Revista y Edición

Volumen 60 (2022): Edición 2 (June 2022)

Volumen 60 (2022): Edición 1 (March 2022)

Volumen 59 (2021): Edición 4 (December 2021)

Volumen 59 (2021): Edición 3 (September 2021)

Volumen 59 (2021): Edición 2 (June 2021)

Volumen 59 (2021): Edición 1 (March 2021)

Volumen 58 (2020): Edición 4 (December 2020)

Volumen 58 (2020): Edición 3 (September 2020)

Volumen 58 (2020): Edición 2 (June 2020)

Volumen 58 (2020): Edición 1 (March 2020)

Volumen 57 (2019): Edición 4 (December 2019)

Volumen 57 (2019): Edición 3 (September 2019)

Volumen 57 (2019): Edición 2 (June 2019)

Volumen 57 (2019): Edición 1 (March 2019)

Volumen 56 (2018): Edición 4 (December 2018)

Volumen 56 (2018): Edición 3 (September 2018)

Volumen 56 (2018): Edición 2 (June 2018)

Volumen 56 (2018): Edición 1 (April 2018)

Volumen 55 (2017): Edición 4 (December 2017)

Volumen 55 (2017): Edición 3 (September 2017)

Volumen 55 (2017): Edición 2 (June 2017)

Volumen 55 (2017): Edición 1 (March 2017)

Volumen 54 (2016): Edición 4 (December 2016)

Volumen 54 (2016): Edición 3 (December 2016)

Volumen 54 (2016): Edición 2 (June 2016)

Volumen 54 (2016): Edición 1 (March 2016)

Volumen 53 (2015): Edición 4 (December 2015)

Volumen 53 (2015): Edición 3 (September 2015)

Volumen 53 (2015): Edición 2 (June 2015)

Volumen 53 (2015): Edición 1 (March 2015)

Volumen 52 (2014): Edición 4 (December 2014)

Volumen 52 (2014): Edición 3 (September 2014)

Volumen 52 (2014): Edición 2 (June 2014)

Volumen 52 (2014): Edición 1 (March 2014)

Detalles de la revista
Formato
Revista
eISSN
2217-3668
Publicado por primera vez
15 Apr 2014
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

Volumen 60 (2022): Edición 1 (March 2022)

Detalles de la revista
Formato
Revista
eISSN
2217-3668
Publicado por primera vez
15 Apr 2014
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

8 Artículos
Acceso abierto

Measuring the Impact of the Coviid-19 Crisis on the Foreign Tourist Receipts

Publicado en línea: 05 Aug 2022
Páginas: 1 - 19

Resumen

Abstract

Tourism is a significant economic activity for developing any national economy and the world economy as well. Revenues generated through tourism services affect GDP and directly stimulate economic growth. The revenues are important for the national economies, i.e. the foreign exchange inflow, generated through tourist services export. However, many factors directly impact on the volume of foreign tourist arrivals, and thus directly affect both foreign exchange inflows and GDP. Government measures taken for various reasons that have a straight impact on the movement of people significantly reduce tourist travels. It can cause numerous and robust adverse effects on the national economy. The health crisis caused by the pandemic COVID – 19 has led to restrictive governmental measures that had a negative impact on tourist travels, and thus on the revenues generated from the export of tourist services. The paper aims to measure the effect of the COVID - 19 crises on the income generated by the foreign tourists’ arrivals in Ohrid, as a case study destination in North Macedonia. The research results will show the losses this economic sector has suffered from the “lockdown” caused by the pandemic.

Palabras clave

  • tourist income
  • receipts
  • foreign tourist overnights
  • COVID – 19
  • health crises
  • Ohrid
  • North Macedonia

JEL Classification

  • Z30
  • C52
  • F19
  • L83
Acceso abierto

National Competitiveness and Foreign Direct Investment in Emerging Europe

Publicado en línea: 05 Aug 2022
Páginas: 21 - 40

Resumen

Abstract

The paper evaluates the relationship between the indicators of competitiveness of national economies (real unit labour costs and Global Competitiveness Index) and the flow of FDI in Central and Eastern Europe (CEE) over the last two decades. Our results show that from 2000 to 2020, CEE economies had an average annual inflow of FDI of 3.9% of GDP, with significant variation across the region. We have found out that the relationship between the net inflow of FDI and the real unit labour costs was strongly negative, while the results on the link with the Global Competitiveness Index was less conclusive. In 2020, due to pandemic global flow of FDI, shrank by around 40%, while the net inflow of FDI to CEE countries declined on average by 15%. These trends and results of survey-based analyses from other studies suggest that CEE region, and especially the Western Balkans countries, may benefit from the nearshoring process in the future. To exploit that opportunity, they may need to put focus of their policies on efficiency-enhancing tax reforms (that would reduce the unit labour costs) and other structural reforms that would result in improvement of the stock and quality of their physical and human capital.

