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Tom 59 (2021): Zeszyt 2 (June 2021)

Tom 59 (2021): Zeszyt 1 (March 2021)

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Tom 58 (2020): Zeszyt 1 (March 2020)

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Tom 55 (2017): Zeszyt 2 (June 2017)

Tom 55 (2017): Zeszyt 1 (March 2017)

Tom 54 (2016): Zeszyt 4 (December 2016)

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Tom 54 (2016): Zeszyt 2 (June 2016)

Tom 54 (2016): Zeszyt 1 (March 2016)

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Tom 53 (2015): Zeszyt 2 (June 2015)

Tom 53 (2015): Zeszyt 1 (March 2015)

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Tom 52 (2014): Zeszyt 3 (September 2014)

Tom 52 (2014): Zeszyt 2 (June 2014)

Tom 52 (2014): Zeszyt 1 (March 2014)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2217-3668
Pierwsze wydanie
15 Apr 2014
Częstotliwość wydawania
4 razy w roku
Języki
Angielski

Wyszukiwanie

Tom 59 (2021): Zeszyt 1 (March 2021)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2217-3668
Pierwsze wydanie
15 Apr 2014
Częstotliwość wydawania
4 razy w roku
Języki
Angielski

Wyszukiwanie

9 Artykułów
Otwarty dostęp

Restructuring of State Enterprises as a Prerequisite for Economic Growth in the Republic of Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 1 - 22

Abstrakt

Abstract

This study of the performance of state-owned enterprises in Serbia has shown that the state has great difficulties managing the enterprises that are in its portfolio and under its control. The adaptation of state-owned enterprises to exogenous shocks unfolds at a slow pace and is faced with many problems. The institutional environment for the strategic restructuring of the state sector is not in the service of strengthening the efficiency of its business operation. The study has shown that the economic performance of state-owned enterprises exerts a direct influence on economic growth, the budget, government balance sheets, and debt. While the “healthy” enterprises (the ones conducting their business successfully) are valuable state-owned property, enterprises with a loss or over indebted enterprises are obligations which demand intervention through the injection of additional capital or through other forms of help from the state. The main goal of restructuring state-owned enterprises is to improve responsibility and efficiency. The array of measures for improving efficiency ranges from modifications of the legal framework and corporate governance of socially owned enterprises (including corporatization and separation of activities) to the sale of property to the private sector or complete privatization. Reforms are aimed at improving the transparency and responsibility of state-owned enterprises, not just for the purpose of efficiency, but also for the purpose of harmonization with the ethical and deontological requirements.

Słowa kluczowe

  • state-owned enterprises
  • structural changes
  • qualitative business performance
  • modes of restructuring and reforming state-owned enterprises

JEL Classification

  • L32
  • P13
  • M21
  • O12
  • O43
Otwarty dostęp

Business Model of the Sharing Economy Platform: Who are the “Winners” and who are the “Losers” of the COVID-19 Pandemic?

Data publikacji: 27 Apr 2021
Zakres stron: 23 - 44

Abstrakt

Abstract

The increasing digitalization of business activities in recent years has been a significant impetus to business model innovation. In this sense, we are witnessing the success of companies that base their businesses on the digital platform model. Therefore, the basic purpose of this paper is to stress out the very essence of platformization as a business model, which is based on the implementation of digital technologies, as well as to point out the characteristics - advantages and disadvantages of the so-called “sharing economy” model. Also, the purpose and goal of the paper is to point out how the characteristics of different types of platforms, especially of sharing economy platforms, affect their business success, i.e. market value, but also vulnerability in case of adverse effects of external factors, such as the current corona virus pandemic. Using both the classical methodology of theoretical research, based on insights into an available literature on the topic, and the results of research of world best practice, as well as monitoring statistical indicators of market value of the world’s best companies, the results confirm the initial assumption that nowdays companies which implement business model of the platform prevail. However, the results of the research also showed the vulnerability of the platforms, especially those based on the sharing economy, in the conditions of a corona virus pandemic. Given that there is very little research in the academic literature on the economic consequences of the current COVID-19 pandemic, the originality and significance of the research is in an attempt to stress out the consequences of the pandemic on the current market value and position of platform companies, and also on their survival and growth in the future.

