<abstract xmlns="http://www.w3.org/1999/xhtml">Consumer behaviour, primarily in terms of examining consumers’ loyalty, as one of the key marketing ideas, represents a subject of consideration in many areas. One of them is pharmaceutical marketing. This paper places a special focus on the examination of over-the-counter products, i.e. it tries to identify which variable has the greatest impact on loyalty towards these products. By using the quantitative analysis, it was examined whether perceived risk, pharmacist expertise, promotional activities and price sensitivity affect the creation of consumer loyalty. In addition, the aim was to determine whether consumer loyalty to over-the-counter products results in buying behaviour. Based on the applied correlation and regression analysis, it was confirmed that perceived risk and pharmacist expertise have a statistically significant impact on consumer loyalty, and that there is a statistically significant relationship between consumer loyalty and readiness to purchase.</abstract>

Creating Consumer Loyalty in the Field of Using Over-the-Counter Products

<abstract xmlns="http://www.w3.org/1999/xhtml">The research was conducted with the aim of finding a model that best predicts the financial success or failure of the company. On the sample of 392 SME in Bosnia and Herzegovina, testing possibilities using the innovated Altman’s model for prediction of financial difficulties of the enterprise was carried out. The financial statements from the end of the year 2014 of these companies were reviewed. The sample was divided into two groups: companies that had blocked transaction accounts during 2015 and 2016 and those companies that did not have blocked transaction accounts during this period. Testing has shown that the Altman’s model may, but with limited capability, be used to predict the disruption of small and medium-sized businesses in Bosnia and Herzegovina. The paper presents the facts that affect the business of SME in Bosnia and Herzegovina, and way they influence selection and, possibly, other predictors of non-business operations</abstract>

Innovated Altman’s Model as a Predictor of Malfunctioning of Small and Medium-Sized Businesses in Bosnia and Herzegovina

<abstract xmlns="http://www.w3.org/1999/xhtml">The policy led by a large number of developing countries, with the aim of increasing indirect taxes, has opened the issue of Value Added Tax (VAT) performance. Reforms of tax systems of transition countries generally involve an increase in standard rates in order to increase VAT, which is the main source of public revenues. In such a way, developing countries determine the VAT performance and the amount of revenue that could be collected by indirect taxation. Theoretical analyses of standard rates and other factors that have reflections on the VAT collection efficiency explicitly prove that there are different ways to improve the efficiency of VAT collection, and exclude an increase in the standard rate. An increase in the standard rate provides a balance of negative effects, which can be blurred by recorded tax revenues. The subject of this paper is an analysis of the factors that influence the efficiency of VAT collection in Serbia. The main objective of the paper is to examine the impact of the change in the standard rate, which is the result of the reforms carried out in 2012, on the performance of VAT. Regression analysis was applied to the data series for the period 2005-2016.The results show that the change in the standard rate had a statistically significant negative impact on VAT performance. Our analysis also indicates that the economic growth rate has reflections on VAT collection. A strong positive correlation between the economic growth rate and VAT performance was calculated.</abstract>

Factors of the Value Added Tax Collection Efficiency in the Republic of Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml">In modern conditions of development, the connection of small and medium enterprises into clusters is an increasingly important and current trend. Constant changes taking place on the global market, the growth of competition and the changes in the business of many companies, encourage them to connect into clusters and, in this way, to compete with large enterprises. In that way, small and medium-sized enterprises retain their market position, as well as legal and business independence and achieve significantly better results. Enterprises, also grouped into clusters, have a comparative advantage, which is based on cooperation, greater flexibility and their specialization. In addition, connecting into clusters also leads to an increased competitiveness of enterprises, due to the introduction of innovations, the development of new technologies, the increase of productivity, the acceptance of new quality standards. The aim of the paper is to point out the importance of the theoretical aspect of clusters as an important element of business infrastructure and to emphasize that the development of clusters is essential for the development of small and medium enterprises, considering the fact that they enable them to become more productive and innovative, as well as more competitive compared to the period when they operated independently and separately.</abstract>

Clusters as an Expressive form of Business Infrastructure (Annex Theory Analysis)

