performance measurement and reporting is now widespread across the private sector as well as public sector of many industrialised and industrialising countries. The common tool that is used for this process, key performance indicators (KPIs), have been argued to provide ‘intelligence’ in the form of useful information about a public and private agency’s performance (Williams,2003).

So great is this faith in KPIs that many public and private agencies are now mandated by

law or executive order to use them as one of the primary tools to account for their performance to

main public accountability or reporting authorities, such as the Parliament and the Government auditor. It is apparent that, the way in which KPIs work to improve accountability is through the information they provide to the principal. Performance measurement systems assume that humans can use the information to make better decisions (Cavalluzo & Ittner, 1999). This assumption is consistent with the rational-comprehensive and bounded rationality perspectives on decision-making (Simon, 1955, 1992). The former perspective describes information as directly related to organisational goals and the organisational methods by which to achieve these goals. It also views information as available, unambiguous and directly influential on decisions.

Many scholars have maintained that the implementation of performance measurement systems possesses important symbolic value (Modell, 2004; Moynihan, 2005; Vakkuri & Meklin, 2006). KPIs are viewed as a ‘good’ management device and a socially constructed tool that makes sense (DeKool, 2004 & Weick, 1995). The fact that KPIs tend to be quantitative has helped to promote their image of objectiveness and rationality. The image of KPIs is further enhanced by their widespread application across the public sector of many industrialised countries. The importance of performance measurement is noted by Ingraham (2005) it is important to expect that citizens see and understand the results of government programs. It is necessary that public employees and their leaders not play their thumbs when public dollars are wasted on poorly planned or unrealistic public programs.

Based on the above literatures, there are no comprehensive and empirical researches in that field especially in private sector banks viz., EFA. In an attempt to fill in this gap, the present study is conducted the determinants of key performance indicators (KPIs) of private sector banks in SriLanka with samples of hundred respondents in twelve branches in North and Eastern Provinces.

OBJECTIVES

The present study has the following objectives

1. To examine necessary indicators for the performance of the private sector banks. 2. To determine the key indicators for the performance of the private sector banks.

MATERIAL AND METHODS Sampling procedure

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Data source

The study was complied with the help of primary data. Primary data were collected through the questionnaire. Moreover, the desk study covered various published and unpublished materials on the subject.

Questionnaire Development

The questionnaire was administrated to banking executives in North and Eastern Province of SriLanka.The questionnaire was designed by the researchers with some modification from Kaplan & Norton, (1996). A five item scale from strongly disagree (1) to strongly agree (5) was adopted to identify the indicators.

Statistical Tools Used

In the present study, we analyse our data by employing EFA. For the study, entire analysis is done by personal computer. A well known statistical package SPSS (Statistical Package for Social Sciences) 13.0 Version was used in order to analyze the data.

Results and Discussion

To identify potential underlying dimensions of the KPIs of private sector banks development used in the current study, responses of the participants were subjected to factor analysis method. Before applying factor analysis, testing of the reliability of the scale is very much important as its shows the extent to which a scale produces consistent result if measurements are made repeatedly. This is done by determining the association in between scores obtained from different administrations of the scale. If the association is high, the scale yields consistent result, thus is reliable. Cronbach’s alpha is most widely used method. It may be mentioned that its value varies from 0 to 1 but, satisfactory value is required to be more than 0.6 for the scale to be reliable (Malhotra, 2002; Cronbach, 1951). In the present study, we, therefore, used Cronbach’s alpha scale as a measure if reliability. Its value is estimated to be 0.653 , If we compare our reliability value with the standard value alpha of 0.6 advocated by Cronbach (1951), a more accurate recommendation Nunnally and Bernstein (1994) or with the standard value of 0.6 as recommendated by Bagozzi and Yi’s (1988) we find that the scales used by us are highly reliable for data analysis.

Regarding validity, a research instrument with small modifications from the model developed by Kaplan & Norton (1996) was used. The statements included in the questionnaire are most suitable for the variable, because many researchers used these variables to measure the performance indicators (Kaplan & Norton, 1996; Deming, 1986; Inner & Larcker, 1997). Hence the researchers satisfied with the content validity then it was decided to continue the analysis.

After checking the reliability of scale, we tested whether the data so collected is appropriate for factor analysis or not. The appropriateness of factor analysis is dependent upon the sample size. In this connection, Kaiser – Meyer- Olkin (KMO) measure of sampling adequacy is still another useful method to show the appropriateness of data for factor analysis. The KMO statistics varies between o and 1. Kasier (1974) recommends that values greater than 0.5 are acceptable. Between 0.5 and 0.7 are mediocre, between 0.7 and 0.8 are good, between 0.8 and 0.9 are superb (Field, 2000). In this study, the value of KMO for overall matrix is 0.461 (For details please see table no 1), it is near to 0.5. Hence the sample taken to process the factor analysis is statistically significant.

