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Economic Themes
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ISSN (Print) 0353-8648 - ISSN (Online) 2217-3668
Published by Sciendo

[370 journals]

Competitiveness of the Southeast European Countries in the Conditions of
the Globalization
- Abstract: Globalization is a process often identified with the economic integration of countries, the creation of a single market while neglecting other aspects of globalization. Besides its economic dimension, The KOF index of globalization includes the social and political dimensions. One of the questions is how the countries manage to strengthen their competitive position in the international market in the age of globalization. Is it challenging to maintain a stable competitive position in the conditions of greater connection of countries and in what form' For this reason, the paper deals with the change of the Global Competitiveness Index, a renowned measure of the competitiveness of national economies according to the methodology of the World Economic Forum, under the influence of increased economic globalization of Southeast European countries. It also estimates the impact of globalization, or its economic, social and political dimension on the economic growth of Southeast European countries, which is one of the requirements for successful positioning on the international economic scene.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
An Analysis of Concentration and Competition in the Banking Sector of the
Republic of Serbia
- Abstract: The degree of the banking sector concentration is a structural variable and refers to the number of banks in the system and the degree of their market power. The importance of measuring concentration in the banking sector stems from the causal relationship between the market structure and the competitive behaviour of market participants. Traditional models measuring the banking sector competition proceed from the market structure and concentration measures. In contrast, modern approaches to measuring competition rely on non-structural models and analysis of the behaviour of market participants. The paper analyzes the degree of concentration and competition in the banking sector of the Republic of Serbia. The traditional and most frequently used indices, the concentration ratio and the Herfindahl-Hirschman index, are used to measure concentration. The values of these indices show low banking sector concentration but a rise in the observed period. The values of the comprehensive industrial concentration index and the entropy coefficient confirm the concentration absence in the banking sector of the Republic of Serbia. In addition to the usual banking sector concentration measures, the authors use the Linda index to assess the banking sector concentration and competitiveness, to show the absence of an oligopolistic structure in terms of total balance sheet assets, lending and deposit activity of banks.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
The Influence of Internal Communication on Employees Motivation in
Organizations in Serbia
- Abstract: Extremely motivated and satisfied employees lead an organization towards the desired results. One of the strategies for motivating people is communication. The condition for functioning of the organization and achieving the individual goals of employees as well as those of the organization a good communication between managers and employees. The bearers of good communication are managers and their commitment to employees, readiness to find out about problems of employees, and solving them. The aim of this paper is, based on systematization and analysis of a) relevant theoretical sources and b) results of research on the impact of communication on development of employees’ motivation in the organization, to examine the existing differences in managers’ and employees’ attitudes about the influence of communication on the increase of motivation. Therefore, the paper analyzes: the nature of employees’ motivation; the importance of communication among employees for development of motivation; the influence of employees’ position in the organization on the evaluation of certain communication factors of motivation, and the influence of appropriate communication in organization on the increase of motivation for work.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
Employees’ Satisfaction with Supervisor Communication and Personal
Feedback
- Abstract: The subject of the research in this paper was the examination of satisfaction with the internal communication dimensions that have the strongest correlations with job satisfaction, which are: supervisor communication and personal feedback. Therefore, if employees are satisfied with these communication dimensions, their job satisfaction will be at a satisfactory level. The goal of the research was to determine satisfaction with the observed communication dimensions based on the employees’ attitudes. Managers’ and non-managerial employees’ attitudes towards the observed communication dimensions are presented, also. On the sample of 72 respondents, using descriptive statistics, the results have shown that the employees are not satisfied with the observed dimensions, also, the non-managerial employees are less satisfied than the managerial ones. The results are useful since they provide a description of the observed dimensions and findings of the previous studies, especially the ones which investigated the relationship between satisfaction with the observed communication dimensions and job satisfaction. The results may be useful for (Serbian) managers in the process of managing the observed communication dimensions. The sample size limits the generalizability of the result.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