<abstract xmlns="http://www.w3.org/1999/xhtml">The effects of globalisation are many. One of them is the effect that globalisation has on commercial contracts and contractual relations between contracting parties. Due to a fast pace of economy and the speed and volume of the conclusion of contracts in international trade, participants must rely on stable and reliable legal framework for contractual obligations. In globalised economy, traders from different countries bring with them individual trade practices and norms of national legislation, often diametrically opposed, and sometimes the legal institutes that are regulated in one country don’t even exist in another. This is the case with the institutes of force majeure and a change of circumstances. Due to large differences in the regulation of these two institutes in national legal systems, there have been demonstrated some attempts of standardisation and creation of a unified system of exemption from liability for non-performance, due to force majeure or a change of circumstances. This problem becomes even more evident when dealing with the long term contracts, which are prone to the effects of unforeseen circumstances. This paper aims to explore the nature of the above mentioned legal institutes in some of the most important sources of international commercial law. With a special attention paid to the Serbian regulatory solutions, in order to further understand the similarities and differences between the national legal systems and sources of international law. The first part of the paper deals with applicable legal framework in Republic of Serbia, concerning force majeure and a change of circumstances. The second part of the paper deals with the international sources of commercial law, such as UN Convention on Contracts for the International Sale of Goods of 1980; UNIDROIT Principles of International Commercial Contracts; Principles of European Contract Law; Draft Common Frame of Reference; and Common European Sales Law.</abstract>

Change of Circumstances and Force Majeure Clauses in Serbian Legal System and Sources of International Uniform Law

<abstract xmlns="http://www.w3.org/1999/xhtml">Public debt management represents an important part of public finance in each economy and in most countries is in administrative authority within the Ministry of Finance. The Public Debt Administration is the holder of public debt policy, presenting one of the most important branches of macroeconomic policy and has stabilization and developmental function. The Public Debt Management determines the schedule, scope and currency structure of the security issuance in the domestic and international financial markets and directly affects the level of indebtedness of the country and the level of foreign exchange risk. The main objective of public debt management is to ensure that the government’s financing needs and its payment obligations are met at the lowest possible cost over the medium to long run, consistent with a prudent degree of risk. Adequate public debt management is crucial in view of the severe macroeconomic consequences of non-enforcement of public debt and the potential expansion of instability to other sectors in an economy. All this indicates the need for an adequately setting up current and future public debt management strategy and the development of instruments to reduce borrowing costs and foreign exchange risk levels. The aim of this paper is to present public debt management in selected Central East Europe countries (Serbia, Hungary, Croatia, Albania and Slovenia) and to recommend further improvement of its public debt strategies.</abstract>

Public Debt Management in Selected Central East Europe Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">The research in this paper focuses on the perception of institutions as the drivers of economic growth. A critical presentation of the views of classical, neoclassical and endogenous growth theorists on this issue is given. It was pointed out that the classical economic theory presented in the works of Smith, Ricardo and Malthus implies the importance of the existence of an appropriate institutional framework for initiating economic growth. The attitude of the classics is that the state can stimulate economic growth through various measures aimed at building quality institutions. On the contrary, the neoclassical growth theory has completely neglected the treatment of institutions in the analysis of economic growth. Institutions as drivers of economic growth are not taken into account in the Robert Solow’s model. However, broadly speaking, it can be assumed that the impact of institutions on the initiation of economic growth is embedded in the category of residuals and the premise of the existence of a high substitution of production factors. But, this fact, even from a distance, does not call into question the general conclusion about the unacceptable neglect of the importance of institutions in explaining the physiology of economic growth by neoclassicists. Finally, the paper emphasizes the fact that only with the emergence of an endogenous growth theory, the question of the underdevelopment of the institutions as an important model of slow economic progress of certain countries is explored. Unfortunately, the developed theoretical models of growth, which include institutions as a full concept, still do not exist in the endogenous theory of economic development.</abstract>

Institutions as the Driver of Economic Growth in Classic, Neoclasic and Endogenous Theory

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Economic Themes

 The Faculty of Economics in Niš publishes the journal Economic Themes within the Center for Publishing. According to the categorization of the Ministry of Education and Science of the Republic of Serbia the journal is classified as the leading journal of national importance (M51) and is issued quarterly (in Serbian and English). In the upcoming period we wish to implement two important aims: first, to continually enhance the quality of the journal in compliance with generally accepted standards and second, to improve the ranking of the journal in the following years. All articles sent for publishing are anonymously reviewed.  Rejection Rate   App. 28%  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 