Table no 1. KMO and Bartlett's Test

Source: Survey data

Kaiser-Meyer-Olkin Measure of Sampling Adequacy.

.461

Bartlett's Test of Sphericity Approx. Chi-Square 574.740

df 210

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Bartlett’s test of sphericity (Barlett, 1950) is the third statistical test applied in the study for verifying its appropriateness. This test should be significant i.e., having a significance value less than 0.5. In the present study, test value of Chi – Square 574.740 is significant (as also given in table no.1) indicating that the data is appropriate for the factor analysis.

After examining the reliability and validity of the scale and testing appropriateness of data as above, we next carried out factor analysis to indentify the KPIs of private sector banks. For this, we employed Principal Component Analysis (PCA) followed by the varimax rotation, (Generally, researchers’ recommend as varimax). When the original twenty-one variables were analysed by the PCA. Eight variables extracted from the analysis with an Eigen value of greater than 1, which explained 73.781 percent of the total variance (For details please see table no 2).

Table no 2. Total Variance Explained

Component

Initial Eigen values Extraction Sums of Squared Loadings Total % of Variance Cumulative % Total % of Variance Cumulative %

1 3.398 16.182 16.182 3.398 16.182 16.182

2 2.505 11.927 28.109 2.505 11.927 28.109

3 2.073 9.871 37.980 2.073 9.871 37.980

4 1.824 8.685 46.666 1.824 8.685 46.666

5 1.730 8.237 54.903 1.730 8.237 54.903

6 1.428 6.800 61.702 1.428 6.800 61.702

7 1.345 6.404 68.106 1.345 6.404 68.106

8 1.192 5.675 73.781 1.192 5.675 73.781

9 .983 4.681 78.462

10 .878 4.182 82.644

11 .703 3.349 85.993

12 .591 2.816 88.809

13 .556 2.647 91.456

14 .439 2.090 93.547

15 .373 1.777 95.324

16 .313 1.490 96.814

17 .290 1.382 98.196

18 .194 .922 99.118

19 .110 .524 99.642

20 .057 .271 99.913

21 .018 .087 100.000

Source: Survey data

Extraction Method: Principal Component Analysis.

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Figure no 1. Scree Plot

It is worth mentioning out here that factor loading greater than 0.30 are considered significant. 0.40 are considered more important and 0.50 or greater are considered very significant. The rotated (Varimax) component loadings for the eight components (factors) are presented in Table no 3. For parsimony, only those factors with loadings above 0.50 were considered significant (Pal, 1986; Pal and Bagi, 1987; Hair, Anderson, Tatham, and Black, 2003).

Table no 3. Principal Component Analysis – Varimax Rotation Indicators of Performance

Variables Indicators

Indicator 1 IP

Indicator 2 AR

Indicator 3 ROI

Indicator 4 OSR

Indicator 5 CSR

Indicator 6 OEE

Indicator 7 CF

Indicator 8 ROCE

IP .968

GR .948

FR .947

AR .951

NOA .926

ROI .759

ILR .675

CL .619

OSR .798

CR .774

IWE -.535

CSR .822

ROE .766

OEE .731

IE .667

DPCE -.564

CF .930

ET .610

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DPCQ .711

Eigen Value 3.398 2.505 2.073 1.824 1.730 1.428 1.345 1.192

Proportion of Variance

16.182% 11.927% 9.871% 8.685% 8.237% 6.800% 6.404% 5.675%

Cumulative Variance Explained

16.182% 28.109% 37.980% 46.666% 54.093% 61.072% 68.106% 73.781%

Source: Survey data

Indicator 1: IP – This indicator was represented by three variables with factor loadings ranging from .968 to .947. They were internal promotions, gender ratio, and financial result. This indicator accounted for 16.182% of the rated variance.

Indicator 2: AR – Two variables with loadings ranging from .951 to .926 belonged to this factor and they included accident ratio and number of activities. This indicator explained 11.927% of the rated variance.

Indicator 3: ROI – This indicator comprises three variables representing return on investment, illness rate, and customer loyalty. Factor loadings of these variables ranged from .759 to .619. A variance of 9.871% was explained by this factor.

Indicator 4: OSR – Three variables were included in this indicator. They were opportunity success rate, customer retention, and internal working environment. Their factor loadings ranged from .798 to -.535. The factor explained 8.685%.

Indicator 5: CSR – This indicator comprised two variables, namely customer satisfaction rate, return on equity. They carried factor loadings of .822 and .766. The factor explained 8.237% of the variance.

