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Facta Universitatis, Series : Economics and Organization
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  This is an Open Access Journal Open Access journal
ISSN (Print) 0354-4699 - ISSN (Online) 2406-050X
Published by U of Niš Homepage  [12 journals]

    • Authors: Marija Džunić, Nataša Golubović
      Pages: 001 - 013
      Abstract: The purpose of this paper is to explore the dynamics of civic participation in Serbia, as well as to test its relevance for the level of citizens’ political involvement. For estimating the impact of the membership in civic associations on political party membership and non-conventional types of political activism, the non-parametric analyses of variance test, followed by post hoc testing has been employed. The main findings of the analysis suggest that civic participation is a significant predictor of political activism of Serbian citizens. The results of the empirical procedures indicate significant differences in the degree of political participation, based on the levels of citizens’ engagement in community organizations. The implications of the study could serve as the grounds for designing policies aimed at strengthening civic society and creating incentives for citizens’ active involvement in political life.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801001D

    • Authors: Slavica Manić, Ljubinka Joksimović
      Pages: 015 - 027
      Abstract: After the beginning of the transformation of centrally-planned economies into market economies, the implementation of a transition project in the case of new EU members (a total of 10 countries joined through the enlargements of 2004 and 2007) lasted for almost two decades, far longer than the pessimistic forecasters announced. By contrast, the Western Balkan countries (in total 6 of them), with the exception of Croatia (EU member since 2013.), have neither continuity nor adequate success in carrying out the reform processes. That is why their transition still has an uncertain outcome and an unpredictable duration. In order to determine to which stages the less developed countries have arrived at the moment when those more advanced have almost finished their transition, we will use the EBRD indicators. We will then explain the phases of Western Balkans transition dynamics (first wave reforms and deeper reforms) in order to show that these economies have partially followed the pattern reccommended by advanced economies, leaving the segment of deeper reforms unfinished. Finally, relying on the new model for measuring transitional progress (which the EBRD has been using since 2011), we will try to evaluate which part of the predicted trajectory Western Balkans really crossed on their path to transitional “adulthood”.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801015M

    • Authors: Sunčica Milutinović, Ivana Medved, Dragomir Dimitrijević
      Pages: 029 - 041
      Abstract: Investors and other external stakeholders have more confidence in the reliability and quality of financial statements if they have information that entities continuously carry out preventive and comprehensive internal supervision of financial statements. The research was carried out with the aim of identifying factors that have a direct impact on the internal supervision of financial statements. As the key predictors of the internal supervision of financial statements in the Republic of Serbia, the category of entity, the internal supervision of the compliance of financial statements with the regulations, and the internal supervision of the preparation of financial statements have been identified. Two regression models are also defined that best describe the relationship between the observed phenomena.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801029M

    • Authors: Vesna Janjić, Mirjana Todorović, Violeta Domanović
      Pages: 043 - 055
      Abstract: There is almost a generally accepted view that quality is one of the most important factors of company competitiveness. For this reason, quality needs to be managed. In response to the need for management and requirements for high quality, theory and practice have developed several concepts. Total Quality Management (TQM) and Kaizen are two basic concepts directly involved in continuous improvement of product and process quality in the company, aimed at achieving positive transformation in the minds and actions of employees and managers. The focus of this paper is the analysis of the mentioned concepts and their contribution to the program of continuous quality improvement. Hence, the goal set by this paper is to review the basic characteristics of TQM and Kaizen, and, on the basis of a comparative analysis, draw conclusion about the distinction between them in terms of essence and practical application in the field of quality management.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801043J

    • Authors: Ljiljana Bonić, Dejan Jakšić, Kristina Mijić
      Pages: 057 - 072
      Abstract: Although they have different and clearly defined roles, the general purpose of external and internal audit in the public sector is to contribute to good governance of public funds, that is, efficiency, effectiveness and economy of public administration. As part of the numerous reforms in the public sector of the EU countries, as well as the Balkan countries, which began at the beginning of the 21st century, the external audit of the public sector (state audit) is developing an integral approach in its scope of work, which means providing attestations to the Parliament and the citizens of the state that the public funds are used effectively, efficiently and economically, and that the financial statements and operations of the public sector entities are in line with professional and legal regulations (emphasis is on the performance audit). The internal audit of public funds users, in addition to providing assurance services, is increasingly focused on advisory services with the aim of providing management with support in improving public resource and risk management, the efficiency of spending public funds and the provision of quality public services.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801057B

    • Authors: Lucian Adrian Sala
      Pages: 073 - 084
      Abstract: Like most of the countries around the world, European member states are suffering from the declining population, due to low birth rates and decreasing death rates. Romania’s population is undergoing a series of changes that will continue to unfold in the foreseeable future. Demographic transitions are taking place in the case of all member states that are part of EU-28, with various degrees of intensity. Romania’s population has been shrinking and undergoing a continuous process of erosion since 1992 when it hit a peak of 23.2 million. Under the influence of a decreasing birth rate and death rate, the population is projected to decrease from 19.8 million in 2015 to 14.5 million in 2080. This article examines how these inevitable changes will shape Romania's demographic landscape, with an emphasis on the changes over time suffered by the total population, birth rates, and life expectancy, as seen through the ”Demographic Transition Model” stages as put forward by Thompson in 1929. Also, this article will touch upon some of the main economic consequences that arise as a result of these demographic transitions.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801073S

    • Authors: Aleksandar Đorđević, Miloš Todorović
      Pages: 085 - 096
      Abstract: The connection between financial innovation and information technology industry has provided and kept the crypto currencies for some ten years on the market, a kind of offset of monetary evolution after the introduction of virtual, electronic and digital money. Although their essence is still wrapped up under the veil of secrets, the facts show that the value of Bitcoin as the first crypto currency has a rising trend, and that an increasing number of firms and individuals are deciding to use it. This will result in the emergence of over 1000 new crypto currencies. This paper explains the emergence and functioning of the Bitcoin, its characteristics and functions, the benefits and risks that it carries, as well as possible scenarios of further development of the international monetary system with crypto currencies.
      PubDate: 2018-04-10
      DOI: 10.22190/FUEO1801085D
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