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15th INTERNATIONAL SYMPOSIUM ON CORPORATE GOVERNANCE Cover Image
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15. MEĐUNARODNI SIMPOZIJUM O KORPORATIVNOM UPRAVLJANJU
15th INTERNATIONAL SYMPOSIUM ON CORPORATE GOVERNANCE

POSSIBILITY OF RAPID CHANGES IN SMALL ECONOMIES IN CONDITIONS OF THE CORONAVIRUS PANDEMIC

Contributor(s): Janez Prašnikar (Editor), Dragan Mikerević (Editor), Novak Kondić (Editor), Jelena Poljašević (Editor), Đoko Malešević (Editor)
Subject(s): Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Marxist economics, Governance, Financial Markets, Public Finances, Accounting - Business Administration, Tourism, Human Resources in Economy, Business Ethics, Socio-Economic Research, Corruption - Transparency - Anti-Corruption
Published by: Finrar d.o.o Banja Luka
Keywords: SMALL ECONOMIES; CORONAVIRUS; PANDEMIC; RAPID CHANGES; RECOVERY; ECONOMICS; COVID-19;GOVERNMENT;GOVERNANCE; CORPORATE GOVERNANCE;SOE;ACCOUNTABILITY; AUDIT; ACCOUNTING; FINANCE
Summary/Abstract: POSSIBILITY OF RAPID CHANGES IN SMALL ECONOMIES IN CONDITIONS OF THE CORONAVIRUS PANDEMIC

  • Print-ISBN-13: 978-99955-83-29-3
  • Page Count: 608
  • Publication Year: 2021
  • Language: Serbian
REPUBLIKA SRPSKA POSLIJE COVID-19 − ŠTA DALJE?

REPUBLIKA SRPSKA POSLIJE COVID-19 − ŠTA DALJE?
(REPUBLIC OF SRPSKA AFTER COVID-19 - WHAT NEXT?)

  • Author(s):Zora Vidović
  • Language:Serbian
  • Subject(s):Economy, National Economy, Health and medicine and law, Public Finances, Accounting - Business Administration
  • Page Range:9-14
  • No. of Pages:6
  • Keywords:Republic Srpska; Covid-19;
  • Summary/Abstract:Iako je u posljednjih nekoliko godina globalna privreda iskazivala znakove usporavanja, zdravstveni razlozi bili su glavni okidač za najveći i najbrži ekonomski pad u istoriji čovječanstva. Bez obzira na činjenicu da kriza izazvana virusom korona nije otpočela kao ekonomska, već zdravstvena, vrlo brzo se pretvorila u veliku svjetsku ekonomsku krizu, sa značajnim i ozbiljnim posljedicama. Istovremeno, pomenuta kriza predstavlja najveći izazov pred kojim su se našle sve vlade i ekonomije širom svijeta još od vremena posljednje ekonomske krize iz 2008. godine. Brzina i snaga kojom je pandemija „udarila” na sve ekonomije sugerisala je da bi oporavak globalne, ali i pojedinačnih privreda mogao da bude trom i spor, što je, s druge strane, zahtijevalo gotovo promptne reakcije i intervencije kreatora politika u ma kojoj zemlji.
  • Price: 5.00 €
OTVORENE INOVACIJE: TEORIJA I PRAKSA SA OSVRTOM NA PERIFERNE DRŽAVE

OTVORENE INOVACIJE: TEORIJA I PRAKSA SA OSVRTOM NA PERIFERNE DRŽAVE
(OPEN INNOVATIONS: THEORY AND PRACTICE WITH REFERENCE TO PERIPHERAL COUNTRIES)

  • Author(s):Janez Prašnikar, Daša Farčnik, Tjaša Redek
  • Language:Serbian
  • Subject(s):Economy, National Economy, Public Finances, Accounting - Business Administration, Business Ethics
  • Page Range:15-32
  • No. of Pages:18
  • Keywords:open innovations; intellectual property; state policies; Slovenia; Western Balkans;
  • Summary/Abstract:In this paper, we studied the application of open innovation in companies and the role of government policies in this area. We presented the results of a major European project, the European Academic Network for Open Innovation (OI_Net). The project was implemented in the period 2014-2016, and 35 countries and 500 representative companies from all countries participated in it. In this paper, we present the results for Slovenia, as one of the countries participating in the project. The research showed that Slovenian companies lag behind European countries in the field of open innovation. Furthermore, it has been shown that in the initial phase of the development of open innovations, the size of the company, industry and export orientation of the companies are important. Top management support is even more important. We projected these results on the countries of the Western Balkans and considered the possibilities of using industrial policy to transfer knowledge in this area. Creating an innovation market in the Western Balkans would also require common regulation in at least two areas, namely competitiveness and intellectual property rights (IPR).
  • Price: 15.00 €
VELIKO RESETOVANJE EKONOMIJE SRBIJE TOKOM I POSLE COVID-19 KRIZE

VELIKO RESETOVANJE EKONOMIJE SRBIJE TOKOM I POSLE COVID-19 KRIZE
(THE GREAT RESET OF SERBIA’S ECONOMY DURING AND AFTER THE COVID-19 CRISIS)

  • Author(s):Dragan Đuričin, Iva Vuksanović Herceg
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Health and medicine and law, Financial Markets, Public Finances, Human Resources in Economy, Socio-Economic Research
  • Page Range:33-62
  • No. of Pages:30
  • Keywords:COVID-19 pandemic; Serbia; Industry 4.0; circular economy; heterodox economic policy platform; manufacturing sector
  • Summary/Abstract:Since 2020 the modern world has been witnessing a complex crisis, which is essentially a medical crisis (the COVID-19 pandemic) within a structural economic crisis. In addition to the current nexus of risk stressors, such as anthropogenic climate crisis, biodiversity loss, financialization and income inequality, all global and cross-cutting by their very nature, in the last period biorisk has been growing dramatically. The COVID-19 pandemic is a devastating and tragic moment which is rapidly becoming a matter of primary public concern. Social distancing, as the most effective anti-pandemic measure, has pushed the economy into sleep mode. Hibernation provokes a truly systemic economic downturn. The current crisis is particularly deepening structural imbalances of the neoliberal model of capitalism. Core policies responses, such as liquidity infusion and fiscal stimulus, are massive and permanent. Increasing moral hazard and irrational exuberance, such policies are destroying capital markets,as a brain of the market economy. But every crisis is also a chance to change. By tackling the neoliberal capitalism’ fault lines in a more effective way, it may actually accelerate the pace to the future we had in mind. A quick restart (or recovery) of the economy and a later rebound require systemic and concerted action in order to mitigate the negative effects of both medical and economic crisis. In managing a complex crisis such as this one, guided by the vision o fa sustainable, inclusive and prosperous economy, governments all around the world should take radical reform steps. It means, at least, two things at once. First, dealing with the pandemic as a macroeconomic variable. Second, implementing core economic policies (monetary and fiscal) in a structural way. To do so, the transition from shareholder capitalism to stakeholder capitalism is imminent. An emerging system will combine two institutional choices,the “visible hand” of state (impact investments based on structural or industrial policies)and the “invisible hand” of market forces. It’s time to give the government a stronger voice in the economy. To create value instead of redistributing value, the major part of impact investments will be in circular and regenerative economy, health care, infrastructure (physical and conceptual), science, and education. The objective of this paper is twofold. First, to fill the present conceptual vacuum created by the neoliberal doctrine economics rules with the aim of identifying key components of Serbia’s economy revival based on its macroeconomic specifics and catalytic impact of new economics rules during and after the COVID-19 pandemic.Second, to highlight the relevance of key components of stakeholder capitalism, including the regenerative and circular model of growth and heterodox economic policy platform for the Great Reset, or recovery and rebound respectively.
  • Price: 15.00 €
MAKROEKONOMSKI EFEKTI PANDEMIJE COVID-19 U EVROPSKOJ UNIJI I SVIJETU