Indicator 6: OEE – Three variables with loadings ranging from .731 to -.564 to this indicator and them included overall equipment effectiveness, internal efficiency, and deliver performance to customer – by date. This indicator explained 6.800% of the rated variance.

Indicator 7: CF - This indicator consisted two variables representing to cash flow and employee turnover. Factor loadings of these variables ranged from .930 to .610. A variance of 6.404 % was explained by this indicator.

Indicator 8: ROCE - This last indicator comprised of two variables relating to the return on investment and deliver performance to customer – by quality. Their loadings ranged from .749 to .711. The variance explained by this indicator amounted to 5.675%.

Ranking of the above eight indicators in order to their importance, along with mean and standard deviation, is shown in Table no 4. The importance of these indicators, as perceived by the respondents, has been ranked on the basis of their mean values.

Table no.4 Ranking of Indicators according to their importance

Indicators No. of. Variables Mean S.D Rank

Indicator 1: IP 03 4.1552 .8214 8

Indicator 2: AR 02 4.2586 .73294 1

Indicator 3: ROI 03 4.1609 .59968 7

Indicator 4: OSR 03 4.2529 .51227 2

Indicator 5: CSR 02 4.1983 .72511 5

Indicator 6: OEE 03 4.1782 .47229 6

Indicator 7 : CF 02 4.2500 .69617 3

Indicator 8 : ROCE 02 4.2155 .66959 4

Source: Survey data

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CONCLUSIONS

Through an empirical investigation, this study has identified eight indicators that are major contributors to the performance of the private sector banks in North and Eastern provinces of SriLanka. These factors in order to importance are (1) AR; (2) OSR; (3) CF; (4) ROCE; (5) CSR; (6) OEE; (7) ROI and (8) IP.

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Appendix- A:

Table no 5: Code Sheet

Code Descriptions of the Indicators

DPCD Deliver Performance to Customer – by Date

DPCQ Deliver Performance to Customer – by Quality

CSR Customer Satisfaction Rate

CL Customer Loyalty

CR Customer Retention

NOA Number of Activities

OSR Opportunity Success Rate

AR Accident Ratio

OEE Overall Equipment Effectiveness

IWE Internal Working Environment

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IR Investment Rate

IlR Illeness Rate

IP Internal Promotions

ET Employee Turnover

GR Gender Ratios

CF Cash Flow

ROI Return on investment

FR Financial Result

ROCE Return On Capital Employed

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CO-OPERATION STRATEGIES ENHANCING THE INNOVATION IN NATURE-BASED TOURISM SERVICES

Anne MATILAINEN1), Gerhard WEISS2), Zuzana SARVASOVA3), Diana FELICIANO4), Carmen NASTASE5) 1)

University of Helsinki, Ruralia Institute, Seinäjoki, Finland 2)

University of Natural Resources and Applied Life Sciences, Vienna, Austria 3)

NationalForestCentre, Zvolen, Slovakia 4) Macaulay Institute, Aberdeen, Scotland 5)

University “Ştefan cel Mare”, Suceava, Romania

Abstract

Nature-based tourism is rapidly growing industry sector providing new kinds of sources of livelihood to the rural areas to diversify the traditional economics. However, the level of innovations in nature tourism and recreation services has not been reported as very high. The innovations in nature-based tourism typically occur not as a result of specific innovation systems but rather “between” existing ones, and as a result of a more spontaneous, project-oriented cooperation of various actors. Therefore, in creating new ideas and opportunities, the role of key actors and co-operation partners is essential. The successful co-co-operation with the different stakeholder groups has found to have clear connections on the company’s business performance and in the long run the company must operate in such a way that the stakeholder groups are satisfied. To be able to combine all these different types of actors to cross-sectoral networks and co-operation is essential and it provides a big challenge especially in small and micro company level.

This paper aims to illustrate by using 10 case studies around Europe (AUT, FIN, RO, SLO and Scotland), what kind of strategies small and micro size nature-based tourism companies have created in order to establish and maintain the critical co-operation with the main stakeholder groups effecting their business activities and social sustainability of companies. As a result two different strategies, business approach - and community approach -strategy were found. The results clearly highlight the important role of informal co-operation and co-operation networks in nature based tourism innovation process.

Key words: nature-based entrepreneurship, stakeholders, co-operation, multiple use of forests, case study

JEL Classification: L83, O32

1. INTRODUCTION

Nature-based tourism can broadly be defined as tourism, with main activities related to nature (Saarinen 2001). It is a growing industry sector providing new sources of livelihood to diversify the traditional rural economics, namely agriculture and forestry. The income generating form nature tourism typically remains in the rural regions, it usually requires strong local knowledge base and the sector is labor intensive (e.g. Saarinen 2003, Honkala 2001), which characteristics make it especially interesting in respect of rural development.