Impact of Debt Management on Profitability of Large Non-Financial Firms in
Serbia
- Abstract: Profitability is substantial for any firm to maintain business and enable long-term sustainability. Firms’ decision on indebtedness and capital structure have influence on potentials for prosperity, growth, and development. This study aims to find a new empirical evidence on the influence of debt (debt ratio and debt to equity ratio) on firm profitability (ROA), with application to 50 non-financial firms with highest revenues in Serbia in 2019 during 2016-2019 using multiple ordinary least squares regression model. After control for size, liquidity and tangibility of assets, the results find statistically significant correlation and negative influence of debt ratio and capital structure on firm profitability.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
The Impact of Covid-19 on the Business of Insurers and Reinsurers
- Abstract: According to the impact, infectious diseases are a critical risk for 2020 and the following years in the Global Risk Report. The realization of the Covid-19 virus set the pandemic as a crucial global risk for humans, the economy, and society. The main idea of this paper is to give insight into the global socio-economic consequences of the actual Covid-19 pandemic, with a specific view of the business of insurance and reinsurance companies, who are responding to the widening of the COVID-19 pandemic on multiple fronts—as claims payers, employers, and investment managers. Considering that both individuals and businesses face high costs and losses regarding disruption of travel, business interruption, and supply chains, many expect insurers to reimburse some of these costs and losses. Insurance companies are also significant investors in financial markets and will face losses due to equity and fixed income market losses regarding decreasing interest rates as an attempt of central banks worldwide to support their economies. The current crisis can also be considered the possibility of improving the insurance coverage related to pandemics by establishing (re)insurance schemes and pooling arrangements for other catastrophic risks and developing public-private partnerships to support the insurability of pandemic risk.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
The Importance of Fruit and Vegetables in the External Trade of the
Republic of Serbia
- Abstract: The main goal of the research is to consider and compare the importance of fruits and vegetables in external trade in goods of the Republic of Serbia. According to the Standard International Trade Classification (SITC), “Vegetables and Fruit” is a division that is dominant in Serbian exports of agricultural and food products, and it is necessary to investigate its competitiveness. The key tools used in the analysis are the coverage of imports by exports, then the Contribution to the Trade Balance (CTB) index, as well as the analysis of unit values of exports and imports, in order to compare and evaluate the structure of external trade in fruits and vegetables. The results show that fruit, according to all indicators, has a significantly higher competitiveness compared to vegetables, as well as a higher importance in external trade of goods. This knowledge can serve the creators of agricultural policy to favour the production and exports of fruit products because they can radically improve the structure of total exports, especially when it comes to processed products. Since this is a perennial plantation, the results cannot be expected in a shorter period of time. The previous research has not specifically considered the importance of this segment of agri-food exports and its internal competitiveness (having in mind the applied indicators), which is the main benefit of the study within this paper.
  PubDate: Mon, 09 May 2022 00:00:00 GMT
Supplier Selection Process Based on Green Approach
- Abstract: The focus on profit and continuous struggle for increasing market share has gradually led to the neglect of the environment. The opportunist behavior of companies by threatening of ecological environment has led to a indirect neglect of its consumers. According to that, the implementation of green approach in all business areas has to be present. When it comes to a supply chain and its sustainability in an ecological sense, the question of adequate choice of suppliers and/or partners is a priority. The process of supplier selection is the first stage in the process of designing the supply chain. Therefore, this phase will decide whether the whole supply chain will be green-oriented. The aim of the paper is to point out the increasing implementation of the green approach in the supply chain, and above all in the supplier selection process. In addition, the paper analyses the impact of the economic environment as a factor of implementation of the green approach. In order to verify the hypothesis, the authors analyze EPI and LPI indexes, as well as the correlation between them. According to the results of the analysis, the authors indicate which countries are the green destinations and also the source of the green suppliers (green partners).