MAKROEKONOMSKI EFEKTI PANDEMIJE COVID-19 U EVROPSKOJ UNIJI I SVIJETU
(THE MACROECONOMIC EFFECTS OF COVID-19 IN THE EUROPEAN UNION AND THE WORLD)

  • Author(s):Tjaša Redek, Polona DOMADENIK, Matjaž Koman
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Marxist economics, Health and medicine and law, Public Finances, Accounting - Business Administration
  • Page Range:63-86
  • No. of Pages:24
  • Keywords:coronavirus;European Union; economy; GDP;
  • Summary/Abstract:The virus has impacted the economy through the following key channels: containment measures,and the supply and demand side problems caused by the disease. Lockdowns, cessation of certain services and public life, problems in organizing work-processes, problems in logistics and value chains at large, increased uncertainty, increased unemployment, and many others caused a simultaneous crunch on both the supply and the demand side of the economy.As a result of the simultaneous shock to both sides, the impact has been very strong, causing an endogenous spiral and resulting in a much higher overall impact than initially expected.The purpose of this paper is to present the impact of the virus-related crisis on the economies,with the focus on the European economy and Slovenia, relying on most recent available statistical resources. First, a brief theoretical background is provided, explaining more in detail how the virus impacted the economy. This is followed by an overview of the macroeconomic data, including a reflection to the financial and economic crisis 10 years ago. A sectoral perspective is provided next. The paper concludes with a selection of forecasts for the future.While the crisis has had a negative impact on the overall macroeconomic performance, significant sectoral as well as cross-country differences can be observed. Forecasting the future and overall impacts of the virus is at the moment very risky, however, the forecasts are unanimous in the evaluation that the crisis in 2020 will be significantly deeper than the crisis in 2009. Future effects and development of the crisis depend on a number of factors(1) the duration and type of restrictions, (2) government aid programs, (3) consumer behaviour), (4)timing of medication/vaccine, (5) unemployment rates, and (6) impact on household budgets.Primarily, it is important to understand that these factors could have very different impacts on different industries and countries.
  • Price: 15.00 €
NEOLIBERALIZAM, INSTITUCIONALIZAM ILI INTERVENCIONIZAM: MERE I PRINCIPI POSLE KRIZE COVID-19

NEOLIBERALIZAM, INSTITUCIONALIZAM ILI INTERVENCIONIZAM: MERE I PRINCIPI POSLE KRIZE COVID-19
(NEOLIBERALISM, INSTITUTIONALISM, OR INTERVENTIONISM: MEASURES AND PRINCIPLES AFTER COVID-19 CRISIS)

  • Author(s):Miroljub Labus
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Marxist economics, Health and medicine and law, Public Finances, Socio-Economic Research
  • Page Range:87-105
  • No. of Pages:19
  • Keywords:neoliberalism; institutionalism; state interventionism; Serbia; Bosnia and Herzegovina;COVID-19 crisis;
  • Summary/Abstract:Our response to whether the rapid growth of small open economies is feasible in the conditions of this coronary virus pandemic is negative. That should not disappoint us since it is better to fix imbalances than to have unsustainable growth. We study in this paper the implementation of economic policy measures in Serbia and Bosnia and Herzegovina with the aim to identify their origin in the doctrines of neoliberalism, institutionalism, and state interventionism. State interventionism with ad hoc solutions and the creation of imbalances was the dominant but not the exclusive basis for conducting economic policy. We expect this policy mix to continue in the post-Covid19 period. At the same time, we point out the similarity of this crisis with the Great Recession of 2009. If we ignore this, there is a significant risk that we will repeat the mistakes of the past, the negative consequences of which were present until this crisis. We are not a priori against state intervention but its transformation into state fundamentalism. To avoid that, we propose its phased mitigation as the crisis evaporates. We do not share the optimism that Serbia and BiH will have high and sustainable growth in the medium term without changing economic policy and eliminating fundamental disturbances in the economy.
  • Price: 15.00 €
TRGOVINSKI RAT IZMEĐU SJEDINJENIH AMERIČKIH DRŽAVA I KINE I NJEGOVE TRGOVINSKE IMPLIKACIJE

TRGOVINSKI RAT IZMEĐU SJEDINJENIH AMERIČKIH DRŽAVA I KINE I NJEGOVE TRGOVINSKE IMPLIKACIJE
(THE US-CHINA TRADE WAR AND ITS TRADE IMPLICATIONS)

  • Author(s):Katja Zajc Kejžar
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Marxist economics, International relations/trade, Political economy, Public Finances, Socio-Economic Research
  • Page Range:107-122
  • No. of Pages:15
  • Keywords:United States;China; global value chains; trade war;
  • Summary/Abstract:The introduction of new customs duties represents a serious challenge for the organisation of global value chains and current patterns of the international division of production Such measures have further weakened the already fragile fundamentals of the post 2nd World War Bretton-Wood’s multilateral system. In the last couple of years, the appeal for a reorganization of the World Trade Organization has intensified. In this paper, we aim to study trade implications of the US-China trade war from a perspective of supply chain trade and the organisation of global value chains (GVCs). We first present the development of the tariff rates in the US and China over the course of the trade war and sum up early evidence on the US-China trade war effects from stock price volatility. Next, we discuss the differences in tariff impacts on traditional and supply chain trade. We continue with characterizing the US and China’s GVC position and resulting pressure for supply chain restructuring. Finally, we look at trade effects for the EU in different categories of goods. The involvement of the EU-28in GVCs is characterized in general with a more upstream position in trade with China, while backward participation strongly prevails in the EU-28 trade with the US, with notable differences among EU member states. Trade data for the two most recent years shows a certain degree of EU trade reorientation towards both the US and China, where an increased share of exports to the US has been driven by intermediate goods, while in exports to China consumer goods showed the strongest growth. The evidence on the adjustment of GVCs in wake of the US-China trade war suggests that an increase in trade costs has important implications for the organisation and location of GVC activities. We may expect that such a trend will be further strengthened in response to the current COVID-19 pandemic situation. Trade is likely to fall more steeply in sectors characterized by complex value chain linkages. Restructuring,shortening, and reorientation of GVCs will, expectedly, be even more pronounced since the COVID-19 crisis involves lockdown and social distancing causing major labour supply shocks and GVC disruptions.
  • Price: 15.00 €
ORGANIZIRANO UKLJUČIVANJE U PROIZVODNE I RAZVOJNE LANCE RAZVIJENIH − JEDINI NAČIN BRŽEG RAZVOJA MALIH EKONOMIJA U RAZVOJU

ORGANIZIRANO UKLJUČIVANJE U PROIZVODNE I RAZVOJNE LANCE RAZVIJENIH − JEDINI NAČIN BRŽEG RAZVOJA MALIH EKONOMIJA U RAZVOJU
(ORGANIZED INVOLVEMENT IN PRODUCTION AND DEVELOPMENT CHAINS OF DEVELOPED COUNTRIES - THE ONLY WAY TO ACCELERATE THE DEVELOPMENT OF A SMALL DEVELOPING ECONOMY)

  • Author(s):Ljubo Jurčić
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Public Finances, Accounting - Business Administration, Socio-Economic Research
  • Page Range:123-132
  • No. of Pages:10
  • Keywords:global market; global value chains; international trade;Western Balkans;
  • Summary/Abstract:Global industrial organization and international trade have entered a new era and changed the relative economic position of countries participating in the global market. Global supply or value chains are a key new paradigm within theories of international trade that explains modern vertical specialization of countries within the global organization of production.They provide development opportunities for countries participating in the chain. For a comprehensive understanding of the organization and functioning of the modern global economy and international trade, as well as opportunities for development within it, it is necessary,above all, to understand the functioning and create conditions for effective inclusion of own economy in global value chains (GVCs) as a new paradigm. Systematic, organized and encouraged development of European global value chains, would raise the development and production potential of the countries of the Western Balkans , as well as the added value(GDP) created in them. One of the obstacles to such policy is that profit and wealth are created on the difference in development among countries.
  • Price: 15.00 €
PANDEMIJA COVID-19 KAO „BURNING PLATFORM” – PRAVI MOMENTUM ZA DIGITALNU TRANSFORMACIJU