In general tourism is one of the most rapidly growing industry sectors at the moment. Within it, especially nature-based tourism has had high growth rates and the growth has been estimated to continue in near future with increasing respect for the pure authentic nature by the consumers (Ryymin 2006). For example in Finland the growth rate of the turnover of nature safari companies exceeded up to 8,5 % during 2003-2004 and even the growth rate of smaller nature tourism companies exceeded up to 6 % (Ryymin 2006). At the same time the growth of traditional saw mill industry was practically non-existent (Hänninen and Toppinen 2004).

However, even though the nature-based tourism sector is growing rapidly in many respects in Europe, the level of innovations (both product and process innovations) in nature tourism and recreation services has not been reported as very high (see e.g. Nybakk et al. 2005, Rametsteiner et al. 2005). This brings out the question, if the possibilities and opportunities have been recognised and utilised in all their potential. The competition in the nature tourism is increasing concerning especially foreign niche customer groups. The innovativeness is an important element in the competitiveness of companies and has been seen as one of the indicators of the future development of the sector (e.g. Rametsteiner et al. 2005).

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important role. In European context nature-based tourism utilizes typically forests in some form and in many cases the forest areas are not owned by the entrepreneurs. This brings out not only the questions of property rights but also the one of combining the interests of user groups of the forest areas (Matilainen and Lähdesmäki 2009). Equally important role have those actors, who have the “access to customers” in the marketing channels. For a nature-based company to be able to combine these different types of information and actors to cross-sectoral networks and co-operation is essential, and it provides a big challenge to the sector especially in small and micro company level (see e.g. Rametsteiner et al. 2005, Luostarinen 2005, Lunnan et al. 2005). The important questions in order to support innovation activity in nature-based tourism sector are, how simultaneously guarantee the access to the needed natural resource (in this study forest areas) and to the customers, organize the business activities effectively and to combine the interests of different stakeholder groups, both local and wider, for the use of forest areas in order to successfully generate and develop the nature-based tourism sector as part of rural economics.

In order to overcome these problems, the small and micro size companies have to find successful networking and co-operation strategies (Virkkala 2006). Typically rurally located nature-based tourism companies form complex co-operation relationships to ensure their activities, and are continuously developing this co-operation, without which their companies would extinct. In addition especially in rural regions the social sustainability of business activities plays an important role in success of the company (Lähdesmäki 2005)

This paper aims by using cases throughout Europe, to illustrated, what kind of co-operation strategies nature-based tourism companies have developed for managing the most critical stakeholder groups in order to reach the local acceptance for their business activities and maintain and develop their innovations further.

2. THEORETICAL BACKGROUND

2.1 INNOVATION RESEARCH AND REGIONAL GOVERNANCE - PROVIDING BASES TO THE INNOVATION OF RURAL NATURE-BASED TOURISM COMPANIES

Innovation research has often studied innovation processes in large firms that pursue explicit innovation strategies and run R&D-departments. Scholars, however, have learnt that innovation is a process that does not only take place within companies, but also between companies and between companies and many other actors. Besides of various types of private and public actors also institutional framework conditions are important to form and success of innovation processes. The systems of innovation approach (Lundvall 1992, Nelson 1993, Edquist 1997) defines innovation as a result of systems that consist of actors and institutional settings whereby actors include – besides of the company and as important as them – authorities, interest organisations, consultancy agencies and research and education institutes. Institutional settings on the other hand are understood as formal and informal rules and norms, e.g. public policies or the innovation and interaction culture in certain regions or sectors. Innovation systems are often understood in a narrower sense as established, enduring systems that are explicitly and strategically oriented at creating innovations in a national economy – national innovation system (Nelson 1993), a sector – sectoral innovation system (Breschi, 1997), or a region – regional innovation system (Asheim, 2002). Innovations in nature-based tourism are of significantly different in nature: they typically occur not as a result of specific innovation systems but rather “between” existing ones, and as a result of a more spontaneous, project-oriented cooperation of various actors (Kubeczko et al, 2006).

Such kind of innovation processes are particular important in regions with weak economic and institutional structures and crucial for the economic development of such regions. This is often case with many rural regions. These processes are studied under the headings of regional development, regional governance and learning regions.

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“company networks concepts” where enlarged to also comprise socio-cultural and political networks, leading to the concept of the “creative” or “innovative milieu” (Cooke and Morgan 1994; Capello 1996; Maillat 1996). These strands of theorizing assume that innovative regions have to be supported by three network systems: business, social and political networks (Weber 2002; Fornahl and Brenner 2003). The regional actors’ adaptability and their ability to learn is the central question of the study of “learning regions” (Florida 1995; Asheim 1996; Morgan 1997).

