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International portfolio diversification during the Covid-19 onset: A study of correlations among CEE post-transition and developed countries

Author(s): Paweł Śliwiński / Language(s): English Publication Year: 0

Purpose: The chapter examines the hypothesis that during the Covid-19 onset, the higher positive correlations between stock exchange indices persist, preventing the use of international diversification to reduce the volatility of global portfolio. Design/methodology/approach: The study focuses on CEE post-transition countries and their main stock exchange indices’ correlations with developed markets stock exchange indices. The data cover the period starting from January 8, 2004, until the end of October, 2020. The bivariate relationship between stock indices and VIX was measured by the Pearson coefficient of correlation. Findings: The findings of correlations estimation in three periods (long-term, Covid-19 on-set, and recovery) indicate that except for a period of large volatility measured by the VIX index lower relationships between developed and emerging stock markets persist. However, the results of the study concerning the shaping of correlation between the stock indices and the global risk shows a significant negative relationship between them, approaching very high levels close to 1 during the Covid-19 onset. All the CEE stock exchanges – even those low correlated in the longer term – behaved very similarly during the stock exchange crunch with its epicenter in March 2020. Practical implications: The answer to the research questions concerning the shaping of correlations on international markets is important for the portfolio theory itself in its international aspect, but also from the viewpoint of its applicability in practice. Huge market synchronization in terms of comovements in stock indices is troubling. It significantly reduces or even eliminates the benefits of international diversification during market crashes.

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Sustainable development and market research

Author(s): Iwona Olejnik,Magdalena Stefańska / Language(s): English Publication Year: 0

The issue of sustainable development is the subject of market research conducted by many institutions. Companies manufacturing products and providing services, institutions dealing with environmental or consumer protection, scientists and students, carry out many research projects related, for example, to sustainable, responsible consumption and production patterns, ensuring healthy lives and promoting well-being of all age groups, and much, much more. The main goal of the chapter is to present how to use secondary data for analysis and how to prepare, conduct, analyse and interpret the results of primary research in the area of sustainable development (SD). There are many challenges facing researches. For that reason, it is necessary to discuss some of its ethical issues. The structure of the chapter covers 3 topics:1) research in SD based on secondary resources;2) research in SD based on primary resources;3) SD in market research—ethical aspects.

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Social responsibility and quality: issues of competitiveness and sustainable development

Author(s): Krisztián Kis / Language(s): English Publication Year: 0

It can be stated that quality is a multifaceted concept, and it makes the difference between any perceivable or conceivable entities visible. The meaning of quality has greatly changed over the years, its content has expanded and quality has become the most important single factor for success. Therefore, it is no exaggeration to say that “quality means business”. However, quality, as it will be seen, means much more than that. Corporate Social Responsibility and the service of Sustainable Development Goals have become part of organisational quality. Nonetheless, without innovation, there is no quality or competitiveness, thus, there is no business either. This is the 21st century, which, according to Joseph M. Juran, will be the century of quality. It is important to note that companies are not just economic units or merely market participants, but also social factors and entities influencing the environment. For this reason, compliance with social norms and ethical expectations is also an important aspect of their operation. To meet the expected and latent needs of customers and users, and also the requirements of society as well as the natural environment in a way that all stakeholders are equally satisfied is a fundamental issue for companies,today and even more so in the future. The main purpose of this chapter is to discuss how quality should be understood, and what the relationships between the issues involved are. In the chapter, it is argued that quality, Corporate Social Responsibility, innovation, competitiveness and sustainable development are interrelated concepts. Therefore, it is the further purpose of this chapter to discuss how social responsibility and innovation affect quality, and how quality contributes to competitiveness and sustainable development. In this chapter, quality issues are dealt with from different aspects. In the first part, the concept of quality is presented, which deals with the evolving notion of quality and the future of quality inlight of social responsibility. In the second part, complexity issues and emergences are introduced,while quality is discussed as an emergent property, and the role played by social responsibility and environmental concerns in competitiveness and sustainable development are explained, and furthermore, innovation from quality and responsibility perspectives are examined.