PANDEMIJA COVID-19 KAO „BURNING PLATFORM” – PRAVI MOMENTUM ZA DIGITALNU TRANSFORMACIJU
(COVID-19 PANDEMIC AS A “BURNING PLATFORM” - THE RIGHT MOMENT FOR DIGITAL TRANSFORMATION)

  • Author(s):Anđelko S. Lojpur, Ivan Radević, Nikola Martinović, Anja Lojpur
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Marxist economics, Health and medicine and law, Financial Markets, Public Finances
  • Page Range:133-159
  • No. of Pages:27
  • Keywords:corona crisis; globalization; disruptive changes; digital transformation;
  • Summary/Abstract:The current COVID-19 pandemic, as a powerful information weapon, is well on its way, if not already, to take the character of a religion. According to us, it is a false religion, because everything has become very pragmatic and prosaic. If the matter ended like that, it would be a kind of “biblical flood”. It is possible that the “supreme” has decided to exterminate a part of the world’s population by flood, certainly not all, but the question is, why is it so complicated and why does everything take so long. Has any “new” Noah already prepared the raft, and how much space is there on it! The objective question is, for how long, where,and to whom does this “rotten” humanism, which manifests itself in a couple of free “needle”stings, work? State donation!On the other hand, the uncertainty that comes with the time of an increasingly intense digital future produces different interpretations of where we are and what will happen. And while usually only a small number in an organization can clearly recognize a “burning platform”,for others it is, at best, just a little bit of smoke on the horizon.In this paper, given the many unknowns related to the corona crisis, we discuss more than we actually offer solutions on how to start the development spiral of the economies of less developed countries. As can be seen from the title of the paper, our starting position indicates that it is possible, but on a new paradigmatic basis, to trigger the momentum of digital transformation.The initial question is whether there is any hope that these economies, squeezed by the “yoke” of globalization, will turn the accumulated crisis into a real opportunity for their own economic revival that will deliberately, continuously and realistically increase GDP, living and working standards. For now, apparently, we have not predicted that the old Chinese curse “may we live in interesting times” will reach us.
  • Price: 15.00 €
KAKO UBRZATI EKONOMSKI RAST I RAZVOJ ZEMALJA ZAPADNOG BALKANA?

KAKO UBRZATI EKONOMSKI RAST I RAZVOJ ZEMALJA ZAPADNOG BALKANA?
(HOW TO ACCELERATE ECONOMIC GROWTH AND DEVELOPMENT OF THE WESTERN BALKANS COUNTRIES?)

  • Author(s):Radomir Božić
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Marxist economics, Public Finances, ICT Information and Communications Technologies
  • Page Range:161-178
  • No. of Pages:18
  • Keywords:Small open economies; Western Balkans; information and communication technologies; Industry 4.0; knowledge; innovation; digitalization; internationalization; OFDI;
  • Summary/Abstract:The paper points out the need, importance, determinants and policies of accelerating economic growth and development of the Western Balkan countries in the function of catching up and convergence with developed countries. The starting point is that to achieve this goal, adequate policies are needed at the macro and micro level, the implementation of which should ensure the strengthening of competitiveness of companies from these countries, appropriate integration into global value chains and catching up with market leaders from developed countries and at the same time convergence of the secountries with developed countries.The first part of the paper elaborates the experiences of Central and Eastern European countries, based on the application of information and communication technologies and the achievements of Industry 4.0 and their contribution to production and productivity growth, which for some of these countries was faster than in developed EU countries(EU15) and thus enabling them to catch up or reduce the development gap.The second part of the paper presents the experiences of developing countries, including Central and Eastern European countries, in the internationalization of their companies through foreign direct investment (OFDI), as determinants of acquiring and maintaining competitiveness and catching up with companies from developed countries as market leaders and contribute to the convergence of these countries with developed countries.The third part of the paper synthesizes the basic potentials, challenges and possible answers of the creators of economic and business policies of the Western Balkans as small open developing economies in the function of accelerating and sustainable economic growth and development at micro and macro level and their convergence with developed countries.
  • Price: 15.00 €
NOVA RAZVOJNA PARADIGMA – POST-COVID RAZVOJ

NOVA RAZVOJNA PARADIGMA – POST-COVID RAZVOJ
(NEW DEVELOPMENT PARADIGM − POST COVID-19 DEVELOPMENT)

  • Author(s):Tihomir Domazet
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Health and medicine and law, Public Finances, Socio-Economic Research
  • Page Range:179-211
  • No. of Pages:33
  • Keywords:economic crisis;COVID-19 crisis; new paradigm of development;
  • Summary/Abstract:The relative development of Croatia in relation to the EU27 was 85.1% in 1986, and 59.5%in 2020, while the same ratio for Serbia is 66.0% (1986) and 37.5% (2020), and for allCEEC17 countries accounted for 62.0% (1986) and 70.4% (2020), respectively. So, simplified,it is a failure of convergence.Gross national income (GNI) is also unfavorable, so the GNI/GDP ratio CEEC17 was 85.0%in 2008 and 97.5% in 2019.Several CEEC17 countries essentially failed to resolve the crisis (2008), and then the whole world was hit by a pandemic, which can be classified as a natural disaster. Although almost all countries in the world are trying to solve the COVID-19 crisis by the common economic and financial measures, problems and doubts arise at the same time.There are some estimates of economic growth in the period 2021-2030, for example for Croatia2.0% on average per year, according to which individual development would still be significantly below the 1986 level. Thus, the question arises as to whether significantly higher growth and development can be achieved in the period 2021-2030, or what measures should be taken to achieve this.The new system is based on several postulates: (i) abandonment of existing economic models as well as economic theories that are no longer valid, (ii) creation of a development paradigm based on new social and economic relations brought by COVID-19, (iii) greater use of knowledge, technologies for the benefit of labor and society as a whole and (iv) a new relationship between economics and philosophy as the driving force of development.COVID-19 brings tremendous changes, and the existing Western civilization cannot provide answers to insoluble contradictions, which means that a new world and a new system is just emerging.A podcast to the new system is a possible contribution of regional connectivity to the new development paradigm.
  • Price: 15.00 €
PLES SA VIRUSOM: TEST OTPORNOSTI GLOBALNE EKONOMIJE

PLES SA VIRUSOM: TEST OTPORNOSTI GLOBALNE EKONOMIJE
(DANCING WITH THE VIRUS: A TEST OF RESILIENCE TO THE GLOBAL ECONOMY)

  • Author(s):Polona DOMADENIK, Matjaž Koman, Tjaša Redek
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Health and medicine and law, Public Finances, Human Resources in Economy, Socio-Economic Research
  • Page Range:213-226
  • No. of Pages:14
  • Keywords:pandemic;economic resilience; economic crisis; social crisis; uncertainty;
  • Summary/Abstract:The coronavirus pandemic represents a major shock for the global and EU economies and is expected to bear unpredictable, yet severe and long-lasting socio-economic consequences.Health crises provoked economic contagion and is now, it seems, spreading as fast as the disease itself. During the crisis, national economies found themselves in a free fall with different velocities. In general, it is expected that COVID-19 will take much higher toll in terms of GDP if compared with three main crises in past 100 years: the great depression in 1930s, first OPEC oil crises in the 1970s and the recent financial crises in the period of 2007-2009. Global GDP is projected to contract by about 4.4 percent in 2020, which is a sharper downturn than during the Global Financial Crisis in 2008-2009. It is then expected to rebound by 5.2percent in 2021, implying that global output should recover above it 2019 level but remain well below the level projected in the autumn 2019 forecast.The health and economic crisis has led to a significant job crisis that will increase the inequality and widen the gap in social structures. This paper presents the role of business and societal resilience. At the policy and societal level, the COVID-19 crisis has brought about a will to question the current functioning of economy and society with citizens’ initiatives. The economic system supporting the increasing share of precariat workers due to gig economy and deterioration of workers’ bargaining power, eroding the public institutions by austerity measures and siphoning value out of the economy by rewarding shareholders through stockbuyback schemes, rather than supporting investment in research and development, wages,and worker training, has proven to be ineffective to combat serious exogenous shocks. The current crisis calls for a new policy approach, based on theoretical foundations of (i) the developmental state, (ii) legal institutionalism and (iii) the entrepreneurial state.During the recent COVID crisis the switch in policy paradigm will improve the resilience of the companies in order to be capable of managing future disruptions and handling the most important challenges we need to solve like climate change, inequalities or financial crises, by reaping the synergies between collaboration, digitalization and sustainability.
  • Price: 15.00 €
PLATNA BILANCA ROBA I USLUGA ODREĐUJE POREZNI SUSTAV