Some representatives of the learning regions approach look at innovation processes in regions with weaker capacities. In their analyses they focus on the role of social capital and trust, formal and informal inter-firm networks and the process of interactive learning (Asheim 1996, Morgan 1997). Important resources for innovation and economic development are the capacity of people, organisation, networks and regions to learn. Authors often look at “network organised innovation projects” (Asheim, forthcoming). In these studies, the basic features of innovation systems are used but more broadly interpreted and applied to any co-operations or networks of actors in innovation projects (innovation systems in a broader sense).

The critical networks and co-operation partnerships for innovation systems in broader sense can be seen to be formed from different types of stakeholders relating to the innovation initiatives. The crucial issue is, how all the key stakeholders are taken into consideration so that successful networks and partnerships can be formed and social sustainability of the business activities can be guaranteed.

2.2. THE ROLE OF STAKEHOLDERS IN FORMING SUCCESSFUL CO-OPERATION AND CREATING SOCIAL SUSTAINABILITY FOR RURAL BUSINESS

It has been stated that transferring corporate social sustainability of to the business objectives is best undertaken by using the stakeholder approach (Clarkson 1995). In their operational environment the rural SMEs have different kind of stakeholder groups influencing their scope of action. As a stakeholder can be defined any group or individual who can affect or is affected by the achievement of a corporation’s purpose. (Freeman 1984) for example when company’s activities set limitations to land use of local people. The impact and influence mechanism of to business environment vary depending on the type of stakeholder group. The stakeholders can be divided into “primary stakeholders”, who have formal, official or contractual relationship with the company and to the secondary stakeholders, who represent the rest of interest groups in the business environment, like local people, forest owners etc. (Carroll 1989 and 1993, Clarkson 1995, Näsi 1995).

The influence these stakeholders have to companies’ activities can be direct or indirect. Frooman (1999) has divided the stakeholder influence between a company and stakeholder group based on the resource dependence. If the company’s dependence on the stakeholders’ resource e.g. in case of nature tourism forest land, is high, more likely direct influence mechanisms are used in the co-operation between the company and stakeholders. In cases when the dependence is low and stakeholders do not control the critical resources for company’s operations, the indirect influence methods via other stakeholders are used (Frooman 1999, Sharma and Henriques 2005).

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In rural areas there seem to be more expectations from the stakeholder groups towards the companies than in urban areas (Lähdesmäki 2005). This highlights the critical role of fluent co-operation between the company and stakeholders. The stakeholder groups are unique for each company and its actions based on e.g. location, line of business, networks, customer base of the company. They are also very multiplicity and form a complex network (Neville and Menguc 2006). In many cases it is impossible to satisfy fully all the stakeholder groups. Therefore it is important to identify the key stakeholders (Bryson 2004). There have been developed different kind of stakeholder analyses and practices to locate the most critical stakeholders for different processes and activities (e.g. Bryson 2004, Bourne and Walker 2005, Cleland 1999, Neville and Menguc 2006). According to Mitchell et al 1997 the critical attributes in defining key stakeholders are power of the stakeholder, legitimacy of the stakeholder concerning the stake and urgency, the stakeholder claims attention to his claims from the entrepreneur.

In this paper the approaches mentioned above are combined in certain extent and a company approach was chosen. The stakeholders, without whose acceptance or co-operation the company’s innovation process would not have been possible, or the business activities could not continue successfully on the long run are considered as critical or key stakeholders, regardless whether the stakeholders can be seen primarily or secondary, or whether the influence of the stakeholders is direct or indirect.

The companies have developed different various co-operation strategies, either strategically considered or unconscious, in order to sustainable co-operate with and manage different stakeholder groups. The chosen strategies influence also directly on the business decisions of the operators (Besser and Miller 2001).

3. MATERIAL AND METHODS

In this study interpretative and descriptive perspective was adapted for studying the relationship between the entrepreneurs and their key stakeholder groups in innovation process of nature-based tourism. This kind of qualitative approach is well justified choice in order to understand any phenomena about which little is yet known (Strauss & Corbin 1990). The aim is a rather inductive analysis (see Glaser & Strauss 1967; Strauss & Corbin 1990). For studying the innovation process a case study –approach has been chosen, in which the cases are designed as innovation cases on enterprise level. A case study is considered to be an appropriate research strategy to investigate contemporary phenomena within their real-life context, especially when the boundaries between the phenomena and the context are not clearly evident (Yin 2003; Perry 1998), like typical when investigating an innovation process. Furthermore, case studies can be descriptive, explanatory or exploratory in their nature (Yin 2003).