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
Panel Cointegration Analysis of Military Expenditure and Economic Growth
in the Selected Balkan Countries
- Abstract: The issue of security and safety i s a fundamental condition for stable economic trends. Military expenditure can be a very powerful tool for a rapid economic growth. The paper examines the long-run relationship between military expenditure and economic growth in the selected Balkan countries, such as Albania, Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia, Serbia and Slovenia for the period 2004-2018. The analysis implies a panel unit root test, a panel cointegration test, as well as a panel Granger causality test. The results have identified a long-run relationship between military expenditure and economic growth in the Balkan countries based on panel data analysis. Also, empirical findings have confirmed that shock experience in one of the countries’ military expenditure and economic growth have effect on other countries. Finally, the results have determined unidirectional causality from military expenditure to economic growth in these countries and not vice versa.
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
Facebook and Mobile Phone Use and Entrepreneurial Intentions of Students
in Serbia
- Abstract: The paper presents the results of the research of the impact that Facebook and smartphone use have on the enterprise potential, individual entrepreneurial orientation and entrepreneurial intentions of students in Serbia. The moderating effects of gender and the year of study were also examined. The sample included 488 valid questionnaires. From the Facebook use items, the most powerful and positive correlations were achieved by number of groups, number of friends and number of photos (items which involve active participation in Facebook activities, while a passive and random long stay on Facebook can negatively affect the entrepreneurship dimensions). More time spent on a mobile phone may produce a higher degree of passive behaviour in students, thus reducing their need for success. Creativity, subjective norm, achievement, innovativeness and leadership are under the greatest influence of Facebook and smartphone use items. The impact on entrepreneurial intentions is indirect. The recommendation for parents and teachers is to encourage young people to limit passive participation on Facebook and other social networks. There are no previous studies which link Facebook and smartphones with students’ entrepreneurial intentions. Understanding and improving knowledge of the entrepreneurial intention of individuals has a positive effect on the development of society.
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
Potentials of Mountain Tourism Development of Southwestern Serbia
- Abstract: Mountain areas with their environment and facilities, appear as important parts of tourist regions with a potential for the development of complementary activities and a year-long tourism. Possibilities for the development of mountain tourism depend on the size of the mountain area, the nature protection regime, the equipment with infrastructure, the creation of conditions for vacation and recreation and the involvement of the local population in the process of development and protection. The area of southwestern Serbia has a quality and diverse potentials for the development of mountain tourism, of which only a part has been activated. The paper analyzes the potentials and various possibilities for the development of mountain tourism with a special emphasis on the mountains of southwestern Serbia.
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
National Innovation Capacity and Economic Progress of Countries
- Abstract: The ability of the national economy to create and to valorize innovations on the market in order to produce economic goods represents its national innovation capacity, which is at the same time a key determinant of countries’ economic progress. Due to this fact, its relevance imposes the task of identifying, as accurately as possible, the key theoretical postulates on which this concept is based, as well as calculating the Innovation capacity index by which it is possible to predict progress in building innovation capacity of individual countries and mutual comparison with other countries according to innovation capabilities. After a brief explanation of the essence of learning, on which this concept is based, an attempt is made to calculate the Innovation capacity of the European Union and the Western Balkans, on the one hand, and to consider the interdependence of the obtained results and the achieved level of their economic development in 2020, on the other hand. The results of the research confirmed the strong connection between the Innovation capacity index and the achieved level of economic development of countries expressed in terms of gross domestic product per capita.