Palabras clave

  • national competitiveness
  • foreign direct investment
  • emerging Europe
  • global competitiveness index
  • real unit labour costs

JEL Classification

  • F21
  • E2
  • O20
  • P2
  • P33
Acceso abierto

Do Audit and Accounting Practices Matter for Greenfield FDI Inflows?

Publicado en línea: 05 Aug 2022
Páginas: 41 - 56

Resumen

Abstract

The study examines how the strength of the application of audit and accounting standards, as a component of the institutional infrastructure, affects the greenfield FDI in the four countries of the former Socialist Federal Republic of Yugoslavia over a twelve-year period (2006-2017). Using standard panel data econometric techniques, we conclude that stronger application of audit and accounting standards has a positive impact on attracting greenfield FDI, and that the strength of the application seems to be more important in stable business conditions. Our results are relevant to policy makers, as they point to the need for constant improvement in the accounting and audit system, thus encouraging better transparency and lower transaction costs for investors.

Palabras clave

  • Greenfield foreign direct investments
  • audit and accounting standards
  • compliance
  • Western Balkan countries

JEL Classification

  • F21
  • F40
  • М40
Acceso abierto

Implementation of the Game as a Service Research Model: Microperspective

Publicado en línea: 05 Aug 2022
Páginas: 57 - 75

Resumen

Abstract

From a negligible market niche in the entertainment industry, video game publishing has become extremely profitable. The emergence of the video game digital distribution platforms has established a permanent connection between the player and the publisher, making it possible to expand the offer. This led to emergance of the game as a service model, based on a continuous flow of revenue from the sale of additional content in an already distributed game. Revenues generated from the sale of virtual goods within the game are called microtransactions. The subject of this paper is the attitudes of video game players in Serbia and Poland towards different types of microtransactions. The paper has two key objectives: first, to determine whether there are differences in attitudes towards different types of microtransactions, and, second, to determine whether there are differences in attitudes of gamers from Serbia and Poland. In order to achieve these objectives, gamers are given a questionnaire to express their views regarding microtransactions. The existence of statistically significant differences in the attitudes of gamers classified in these two samples is determined for all observed forms of microtransactions, using the t-test.

Palabras clave

  • microtransactions
  • supply
  • digital distribution
  • segmentation
  • behavioral game theory
  • model

JEL Classification

  • D01
  • D14
  • L14
Acceso abierto

Analysis of Motivation Factors: Dependance on Personal and Professional Characteristics of Employees

Publicado en línea: 05 Aug 2022
Páginas: 77 - 94

Resumen

Abstract

Organizations invest in different types of resources, which enable them to achieve and maintain their market position and remain competitive. With global competition and changing market environment, one of the key resources, which considerably contributes to improvement of organizations’ competitive posture, are human resources, i.e. employees. The subject of research presented in this paper are factors of employees’ motivation. The aim of the research is to determine the impact of certain factors on employee motivation, based on the importance that different motivation factors have, depending on certain personal and professional characteristics of employees. Based on the results of the survey, the most important factors of motivation are financial factors, specifically the “salary” and “financial rewards”, as well as “job security” as non-financial factor. The variance of repeated measurements showed that there is statistically significant influence of financial motivation factors on employee motivation. However, the results of the analysis of the variance indicate that it is necessary to find the appropriate combination of financial and non-financial motivators, having in mind different characteristics and needs of employees, in order for the employee motivation system to show the expected results.