The empirical data consist of 10 case studies representing five different European countries (AUT, FIN, RO, SK and Scotland (UK)) providing a collection of cases each representing different institutional settings with regard to access to forest land, innovation support system and forest ownership. The sampling of the interviewees was made by a purposive sampling in order to ensure manageable and informative data (see Patton 2002). The case studies have been collected by the co-authors of the article by using joint semi-structured thematic interview guideline, which allowed flexible conversations to take place still ensuring that all the main issues were discussed (see e.g Patton 2002). The themes were chosen to cover the critical aspects relating co-operation networks of forest based nature tourism companies, especially focusing on mapping out the critical stakeholder groups and their management.

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The data was analysed by using analyst-constructing typologies, in which patterns, categories and themes are looked for from the data and based on these, typologies were formed (Patton 2002). For this purpose a common analyzing framework was created. Typologies are built on ideal types rather than complete and discrete set of categories and they provide one simple form for presenting the qualitative comparisons (Patton 2002). Unlike classification systems, typologies do not provide rules for classifying. Instead, typologies usually identify multiple ideal types, each of which represents a unique combination of the attributes that are believed to determine the relevant outcome (Doty and Glick 1994). In other words the typologies and their characteristics emerge from the data during the analysing instead of being decided in beforehand. Since the typologies present complex ideal types, the cases can have elements from several different typologies. In analysing, the case descriptions were cross-checked by co-authors in order to ensure the quality of the results and to avoid the risk of creating analyst-constructed typologies that are too much influenced by the analyser (Patton 2002). The summary of cases is presented in the table 1.

3.1. CASE STUDIES AND THEIR INNOVATIVENESS

All the cases, even though representing different nature tourism activities, represent new innovative form to utilize forest areas for benefiting economics of the region in a form of private company or wider network of actors. Common to all cases are several critical stakeholder groups without whose support the activities could not have been established or maintained.

“Almliesl” – Marketing of forest cottages for tourists, Austria

The marketing initiative carrier is a regional unit of the Austrian Federal Forests, whose innovation was to renovate and lease 12 traditional forest houses and hunting cottages to tourists. After severe troubles, the project was reorganised by handing over the marketing to a tourism agency offering quality cottages in Austrian mountain provinces under the brand “Almliesl”. In the case traditional heritage cottages has been managed to transform business activities without endangering the traditional or social value of the cottages. However, the successful stakeholder management has played significant role in success.

Canopy walkway Sauwald, Austria

The innovation initiated by a private farmer aiming to diversify his business activities by offering in his forest a canopy walkway and a forest restaurant. The innovation was carried out as EU Leader+ -project and the canopy walkway is managed by the society “Baumkronenweg”. In contrast to other canopy walkways in Europe, the Sauwald was consciously built from wood. In the first season the project attracted more than 100.000 visitors and employs 12 people. In the case a new innovative use of forest was created.

Hunting in Eastern Finland

The private company Finnhunt Oy, organises moose and small game hunting in private and State’s forests. The company has managed to transform innovatively a traditional leisure activity holding passionate interests from different stakeholder groups (e.g local recreational hunters and general public) as commercial activity and has been successful in finding suitable customer groups for their products. One of the most important success factors has been close co-operation with local hunting clubs and landowners from very beginning in order to maintain the social sustainability of the activities and with Central European sales organizations in order to have access to the markets.

Horse back riding tours in Finland

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Dorna Adventure, Romania

Dorna Adventure is a private company initiated by two partners providing e.g. boats rides on Bistrita River, mountain climbing, biking, paint ball and horseback riding tours and courses. The innovativeness of Dorna Adventure, is to offer something unique in the forest area and developed prerequisites for that. For the enterprise it is essential to collaborate with the private and public actors actively in order to maintain their activities in the long run in the struggle against the existing rivers pollution destroying the beauty of the area as well as sustaining the economic sustainability of the micro company.

The Calimani National Park, Romania

The Calimani National Park is a public park with main purpose of protection and conservation of unique natural elements, giving also the possibility for visits in scientific, educational, recreational and touristic purposes. Its establishment in 2004 provided also a lot of opportunities to develop new innovative forest tourism and recreation activities in the area, like hiking, mountain biking, horseback riding, photo safaris, bird watching tours etc. To maintain and develop the innovation it is very important sustain fluent co-operation between the National Park, the private companies and the interest groups.

Huntly peregrine wild watch, Scotland

Wildlife interpretation centre providing wild watch opportunities is managed and

implemented by the national Forestry Commission in its own woodland. Several animal species can be seen in the area, but the main attraction is the peregrine’s nest existing in the site and visited by a couple of peregrines every year. There are cameras filming the peregrines feeding the chicks and also their other activities around the nest. The project is considered to be innovative because it uses cameras to show on wildlife activities as live recording and it is free of charge for the visitors.

