Anali Ekonomskog fakulteta u Subotici

The Impact of ISO 14001 standards and non-financial reporting on company`s financial performance

2024-11-04T10:48:28+00:00

Abstract: In today's dynamic and complex business environment, companies increasingly understand how important care for the environment and social community is for the success of their operations. Тhere is an increasing number of companies that implement the ISO 14001 standard in their operations. The main research objective is to examine whether the implementation of the ISO 14001 standard and non-financial reporting affect the financial performance of companies. The research is conducted using induction and deduction methods, while the practical part focuses on statistical data analysis using non-parametric tests. The main conclusion of this research is that there is no statistically significant difference in financial performance, measured by the rate of return on equity and the rate of return on assets in the period from 2019 to 2021, among companies that have implemented the ISO 14001 standard and companies that have not implemented the standard, as well as companies that disclose and companies that do not disclose non-financial statements.

Cross-Cultural Localisation of Serbian Tourism Destinations’ Websites: Cases of Websites of Tourism Organisations of the Cities of Belgrade, Novi Sad and Niš

2024-10-04T13:28:39+00:00

Tourism and culture are inextricably linked. Visiting another country with a different culture gives tourists the opportunity to gain different perspectives and enjoy the destination as well. As a result of the development of ICT, but also the development of the web as a primary source of information on tourism destinations, international tourism has increased over the past two years. The importance of cross-cultural adaptation of tourism destinations' websites grows, so the purpose of this study is to examine the state of cross-cultural localisation activities and practices on the websites of tourism organisations in three cities: 1. Tourism organisation of Belgrade, 2. Tourism organisation of the city of Novi Sad, and 3. Tourism organisation of Niš. All three tourism organisations participated in an open-ended survey for this purpose, and the results showed that localisation was recognised as an important component of online marketing communication.

Optimizing Vehicle Routing and Scheduling under Time Constraints

2024-10-04T13:28:39+00:00

The Vehicle Routing Problem is essential in logistics for optimizing customer routes, especially in time-sensitive variants. This paper presents a two-stage algorithm for the Vehicle Routing Problem with Time Windows. It effectively minimizes the number of vehicles, with transportation costs resulting just 0,38% above the best solution found on Solomon test instances. The approach limits search time to about 10 minutes, effectively balancing complexity and solution quality.

Stagflationary Pressures in the Condition of Global Economic Shocks

2024-10-04T13:28:39+00:00

This paper analyses the key macroeconomic repercussions of the global pandemic and geopolitical crisis in terms of growing recessionary and inflationary pressures, and finally, the potential occurrence of stagflation. The subject of the econometric analysis is aimed at seeing how global energy price movements, unemployment rates, interest rates and money supply affect: (1) real gross domestic product; and 2) the movement of the inflation rate in the sample of 18 countries (EU-15, USA, Norway and Switzerland) in the period 2020q1-2023q1. Using Panel-corrected standard errors method (PCSE), two panel models are estimated in which the dependent variables are: (a) the real gross domestic product, showing potential recessionary pressures, and (b) the inflation rate, determining inflationary pressures. Results indicated that in the observed period, inflationary and recessionary pressures existed in the sample of 18 developed economies, as well as that these pressures can be characterized as the phenomenon of stagflation. The most profound impact on recessionary circumstances was caused by the rise in global energy prices in the second and third quarters of 2022, which can be considered as an exogenous shock and trigger of recessionary pressures, while inflationary pressures are dominantly determined by global oil price growth during the analysed period.

Enterprises’ effectiveness: A study on structure, focus and enterprises’ outcomes

2024-10-04T13:28:39+00:00

To obtain and retain high performances enteprises are faced with expectations and demands of variouty constituencies which are inheretly important part of their functioning. The research purporse is to validated the psychometric properties of widely used holistic view of enterprises performance defined by competing value framework in context of enterprises in transition economy such as Republic of Srpska, Bosnia and Herzegovina. To fulfill research aim a quantitative, cross-sectional research design was carried to collect and analyse data from 224 organizational representatives. Covariance-based structural equations modeling is used to test the competing values approach and, if needed, to modify a measurement scale that identifies the extent to which sampled enterprises use the measurement criteria of each aspect of effectiveness to validated effectiveness of enterprises. All models of effectiveness have acceptable reliabilities and convergent validity and discriminant validity are established. Model fit measures indicate acceptable goodness-of-fit. Academics and managers may consider to use these measures of effectiveness to better understand the performance/effectiveness phenomenon and have better insight into possibilities for enhancement of different aspects of effectiveness. This study represents the first attempt to investigate and validate the presence of mutual dependence of certain aspects of effectiveness according to competing values approach in specific research context.