Palabras clave

  • motivation
  • financial factors
  • non-financial factors
  • employees
  • personal characteristics
  • professional characteristics

JEL Classification

  • J53
  • M52
  • M54
Acceso abierto

The Impact of the Exchange Rate on Balance of Payments in Algeria: An ARDL Model Approach

Publicado en línea: 05 Aug 2022
Páginas: 95 - 117

Resumen

Abstract

This study aims at examining the extent to which the exchange rate impacts on balance of payments in Algeria (BoP) during the period 1980-2019, using the Auto-Regressive Distributed Lag (ARDL) model and the Error Correction Model (ECM). This approach tests the presence of a long-run relationship between the variables.A set of relevant variables, in addition to exchange rate, were used to include real interest rate, oil price, GDP per capita, Government expenditure, and inflation rate, based on previous studies of the subject. The results indicate the existance of a long-run equilibrium relationship between the dependent and independent variables. The exchange rate has a negative impact on the balance of payments in the short-run.

Palabras clave

  • Balance of payments
  • Exchange rate
  • Interest rate
  • Inflation rate
  • ECM Approach
  • ARDL Model

JEL Classification

  • C32
  • F43
  • P24
Acceso abierto

The Impact of Working Capital Management on Profitability: Evidence from Serbian Listed Manufacturing Companies

Publicado en línea: 05 Aug 2022
Páginas: 117 - 131

Resumen

Abstract

Working capital management (WCM) plays a significant role in company’s operations. The aim of this research is to explain how working capital management affects profitability of Serbian companies measured by ROA indicator. In order to answer the question, a quantitative analysis of working capital management was performed on a sample of 79 companies in the field of manufacturing industry from the territory of the Republic of Serbia. All the companies were listed on the Belgrade Stock Exchange in business year 2019. Analysis was performed via Spearman’s correlation coefficient and multiple linear regression. The results of the research show that there is a negative and statistically significant correlation between profitability and accounts receivable turnover in days (ART), accounts payable turnover in days (APT) and inventory turnover in days (IT). On the other hand, it was found that there is no statistically significant correlation between cash conversion cycle in days (CCC) and profitability. The issue of working capital management has not been sufficiently examined in the territory of the Republic of Serbia and it is difficult to determine which theoretical knowledge about working capital is true, which emphasizes the importance of research on this subject.

Palabras clave

  • Working capital
  • profitability
  • manufacturing industry

JEL Classification

  • G30
  • G31
  • M00
  • M21
  • M40
  • L60
Acceso abierto

Factors Affecting Digital Transformation of Insurance in the Republic of Serbia

Publicado en línea: 05 Aug 2022
Páginas: 133 - 149

Resumen

Abstract

Implementation of IT innovations in insurance industry enhances actual business models and creates new ones. E-insurance refers to creating and providing insurance and connected financial services through digital solutions. In this paper the impact of IT usage and digitalization on insurance sector in the Republic of Serbia is analysed. The aim of the proposed analysis is to reveal the determinants of the adoption of innovative technological solutions in insurance in the Republic of Serbia. Relying on the TOE framework, three groups of factors influencing the adoption of IT in e-insurance are identified: technological, organizational and environmental. Panel data approach and logistic regression are used to examine the effects of proposed factors on e-insurance adoption. The obtained results indicate that organizational and environmental factors have statistically significant influence on the achieved level of e-insurance adoption, while only the market share of the insurance company positively influences the odds of e-insurance adoption. Therefore, it can be concluded that e-insurance in the Republic of Serbia is the matter of reputation and tendency of insurers to achieve short-term gains and a competitive advantage through innovation.

Palabras clave

  • digital transformation
  • insurance
  • e-services
  • e-insurance
  • technology adoption
  • TOE framework
  • panel analyses

JEL Classification

  • L86
  • L81
  • G22
  • C33
  • M15
  • O33
8 Artículos
Acceso abierto

Measuring the Impact of the Coviid-19 Crisis on the Foreign Tourist Receipts

Publicado en línea: 05 Aug 2022
Páginas: 1 - 19

Resumen

Abstract

Tourism is a significant economic activity for developing any national economy and the world economy as well. Revenues generated through tourism services affect GDP and directly stimulate economic growth. The revenues are important for the national economies, i.e. the foreign exchange inflow, generated through tourist services export. However, many factors directly impact on the volume of foreign tourist arrivals, and thus directly affect both foreign exchange inflows and GDP. Government measures taken for various reasons that have a straight impact on the movement of people significantly reduce tourist travels. It can cause numerous and robust adverse effects on the national economy. The health crisis caused by the pandemic COVID – 19 has led to restrictive governmental measures that had a negative impact on tourist travels, and thus on the revenues generated from the export of tourist services. The paper aims to measure the effect of the COVID - 19 crises on the income generated by the foreign tourists’ arrivals in Ohrid, as a case study destination in North Macedonia. The research results will show the losses this economic sector has suffered from the “lockdown” caused by the pandemic.