Mountain biking, Scotland

A private enterprise in the Tweed Valley, Scotland provides mountain biking opportunities and organize biking courses in the forest areas mainly owned by national Forestry Commission. The forested environment plays major role in attractiveness of the services by providing unique opportunities for the tracks. The company has found an innovative way to works within a network of businesses in the area and have created a Mountain Biking Hospitality Scheme providing a pack of services like bike courses and accommodation packages, to improve the forest based mountain bike tourism activities in the region.

Forest tourism in Velky Klíž forests, Slovakia

Urbarium (shared ownership type) of the village Velký Klíž associates about 600 owners of agricultural and forest land. The most important drivers for innovative new services in area were aim to diversify production activities, ensure additional income for the members of Urbarium and enhance the development of the municipality by using the existing natural and cultural potential. The facilities were jointly built to serve for the accommodation of guests and provide base for other services offered by Urbarium V. Klíž. Nowadays for visitors in urbarial forests various recreational services (e.g. accommodation in the forester’s house, 9 round trails, forest guides) are provided.

Vydrovská valley, Slovakia

Vydrovská valley is a touristic destination located in one of the largest villages of Slovakia, Čierny Balog. The valley includes several tourist attractions related to forestry like the narrow-gauge Čiernohronská railway (ČHŽ), open-air forest museum, primaeval forest . The activities are based on the work of Vydra-(Rural Development Activity) aiming to contribute to the sustainable development of the rural region. In co-operation with other similarly oriented NGOs they actively seek for new initiatives to develop the region further. The trademark Vydrovská valley was formed based on the region’s attraction and possibilities for tourism.

Table 1. the summary of the case studies and the key stakeholder groups of the cases

Country The case The identified key stakeholder groups for the innovation

Austria “Almliesl” – Marketing of forest cottages for tourists

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Austria Canopy walkway Sauwald

Firms involved in construction of the canopy walkway,

Members of the society Baumkronenweg, Public administration Finland: Private hunting

enterprise

Hunting clubs, Landowners, Selling agencies, Other SMEs, Local people, General public

Finland Horse riding tours Private land owners, Metsähallitus, Other SMEs, hunting club, regional developers

Romania Dorna Adventures, private nature-tourism company

Public administration (municipality tourism officials), Other private SMEs, Volunteers, trainers, guides

Romania The Calimani National Park

National Administration of Forests (Suceva and TG Mures branch offices), Forest research and management institute,

The Association of Forest Owners, Forest Group Josenii Bârgâului, local SMEs

Scotland Huntly peregrine wild watch /Wildlife

interpretation centre

Scottish Agricultural College (SAC), Primary Gartly School, North East Raptors Study Group

Scotland Mountain biking Local tourism consortium, Forestry Commission, Local farmers, Local community council

Slovakia Forest tourism in Velky Klíž forests

Local forest owners (Urbarium), Local associations (like hunting clubs), local people, ALEA (association focusing on marketing in web, organizing exhibitions of tourism etc), Local joiners, Local municipality

Slovakia Vydrovská valley joint nature tourism

Vydra (Rural Development Activity), Lesy SR state forest enterprise Cierny Balog, ČHŽ (local company operated narrow-gauge railway), The local municipality, other enterprises

4. ANALYSIS AND RESULTS

When studying the co-operation between the innovation carrier and key stakeholder groups, two clear strategies for stakeholder management were found in all cases, even though the cases represented different nature tourism activities in different institutional settings. The strategies were further analysed based on 3 characteristics, which were emerged from the data to represent the typical characteristics and differences of the strategies:

Formality of the relationship (formal-informal): in the formal relationship typically written contracts were issued, when the informal relationships were based on verbal informal agreements or interpretations of discussions.

The communication: the style of the communication between innovation carrier and stakeholder group was analysed based on its regularity and forums it was conducted in. Based on these it was divided into official and unofficial communication. In official communication, the communication between parties is regular and happens based on formal meeting related to business actions and/or agreements. In some cases even minutes of the meetings are made and distributed to the participants. The unofficial communication, even though it can be very vivid happens typically from non regular basis as random chats or discussions. Also the role of personal relationships with the stakeholder group representatives is big.

Type of co-operation: The co-operation was analysed further in details by using three different concept pairs: horizontal or vertical operation; unisectoral or cross sectoral co-operation; and based on the local networks or based on wider networks outside the region or with higher levels e.g. in a form of political levels or national actors. The horizontal co-operation was defined as a co-operation within one level of production, when the vertical co-operation refers to the operation along the production chain. The unisectoral operation was defined as co-operation occurring within one sector, in this study primarily referring to forest sector. By the cross sectoral co-operation on the other hand is meant the co-operation within more than one industry sector.