Słowa kluczowe

  • business model
  • digitalization
  • platform
  • sharing economy
  • market capitalization
  • COVID-19

JEL Classification

  • M13
  • M15
  • M21
  • O33
Otwarty dostęp

Unbalanced Development – Regional Disparity Analysis in Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 45 - 60

Abstrakt

Abstract

The unbalanced regional development is one of the biggest socioeconomic challenges in Serbia. It is a multidimensional and multi-level regional imbalance that, according to almost all socioeconomic indicators, shows a growing trend in the first decades of the 21st century. This paper presents an analysis of the selected demographic, social, and economic indicators by using DEA methodology. The dynamic component of the studied imbalance was taken into account by calculating the Malmquist Productivity Index. The calculated index undoubtedly shows that there are differences between regions (not only between the northern and southern regions, but also within the regions themselves). The results also point out that the changes of the input usage efficiency have strongly influenced the ranks of the districts within the national territories.

Słowa kluczowe

  • regional imbalance
  • regional development
  • DEA analysis
  • Malmquist Productivity Index

JEL Classification

  • C5
  • R5
  • R10
  • R12
Otwarty dostęp

Empirical Study of the Implementation of Certain Budgeting Concepts in Manufacturing Companies in Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 61 - 76

Abstrakt

Abstract

The basic indicators of manufacturing industry’s level of development are still at an unenviable level, although it provides the majority of tradable goods of Serbian economy and has the most significant share in gross domestic product. This state of the manufacturing industry in Serbia is the result of an unstable macroeconomic environment and institutional insecurity, as well as an inadequate management approach in companies of this sector. Taking into account the situation, there is an obvious need to change management approach in these companies, which includes improving their budgeting processes and systems. Budgeting, as a management instrument, has become important in companies in Serbia only in the last decades, that is, after the change of the economic system. The results of the conducted empirical study, aiming to perceive the current state and relevant management attitudes regarding the implementation of certain budgeting concepts in manufacturing companies in Serbia, are presented in this paper. The study aims to determine the current presence of certain budgeting concepts, as well as which concepts the management of the sample companies intends to implement in the future, since it considers them an appropriate and a good solution for its company, taking into account the specifics of its environment and business. The presented results will show whether manufacturing companies in Serbia follow global trends in budgeting practices that relate to the implementation of modern budgeting concepts with flexibility, customer focus and performance based as their key features.

Słowa kluczowe

  • budgeting
  • budgeting concepts
  • traditional budgeting
  • manufacturing companies
  • Serbia

JEL Classification

  • M41
  • L69
Otwarty dostęp

Auditors’ Responsibility in Assessing Going Concern Assumption Affected by Covid-19

Data publikacji: 27 Apr 2021
Zakres stron: 77 - 93

Abstrakt

Abstract

The Covid-19 pandemic and the measures introduced to prevent its further spread have undoubtedly led to significant business uncertainties regarding the going concern principle. Not only has the global economy experienced negative effects of the pandemic, but a number of professions as well, including auditing. With their significant responsibility in assessing the going concern, auditors face a number of challenges. The aim of this paper is to point out the need for more extensive consideration of auditors in assessing the going concern, as well as the challenges auditors face in a pandemic and the ways in which they overcome these limitations.