Palabras clave

  • tourist income
  • receipts
  • foreign tourist overnights
  • COVID – 19
  • health crises
  • Ohrid
  • North Macedonia

JEL Classification

  • Z30
  • C52
  • F19
  • L83
Acceso abierto

National Competitiveness and Foreign Direct Investment in Emerging Europe

Publicado en línea: 05 Aug 2022
Páginas: 21 - 40

Resumen

Abstract

The paper evaluates the relationship between the indicators of competitiveness of national economies (real unit labour costs and Global Competitiveness Index) and the flow of FDI in Central and Eastern Europe (CEE) over the last two decades. Our results show that from 2000 to 2020, CEE economies had an average annual inflow of FDI of 3.9% of GDP, with significant variation across the region. We have found out that the relationship between the net inflow of FDI and the real unit labour costs was strongly negative, while the results on the link with the Global Competitiveness Index was less conclusive. In 2020, due to pandemic global flow of FDI, shrank by around 40%, while the net inflow of FDI to CEE countries declined on average by 15%. These trends and results of survey-based analyses from other studies suggest that CEE region, and especially the Western Balkans countries, may benefit from the nearshoring process in the future. To exploit that opportunity, they may need to put focus of their policies on efficiency-enhancing tax reforms (that would reduce the unit labour costs) and other structural reforms that would result in improvement of the stock and quality of their physical and human capital.

Palabras clave

  • national competitiveness
  • foreign direct investment
  • emerging Europe
  • global competitiveness index
  • real unit labour costs

JEL Classification

  • F21
  • E2
  • O20
  • P2
  • P33
Acceso abierto

Do Audit and Accounting Practices Matter for Greenfield FDI Inflows?

Publicado en línea: 05 Aug 2022
Páginas: 41 - 56

Resumen

Abstract

The study examines how the strength of the application of audit and accounting standards, as a component of the institutional infrastructure, affects the greenfield FDI in the four countries of the former Socialist Federal Republic of Yugoslavia over a twelve-year period (2006-2017). Using standard panel data econometric techniques, we conclude that stronger application of audit and accounting standards has a positive impact on attracting greenfield FDI, and that the strength of the application seems to be more important in stable business conditions. Our results are relevant to policy makers, as they point to the need for constant improvement in the accounting and audit system, thus encouraging better transparency and lower transaction costs for investors.

Palabras clave

  • Greenfield foreign direct investments
  • audit and accounting standards
  • compliance
  • Western Balkan countries

JEL Classification

  • F21
  • F40
  • М40
Acceso abierto

Implementation of the Game as a Service Research Model: Microperspective

Publicado en línea: 05 Aug 2022
Páginas: 57 - 75

Resumen

Abstract

From a negligible market niche in the entertainment industry, video game publishing has become extremely profitable. The emergence of the video game digital distribution platforms has established a permanent connection between the player and the publisher, making it possible to expand the offer. This led to emergance of the game as a service model, based on a continuous flow of revenue from the sale of additional content in an already distributed game. Revenues generated from the sale of virtual goods within the game are called microtransactions. The subject of this paper is the attitudes of video game players in Serbia and Poland towards different types of microtransactions. The paper has two key objectives: first, to determine whether there are differences in attitudes towards different types of microtransactions, and, second, to determine whether there are differences in attitudes of gamers from Serbia and Poland. In order to achieve these objectives, gamers are given a questionnaire to express their views regarding microtransactions. The existence of statistically significant differences in the attitudes of gamers classified in these two samples is determined for all observed forms of microtransactions, using the t-test.

Palabras clave

  • microtransactions
  • supply
  • digital distribution
  • segmentation
  • behavioral game theory
  • model

JEL Classification

  • D01
  • D14
  • L14
Acceso abierto

Analysis of Motivation Factors: Dependance on Personal and Professional Characteristics of Employees

Publicado en línea: 05 Aug 2022
Páginas: 77 - 94

Resumen

Abstract

Organizations invest in different types of resources, which enable them to achieve and maintain their market position and remain competitive. With global competition and changing market environment, one of the key resources, which considerably contributes to improvement of organizations’ competitive posture, are human resources, i.e. employees. The subject of research presented in this paper are factors of employees’ motivation. The aim of the research is to determine the impact of certain factors on employee motivation, based on the importance that different motivation factors have, depending on certain personal and professional characteristics of employees. Based on the results of the survey, the most important factors of motivation are financial factors, specifically the “salary” and “financial rewards”, as well as “job security” as non-financial factor. The variance of repeated measurements showed that there is statistically significant influence of financial motivation factors on employee motivation. However, the results of the analysis of the variance indicate that it is necessary to find the appropriate combination of financial and non-financial motivators, having in mind different characteristics and needs of employees, in order for the employee motivation system to show the expected results.