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the co-operation and “selling the innovation” to the stakeholder group in question. The relationship can be described as normal business relationship with written agreements and contractual rights and they were very formal in nature. In almost all vertical co-operation relationships the business approach –strategy was applied, since as part of production chain the stakeholder groups in question were usually sub-contractors or selling and marketing organizations. However, also in horizontal co-operation business approach was used, especially when other local SMEs were in question. Due to its formality, business approach was used both in managing the local stakeholders as well as the stakeholders outside the region.

The communication in the business approach -strategy was typically official based on the business actions between the innovation carrier and stakeholder group. The personal relationships were important in enhancing the co-operation, but they were not highlighted or seen perquisite for it.

In addition to business –approach, in the case studies became clearly visible so called

community approach - strategy. In this strategy, the innovation was justified and argumented with “benefits to whole area” and “improvement of regional economics”– discourse by the innovation carrier. Also more general level values like “nature conservation”, “nature education” and “increased knowledge on forests” were used as arguments for innovation implementation. Regardless, whether the innovation process was carried out by private company aiming for maximizing their benefits, this strategy was used especially in managing local and regional stakeholder groups in securing the social sustainability of the activities. Even though this is not as such very surprising, the cases clearly illustrate the extremely significant role of local stakeholders as well as community approach –strategy in maintaining successful co-operation in forest-based nature tourism innovations.

In co-operation relationships applying community approach -strategy, the compensation for the stakeholder group for their work, land etc. was not necessary paid. The innovation carrier expected the stakeholder groups also to contribute for general good and “benefit to the whole region”, even though the direct benefits would be allocated primarily to the innovation carrier. In some cases the innovation carrier did not seek for profit from their activities, like in Huntly peregrine watching activities in Scotland. In these cases the role of community approach –strategy was even more highlighted. However, the community approach -strategy was not really utilized in managing stakeholder groups outside the region.

The communication in community approach –strategy could be very vivid or relatively random, but it was typically very informal in nature. Usually the co-operation occurred also in local or at most in the regional level and the role of personal relationship between the innovation carrier and the stakeholder groups was highlighted. In some cases, where the personal relationship was non-existing, local mediators were used. The co-operation was both uni-sectoral as well as cross sectoral and typically horizontal co-operation relationships occurred. Also interestingly in cases, in which the private forest land was not owned or administrated by the innovation carrier, in order to gain the access to required forest area, typically the community approach –strategy was used.

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5. CONCLUSIONS

In all cases there were found both business approach and community approach -strategies used for managing the co-operation with different stakeholder groups. In general the business approach was applied into co-operation with so called business partners and community approach was used in managing the local level stakeholder co-operation. This as such is not very surprising, and to be able to define the strategies further there is a need to study both main strategies more closely in order to find more detailed, innovative co-operation aspects and tools.

However, the results clearly highlight the important role of informal operation and co-operation networks in nature based tourism innovation process (Table 2). Even the cases represent different institutional settings and entrepreneurial environment, in all cases the role of informal, local level co-operation was vital for the sustainable innovation activities in the forest based nature-tourism sector. These kinds of relations are important in regard to very different types of stakeholders, including authorities, neighbors or interest groups. Even if these groups are not formally involved in the business activity, they might put the project at risk, if good relations are not maintained. The informal co-operation networks were vital both in cases, in which the innovation carrier was business focused and in cases in which the innovation carrier did not seek direct profit from the activities.

In addition to improve the business activities and skills of the companies and actors, the focus of public development activities should also be in increasing innovation carriers perquisites to establish and maintain critical informal co-operation. This brings also out an interesting question related to various innovation support schemes implemented in EU, national and regional levels. Do they support adequately also this informal co-operation? The co-operation based on business approach clearly brings concrete benefits, increased business, for both parties in co-operation relationship. In the co-operation based on community approach on the other hand, the benefits to the stakeholder groups are typically not so concrete, at least on short term.

In some cases the stakeholder groups, which typically have been managed by using community approach -strategy were in fact managed at least partly by using business approach – strategy. By selecting this strategy in the studied cases the social sustainability of innovation carrier’s activities was increased significantly. This was the situation. e.g. in the cases of hunting enterprise in Finland concerning the local hunting club co-operation and forest tourism in Velky Klíz Forests in Slovakia concerning the local forest owners. By recognizing the local stakeholder group holding important resource at least partly as a business partner and allocating benefits, even as a token, to them, the local acceptance for the activities and the status of community approach – strategy arguments were improved. The activities were seen in practice to “benefit the whole area”.

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Table no 2. Total Variance Explained
Figure no 1. Scree Plot
Table no.4 Ranking of Indicators according to their importance
Table no 5: Code Sheet
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