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
Intellectual Capital in Terms of Regional Development of the Republic of
Serbia
- Abstract: Empirical research of intellectual capital in term of regional development of the Republic of Serbia aims to show and explain the function of intellectual capital in the regional development of the Republic of Serbia, and point out the disparities of national regions in terms of economic development and intellectual capital resources. Intellectual capital today is one of the most important social subsystems, which, by its scope and influence, is gaining an increasing importance in the development of modern society. As a complex, dynamic human process of knowledge use, intellectual capital is tied to the notion of “new knowledge-based economy”. Intellectual capital at the macroeconomic level is a new area of research that focuses on understanding, measuring, and reporting on intangible assets that may have an impact on the creation of national wealth. The concept of intellectual capital is abstract, unambiguous and complex, which leads to numerous differences in the interpretation of this economic category. The results of empirical research confirmed that intellectual capital is in a significant linear functional relationship with economic growth in the Republic of Serbia - in 63.5% of cases, economic growth is explained by intellectual capital resources in the period 2012-2018. Also, the research confirmed significant inequalities in the development and available resources of intellectual capital in the regions of the Republic of Serbia.
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
Accounting Policies in the Function of Quality Assessment of Financial
Statements
- Abstract: Financial statements represent an instrument by which relevant information about a company is passed on to its users. Based on the information presented in the financial statements, i.e. information on the financial position and performance of the company, and generated cash flows and capital, users make business decisions. Specific accounting policies serve as the basis for the preparation of quality financial statements. Management is responsible for the preparation and presentation of financial statements and selects accounting policies. Although simple, the issue of choosing the accounting policies can be extremely delicate and complex. Besides management, there are other stakeholders who may be affected by this issue. As a consequence, there are complex relationships that affect the choice of accounting policies, and thus the quality of financial statements.
  PubDate: Thu, 30 Dec 2021 00:00:00 GMT
South Korea’s Economic Development and Trade Relations with Serbia:
Trends and Perspectives
- Abstract: The spectacular economic development of South Korea in recent decades has continuously intrigued economists, academic community and general public. Whether such a development model be applied to other, less developed countries is one of the topics often explored in a number of studies and debates. Therefore, the principles of South Korean development model and the economic parameters of its foreign trade today, are some of the research aims of this paper. The research focuses on economic relations between South Korea and Serbia, current trends and prospects for future economic cooperation through the analysis of comparative advantage of the most prominent export products and industries, using the RCA index. The analysis shows that Serbia has a potential to further improve cooperation with South Korea in several export sectors, and coupled with investments in human resources and infrastructure, as well as the active promotion of Serbian market to South Korean companies, it may be one of the vectors of their future cooperation.
  PubDate: Tue, 14 Dec 2021 00:00:00 GMT
Corporate Social Responsibility in Contemporary Organizations: Evidence
from Serbian Processing Industry
- Abstract: Corporate social responsibility (CSR), as a concept that tackles economic, social, and environmental dimensions of business, becomes more and more implemented in companies all around the world. There are different effects that CSR can have on business performance, but it is generally accepted that CSR is related to positive outcomes in business organizations. Also, CSR is a concept that can be understood as a way of reaching sustainable development in the future. This paper aims to investigate the level of the implementation of CSR in Serbia, concerning large companies in the processing industry. The methodology used in the paper obtains exploration of theoretical sources, but also the analysis of primary empirical data gathered in Serbia, in the period from November 2019 until June 2020. The authors designed a questionnaire to explore the state of the art of CSR in Serbia, in business organizations, based on previous successful empirical research. Descriptive statistics, factor analysis, Mann-Whitney, and Kruskal Wallis tests were used to investigate the CSR on the sample of 73 large companies in Serbia’s processing industry. The analyses were made in SPSS software. The results point to the relatively high level of CSR activities in Serbian processing companies, and to the fact that modern companies understand the need of reaching more diversified goals than just economic ones in their business.
  PubDate: Tue, 14 Dec 2021 00:00:00 GMT
Structural Transformation of the Textile Industry: The Case of the
Republic of Serbia
- Abstract: In the last few decades, the textile industry has been marked by great changes in its production and trade structure. Based on that, a greater involvement of this industry in the flows of international trade was initiated, with the stable intensification of the export positions of new production leaders. At the same time, this has led to key changes in the regional allocation of exports and imports of textile products. On the other hand, the textile industry of the Republic of Serbia has a long tradition and has had an important place in the structure of manufacturing industry for a long time. After the Second World War, the textile industry was one of the most important instruments of demographic and social policy. During the construction of the market system, the textile industry of the Republic of Serbia was unjustifiably neglected. Despite that fact, in the modern conditions, the textile industry has very important place in the exports structure of the Republic of Serbia. This paper gives specific theoretical and empirical recommendations to Serbian policy creators, through a comparison of the results of structural transformation of the textile industry at the global level and the results of this process in the textile industry of the Republic of Serbia.