PLATNA BILANCA ROBA I USLUGA ODREĐUJE POREZNI SUSTAV
(THE BALANCE OF PAYMENTS FOR GOODS AND SERVICES IS DETERMINED BY THE TAX SYSTEM)

  • Author(s):Guste Santini
  • Language:Serbian
  • Subject(s):Economy, Micro-Economics, Financial Markets, Public Finances, Accounting - Business Administration
  • Page Range:227-242
  • No. of Pages:16
  • Keywords:balance of payments and its components; tax burden; standard approach; classification of taxes by time criterion; budget deficit; public debt;
  • Summary/Abstract:A standard approach to taxes and taxation is not appropriate for a market state. The paper shows how the classification of taxes according to the criterion of time more appropriately identifies the state and role of the tax system and tax policy. To show this, we analyzed the impact of the balance of payments of goods and services on tax revenues. The taxation of primary and secondary income is specifically regulated by Ttreaties for the avoidance of double taxation and is not the subject of this paper.The paper shows how, only through the approach of tax classification according to the criterion of time (taxes on the past, present and future), it is possible to assess whether and how much tax is exported or imported through the exchange of goods and services with foreign countries. The standard approach to taxes does not distinguish whether and to what extent tax revenues are the result of foreign exchange, but records tax revenues based on cash flow.The paper first specifies how taxes are imported or exported through the balance of payments of goods and services (macroeconomic approach). Based on the macroeconomic interpretation,a calculation was performed for Croatia, Slovenia and Serbia in order to show the unsustainability of the standard approach to tax revenues and tax burden in an open (market)country. These and such questions cannot even be asked on the basis of a standard approach to taxes and taxation. Slovenia has a surplus on the account of trade in goods and services, so it is a tax exporter. Croatia has the largest foreign trade deficit and the largest foreign trade surplus in services, thanks to tourism, which ultimately results in significant tax exports. Serbia records a smaller foreign trade deficit than Croatia, but also a much smaller surplus on the services account, so it has a balance of payments deficit compared to Slovenia and Croatia.The paper shows how the balance of payments of goods and services changes the tax burden in the observed countries. And even more so as the country is more open to exports.The findings of the analysis indicate that the most important economic goal in a market country is the current account surplus of goods and services. Balances on primary and secondary income of the balance of payments are considered to be a reflection of economic policy in the past, which means that the movement of the balance of payments is the starting point in the analysis of economic policy in a market country. While Slovenia, as the most developed country, takes care of the competitiveness of its own economy, in Croatia and Serbia the fiscal approach to the tax system dominates, which, in turn, reduces the competitiveness of these countries and reduces economic growth rates.At the end of the paper, the results are compared based on the standard approach and the time classification approach.
  • Price: 15.00 €
MONETARNA POLITIKA U USLOVIMA GLOBALNE PANDEMIJE U ZEMLJAMA KOJE PRIMENJUJU REŽIM VALUTNOG ODBORA

MONETARNA POLITIKA U USLOVIMA GLOBALNE PANDEMIJE U ZEMLJAMA KOJE PRIMENJUJU REŽIM VALUTNOG ODBORA
(MONETARY POLICY IN THE CONTEXT OF A GLOBAL PANDEMIC IN COUNTRIES APPLYING THE CURRENCY COMMITTEE REGIME)

  • Author(s):Nikola Fabris
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Health and medicine and law, Public Finances
  • Page Range:243-254
  • No. of Pages:12
  • Keywords:Monetary Policy; Pandemic; Currency Board; Recession;
  • Summary/Abstract:The coronary virus pandemic began in China at the end of 2019 and spread rapidly throughout the world in 2020. It has led to a number of business constraints that have further resulted in a significant decline in economic activity, the collapse of a large number of businesses,rising unemployment, a slowdown in cross-border flows, and a significant decline in investment activity and aggregate demand. Against such backdrop, economic policy makers around the world had to implement a wide range of incentives from their fiscal and monetary policy arsenals.Countries under the currency board arrangement are in a very specific position as most of the classical monetary policy instruments are not available to them. However, the application of monetary policy incentive instruments is also necessary in these countries given that the crisis induced by the pandemic has not bypassed them. Therefore, the paper analyses the possibilities of applying adequate monetary policy measures in countries having the currency board regime in place.
  • Price: 15.00 €
SKRIVENI POKRETAČI RAZVOJA MALIH EKONOMIJA

SKRIVENI POKRETAČI RAZVOJA MALIH EKONOMIJA
(HIDDEN DRIVERS OF SMALL ECONOMY DEVELOPMENT)

  • Author(s):Brano Markić, Marko Markić
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Public Finances, Accounting - Business Administration
  • Page Range:255-270
  • No. of Pages:16
  • Keywords:small economies; hidden drivers of growth; entrepreneurship; economic policy;
  • Summary/Abstract:The relative position of economies in the global distribution of income is changing. The logical question is how can small economies progress in their relative position in generating and distributing income, how can they improve their relative position? The paper the reforeemphasizes and highlights the hidden drivers of small economy development that they can identify, activate and follow in order to improve their relative position in income distribution.Mathematical descriptions of economies based on assumptions and selection of the most important variables from the aspect of economic growth are described by growth models. Entrepreneurship in our time is an activity, a process, an invisible assumption and a driver of economic development. In the research methodology, the paper hypothesizes that entrepreneurship,measured by the rate of emergence (birth rate) of new enterprises and the growth of gross domestic product are significantly related. Based on empirical data for EU countries,this link exists, and can be interpreted as moderate. Gross domestic product growth and entrepreneurship are related, and their causal relationship has not been empirically determined.In addition to entrepreneurship, the paper emphasizes economic policy as another invisible, hidden, but important driver of economic development. Therefore, encouraging entrepreneurship through economic policy measures is another important invisible driver of economic growth.
  • Price: 15.00 €
UTICAJ PANDEMIJE VIRUSA KORONA NA FINANSIJSKU RANJIVOST LOKALNIH ZAJEDNICA U REPUBLICI SRPSKOJ

UTICAJ PANDEMIJE VIRUSA KORONA NA FINANSIJSKU RANJIVOST LOKALNIH ZAJEDNICA U REPUBLICI SRPSKOJ
(THE IMPACT OF CORONAVIRUS ON THE FINANCIAL VULNERABILITY OF LOCAL GOVERNMENTS IN THE REPUBLIC OF SRPSKA)

  • Author(s):Jelena Poljašević, Miloš Jokić
  • Language:Serbian
  • Subject(s):Economy, National Economy, Governance, Health and medicine and law, Financial Markets, Public Finances, Accounting - Business Administration
  • Page Range:271-286
  • No. of Pages:16
  • Keywords:financial vulnerability; local governments; corona virus;
  • Summary/Abstract:The crisis caused by the corona virus caused a drop in revenues with a simultaneous increase in public expenditures in the budgets of both central and local levels of government. Research on the impact of crises on financial vulnerability, ie the resilience of local units is particularly important given that the services provided by these communities, and the creation of a local business environment, have a decisive impact on the quality of life of residents. Analyzing the financial indicators of municipalities and cities in Republika Srpska in the period before and immediately after the outbreak of the pandemic, it was noticed that neither institutional factors, which are reflected in the influence of central government on local or territorial,decisively influenced the response of local communities to the crisis. The prominent vulnerability,ie poor financial indicators, was primarily influenced by internal factors, ie inadequate and untimely planning, ignoring the new situation, and unwillingness to adapt to changes.
  • Price: 15.00 €
OPOREZIVANJE UTANJENE KAPITALIZACIJE − UPOREDNA ANALIZA PORESKIH SISTEMA CRNE GORE, SRBIJE I BOSNE I HERCEGOVINE

