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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]
  • TESTING HECKSCHER-OHLIN-VANEK THEOREM BY USING NORMALIZED TRADE BALANCE
           APPROACH

    • Authors: Berislav Žmuk, Hrvoje Jošić
      Pages: 001 - 016
      Abstract: The study described here introduces new approach for testing the Heckscher-Ohlin-Vanek (HOV) theorem based on the normalized trade balance concept. The intention was to include in the analysis all countries worldwide but due to the lack of data a certain number of countries had to be excluded. Overall 111 countries were observed according to region and income level for the year 2014. The HOV model was estimated using the sign test. It compared the expected sign of the normalized trade balance or net exports, according to the SITC 2 product classification, with the relative endowment of production factors intensively used in the production of a specific product. Production factors were divided into groups such as produced capital, labour force and natural resources further divided into forests, metals and minerals, oil, coal and gas, pastureland and cropland. Researchers in R&D per million people variable represented the impact of technological differences across countries. The results of the sign test have shown that the HOV theorem held in 55% of cases. The percentage of matched signs was highest for the non-OECD high income countries (75%) and lowest for the lower middle income and low income countries (below 50%).
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201102002Z
       
  • POPULATION AGEING AND WELFARE DISSIMILARITIES WITHIN THE EUROPEAN UNION: A
           NEW APPROACH BASED ON CLUSTER ANALYSIS

    • Authors: Mirela Cristea, Graţiela Georgiana Noja, Yannis Thalassinos
      Pages: 017 - 027
      Abstract: The research aims to identify several dissimilarities between the European Union Member States (EU-27 MS) in terms of welfare and labour market dimensions under the sheer implications of the ageing phenomenon. The quantitative research methodology emphasizes the cluster analysis based on the Ward method, performed for the year 2018. Main results denote that only two countries (Denmark and Sweden) registered soaring performances, especially for the labour market credentials (particularly the employment rate and active policies). Other 10 EU-27 MS accounted medium performances in terms of well-being, but also the lowest achievements as regards the old dependency rate, the employment rate of persons aged 55-64 and the birth rate. This paper brings to the fore the keen need to redesign specific policies and tailored strategies by the responsible authorities and business representatives across the EU, in order to enhance achievements and new solutions for the difficulties brought by population ageing, with spillover effects on the labour market integration of older employees and overall economic welfare. The study stands out through the new integrative approach based on cluster analysis that underlines the dissimilarities between the EU member states, and the features of each group of countries, in a pre-settled framework, thus grasping the difficulties, but also the opportunities faced in terms of ageing and economic welfare.
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201226003C
       
  • CREDIT SCORING WITH AN ENSEMBLE DEEP LEARNING CLASSIFICATION METHODS –
           COMPARISON WITH TRADITIONAL METHODS

    • Authors: Ognjen Radović, Srđan Marinković, Jelena Radojičić
      Pages: 029 - 043
      Abstract: Credit scoring attracts special attention of financial institutions. In recent years, deep learning methods have been particularly interesting. In this paper, we compare the performance of ensemble deep learning methods based on decision trees with the best traditional method, logistic regression, and the machine learning method benchmark, support vector machines. Each method tests several different algorithms. We use different performance indicators. The research focuses on standard datasets relevant for this type of classification, the Australian and German datasets. The best method, according to the MCC indicator, proves to be the ensemble method with boosted decision trees. Also, on average, ensemble methods prove to be more successful than SVM.
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201028001R
       
  • SUSTAINABILITY RISK MANAGEMENT IN THE DIGITAL ECONOMY

    • Authors: Jelena Z. Stanković, Evica Petrović, Jovica Stanković
      Pages: 045 - 057
      Abstract: The problem of sustainable development has become an imperative of globalization, which resolutely sets the request for companies to operate socially responsibly, i.e., to create value in a manner that is sustainable in the future by achieving economic, environmental and social goals. The wave of change, conditioned by digital transformation, is considered an opportunity, but also a challenge for the realization of the concept of sustainable development. Therefore, the aim of this paper is to consider the risks of sustainable business emerging from the implementation of ICT in the business process, with focus on the companies in the Republic of Serbia.
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201102004S
       
  • THE NIGERIAN INSURANCE INDUSTRY COMPETITIVE ADVANTAGE: THE ROLE OF
           INNOVATION CAPABILITY

    • Authors: Sunday Abayomi Adebisi, Joyce M. Odiachi, Abdul-Hammed A. Sulaimon
      Pages: 059 - 072
      Abstract: Emerging technologies have given rise to greater opportunities within the insurance sector with innovations upturning the traditional business model. This study examined competitive advantage and the relationship with innovation capability in Nigerian insurance sector. Employing a cross sectional research design, the study utilised primary data obtained from selected insurance companies through the use of a structured questionnaire. Multistage sampling technique was used and data collected was analysed using regression analysis. The findings revealed innovation capability had a significant influence on competitive advantage. The study concluded that there was a need to pay attention to this capability with a capacity to boost the activities of the industry and recommendations were made.
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201211005A
       
  • ARE COSTS STICKY' EVIDENCE FROM SERBIA

    • Authors: Jovana Jugović
      Pages: 073 - 087
      Abstract: This paper is focused on the theory of sticky costs, created out of researches which pointed to the fact that costs do not act symmetrically in the case of equivalent increase and decrease of the activity volume, as it is implied by the traditional cost theory. Deliberate business decisions, the ones made in order to increase company’s value, as well as opportunistic decisions aimed at the realization of managers' personal goals are found as some of essential causes of cost stickiness. In order to examine the phenomenon of stickiness in the cost behavior of companies that operate in Serbia, we conducted a research on a sample of 917 medium and large companies from manufacturing sector for the period 2007 – 2016. The analysis of panel data pointed to the presence of stickiness in the behavior of operating costs - it showed that they grow by 0.847% as revenues grow by 1%, and they fall by 0.718 % due to 1% drop in revenues. We also found a lagged adjustment to operating costs for changes in operating revenues and partial reversal of stickiness in the period after a revenue decrease.
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201102006J
       
  • THE IMPORTANCE OF MARKETING COMMUNICATION FOR ATTRACTING AND RETAINING
           INSURANCE SERVICE USERS

    • Authors: Slavica Popović, Mira Avramović
      Pages: 089 - 102
      Abstract: The assumption of successful marketing communication within the service sector is the establishment of two-way interactive communication between service users and service companies. The aim of the strategy of marketing communication is attracting new users, but also retaining the existing users of services and establishing long-term relations with them. A successful achievement of the aim of marketing communication requires that the marketing message is created according to the characteristics and preferences of the target audience. The role of marketing communication differs depending on the stage of the selling process. During the pre-purchase stage, the aim of marketing communication is to inform potential users so that they could create preferences towards the company’s offer. By applying the adequate forms of marketing communication during the stage of using the service, the company tends to explain to and introduce users to the process of servicing and to provide support in solving the occurring problems. The confirmation of users’ positive impressions and the resolution of possible problems which can occur during the process of service provision represent the aim of marketing communication during the post-purchase stage.
      PubDate: 2021-04-23
      DOI: 10.22190/FUEO201130007P
       
 
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