Research Papers 2016

Last year I have published some academic research papers. The links and the abstracts to the research papers can be found further below.

Value theory and value – based management 

published  also at


The main economic purpose of a business organisation is to create value for its owner. The value concept is a complex notion that has developed alongside human history and reflects the concerns of human society through time. As a result of the value theory, the management of value has also emerged as an essential and accompanying activity. Value-based management emerged as a management philosophy rather than a management method. It consists of a change in mindset from managing resources or output quantities to value creation. The challenge is to identify or create the value flows and act upon these within the specific business organisation to have proper value management. Value creation and value management will define the business organisations in the economy of the 21 st century, which is governed by knowledge and information. The present paper focuses on the history and development of the value concept and the history and development of the management of value through value-based management.



Outsourcing CFO activities as a competitive advantage 

published  also at


Traditionally companies focus on their core competencies when talking about efficiency and increase in performance. To achieve a certain aid of performance and make resources and knowledge available companies turn to outsourcing in traditional form and to strategic knowledge outsourcing. Can the support services / non–core activities be a successful driver of innovation through outsourcing? This paper is trying to show that the outsourcing of non-core activities can be a driver and alternative towards innovation and competitive advantage that can make a difference in the today’s complex globalised markets




Empirical approach to knowledge, knowledge economy and knowledge based organisations ( page 209 )

published also at


Since the very early stages of human development knowledge, knowledge management have made a difference in who is prevailing and who is not. Driven by the information technology revolution of the 20st century knowledge and especially knowledge management within the establishing knowledge society and knowledge based economies have kicked off a major transformation of classical economical concepts. Economists started to rethink and transform the classical resource based economic theory towards information and knowledge based economy. The 21st century is dominated by the most effervescent transformations of human society. Information and information management through information technology has changed the way business organizations are developing and act and react to the globalized market and competition. The key to success is rapid assimilation and management of information and development through proper usage of accumulated knowledge that is leveraged by increased amounts of new information. There is a decisive transition from the classical economy of the 20st century based on resources towards the next level of economic evolution, towards knowledge based economy. In a knowledge based economy the main commodity is information and knowledge, the classical economy is only a subsequent result of the proper management of knowledge. The key defining concepts of the 21st century are information and knowledge that have had a major impact on business organizations all over the world. Business organizations have to redefine their strategies and their values in order to assure their competitive advantage in the increasing fast moving global market place

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TopCFO workshop – Strategic management and plannning

TopCFO is starting 2015 with a new workshop with the topic of Strategic Management

The workshop will bring an insight in  

What Is Business Strategy?
Goal Setting: The First Step in Strategy
A Strategy Road Map
Strategic Choices
Strategic Thinking
Implementing Strategic Decisions

For inquiries and bookings please drop us an message

The first 5 inquiries will get a complimentary 10% discount

What to do ? local strategy …..

During my last business trip I got to talk to some senior executives that where complaining about some issues they have at one of their locations from Romania.
Over time I have learned that strategy is extremely important for anybody involved in business environment and not only business.
To be successful you really really need to know what you want and where you want to go.
Knowing this in detail and exactly will help you out in solving any issue you might encounter.
So to come back to the title of my posting. It is given an foreign well established company present in Romania since over 10 years.
The senior management guys that I’ve met complained about one issue in particular, they have one big issue, they have one high headcount turnover.
OK, it is correct that having a big headcount turnover rate is an serious issue.
The high turnover in headcount over the years can hinder a solid development of a company and can seriously endanger its very existence if this topic gets out of control.
It is quite serious when you can not build and retain experience in the company.
How I see it they did not have nor developed any location strategy regarding headcount turnover, they only focused on financial results.
The financial results where squeezed out over time but according to me in detriment of the headcount issue.
What can be done is actually quite simple, the location senior management has to sit together and act on one of the ignored management attributes, develop the strategy .
I agree to the fact that strategy is not directly generating financial results, it is more linked to to frame set-up that enables the achievement of sound and solid financial results.
Getting back to strategy for headcount turnover the important and easiest steps would be :
1. Finding the root of the problem, finding the cause of high headcount turnover at white and blue collar employees.
An easy solution would be exit interviews,  talk to the people that are leaving the company.
2. Try to establish is it only your problem or do the other companies in the area have the same issue at comparable extent.
If its only you than it is obvious something is completely fishy in your organization, try to find out what it is , be honest to yourself.
If the others do not seem to have the same issue , try to find out what are they doing differently, try to see if you can do something differently. You might be surprised….
3. Try to understand the surrounding in that you are active, understand the community , understand their values and what not reassess the local market that you are active in.
You might find out that the values that you knew are obsolete and do not fit to the current situation.
4. Cross-check the findings with your own organizations values , see what is important and act on it. Do not be too shy to admit any potential mistakes that you might have made in the past.
5. Set up a specific clear action plan based and stick to it.
6. Most important Do Not forget to communicate your plan and changes to your staff.
7. Request appropriate feedback from your staff.
8. Do not expect sudden reactions and changes.
After all your action on an issues that has some history in your organization.
I do not know if this is making any sense but to me it is common sense and I am even more surprised that senior management is different companies still don’t get it.
Once I have read something that a smart guy said:

Think global act local , not the other way around.

I would be very interested to know your opinion on this topic.
Feel free to comment or drop me an email.

Change ….how much ?

Change …how much ? How far should you go ? 

Recently I have posted some thoughts about change in the case of senior management / executives.

Fact is that the posting ended with the dilemma “To change or not to change ?

This dilemma is valid for the individual and also for the organisation .

Change …how much ?

It is a known fact that when you enter a new organisation you have to go through a “accommodation” with each other. In this important period is all about positioning and getting to know everybody and everything. 
Now certain “surprises” start to show up from both sides , you and the organisation,  Certain things start to show up not as presented. 
In this case the first compromises starting to take shape….what should you do ? 
Up to a certain degree it is expected to adapt to the new environment and to cope with it. 
Now coming back with the senior management / executive aspect, the guy was hired because of the fact that some change was needed. 
Important to mention that the guy was hired by stakeholders that are part of the existing organisation and that have the means to evaluate and judge the newcomer….
The newcomer has, according to my understanding,  two options:
Change / adjust and give up part of who you are 
Fight  and do not get assimilated ( remember Star Trek Borg 🙂 ) try to make a change , try to make a difference. 
None of the mentioned options are good or bad, it is matter of what you should choose best. 
If you are choosing the first option , change / adjust and try to make out of the trenches some small changes and get set with small but many victories. 
Fact though if you try to change / adjust you will be scrutinized by the ones that choose you as a senior manager / executive for their organization . 
During this change / adjustment hope that you not loose on the way the skills, aspects that made you appreciated by the organisation.  
If you decide that you are here to fight and trying to make a change , it is perfectly OK , but fight until when ? 
You might get labeled during the fight as not able to integrate into the organisation. 
What is actually the proper / better way ?  Change / adjust and give up on yourself or fight it through but taking the risk of being labeled as unfit by the stakeholders ? 

Change ? How much is enough not to give up on yourself and still to get your recognition as a senior manager / executive in the specific role / organisation ?

Change or not to change ?

When companies change their executives / senior management the ideal profile is depicted in the “famous” job profile.  In this document the HR responsible usually with help of the stakeholders ( Shareholders, Board of Directors, CEO, Consultants, etc.) do their best to describe the ideal profile for the vacant job.

Funny thing though , the described profile is something that the specific organization would like to have, or let me say it differently , it is something that is nice to have …..

Let’s assume that the recruiting , through own resources or through external help (recruiting companies), runs smoothly and you get almost a perfect match to the described and documented ideal profile.

From here on the adventure starts and a very big question is starting to be more and more visible.

Is the organization ready to receive the almost perfect match ? 
Are they ready to adjust to the new person coming in ?
Are they ready for the change ? 

If you talk to each and every stakeholder they will say that yes they want the new guy…but are they ready for the change and what this change will imply ?

People are different from each other therefore it is more than obvious that the new guy coming in will have his/ her own view on the organization and thus the change.

Usually this topic is solved through induction days/ programs that should help to adjust to the new organisation easy and quickly. Here usually HR is the main contact.

Coming back to the change ….What do you do in case of executives / senior management ?

For executives / senior managers change management is or at least should be part of their leadership ability. Leadership can be traced back to results and results are most of the time benchmarked against targets.

A successful organization should have clear vision , mission , values statements that again are part of the strategic management of any organization.

So coming back to  executives / senior managers and change … is only fair to say that executives / senior managers must be strategic management savvy.

Well seasoned managers with experience in several areas are needed to have an successful organization. This kind of managers have a strong personality and character and are not very easy to handle.

Therefore the organization must adjust in order to be successful or can choose not to adjust and take the risk that the new hired executive / senior manager will not fit in and eventually leave the organization.

What is more costly ? To change or not to change ?