OPOREZIVANJE UTANJENE KAPITALIZACIJE − UPOREDNA ANALIZA PORESKIH SISTEMA CRNE GORE, SRBIJE I BOSNE I HERCEGOVINE
(TAXATION OF THIN CAPITALIZATION − A COMPARATIVE ANALYSIS OF THE TAX SYSTEMS OF MONTENEGRO, SERBIA AND BOSNIA AND HERZEGOVINA)

  • Author(s):Mirko Andrić, Milan Lakićević, Saša Vujošević
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Public Finances, Accounting - Business Administration
  • Page Range:287-311
  • No. of Pages:25
  • Keywords:capital structure; thin capitalization; double taxation treaties; multilateral convention; preferential tax system;
  • Summary/Abstract:The paper pays special attention to the tax treatment of thin capitalization in the tax systems of Montenegro, Serbia and Bosnia and Herzegovina, as well as to the activities that are undertaken in these countries in order to prevent tax evasion and profits’ transfer to the so called “tax havens”. In this context, special attention is given to the tax treatment of dividends paid and interest paid in comparative tax systems. Having in mind the fact that reduced capitalization is a form of tax evasion in the international framework, it is necessary to point out the implementation of agreements on the prevention of double taxation, as well as of the multilateral conventions, in order to prevent tax evasion and profits’ transfer to the so called countries of preferential tax jurisdictions. Thin capitalization is associated with an inadequate capital structure and arises as a result of the unequal tax treatment of dividends,as return on equity, and interest as return on borrowed capital. The capital structure means the relationship between equity and long-term debt. In cases when the equity is disproportionately smaller in relation to the borrowed capital, such a capital structure is considered as thin capitalization and most often represents a relationship between related parties. Thin capitalization can occur as a result of financial and tax reasons. It is most often caused by tax reasons, where various manipulations are used to tax redirection from one legal entity to another related legal entity that is under the tax jurisdiction of another state. The paper aims to analyze the treatment of thin capitalization in the tax systems of Montenegro, Serbia and Bosnia and Herzegovina and to consider the possibility of tax evasion on this basis.
  • Price: 15.00 €
BANKARSTVO U BIH KAO DIO MAKROEKONOMSKE I POLITIČKE REALNOSTI, STRATEGIJA RAZVOJA I IZAZOVI U BUDUĆNOSTI

BANKARSTVO U BIH KAO DIO MAKROEKONOMSKE I POLITIČKE REALNOSTI, STRATEGIJA RAZVOJA I IZAZOVI U BUDUĆNOSTI
(BANKING IN BIH AS A PART OF MACROECONOMIC AND POLITICAL REALITY, DEVELOPMENT STRATEGY AND FUTURE CHALLENGES)

  • Author(s):Berislav Kutle
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Financial Markets, Public Finances, Accounting - Business Administration
  • Page Range:313-322
  • No. of Pages:10
  • Keywords:banking; Bosnia and Herzegovina; economic policy;strateg;
  • Summary/Abstract:In the post-war period of development, BiH adopted regulations that, in addition to the transfer of knowledge from foreign banking, influenced the development of this sector. The banking sector has continued its further development by accelerating harmonization with EU regulations, so that BiH in this area is at the European level. Recently, however, government regulations have increasingly lagged behind current banking development needs.Banking in the future will be significantly different from today. The process of planning interest income should not be too demanding, as opposed to non-interest, which will be a great challenge for all those who have the appropriate infrastructure to implement it. Taking into account all global trends and their impact on banking, it will be necessary to look for solutions based on customer needs and preferences and define products accordingly. In this context, it is necessary to develop key competencies for a new way of doing business, create an organizational structure adaptable to new circumstances, create new products and make decisions that will increase the level of connectivity.
  • Price: 15.00 €
RAZVOJ TRŽIŠTA NOVCA U FUNKCIJI RAZVOJA FINANSIJSKOG SISTEMA

RAZVOJ TRŽIŠTA NOVCA U FUNKCIJI RAZVOJA FINANSIJSKOG SISTEMA
(MONEY MARKET DEVELOPMENT IN THE FUNCTION OF FINANCIAL SYSTEM DEVELOPMENT)

  • Author(s):Jasna Zrilić
  • Language:Serbian
  • Subject(s):Economy, National Economy, Financial Markets, Public Finances
  • Page Range:323-337
  • No. of Pages:15
  • Keywords:Central bank; money market; financial system;
  • Summary/Abstract:In addition to the previously introduced fee for funds above the reserve account, from June 1,2021, the Central Bank of BiH will also introduce a fee for required reserve funds (based on EUR and other foreign currencies). This decision will consequently increase the price of services provided by banks to clients in BiH. Banks have not planned this cost in their budgets,and since the estimated amount is significant, they will look for a way to recoup revenues.In the circumstances during and after the pandemic, central banks around the world have taken measures to encourage lending activity, e.g. by reducing the reserve requirement rate or by providing additional liquid assets that they made cheap and accessible to the economy and citizens through banks. In 2020, there was a decline in lending activity in BiH, and loans reduced by interbank loans decreased by 2.31% compared to the previous year. The country's economic recovery is possible by stimulating the growth of lending through the synchronized action of all market participants.The banking sector of BiH is stable, extremely liquid, but due to the lack of coordination and consideration of the impact of individual decisions of institutions and banks, there has been no growth in lending activity.The aim of the paper is to, through the proposal, lead the professional public to an active discussion in order to solve long-term problems related to business in the circumstances of negative interest rates on the international market. Also, given the existence of a currency board,it is necessary that the legislation treats EUR and domestic currency equally, since there is no foreign exchange risk. The money market and secondary trade in government bonds could be developed if it were possible to maintain the required reserves partly in securities issued by the Ministries of Finance of domestic entities.
  • Price: 15.00 €
INOVACIJE I KONSTANTNO PRILAGOĐAVANJE IZAZOVIMA PRIVREDE SA CILJEM OČUVANJA STABILNOSTI U SAVEZNOJ REPUBLICI NEMAČKOJ U VANREDNIM USLOVIMA IZAZVANIM PANDEMIJOM VIRUSA KORONA

INOVACIJE I KONSTANTNO PRILAGOĐAVANJE IZAZOVIMA PRIVREDE SA CILJEM OČUVANJA STABILNOSTI U SAVEZNOJ REPUBLICI NEMAČKOJ U VANREDNIM USLOVIMA IZAZVANIM PANDEMIJOM VIRUSA KORONA
(INNOVATION AND CONSTANT ADAPTATION TO THE CHALLENGES OF THE ECONOMY IN ORDER TO PRESERVE STABILITY IN THE FEDERAL REPUBLIC OF GERMANY IN EMERGENCIES CAUSED BY THE CORONAVIRUS PANDEMIC)

  • Author(s):Zoran Malešević
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Health and medicine and law, Public Finances
  • Page Range:339-352
  • No. of Pages:14
  • Keywords:financial help; innovations; coronavirus; crisis;
  • Summary/Abstract:If we observe the time period of the previous 18 months, we can see that the economic systems of all countries are facing great challenges. The corona pandemic, which was initially mistakenly thought to have no impact on economic developments or that economies will suffers light changes and possibly small losses, proved to be an imposed economic constant. The Corona has become a significant factor in adjusting economic trends and creating economic policies. This has forced many countries to adapt to the new situation. From the very beginning of the pandemic, the Federal Republic of Germany has taken very serious approach to program development and innovation in order to preserve its economic stability. The state has invested large financial resources in order to preserve small, medium and large enterprises and to mitigate the negative consequences as much as possible.
  • Price: 15.00 €
IZAZOV FINANSIRANJA SKOKOVITOGA RASTA MALIH EKONOMIJA