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Marketing campaigns and sustainability issues

Author(s): Atanaska Reshetkova / Language(s): English Publication Year: 0

The concept of sustainable development has left its footprints on marketing strategy and, today, it has strong impact on the consumer’s mind and behaviour. Globally, consumers are focusing their preferences towards products and brands implementing different innovations to promote sustainability. Marketing managers face the challenge of incorporating the main dimensions of sustainability—environmental, social, and economic, into their strategies. These cases are intended to encourage critical thinking of readers regarding issues related to sustainability marketing strategies and campaigns.

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Consumption as the subject of market research

Author(s): Iwona Olejnik,Magdalena Stefańska / Language(s): English Publication Year: 0

One of the most important areas of market research is on consumer behaviour and attitudes regarding various aspects of sustainable consumption. Consumer behaviour is understood as activities related to the entire consumption cycle of products from various sectors, which allow the consumer to function and achieve personal goals. They, at the same time, also they allow to achieve satisfaction and well-being, taking short- and long-term effects as well as individual and social consequences into account (Antonides & van Raaij, 1999). Within the context of the cited definition, a survey of household rubbish may be very interesting and useful. Such research is not of a declarative nature, but is based on products consumed actually. They can provide extensive information on consumption trends, including, for example, the amount and type of products consumed or food waste. Another example of market research in the context of sustainable consumption is research on products harmful to health, e.g. cigarettes. The main goal of the chapter is to present 2 unusual examples of market research conducted by various entities: journalists and a research agency. Therefore, the structure of the chapter covers two examples: 1. Garbology as an example of market research in SD—how to learn more about consumers and consumption. 2. Cigarette consumption.

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Circular economy in the waste management sector

Author(s): Gabriel Grabowski / Language(s): English Publication Year: 0

The growing population and rising standards of living lead to an increase of the consumption of many goods. Reducing municipal waste which is created in that process can result in a wide range of environmental, economic, and social benefits, such as reducing pollution in water and soil, greenhouse gas emissions and loss of valuable materials. The concept to solve this problem of municipal waste due to increased consumption can be found, among others, in circular economy (CE). Circular economy can be defined as “an economic system that is based on business models which replace the ‘end-of-life’ concept with reducing, alternatively reusing, recycling and recovering materials in production/distribution and consumption processes to accomplish sustainable development” (Kirchherr, Reike, & Hekkert, 2017). A current trend in developed countries is closing the loop, moving from the concept of “end-of-pipe” waste management towards more holistic resource management (Wilson, 2007). Implementing the circular economy approach through waste management systems can pose multiple challenges while providing incentives to improve waste management infrastructure. However, this requires investments and may be perceived by many people as cost, not investment in future generations and their standard of living.The aim of this chapter is to initiate discussion on the positive aspects and barriers of circular economy development in the Polish waste management sector. In the case study described in the text, the roles of citizens, public institutions as well as enterprises are shown in selective waste collection processes as an important element of circular economy. In Poland, awareness of waste segregation and the importance of using recycled materials is not well-developed compared to many other EU countries, although this situation is beginning to gradually improve.

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Rolul marketingului în cadrul universităților din Republica Moldova

Author(s): Rodica Slutu / Language(s): Romanian Publication Year: 0

Today, higher education has a dynamic character determined by the need to permanently adapt to the continuous changes that society is going through, but at a faster pace. This particularity is the result of the influence of factors that were intended to accelerate a number of transformations in higher education. Astefl, a higher education institution forms a component of a system. The modern educational institution evolves on the coordinates of the knowledge-based society and is becoming increasingly innovative, both scientifically and didactically, which is a precondition for competitive pedagogical performance at international and national level.

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Rolul universităţii antreprenoriale în economia bazată pe cunoaştere

Author(s): Victoria Postolachi / Language(s): Romanian Publication Year: 0

In ensuring the sustainable development of the economy and society, solving the most pressing problems of the modern world, education is assigned a leading role. According to the famous researcher of educational systems Michael Barber, education reform is among the main tasks of almost all countries. Innovative scenarios for the development of the economy and society require the development of new strategies, principles and mechanisms for the development and modernization of the education system. The most promising and deep foundations underlying such strategies are the ideas about the leading role of human capital as the goal and means of modernization processes.