Słowa kluczowe

  • going concern
  • auditors’ approach
  • Covid-19

JEL Classification

  • M42
Otwarty dostęp

Solvency and Fixed Assets Financing of Agriculture, Forestry and Fishing Sector in the Republic of Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 95 - 108

Abstrakt

Abstract

This paper aims to examine solvency and fixed assets financing of Agriculture, Forestry and Fishing sector (Sector A) in the Republic of Serbia. We also examine whether there is a difference between this Sector’s enterprises and entrepreneurs regarding these two aspects of their financial position. The research is based on the Financial Statements Annual Bulletins available on the official website of the Serbian Business Registers Agency. The period of six consecutive years is covered (2013-2018). Solvency and fixed assets financing were analyzed separately for Sector A enterprises and entrepreneurs. Standard ratio indicators were used to determine these relevant aspects of financial position. The conducted analysis showed differences between this Sector’s enterprises and entrepreneurs regarding the solvency. The research results revealed that, despite a slight improvement in certain solvency indicators, entrepreneurs were insolvent during the observed period. The fixed assets financing indicators showed that the lack of equity for new investments financing was compensated mainly by long-term borrowing at enterprises’ level and by short-term borrowed sources at entrepreneurs’ level.

Słowa kluczowe

  • agriculture
  • forestry and fishing sector
  • solvency
  • fixed assets financing
  • enterprises
  • entrepreneurs

JEL Classification

  • M41
  • O13
  • Q12
  • Q22
  • Q23
Otwarty dostęp

Fiscal Stability of the Local Government Units in the Republic of Srpska

Data publikacji: 27 Apr 2021
Zakres stron: 109 - 132

Abstrakt

Abstract

Fiscal stability of the local self-government units is the condition for stable public finances of the Republic of Srpska (hereinafter: RS) as a whole. Stable public finances of local self-government units have a positive impact on the economic growth of the RS. Therefore, it is necessary to pay a significant attention to the fiscal problems of local self-government units (hereinafter: LGUs). Although the public finances of the LGUs make up 15% of the total public finances of the Republic of Srpska, it is important to emphasize that the life of the RS citizens takes place in the local self-government. In this regard, LGUs have the important role in providing public goods and services, as well as creating the environment for the life of citizens on the basis of legally defined competencies. Having in mind the importance and role of local self-government units in the RS, it is necessary to ensure the efficient management and stability of their public finances. One of the preconditions for the successful exercise of the competencies of LGUs is the rational and efficient use of available resources. The aim of this paper is to examine the impact of the key fiscal factors of local self-government units on their fiscal stability. The results of this analysis will provide answers to the question of how rational and efficient local self-government units are in the execution of their competencies and how it is reflected on their revenues and expenditures, i.e. in total public finances of RS.

Słowa kluczowe

  • Republic of Srpska
  • local self-government units
  • fiscal stability

JEL Classification

  • H70
  • H72
  • H74
Otwarty dostęp

Analysis of Non-Performing Loans’ Determinants in the Banking Sector of the Republic of Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 133 - 151

Abstrakt

Abstract

After the financial deregulation that marked the last two decades of the 20th century, banks lost their monopolistic position and faced a number of competitors on the financial market. Fighting for their market share, banks began to grant loans under more relaxed terms. This policy increased the share of non-performing loans (NPLs) and ultimately increased credit risk in the banking sector. The share of non-performing loans in total loans indicates the quality of bank assets, so their analysis and trend are an important parameter in assessing the stability of the banking and overall financial sector. The paper aims to analyze the NPL trend in the banking sector of the Republic of Serbia in the period from 2010-2019 and, thus, identify determinants that significantly affect the extent of credit risk. The research uses vector autoregressive model (VAR), and the results confirm that gross domestic product, inflation, unemployment, return on total assets (ROA), cost efficiency, capital adequacy ratio, and income diversification affect NPLs. The analysis shows that the level of non-performing loans depends on a number of factors, both macroeconomic and bank-specific, which regulatory authorities must keep in mind when assessing the credit risk that banks face.

Słowa kluczowe

  • NPL
  • determinants
  • VAR
  • banking sector in RS

JEL Classification

  • G21
  • G17
Otwarty dostęp

Organizational Learning and Innovation in the Tourism Industry as a Basis for Creating Value for Tourists

Data publikacji: 27 Apr 2021
Zakres stron: 153 - 172

Abstrakt

Abstract

Organizational learning, innovation and creating value for tourists are the main issues in a successful tourism research. From that point of view, the aim of the study is to examine the relationship between the variables included in the research: organizational learning, innovation and creating value for tourists. The tested conceptual model didn’t fit well, so it was corrected based on the recommendations for a possible revision of the model. The analysis results indicated a significant impact of organizational learning on innovation and on creating value for tourists. Innovation, also, has a significant impact on creating value for tourists. Furthermore, the results indicated that innovation established the relationship between organizational learning and creating value for tourists. These results show the importance of organizational learning and innovation to improve creating value for tourists.