Determinants of User Satisfaction in Mobile Commerce: UTAUT 2 model

2024-10-04T13:28:39+00:00

According to growing trends, there is an evolution of models that explain consumer behavior in the domain of accepting new technologies. The UTAUT model stands out as one of the most commonly used models, which was created as a result of the integration of many that preceded it. The aim of the study is to determine whether variables – performance expectancy, effort expectancy, social influence, facilitating conditions, price value, hedonic motivation, and habit - influence user satisfaction in mobile commerce. The sample consists of 210 respondents. The study applied descriptive statistical analysis, reliability analysis, correlation analysis, and multiple regression analysis. The results show that variables such as performance expectancy, facilitating conditions, hedonic motivation, price value, and habit are determinants of user satisfaction with mobile commerce services. The research findings can be beneficial for mobile commerce service providers in terms of creating loyalty programs, providing added value, and creating an overall consumer experience that is appealing to customers. Given that previous research, especially in the domestic literature, was focused on some of the earlier established models such as TAM or UTAUT, the originality of this paper lies in the use of the contemporary UTAUT2 model.

Market Landscape and the Role of Marketing in the Field of Mongolian Performing Arts Organizations

2024-10-04T13:28:39+00:00

Classical music is a formal music tradition of the Western world; an accepted genre having had many positive benefits on human and animal lives. The most common benefits of classical music are to provide an immersive live experience, support psychological and physiological needs, boost our health and brain functions, and improve productivity. Many countries have a well-developed history and achievement in this field, thus an advantage, however as classical music penetrated late into Mongolian culture, it is a promising field in which to conduct research.

This study aims to explore, determine, and gain insight into the marketplace as well as the role of marketing from past, current, and future perspectives as the field of classical music continues to develop in Mongolia. The study uses an in-depth interview approach with 12 interviewees including directors, marketers, managers, artists, and employees from two main Mongolian performing arts organizations, to gain a deeper understanding of this world. Based on the insights and experiences gained from these interviews, the results are identified and divided into two themes; market and audience profile, and the role of marketing within Mongolian performing arts organizations. Finally, the paper summarizes the main findings and concludes with a synopsis of key limitations and future research.

Key determinants of firm value: evidence from Serbian listed companies

2024-10-04T13:28:39+00:00

The valuation of a firm is a main issue that is scrutinized by all stakeholders and serves as an indicator of the worth of the core business. The goal of this study is to analyze, from both theoretical and empirical perspective, how key financial determinants influence firm value. In more detail, this study seeks to examine the relationships between firm value of listed companies in Belgrade Stock Exchange (BELEX) as a dependent variable, measured through Tobin’s Q, and independent variables that include leverage, size, liquidity, growth, asset structure and profitability. The aim of this paper is to provide an evaluation of the impact of firm-specific characteristics on the firm value of listed companies in Republic of Serbia, across several industries using panel dana analysis. The sample consists of 38 active companies that actively operated from 2019 to 2021, resulting in a total of 114 observations. The results of panel regression analysis show that on the one hand, liquidity and asset tangibility have positive and statistically significant influence on firm's value, while on the other hand, leverage and profitability have negative and statistically significant influence on the value of the firm. Company size and growth showed no statistically significant impact on Tobin’s Q.

Examining entrepreneurial intentions through the lens of university students' attitudes

2024-10-04T13:28:40+00:00

The labour markets of the transition countries of Central and Eastern Europe relied on stronger growth of the corporate sector as a mechanism for integrating the growing number of laid-off workers. The Serbian labour market has had a similar experience. Decades after the start of economic reforms, however, the role of entrepreneurship as an integrative employment mechanism has not increased in importance, which is best evidenced by statistical data. This paper focuses on students' intention to start their own business after graduation, and specifically examines the relationship between intention and personal attitudes. The experiment was conducted with two groups of students. The results indicate differences in students’ attitudes towards entrepreneurship that deepen according to faculty group, gender and year of study. From the students’ responses, it can be concluded that electrical engineering students, female economics students and students in higher years of study are more inclined towards entrepreneurship. This may have implications for measures to support the development of youth entrepreneurship.

