Journal Cover
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]
  • DEVELOPMENT OF SUSTAINABILITY INDICATORS: APPROACHES, CHALLENGES AND
           OPPORTUNITIES

    • Authors: Ksenija Denčić-Mihajlov, Stefan Zeranski
      Pages: 291 - 306
      Abstract: Rapidly changing and complex business environment requires from enterprises to cautiously develop their business strategies in order to achieve and maintain competitive advantage over the long term. With the awareness of importance of environmental consequences and sustainability, market value is no longer determined by single financial performance indicators. The sustainability framework which encompasses economic, environmental and social performances has rather received an international attention of both corporate and financial sector. Even though it is generally accepted that the adoption of sustainability ratios is a most adequate and effective way for sustainability performances’ assessment, both the creation/selection of sustainability ratios and their implementation and analysis have been still examined at national and corporate levels. Most companies have adopted the internationally recognized performance evaluation systems (such as Global Reporting Initiative or United Nations Global Compact). Still, there is increasing number of companies that apply self-developed sustainable performance evaluation methodologies. The main purpose of this paper is to investigate the development and application of the performance indicators of sustainable management with the aim to offer suggestions for selection of sustainability ratios which application should increase the effectiveness of controlling and decision-making process and would lead to long term competitive advantage.
      PubDate: 2018-01-05
      DOI: 10.22190/FUEO1704291D
       
  • SUITABILITY OF ACTIVITY – BASED COSTING FOR LEAN BUSINESS CONCEPT

    • Authors: Bojana Novićević Čečević, Ljilja Antić
      Pages: 307 - 319
      Abstract: Lean business concept is characterized by securing the required customer value, quick product delivery, elimination of all forms of waste both from production and from all business processes in the company. In order to successfully respond to such requests, company managers need an appropriate information base. One of the possible information bases is activity-based costing. The paper deals with the issue of application and suitability of activity-based costing for lean business concept.
      PubDate: 2018-01-05
      DOI: 10.22190/FUEO1704307N
       
  • ECONOMETRIC ANALYSIS FOR TOURISM DEMAND FUNCTION IN EGYPT A DYNAMIC PANEL
           DATA APPROACH

    • Authors: Waleed Said Soliman Faragalla
      Pages: 321 - 332
      Abstract: In this paper, the author investigates the tourism demand function using the dynamic panel data approach in the case of Egypt. The panel data set covers the time period between 1995 and 2014. The individuals are 49 countries as origin countries for tourists, representing 92% of the total tourist arrivals to Egypt. Explanatory variables which affect the tourism demand function were taken into account: lag of dependent variable that leads to dynamic panel data approach, using DIFF-GMM estimator proposed by Arellano and Bond (1991); also, many other explanatory variables like GDP per capita, relative price index, distance, and dummy variable which represent the political situation. One of the important and significant conclusions of the paper is the significant effect of the lagged dependent variable (0.493), which may be explained as “Word of Mouth” to tourists’ decision when choosing the destination.
      PubDate: 2018-01-05
      DOI: 10.22190/FUEO1704321F
       
  • RELEVANCE THE REGULATION OF INNOVATION WITH THE CHALLENGES OF INFORMATION
           TECHNOLOGY AND COMPETITION

    • Authors: Dragana Radenković Jocić
      Pages: 333 - 344
      Abstract: Intellectual property is directly connected with competition law. On the other side, it should be noted that innovation as a part of intellectual property rights make significant element of companies’ activities if they want to be competitive at the market. This is the reason why it is possible to say that competition law belongs to rules of economic relationships. Law is important for companies in sense to promote economic efficiency. The competitiveness is the ability of a region to export more in value added terms than it im­ports. That definition is very important for companies and for investors at the same time. Due to that, governments have to pay attention on all possible so-called discounts, includ­ing an artificially low currency, suppressed wages in export sectors, artificially low taxes on traded sector firms and direct subsidies to exports. Governments, but the legislators also should control barriers and obstacles, in order to improve measurements to eliminate them. It could be very important sign for investor. Finally, intellectual property rights will show their significance through the companies’ competition policy. The whole Europe develops research and development area, focusing on major competitors. Due to that task participants are interested especially in the share of private investment in a field of research.
      PubDate: 2018-01-05
      DOI: 10.22190/FUEO1704333R
       
  • MODEL OF OPEN INNOVATIONS AND SMALL AND MEDIUM-SIZED ENTERPRISES
           DEVELOPMENT

    • Authors: David Jovović
      Pages: 345 - 357
      Abstract: The paper discusses characteristics of the model of open innovations as an inseparable part of operations of contemporary enterprises and their influence on the development of small and medium-sized business. It starts from the viewpoint that small and medium-sized enterprises make great efforts to use their potentials for growth and development in the best possible way by using the model of open innovations. These efforts involve reliance to own innovation activities and use of external sources of innovations, i.e. the sources which promote the chain of values through external commercialisation of the right to intellectual property at their disposal, as well as commercialisation of the knowledge and innovations of others. These business entities have certain advantages in the innovation process which make them a suitable partner for network connectivity, since they are less bureaucratically organised and often have a pronounced motive to be more successful than large enterprises.
      PubDate: 2018-01-05
      DOI: 10.22190/FUEO1704345J
       
  • COVERED BONDS: NEW OPPORTUNITY FOR RECOVERY OF SERBIAN CAPITAL MARKET

    • Authors: Vladimir Mirković, Jelena Lukić
      Pages: 359 - 372
      Abstract: At the beginning of the XXI century, Serbia entered into transition process toward open market economy. One of the segments which should be developed in accordance with market economy principles was financial markets, more precisely capital market. Recovery of the Belgrade Stock Exchange and increasing trend in the first half of the XXI century gave optimism in prospective development of the Serbian capital market. Unfortunately, Serbian capital market did not make expected progress. In this paper, the situation on the Belgrade Stock Exchange is analyzed, trading with equity and debt instruments, emphasizing deficiencies which caused insufficient level of development of the Serbian capital market. As many opportunities for growth have been  missed and capital markets are at the stagnant level for years, there are new, sophisticated products which could give an impulse to further development of financial markets. An example of such products is covered bonds, type of debt instruments with widespread use in the European Union. In this paper the main characteristics of those products are elaborated with experiences in other countries that could be very useful for Serbia.
      PubDate: 2018-01-05
      DOI: 10.22190/FUEO1704359M
       
 
 
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