Słowa kluczowe

  • creating value for tourists
  • organizational learning
  • innovation capability
  • tourist industry
  • tourism organization
  • structural equation modelling

JEL Classification

  • L83
  • O39
  • D83
9 Artykułów
Otwarty dostęp

Restructuring of State Enterprises as a Prerequisite for Economic Growth in the Republic of Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 1 - 22

Abstrakt

Abstract

This study of the performance of state-owned enterprises in Serbia has shown that the state has great difficulties managing the enterprises that are in its portfolio and under its control. The adaptation of state-owned enterprises to exogenous shocks unfolds at a slow pace and is faced with many problems. The institutional environment for the strategic restructuring of the state sector is not in the service of strengthening the efficiency of its business operation. The study has shown that the economic performance of state-owned enterprises exerts a direct influence on economic growth, the budget, government balance sheets, and debt. While the “healthy” enterprises (the ones conducting their business successfully) are valuable state-owned property, enterprises with a loss or over indebted enterprises are obligations which demand intervention through the injection of additional capital or through other forms of help from the state. The main goal of restructuring state-owned enterprises is to improve responsibility and efficiency. The array of measures for improving efficiency ranges from modifications of the legal framework and corporate governance of socially owned enterprises (including corporatization and separation of activities) to the sale of property to the private sector or complete privatization. Reforms are aimed at improving the transparency and responsibility of state-owned enterprises, not just for the purpose of efficiency, but also for the purpose of harmonization with the ethical and deontological requirements.

Słowa kluczowe

  • state-owned enterprises
  • structural changes
  • qualitative business performance
  • modes of restructuring and reforming state-owned enterprises

JEL Classification

  • L32
  • P13
  • M21
  • O12
  • O43
Otwarty dostęp

Business Model of the Sharing Economy Platform: Who are the “Winners” and who are the “Losers” of the COVID-19 Pandemic?

Data publikacji: 27 Apr 2021
Zakres stron: 23 - 44

Abstrakt

Abstract

The increasing digitalization of business activities in recent years has been a significant impetus to business model innovation. In this sense, we are witnessing the success of companies that base their businesses on the digital platform model. Therefore, the basic purpose of this paper is to stress out the very essence of platformization as a business model, which is based on the implementation of digital technologies, as well as to point out the characteristics - advantages and disadvantages of the so-called “sharing economy” model. Also, the purpose and goal of the paper is to point out how the characteristics of different types of platforms, especially of sharing economy platforms, affect their business success, i.e. market value, but also vulnerability in case of adverse effects of external factors, such as the current corona virus pandemic. Using both the classical methodology of theoretical research, based on insights into an available literature on the topic, and the results of research of world best practice, as well as monitoring statistical indicators of market value of the world’s best companies, the results confirm the initial assumption that nowdays companies which implement business model of the platform prevail. However, the results of the research also showed the vulnerability of the platforms, especially those based on the sharing economy, in the conditions of a corona virus pandemic. Given that there is very little research in the academic literature on the economic consequences of the current COVID-19 pandemic, the originality and significance of the research is in an attempt to stress out the consequences of the pandemic on the current market value and position of platform companies, and also on their survival and growth in the future.

Słowa kluczowe

  • business model
  • digitalization
  • platform
  • sharing economy
  • market capitalization
  • COVID-19

JEL Classification

  • M13
  • M15
  • M21
  • O33
Otwarty dostęp

Unbalanced Development – Regional Disparity Analysis in Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 45 - 60

Abstrakt

Abstract

The unbalanced regional development is one of the biggest socioeconomic challenges in Serbia. It is a multidimensional and multi-level regional imbalance that, according to almost all socioeconomic indicators, shows a growing trend in the first decades of the 21st century. This paper presents an analysis of the selected demographic, social, and economic indicators by using DEA methodology. The dynamic component of the studied imbalance was taken into account by calculating the Malmquist Productivity Index. The calculated index undoubtedly shows that there are differences between regions (not only between the northern and southern regions, but also within the regions themselves). The results also point out that the changes of the input usage efficiency have strongly influenced the ranks of the districts within the national territories.