  PubDate: Tue, 14 Dec 2021 00:00:00 GMT
Alignment with EU Regulations in the Field of the Competition Policy and
System of State Aid in Western Balkan Countries
- Abstract: The underying idea behand the foundation of the European Union is a single, integrated and competitive market. The future of the entire Western Balkans region (Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia and Serbia) lies within the European Union. The main purpose of this paper is to explore the multiplicative effects of the alignment of European Union regulations with the competition policy in Western Balkan countries. In addition, the paper is designed to highlight the specific issues, challenges in this field, and provides an overview of empirical trends. A combination of qualitative and quantitative approach proposes methodological framework which recognizes different economic environments and regulatory frameworks. By comparing selected economic indicators related to competiton authorities (number of staff in the national authorities, annual budget of the national authorities, number of prohibited agreements, abuse of dominant position, notification of concentrations, opinions), the authors give a reliable basis for comparative progress analysis in this filed. Using multi-criteria optimization as a key method, as well as network and input-output display, the obtained results suggest country whose competition authority is efficient frontier. The significance of this research stems from the current debate whether the harmonized competition policy should speed up and facilitate the process of the accession of new member states to the European Union.
  PubDate: Tue, 14 Dec 2021 00:00:00 GMT
Modelling Development of Voluntary Pension Fund Using Mathematical Model
of Approximation with Lagrange Interpolation Polynomials
- Abstract: Corporate social responsibility (CSR), as a concept that tackles economic, The introduction of private pension funds is the essence of the reform of the pension system in Serbia. Private pension funds in Serbia are based on voluntary benefits. Thus, the functioning of the pension system takes place in three interconnected processes: payments to a voluntary pension fund, investment of free funds, and ultimately programmed payments – pensions. The stability in the voluntary pension funds and the predictability of payments allow the quality of investment portfolio to be formed and achieve a long-term yield of investment. In this paper, we implement a well-known approximation method of Lagrange polynomial interpolation. We use it in order to find appropriate mathematical model for prediction of the number of fund members and the average salary in Serbia. This calculation is based on data (average salaries and fund member) from the last five years, i.e. from the period 2015-2019. We calculated the exact mathematical formula, then we compared the results and predictions obtained with that formula and with the formula from one of our previous works. In keeping with that, the appropriate conclusions were given..
  PubDate: Tue, 14 Dec 2021 00:00:00 GMT
The Role of Macroprudential Policy in Bank Housing Loans Portfolio Quality
Assurance
- Abstract: The subject of this paper is the contemporary trend in residential real estate markets in European countries and their impact on the quality of banks’ housing loan portfolios. Due to the fact that these are the markets that still have not fully recovered from the previous financial crisis, and at the time of writing were exposed to significant uncertainty related to the effects of specific business conditions caused by COVID-19, the research on the risks related to these markets and tools which can mitigate their consequences are of paramount importance. Given the fact that the importance of monitoring the emergence of systemic risks in the financial system and the design of macroprudential tools for Bosnia and Herzegovina is yet to come, one of the aims of the paper is to present the results of the research on the effectiveness of certain macroprudential policy measures for mitigating the impact of price fluctuations in residential real estate markets. A special attention is paid to the challenges that the real estate market and mortgage loans have been facing during the crisis caused by the COVID-19 pandemic. The paper provides a basis for future researches examining to which extent the applied macroprudential policy measures in some countries have been effective in hitherto unprecedented business conditions
  PubDate: Tue, 14 Dec 2021 00:00:00 GMT