Palabras clave

  • motivation
  • financial factors
  • non-financial factors
  • employees
  • personal characteristics
  • professional characteristics

JEL Classification

  • J53
  • M52
  • M54
Acceso abierto

The Impact of the Exchange Rate on Balance of Payments in Algeria: An ARDL Model Approach

Publicado en línea: 05 Aug 2022
Páginas: 95 - 117

Resumen

Abstract

This study aims at examining the extent to which the exchange rate impacts on balance of payments in Algeria (BoP) during the period 1980-2019, using the Auto-Regressive Distributed Lag (ARDL) model and the Error Correction Model (ECM). This approach tests the presence of a long-run relationship between the variables.A set of relevant variables, in addition to exchange rate, were used to include real interest rate, oil price, GDP per capita, Government expenditure, and inflation rate, based on previous studies of the subject. The results indicate the existance of a long-run equilibrium relationship between the dependent and independent variables. The exchange rate has a negative impact on the balance of payments in the short-run.

Palabras clave

  • Balance of payments
  • Exchange rate
  • Interest rate
  • Inflation rate
  • ECM Approach
  • ARDL Model

JEL Classification

  • C32
  • F43
  • P24
Acceso abierto

The Impact of Working Capital Management on Profitability: Evidence from Serbian Listed Manufacturing Companies

Publicado en línea: 05 Aug 2022
Páginas: 117 - 131

Resumen

Abstract

Working capital management (WCM) plays a significant role in company’s operations. The aim of this research is to explain how working capital management affects profitability of Serbian companies measured by ROA indicator. In order to answer the question, a quantitative analysis of working capital management was performed on a sample of 79 companies in the field of manufacturing industry from the territory of the Republic of Serbia. All the companies were listed on the Belgrade Stock Exchange in business year 2019. Analysis was performed via Spearman’s correlation coefficient and multiple linear regression. The results of the research show that there is a negative and statistically significant correlation between profitability and accounts receivable turnover in days (ART), accounts payable turnover in days (APT) and inventory turnover in days (IT). On the other hand, it was found that there is no statistically significant correlation between cash conversion cycle in days (CCC) and profitability. The issue of working capital management has not been sufficiently examined in the territory of the Republic of Serbia and it is difficult to determine which theoretical knowledge about working capital is true, which emphasizes the importance of research on this subject.

Palabras clave

  • Working capital
  • profitability
  • manufacturing industry

JEL Classification

  • G30
  • G31
  • M00
  • M21
  • M40
  • L60
Acceso abierto

Factors Affecting Digital Transformation of Insurance in the Republic of Serbia

Publicado en línea: 05 Aug 2022
Páginas: 133 - 149

Resumen

Abstract

Implementation of IT innovations in insurance industry enhances actual business models and creates new ones. E-insurance refers to creating and providing insurance and connected financial services through digital solutions. In this paper the impact of IT usage and digitalization on insurance sector in the Republic of Serbia is analysed. The aim of the proposed analysis is to reveal the determinants of the adoption of innovative technological solutions in insurance in the Republic of Serbia. Relying on the TOE framework, three groups of factors influencing the adoption of IT in e-insurance are identified: technological, organizational and environmental. Panel data approach and logistic regression are used to examine the effects of proposed factors on e-insurance adoption. The obtained results indicate that organizational and environmental factors have statistically significant influence on the achieved level of e-insurance adoption, while only the market share of the insurance company positively influences the odds of e-insurance adoption. Therefore, it can be concluded that e-insurance in the Republic of Serbia is the matter of reputation and tendency of insurers to achieve short-term gains and a competitive advantage through innovation.

Palabras clave

  • digital transformation
  • insurance
  • e-services
  • e-insurance
  • technology adoption
  • TOE framework
  • panel analyses

JEL Classification

  • L86
  • L81
  • G22
  • C33
  • M15
  • O33

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