Słowa kluczowe

  • regional imbalance
  • regional development
  • DEA analysis
  • Malmquist Productivity Index

JEL Classification

  • C5
  • R5
  • R10
  • R12
Otwarty dostęp

Empirical Study of the Implementation of Certain Budgeting Concepts in Manufacturing Companies in Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 61 - 76

Abstrakt

Abstract

The basic indicators of manufacturing industry’s level of development are still at an unenviable level, although it provides the majority of tradable goods of Serbian economy and has the most significant share in gross domestic product. This state of the manufacturing industry in Serbia is the result of an unstable macroeconomic environment and institutional insecurity, as well as an inadequate management approach in companies of this sector. Taking into account the situation, there is an obvious need to change management approach in these companies, which includes improving their budgeting processes and systems. Budgeting, as a management instrument, has become important in companies in Serbia only in the last decades, that is, after the change of the economic system. The results of the conducted empirical study, aiming to perceive the current state and relevant management attitudes regarding the implementation of certain budgeting concepts in manufacturing companies in Serbia, are presented in this paper. The study aims to determine the current presence of certain budgeting concepts, as well as which concepts the management of the sample companies intends to implement in the future, since it considers them an appropriate and a good solution for its company, taking into account the specifics of its environment and business. The presented results will show whether manufacturing companies in Serbia follow global trends in budgeting practices that relate to the implementation of modern budgeting concepts with flexibility, customer focus and performance based as their key features.

Słowa kluczowe

  • budgeting
  • budgeting concepts
  • traditional budgeting
  • manufacturing companies
  • Serbia

JEL Classification

  • M41
  • L69
Otwarty dostęp

Auditors’ Responsibility in Assessing Going Concern Assumption Affected by Covid-19

Data publikacji: 27 Apr 2021
Zakres stron: 77 - 93

Abstrakt

Abstract

The Covid-19 pandemic and the measures introduced to prevent its further spread have undoubtedly led to significant business uncertainties regarding the going concern principle. Not only has the global economy experienced negative effects of the pandemic, but a number of professions as well, including auditing. With their significant responsibility in assessing the going concern, auditors face a number of challenges. The aim of this paper is to point out the need for more extensive consideration of auditors in assessing the going concern, as well as the challenges auditors face in a pandemic and the ways in which they overcome these limitations.

Słowa kluczowe

  • going concern
  • auditors’ approach
  • Covid-19

JEL Classification

  • M42
Otwarty dostęp

Solvency and Fixed Assets Financing of Agriculture, Forestry and Fishing Sector in the Republic of Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 95 - 108

Abstrakt

Abstract

This paper aims to examine solvency and fixed assets financing of Agriculture, Forestry and Fishing sector (Sector A) in the Republic of Serbia. We also examine whether there is a difference between this Sector’s enterprises and entrepreneurs regarding these two aspects of their financial position. The research is based on the Financial Statements Annual Bulletins available on the official website of the Serbian Business Registers Agency. The period of six consecutive years is covered (2013-2018). Solvency and fixed assets financing were analyzed separately for Sector A enterprises and entrepreneurs. Standard ratio indicators were used to determine these relevant aspects of financial position. The conducted analysis showed differences between this Sector’s enterprises and entrepreneurs regarding the solvency. The research results revealed that, despite a slight improvement in certain solvency indicators, entrepreneurs were insolvent during the observed period. The fixed assets financing indicators showed that the lack of equity for new investments financing was compensated mainly by long-term borrowing at enterprises’ level and by short-term borrowed sources at entrepreneurs’ level.