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REPUBLIKA SRPSKA POSLIJE COVID-19 − ŠTA DALJE?

Author(s): Zora Vidović / Language(s): Serbian Publication Year: 0

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.

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OTVORENE INOVACIJE: TEORIJA I PRAKSA SA OSVRTOM NA PERIFERNE DRŽAVE

Author(s): Janez Prašnikar,Daša Farčnik,Tjaša Redek / Language(s): Serbian Publication Year: 0

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).

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PLATNA BILANCA ROBA I USLUGA ODREĐUJE POREZNI SUSTAV

Author(s): Guste Santini / Language(s): Serbian Publication Year: 0

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.

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MONETARNA POLITIKA U USLOVIMA GLOBALNE PANDEMIJE U ZEMLJAMA KOJE PRIMENJUJU REŽIM VALUTNOG ODBORA

Author(s): Nikola Fabris / Language(s): Serbian Publication Year: 0

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.

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OPOREZIVANJE UTANJENE KAPITALIZACIJE − UPOREDNA ANALIZA PORESKIH SISTEMA CRNE GORE, SRBIJE I BOSNE I HERCEGOVINE

Author(s): Mirko Andrić,Milan Lakićević,Saša Vujošević / Language(s): Serbian Publication Year: 0

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.

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INOVACIJE I KONSTANTNO PRILAGOĐAVANJE IZAZOVIMA PRIVREDE SA CILJEM OČUVANJA STABILNOSTI U SAVEZNOJ REPUBLICI NEMAČKOJ U VANREDNIM USLOVIMA IZAZVANIM PANDEMIJOM VIRUSA KORONA

Author(s): Zoran Malešević / Language(s): Serbian Publication Year: 0

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.

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IZAZOV FINANSIRANJA SKOKOVITOGA RASTA MALIH EKONOMIJA

Author(s): Silvije Orsag,Dejan Mikerević / Language(s): Serbian Publication Year: 0

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.

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UTICAJ PANDEMIJE COVID-19 NA FINANSIJSKE PERFORMANSE LISTIRANIH PREDUZEĆA U ODABRANIM DRŽAVAMA JUGOISTOČNE EVROPE

Author(s): Bobana Čegar / Language(s): Serbian Publication Year: 0

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.

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FINANSIJSKI POKAZATELJI U FUNKCIJI PREDVIĐANJA STALNOSTI POSLOVANJA MALIH I SREDNJIH PREDUZEĆA U TRANZICIJSKIM ZEMLJAMA

Author(s): Selma Vidimlić / Language(s): Serbian Publication Year: 0

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.

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UTICAJ EFEKATA PANDEMIJE VIRUSA KORONA NA INSOLVENTNOST PREDUZEĆA U REPUBLICI SRPSKOJ

Author(s): Goran Radivojac,Miloš Grujić,Dragan Janjić,Miloš Jokić / Language(s): Serbian Publication Year: 0

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.

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RAD OD KUĆE − SUDAR PRIVATNOG I POSLOVNOG ŽIVOTA

Author(s): Stefan Blagojević / Language(s): Serbian Publication Year: 0

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.

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НАСОКИ ЗА РАЗВИТИЕ НА ОБУЧЕНИЕТО, СВЪРЗАНО С ДИГИТАЛИЗАЦИЯ В ОБЛАСТТА НА СТРОИТЕЛСТВОТО

Author(s): Yanka Aleksandrova,Silvia Parusheva / Language(s): Bulgarian Publication Year: 0

The research aims to study and systematize the offered educational programs in the Bulgarian universities for preparation of specialists with knowledge in the field of digitalization and digital transformation. The curricula of bachelor's and master's programs in the professional field of "Architecture, Construction and Geodesy", as well as in other professional fields related to the construction and management of real estate have been studied. The studied disciplines are classified and systematized and on this basis conclusions and recommendations for updating existing programs and courses are formulated.

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