IZAZOV FINANSIRANJA SKOKOVITOGA RASTA MALIH EKONOMIJA
(THE CHALLENGE OF FINANCING RAPID GROWTH OF SMALL ECONOMIES)

  • Author(s):Silvije Orsag, Dejan Mikerević
  • Language:Serbian
  • Subject(s):Economy, National Economy, Financial Markets, Public Finances, Accounting - Business Administration
  • Page Range:353-376
  • No. of Pages:24
  • Keywords:economic growth; small economies; internal financing; external financing; privatization; capital; foreign direct investment; capital market; banks; privatization, earnings; corporate control; funds;
  • Summary/Abstract:Achieving economic growth is the basis for the development of society and improving the living standards of citizens. A high rate of investment is necessary to provide the conditions for rapid growth, especially for small economies. A positive investment climate is key to attracting foreign investment and stimulating domestic investors to invest additional funds to improve their business activities. The realization of the rapid growth of small economies is possible with internal and external sources of financing, and the choice between them depends on the potential that the observed countries possess as well as the degree of their development. The strength of financial markets and institutions is also extremely important for economic development. If there is a strong traditional commercial banking and capital market in the country then they jointly contribute to more diverse sources of financing the rapid growth of small economies. Observing the countries in the region shows the great bancocentrism of their financial systems and it is certain that the future development of the capital markets in these countries is the basis of their economic growth and overall prosperity of the region. In less developed countries, it is necessary to achieve much stronger economic growth than in developed countries in order for them to catch up with modern global processes of digitalization and economic reform processes around the world.
  • Price: 15.00 €
OD LINEARNE DO CIRKULARNE EKONOMIJE: PRIMJER IZ BOSNE I HERCEGOVINE

OD LINEARNE DO CIRKULARNE EKONOMIJE: PRIMJER IZ BOSNE I HERCEGOVINE
(FROM LINEAR TO CIRCULAR ECONOMY: AN EXAMPLE FROM BOSNIA AND HERZEGOVINA)

  • Author(s):Zdravko Todorović, Igor Todorović
  • Language:Serbian
  • Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Energy and Environmental Studies, Accounting - Business Administration, ICT Information and Communications Technologies
  • Page Range:377-390
  • No. of Pages:14
  • Keywords:linear economy; circular economy; recycling; waste; sustainable development;
  • Summary/Abstract:Waste is today considered one of the most significant environmental problems of the modern world. Man, with his activities, is a decisive factor in changing and polluting the environment. Nature does not know waste, waste is the work of man. The research problem is a waste-generating economy model. From the beginning of the industrial revolution, man decided to abandon the circular model of the economy and to move in a straight line. He adopted a linear model of the economy that takes resources from nature,processes them into products, which are thrown away after use and create waste. The linear economy model on the one hand brought rapid economic growth and development, increased productivity, population growth, raising living standards, development of new technologies and knowledge, but on the other hand the linear economy model created catastrophic environmental problems, uncontrolled use of resources, allowed rich global access to resources, changed political and military power, stratified the population into a small group of rich and mass poor, created excessive consumerism, led to drastic climate change and the like. The world has realized that the linear economic model must change.The first phase in the transition from a linear to a circular economy is the recycling economy. The goal is to recycle discarded products and return them as raw materials to a new process. A special problem is the cleaner “planet” than previous waste. The next phase is a systematic approach to economic change that aims to design business systems in such a way that products after use can be easily returned as raw materials to the business process and be zero waste. These changes require all stakeholders to be involved in the change process. Economic progress cannot be stopped, but it can be slowed down for sustainable development. The paper presents the development of economic models and presents the process of transition from linear to circular economy. A special contribution of the paper is the analysis of the state of the economic model in Bosnia and Herzegovina and the comparison with the circular model in the European Union. The discussion analyzes the situation in the field of circular economy in Serbia, Slovenia and Croatia.
  • Price: 15.00 €
OBRAZOVANJE − KRITIČNI FAKTOR USPEHA EKONOMIJA U RAZVOJU

OBRAZOVANJE − KRITIČNI FAKTOR USPEHA EKONOMIJA U RAZVOJU
(EDUCATION – A CRITICAL FACTOR IN THE SUCCESS OF DEVELOPING ECONOMIES)

  • Author(s):Svetlana Kisić
  • Language:Serbian
  • Subject(s):Economy, Education, National Economy, Public Finances
  • Page Range:391-417
  • No. of Pages:28
  • Keywords:education; skills; labour market; Fourth Industrial Revolution; Bosnia and Herzegovina;
  • Summary/Abstract:New knowledge and new technologies are causing an accelerated transformation of economies and societies on a global scale. Ways of production, consumption, service delivery and communication are changing. Labour market demands are changing dramatically. New occupations emerge and existing ones disappear. This opens up new opportunities, raises productivity, enables higher consumption, encourages growth, yet to reap the benefits from the positive effects of change, significant investment in human capital and knowledge and skills development of the population are essential.This is particularly important for developing countries such as Bosnia and Herzegovina.The emphasis in education is moving from memorization to developing analytical and critical thinking, problem solving, creativity, adaptability, team work, skills for lifelong learning. It is already obvious that even at lower education levels, preparing individuals to cope with a complex, digital environment becomes important.The education system needs to ensure people are equipped with the skills to adapt to technological changes and leverage their potentials. The required knowledge and skills need to be developed before entering the labour market and updated throughout the working life.Analysis of the Bosnia and Herzegovina education system outcomes at different levels shows that it fails to fulfil its social task. Students’ results in international testing are below average,graduates are inadequately prepared for their first job requirements, the profile structure from secondary school level upwards is notably mismatched to the labour market needs.What is required is a radical, consistent reform of the education system at all levels. Solutions exist, what we need is to acknowledge the world around us.
  • Price: 15.00 €
UTICAJ PANDEMIJE COVID-19 NA FINANSIJSKE PERFORMANSE LISTIRANIH PREDUZEĆA U ODABRANIM DRŽAVAMA JUGOISTOČNE EVROPE

UTICAJ PANDEMIJE COVID-19 NA FINANSIJSKE PERFORMANSE LISTIRANIH PREDUZEĆA U ODABRANIM DRŽAVAMA JUGOISTOČNE EVROPE
(THE IMPACT OF THE COVID-19 PANDEMIC ON THE FINANCIAL PERFORMANCE OF LISTED COMPANIES IN SELECTED SOUTHEAST EUROPEAN COUNTRIES)

  • Author(s):Bobana Čegar
  • Language:Serbian
  • Subject(s):Economy, National Economy, Health and medicine and law, Financial Markets, Public Finances
  • Page Range:419-435
  • No. of Pages:17
  • Keywords:COVID-19 pandemic; profitability; liquidity; solvency; capital market; Southeast Europe; financial performance;
  • Summary/Abstract:Since the first case of the infection, the coronavirus has rapidly spread to almost all countries of the world, so the original health crisis soon became an economic crisis, and 2020 will be remembered as the year of the pandemic in which measures to prevent further spread of the virus greatly affected to almost all segments of life. Restricted movement, ban on crossing state borders and temporary ban on performing certain businesses have significantly affected the financial performance of companies, as shown by this analysis. In this paper, liquidity,profitability and solvency indicators for 119 companies listed on the capital markets in Bosnia and Herzegovina, Montenegro, Croatia, Northern Macedonia, Slovenia and Serbia are analyzed. The analysis was done for a three-year period, from 2018 to 2020, and shows that the most significant, negative consequences of the COVID-19 pandemic are in the transport and storage and hotel sectors.
  • Price: 15.00 €
FINANSIJSKI POKAZATELJI U FUNKCIJI PREDVIĐANJA STALNOSTI POSLOVANJA MALIH I SREDNJIH PREDUZEĆA U TRANZICIJSKIM ZEMLJAMA