Słowa kluczowe

  • agriculture
  • forestry and fishing sector
  • solvency
  • fixed assets financing
  • enterprises
  • entrepreneurs

JEL Classification

  • M41
  • O13
  • Q12
  • Q22
  • Q23
Otwarty dostęp

Fiscal Stability of the Local Government Units in the Republic of Srpska

Data publikacji: 27 Apr 2021
Zakres stron: 109 - 132

Abstrakt

Abstract

Fiscal stability of the local self-government units is the condition for stable public finances of the Republic of Srpska (hereinafter: RS) as a whole. Stable public finances of local self-government units have a positive impact on the economic growth of the RS. Therefore, it is necessary to pay a significant attention to the fiscal problems of local self-government units (hereinafter: LGUs). Although the public finances of the LGUs make up 15% of the total public finances of the Republic of Srpska, it is important to emphasize that the life of the RS citizens takes place in the local self-government. In this regard, LGUs have the important role in providing public goods and services, as well as creating the environment for the life of citizens on the basis of legally defined competencies. Having in mind the importance and role of local self-government units in the RS, it is necessary to ensure the efficient management and stability of their public finances. One of the preconditions for the successful exercise of the competencies of LGUs is the rational and efficient use of available resources. The aim of this paper is to examine the impact of the key fiscal factors of local self-government units on their fiscal stability. The results of this analysis will provide answers to the question of how rational and efficient local self-government units are in the execution of their competencies and how it is reflected on their revenues and expenditures, i.e. in total public finances of RS.

Słowa kluczowe

  • Republic of Srpska
  • local self-government units
  • fiscal stability

JEL Classification

  • H70
  • H72
  • H74
Otwarty dostęp

Analysis of Non-Performing Loans’ Determinants in the Banking Sector of the Republic of Serbia

Data publikacji: 27 Apr 2021
Zakres stron: 133 - 151

Abstrakt

Abstract

After the financial deregulation that marked the last two decades of the 20th century, banks lost their monopolistic position and faced a number of competitors on the financial market. Fighting for their market share, banks began to grant loans under more relaxed terms. This policy increased the share of non-performing loans (NPLs) and ultimately increased credit risk in the banking sector. The share of non-performing loans in total loans indicates the quality of bank assets, so their analysis and trend are an important parameter in assessing the stability of the banking and overall financial sector. The paper aims to analyze the NPL trend in the banking sector of the Republic of Serbia in the period from 2010-2019 and, thus, identify determinants that significantly affect the extent of credit risk. The research uses vector autoregressive model (VAR), and the results confirm that gross domestic product, inflation, unemployment, return on total assets (ROA), cost efficiency, capital adequacy ratio, and income diversification affect NPLs. The analysis shows that the level of non-performing loans depends on a number of factors, both macroeconomic and bank-specific, which regulatory authorities must keep in mind when assessing the credit risk that banks face.

Słowa kluczowe

  • NPL
  • determinants
  • VAR
  • banking sector in RS

JEL Classification

  • G21
  • G17
Otwarty dostęp

Organizational Learning and Innovation in the Tourism Industry as a Basis for Creating Value for Tourists

Data publikacji: 27 Apr 2021
Zakres stron: 153 - 172

Abstrakt

Abstract

Organizational learning, innovation and creating value for tourists are the main issues in a successful tourism research. From that point of view, the aim of the study is to examine the relationship between the variables included in the research: organizational learning, innovation and creating value for tourists. The tested conceptual model didn’t fit well, so it was corrected based on the recommendations for a possible revision of the model. The analysis results indicated a significant impact of organizational learning on innovation and on creating value for tourists. Innovation, also, has a significant impact on creating value for tourists. Furthermore, the results indicated that innovation established the relationship between organizational learning and creating value for tourists. These results show the importance of organizational learning and innovation to improve creating value for tourists.

Słowa kluczowe

  • creating value for tourists
  • organizational learning
  • innovation capability
  • tourist industry
  • tourism organization
  • structural equation modelling

JEL Classification

  • L83
  • O39
  • D83

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