Application of artificial intelligence in digital marketing

2024-11-08T11:40:25+00:00

Contemporary digital technologies have significantly influenced the transformation of marketing activities in companies over the past decade. Artificial intelligence is considered one of the most disruptive modern technologies. Their implementation is the most significant challenge of digital marketing. Artificial intelligence can automate customer service, generate content, and enable targeted ad campaigns. The problem identified by the authors is that smaller companies and entrepreneurs lack the necessary knowledge and understanding of artificial intelligence techniques that could enhance digital marketing strategies. By reviewing current literature, this paper aims to explain the digital marketing strategies and the role and place of various artificial intelligence techniques for their improvement. In line with the defined goal, the paper presents three case studies on industry giants Coca-Cola, Starbucks, and Nike, illustrating successful implementations of artificial intelligence and machine learning techniques in their digital marketing.

Investing in blockchain technologies and digital assets: accounting perspectives

2024-10-04T13:28:40+00:00

This paper examines the complex landscape of digital currencies, non-fungible tokens (NFTs), and distributed ledger technology (DLT), focusing on their implications within the accounting and financial reporting sector. The surge in popularity of these assets has brought about reporting challenges and complexities. The lack of comprehensive accounting standards and the digitization of financial reporting processes further compound the situation. These challenges underscore the need to update accounting practices to align with the security and transparency offered by DLT. The study examines the International Financial Reporting Standards (IFRS) for digital currency reporting, analyzing their implications and potential solutions for the accounting community. Central to this exploration is the question: How can the accounting sector navigate the multifaceted challenges and harness the multifarious opportunities that stem from digital currencies, NFTs, and DLT? Using a comprehensive research approach, including a literature review, empirical analysis, case studies, and comparative analysis, this study identifies strategies for managing the reporting complexities of digital assets. It also highlights the importance of collaborative dialogue between stakeholders and regulators to ensure consistency in an evolving landscape. This paper guides the accounting and investment sector in making informed decisions, fortified by a nuanced understanding of the evolving digital asset terrain.

Productivity measurements, production function and Divisia index numbers

2024-10-04T13:28:40+00:00

Economic efficiency is one of the key economic categories, and the measure of economic efficiency is total productivity. Productivity growth has multiple significance, and above all it is an expression of production efficiency. This paper presents a methodological approach that results in a number of development indicators, and due to its simplicity it has a number of advantages compared to other similar approaches. The concept is based on index numbers of total productivity of all factors. Such an approach involves looking at the net output in relation to the weighted average of the input of all factors. Therefore, a significant part of the work is precisely the input weighting methodology, because it enables appropriate connections of inputs and outputs, but at the same time, combining their different units of measure. The methodology for measuring total factor productivity, presented in this paper, refers to production units, but it is also applicable for the level of the branch, sector, and even the entire economy, as their aggregate size. In accordance with the views of microeconomic theory, the obtained chain two-factor indices were rationalized by Divisia indices. Divisia indexes of prices and quantities of inputs and outputs, as well as technical progress, were presented.

Public Oversight and Performance Measurement in the Public Sector Entities

2024-10-04T13:28:40+00:00

The existence of the public sector is conditioned by meeting the needs of citizens for public goods and services. Business under constant public scrutiny poses challenges to public sector entities in the form of effectiveness and efficiency in providing services, on the one hand, and achieving satisfactory financial performance, on the other. Measuring the performance of entities in the public sector can be problematic precisely for the reason that it is necessary to measure the performance of entities whose operations are aimed at meeting public needs and not at making a profit. Therefore, the goals of these entities are taken as a starting point when establishing an adequate performance measurement system. Bearing in mind that the public sector is at the service of the citizens of a country, the question of measuring business performance, as well as the question of public supervision in public sector entities, arises. State audit, financial management and control and internal audit, as elements of public supervision, should ensure fair and true presentation of results and performance of business in public sector entities.

An overview insight into employment of disabilities at workplace around the world

2024-10-04T13:28:40+00:00

Many people with disabilities still face difficulties and obstacles trying to secure employment. Organizations are becoming more and more aware that better vocational inclusion of people with disabilities (PWD) is in their best interests, due to factors such as a lack of skilled labor, an increase in the prevalence of disability among their aging workforces and altered societal attitudes and laws regarding the promotion of diversity and equity in the workplace. This article used a qualitative methodology and conducted a thorough evaluation of the existing literature using a variety of different databases such as Science Direct, Springer, Google Scholar, JSTOR, and Elsevier, which were used to identify various research articles related to the employment of PWD. We reviewed literature on the advantages of employing people with disabilities and also on HR management practices with regard to hiring people with disabilities, as well as investigating the methodology these literatures used. Our findings demonstrate that the benefits of hiring people with disabilities are many and bring several advantages. To better understand how benefits may differ by disability type, industry, and work type, more research is required.