FINANSIJSKI POKAZATELJI U FUNKCIJI PREDVIĐANJA STALNOSTI POSLOVANJA MALIH I SREDNJIH PREDUZEĆA U TRANZICIJSKIM ZEMLJAMA
(FINANCIAL INDICATORS IN THE FUNCTION OF PREDICTING THE BUSINESS CONSTANCY OF SMALL AND MEDIUM ENTERPRISES IN TRANSITION COUNTRIES)

  • Author(s):Selma Vidimlić
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Financial Markets, Accounting - Business Administration
  • Page Range:437-446
  • No. of Pages:10
  • Keywords:Financial indicators; business continuity; small and medium entities;
  • Summary/Abstract:The research was conducted with the aim of determining the possibility of using the model for predicting the financial failure of small and medium-sized entities in transition countries.Altman 's, Chesser' s, Kralicek 's and Fulmer' s models were tested, as well as the Analysis of the return on assets and financial position of companies on a sample of 392 entities. The obtained results show that the statistical models used in the countries of the developed Westcan be applied with much less reliability in the countries in transition.
  • Price: 15.00 €
UTICAJ KULTUROLOŠKIH DIMENZIJA ZEMLJE NA POIMANJE KVALITETA REVIZIJE I IZBOR REVIZORSKIH FIRMI

UTICAJ KULTUROLOŠKIH DIMENZIJA ZEMLJE NA POIMANJE KVALITETA REVIZIJE I IZBOR REVIZORSKIH FIRMI
(THE INFLUENCE OF CULTURAL DIMENSIONS OF THE COUNTRY ON THE COMPREHENSION OF AUDIT QUALITY AND CHOICE OF AUDIT FIRMS)

  • Author(s):Svetlana Sabljić, Tajana Serdar Raković
  • Language:Serbian
  • Subject(s):Economy, National Economy, Public Finances, Accounting - Business Administration
  • Page Range:447-470
  • No. of Pages:24
  • Keywords:cultural background; dimensions of national culture; behavioral finance; audit firms; audit quality;
  • Summary/Abstract:Observing the individual countries and markets at the global level, it is evident that there is a significant cultural difference in the business approach and choice of business partners incorporate world, and among others, the audit firms. The motive for our research is associated to the previous analysis of the behavioral approach to corporate finance and auditing.The main research problem relates to determining the influence of the cultural background of a particular country on the choice of audit firms (the Big Four in relation to other audit firms). Many companies, financial institutions, as well as scientists associate the audit firms of the Big Four with audit quality, so the relationship between the assumed quality of audit services and the dimensions of the country’s national culture has been analyzed. The research is conducted by collecting primary and secondary data in order to gain a basis for our research. The analysis of the situation in the audit practice of individual countries is performed by collecting data on the number and percentage of audits performed by the companies of the Big Four and those performed by other audit firms. Analyzing the collected data, we correlated the notion of audit quality with the choice of specific audit firms taking into account cultural differences between countries. The aim of the research is to review the situation in the audit sector and the participation of audit firms from the Big Four in Bosnia and Herzegovina and a comparative analysis with other countries, from a cultural point of view. The research clearly shows that the behavioral and cultural aspects of the country have a significant impact on the understanding of audit quality and on the choice of audit firms in the corporate sector.
  • Price: 15.00 €
DIGITALNE INOVACIJE I ZNANJE KAO POKRETAČI DIGITALNE TRANSFORMACIJE POSLOVANJA

DIGITALNE INOVACIJE I ZNANJE KAO POKRETAČI DIGITALNE TRANSFORMACIJE POSLOVANJA
(DIGITAL INNOVATIONS AND KNOWLEDGE AS INITIATORS OF DIGITAL BUSINESS TRANSFORMATION)

  • Author(s):Branko Krsmanović
  • Language:Serbian
  • Subject(s):Economy, ICT Information and Communications Technologies
  • Page Range:471-483
  • No. of Pages:13
  • Keywords:digital transformation; knowledge management; innovation; artificial intelligence; big data;
  • Summary/Abstract:The development of digital technologies has influenced the change in the way new value is created, clients are considered, in competition, data, innovation and knowledge. For a successful digital transformation of business, it is necessary, in addition to the application of modern digital technologies, to change strategic thinking in such a way that new technologies are used for innovation and business improvement. The ability to exploit the innovative potential created by the creation and dissemination of knowledge becomes a source of competitive advantage, wealth creation and improved quality of life. The process of digital transformation is “forcing” and putting pressure on organizations to shift to data-based business models in a timely manner. Four digital technologies have been identified as drivers of digital transformation: analytical tools and applications, mobile tools and applications, platforms for sharing of digital possibilities and social media. Knowledge management supports digital transformation and information should be accurate, complete and relevant, every business process selected for digitization should have the potential to maximize return on investment and learning should be the need and practice supported throughout the organization.
  • Price: 15.00 €
INOVATIVNI SLOŽENI PROIZVODI KAO REGIONALNI IZAZOVI

INOVATIVNI SLOŽENI PROIZVODI KAO REGIONALNI IZAZOVI
(INNOVATIVE COMPLEX PRODUCTS AS REGIONAL CHALLENGES)

  • Author(s):Radmilo Todosijević, Miloš Todosijević
  • Language:Serbian
  • Subject(s):Economy, National Economy, Public Finances
  • Page Range:485-499
  • No. of Pages:15
  • Keywords:product; technology; region; cooperation; economy; strategy; digitalization;
  • Summary/Abstract:We are looking towards process’ of digital transformation of economy and society, and inclusion into flows of international activities. If intellectual capitalism is at hand, or better said intellectualization of working process’ and relations of knowledge and total education on value matrix, keep going up. Identification of actual movements, as sum of information, determine a scientific base in terms of actualities for leads in scientific research, whose results would be desired for the firm, economy and society. Innovation and creativity, through digital network, come on scene. Does the evolution undermine a rapid growth and development or does it insist on gradualness just like nature does? Can destructive force of mind and capital jeopardize process of intellectualization and digitalization. How can we develop a defense mechanism and protect our own functioning and trends of growth? Internet, robotics, telecommunications,computers, cloud computing, cyber-physical systems and big data systems are included in application of economic development concept. Why a complex product? Only a complex product can allow a development of all scientific, technical, and business cooperation. Matters of independence and roundness of process will always be questioned, which initiates changes and improve as well as a tendency of redistribution of jobs in regional and world economy. Without a complex product there can be no diversification nor business cooperation. We point out that with every new technological and business breakthrough at least 1% of new jobs are created in comparison to the ones that are lost. On the other side:acceleration yes, but hard and fast lines is almost impossible. Fullness is inevitable. We call upon Newton’s laws and put them into economic terms.
  • Price: 15.00 €
LANAC SNABDIJEVANJA POSLIJE GLOBALNE PANDEMIJE

LANAC SNABDIJEVANJA POSLIJE GLOBALNE PANDEMIJE
(THE SUPPLY CHAIN AFTER THE GLOBAL PANDEMIC)

  • Author(s):Marko Jakšič, Žiga Agostini, Ramon Babič, Gaber Gašperlin
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Health and medicine and law
  • Page Range:501-517
  • No. of Pages:17
  • Keywords:supply chain; pandemic; costs; inventory level; network distribution;
  • Summary/Abstract:The global pandemic has exposed serious flaws in supply chains, as the focus on cost reduction and maximization of value added has led to the adoption of heterogeneous supply chains.During the COVID-19 pandemic, global supply chains were put to the test with export restrictions and various external shocks. The purpose of this paper is to understand how companies can better navigate the turbulent environment they have found themselves in and adjust their supply chains to be better prepared for any future disruptions. The first part deals with how COVID-19 caused disruptions in supply chains in the form of immediate shocks and the persistent uncertainty afterwards. The second part addresses an analysis of managerial actions taken by Slovenian companies and explores appropriate steps taken to cope with the issues explained in the first part. The third part deals with long-term actions that will betaken by Slovenian companies to avoid the same supply chain problem in the future. WhileCOVID-19 is proving to be quite a challenge for supply chains, both globally as well as in Slovenia, it is also a learning opportunity and a catalyst for some much-needed changes. In the past, the changes in supply chains were mostly focused on cost-cutting and COVID-19 has exposed the risks that were created as a result. While there is no one-size-fits-all solution,all supply chain managers will also have resilience in mind when deciding on the way forward. This includes improving the sharing of information up and down the supply chain,fostering relationships with strategic partners, using technology to better understand and manage the supply chain, and diversifying sourcing as well as distribution. The companies in Slovenia we have interviewed were better prepared for the disruptions in their supply chains then we initially expected.
  • Price: 15.00 €
UTICAJ EFEKATA PANDEMIJE VIRUSA KORONA NA INSOLVENTNOST PREDUZEĆA U REPUBLICI SRPSKOJ

