Implementing management innovations in a transition economy

Abstract

Copyright © 2020 Inderscience Enterprises Ltd. Managers are required to introduce various innovations in the process of evaluating company's performance over some past period and make future business decisions that would contribute to the long-term sustainability and development of the company. The question is how the managers in transition economies, such as the economy of the Republic of Serbia, address different management innovations. The paper examines whether the company managers in the Republic of Serbia are familiar with the balanced scorecard (BSC), as the most influential management innovation, whether the mentioned model is implemented in companies, as well as what reasons are behind not implementing this model in large, medium-sized and small companies. The research findings show that the managers, in general, are not familiar with the BSC model and are not aware of the importance of this model; however, there are other similar models that are being implemented in companies operating in Serbia.