UTICAJ EFEKATA PANDEMIJE VIRUSA KORONA NA INSOLVENTNOST PREDUZEĆA U REPUBLICI SRPSKOJ
(THE IMPACT OF CORONAVIRUS PANDEMIC EFFECTS ON INSOLVENCY OF COMPANIES IN THE REPUBLIC OF SRPSKA)

  • Author(s):Goran Radivojac, Miloš Grujić, Dragan Janjić, Miloš Jokić
  • Language:Serbian
  • Subject(s):Economy, Micro-Economics, Health and medicine and law, Financial Markets, Public Finances
  • Page Range:519-541
  • No. of Pages:23
  • Keywords:risk; insolvency; coronavirus; bankruptcy; Altman model; company rating;
  • Summary/Abstract:The coronavirus pandemic has threatened the functioning of many world economies, including the economies of the Western Balkans. The world's leading economies are recording a decline in economic activity and they are preparing the necessary remedial measures to mitigate the consequences of the decline in economic activity. Also, the consequences of the global crisis caused by the coronavirus are evident in the largest capital markets in the world,because they are recording a decline in trade and falling securities prices. Within this paper,we studied the effects of the coronavirus pandemic on the insolvency of listed joint stock companies on the Banja Luka Stock Exchange. The aim of the paper is to show the coronavirus pandemic effects on the functioning of economic activities in Republic of Srpska. The results of the research confirmed that the coronavirus pandemic in 2020 did not have a significant effect on the insolvency of companies in the Republic of Srpska.
  • Price: 15.00 €
UTICAJ PANDEMIJE VIRUSA KORONA NA OPORAVAK I RAST PRIVREDNIH SUBJEKATA U MALIM EKONOMIJAMA ZAPADNOG BALKANA − S OSVRTOM NA REPUBLIKU SRPSKU

UTICAJ PANDEMIJE VIRUSA KORONA NA OPORAVAK I RAST PRIVREDNIH SUBJEKATA U MALIM EKONOMIJAMA ZAPADNOG BALKANA − S OSVRTOM NA REPUBLIKU SRPSKU
(THE IMPACT OF CORONAVIRUS ON THE RECOVERY AND GROWTH OF COMPANIES IN THE SMALL ECONOMIES OF THE WESTERN BALKANS – WITH REFERENCE TO THE REPUBLIC OF SRPSKA)

  • Author(s):Dragan Mikerević, Đoko Malešević
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Health and medicine and law, Financial Markets, Public Finances
  • Page Range:543-569
  • No. of Pages:27
  • Keywords:financial immunity; health crisis; yield; assets and financial position;
  • Summary/Abstract:The coronavirus pandemic has threatened not only our lives but also the maintenance of economic life. Prohibitions and restrictions, introduced due to epidemiological reasons, disrupted the established global, regional and even local supply chains, which ultimately affected the reduction of the volume of business activities of companies. That is why the financial performance of companies in the Republic of Srpska, as well as in most economies in 2020,is worse than it was before the coronavirus. In order to remain on the market and eventually grow, the economy in the Republic of Srpska does not have long-term available capital, so the chance should be sought through debt restructuring and other forms of financing and the precondition for that is a much more favorable business environment than the existing one.
  • Price: 15.00 €
UTICAJ PANDEMIJE COVID-19 NA E-TRGOVINU I POTROŠAČKE TRENDOVE

UTICAJ PANDEMIJE COVID-19 NA E-TRGOVINU I POTROŠAČKE TRENDOVE
(THE COVID-19 IMPACT ON E-COMMERCE AND CONSUMER TRENDS)

  • Author(s):Barbara Čater, Vesna Žabkar, Julija Barbič, Tea Bela Kočar, Jana Franziska Fireoved
  • Language:Serbian
  • Subject(s):Economy, Health and medicine and law, Marketing / Advertising, ICT Information and Communications Technologies
  • Page Range:571-590
  • No. of Pages:20
  • Keywords:pandemic; recession; e-commerce; consumer trends;
  • Summary/Abstract:The COVID-19 pandemic changed economies and consumption worldwide. Unemployment increased, leaving consumers distressed. Increased demand for medical supplies and the phenomenon of hoarding, i.e. stocking up on essentials reflected the unease among consumers at the beginning of the epidemic.The analysis of the coronavirus impact on e-commerce and consumer trends demonstrated that the importance of the topic exceeds the time of the epidemic. The study revealed a general fear of a recession in Slovenia, as well as a lesser fear of personal consequences, such as job loss. On average, respondents stated their frequency of online shopping increased, which is in accordance with other studies outlined in this chapter. Online consumption in Slovenia during the epidemic was dependent on prior consumption behavior, which is supported by global statistics. Consumers who bought online before COVID-19 increased their consumption over the internet, while few offline shoppers switched to online.The most prominent reason for using the internet is the abundant assortment. During the epidemic, consumers focused on essentials such as food, and increased purchase in pet products, home accessories and hobby items. This is in line with the general international consumption trends and the statistics for Slovenia. COVID-19 triggered the interest of consumers to buy essentials online, especially by novices. In a post-crisis world, the time efficiency and convenience of these services may prove attractive. As the epidemic showed a trend in interne tusage to the detriment of television, future advertising should increasingly focus on social media marketing in combination with search engine optimization rather than TV commercials.Implementing these responses to consumer sentiments will help companies thrive in e-commerce beyond COVID-19.
  • Price: 15.00 €
RAD OD KUĆE − SUDAR PRIVATNOG I POSLOVNOG ŽIVOTA

RAD OD KUĆE − SUDAR PRIVATNOG I POSLOVNOG ŽIVOTA
(WORK FROM HOME – COLLISION OF PRIVATE AND BUSINESS LIFE)

  • Author(s):Stefan Blagojević
  • Language:Serbian
  • Subject(s):Economy, National Economy, Micro-Economics, Labor relations, Public Finances
  • Page Range:591-608
  • No. of Pages:18
  • Keywords:pandemic; transformation of work customs; legal aspect; positive and negative sides; controversial issues;
  • Summary/Abstract:Starting from the fact that the pandemic caused by the coronavirus led to serious disturbances in the global market, it was necessary to make certain changes in various segments of human life, so that it could continue, as much as it is possible and rational, unhindered. The field of work, which has been performed for centuries through mutual interaction between people in order to exchange experiences and knowledge when performing work tasks, was forced to transform its established work habits and move to a new business system that completely neglects the employer premises and changes the environment in which business obligations are performed. In this way, without a previously elaborated plan, perhaps the largest experiment in the field of work began, where both employers and workers had to find the best and most adequate new methods of performing their duties, while making sure that the quality and quantity of the work process does not suffer. In this regard, the subject matter deals with the legal aspect of working from home with all its peculiarities, as well as the impact of coronavirus on the business of various companies. In addition, the positive and negative sides of performing work in the employee’s living quarters have been analyzed and specified,but many controversial issues have been highlighted, to which satisfactory answers have not yet been obtained. Working from home, with all its advantages and disadvantages, has shown a new world of possibilities, both for employers and workers, and, with the appropriate legal framework, has imposed itself as a potential way of permanently performing a fairly wide range of jobs.
  • Price: 15.00 €
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