Anali Ekonomskog fakulteta u Subotici

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

Matea Zlatković Radaković — 2024-04-12

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

Julija Vidosavljević — 2024-04-08

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

Zoljargal Ulziibadrakh — 2024-04-02

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

Anja Šepa — 2024-04-02

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

Kosovka Ognjenović — 2024-03-04

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

Olivera Grljević — 2024-02-26

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

Miloš Grujić — 2024-02-12

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

Nada Trivić — 2023-12-22

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.

Internal profitability determinants of organic production companies in Republika Srpska

Jovana Galić — 2023-12-20

The aim of this paper is to investigate the internal profitability determinants value and influence on profitability measured by return of assets of organic production companies in Republika Srpska. For this purpose, abbreviated balance sheets of 21 companies engaged in this type of agricultural production in period from 2014 to 2021 were provided. The results showed that the internal determinants of profitability age, liquidity ratio, debt measured by financial leverage, sales growth and capital turnover have a significant impact on profitability. While debt has negative correlation, other determinants have positive correlation.

The Impact of knowledge transfer in acquisition processes on ecological innovations in Serbia

Igor Milojević — 2023-12-13

Knowledge transfer is a key determinant of the development and implementation of innovations. It has not yet been sufficiently investigated how knowledge transfer can influence the environmental innovations of acquired companies in the Republic of Serbia. This study investigates the role of knowledge transfer in acquired companies in Serbia and examines the impact of knowledge transfer on environmental innovation, i.e. on environmental innovation activities and strategy. The research was conducted based on the answers of 91 respondents, i.e. employees from five companies that were part of the acquisition process in Serbia. Collected primary data were processed in the SPSS program, using statistical analysis such as descriptive statistical analysis, correlational statistical analysis, and regression statistical analysis. Empirical results show that knowledge transfer in acquisition processes has a positive impact on the environmental innovations of acquired companies. The results show that knowledge transfer activities encourage the development and implementation of environmental innovations in those acquired companies. Since there is a lack of studies investigating the environmental orientation of acquired companies, this study contributes to the understanding of how knowledge sharing promotes the development of environmental innovations in acquired companies.

Effect of trade openness on economic growth within BRICS countries: an ARDL panel approach

Djamal Dekkiche — 2023-12-12

This paper investigates the connection between trade openness and economic growth in the BRICS countries (Brazil, Russia, India, China, and South Africa) using an autoregressive distributed lag (ARDL) panel approach. The study aims to shed light on the importance of international trade in fostering economic growth, particularly for developing countries. Using a comprehensive panel dataset and advanced econometric techniques, we assess the long-term equilibrium relationship between trade openness and economic growth in the BRICS context. The findings indicate a positive and significant impact of trade openness on economic growth, emphasising the need for policies promoting trade liberalisation and attracting foreign direct investment. This study contributes to the existing literature by offering empirical insights into the specific dynamics of trade openness and economic growth within the BRICS countries.

Oligopoly structure in the cryptocurrency market

Nenad Tomić — 2023-08-11

Blockchain technology has been announced as the driving force behind the democratization of digital business. Various interest groups believed that cryptocurrencies would enable fast, cheap and anonymous payments over the Internet. The absence of a central institution and the possibility of the participation of the wider community in the maintenance of the system should have created electronic money adapted to individuals, not the financial elite. However, the question arises whether cryptocurrencies really provide equal opportunities for all participants. The subject of the paper is the degree of centralization of the most famous cryptocurrency systems in terms of wealth distribution and the possibility of participation in their maintenance. The goal of the paper is to determine the degree of inequality in various aspects of the functioning of the cryptocurrency system. The results of the analysis indicate that cryptocurrencies function separately from the traditional financial system, but do not enable the financial inclusion of marginalized social groups. No current cryptocurrency community provides equality of participants, neither in terms of mining, nor in terms of wealth distribution. It can be concluded that the mining of cryptocurrencies and their secondary circulation show clear characteristics of oligopolistic structures.

The impact of inflation and interest rates on real estate indices in the US and EU

Danica Cicmil — 2023-08-08

This paper examines the relationship between macroeconomic factors such as interest rates and inflation, and the performance of real estate indices in the United States and the European Union. The analysis is conducted using linear regression on monthly data from the beginning of 2010 until the end of 2022. The obtained results supported the hypothesis that inflation has a positive impact on real estate indices in both markets. However, the hypothesis that interest rates have a negative impact on real estate indices was supported in Europe but not in the United States, potentially due to different economic and financial conditions in the two markets. The study of the relationship between inflation, interest rates and real estate index provides important insights into the broader economic environment. Inflation and interest rates are key indicators of the overall health of the economy, and changes in these variables can signal changes in the broader economic environment. Therefore, understanding the relationship between these variables and real estate indices can provide important overview of the current economic situation and potential future trends.

Conceptual model of key predictors and consequences of customer satisfaction

Nadja Đurić — 2023-08-08

Satisfied customers represent an important resource for a company. So far research has shown that customer satisfaction has an impact on the return on investment, the growth of the company’s market share, and shareholder value. The importance of research on customer satisfaction is seen in the fact that it most often leads to loyalty, which represents an important prerequisite to a company’s long-term profitability. In line with the significance of these two concepts in companies’ success, the topics of this research are the determinants of customer satisfaction and the relationship between satisfaction and loyalty. The goal of the research is the identification of key variables and the measurement of their respective impact on customer satisfaction. For the identification of key determinants, an adapted expectancy-disconfirmation model has been used. Satisfaction has been viewed as a function of customer expectations and percived product performance, and an additional component: the company’s image. This research was carried out on the territory of the Republic of Serbia through an online survey. The obtained conclusions can help companies in Serbia to better the quality of provided services, with the end goal being achieving an agreeable level of customer satisfaction and loyalty, and with it, higher profitability

The COVID-19 Pandemic and it effect on human capital and financial performance: Evidence from Serbian banks

Goran Pavlović — 2023-07-09

Human capital holds significant importance for banks as it includes specific knowledge and skills. It serves as a crucial determinant of financial performance. However, human capital is susceptible to various factors that can exert negative effects. The COVID-19 stands as one such factor, necessitating the restructuring of banks and potentially resulting in a depreciation of human capital value and subsequent performance decline. The objective of the research is to investigate the influence of the COVID-19 pandemic on the human capital of banks in the Republic of Serbia and evaluate its implications on financial performance. The research spanned across all banks operating in the Republic of Serbia throughout the period of 2019 to 2021. The Wilcoxon Signed Rank test was employed to assess the difference in human capital value over the observed period. Furthermore, the regression analysis was implemented to investigate the impact of human capital on ROA, ROE, and NPM. Results showed that COVID-19 pandemic has led to a decrease in the value of human capital in banks in the Republic of Serbia. The financial performance of banks is positively influenced by human capital in the short term. However, over the long term, the value of human capital depreciates, resulting in a diminishing impact on financial performance.

Key determinants of consumers’ decision on the purchase of wristwatches in the Serbian market

Daniela Nuševa — 2023-06-19

The covid-19 pandemic and other global challenges that have appeared in the past years have caused market transformation and crucial changes on the demand side, forcing manufacturers and retailers to rethink their sales and marketing strategies. In particular, high-frequency durable consumer products such as wristwatches have proven to be sensitive. In this regard, this work aims to analyze the needs of consumers and define the indicators that directly influence the decision to buy wristwatches in the market of the Republic of Serbia. The research was organized in two phases. Theoretical research has identified indicators influencing purchase decisions, such as price, brand, design, ease of use, and warranty. Empirical research examined their influence on the purchase decision depending on different segments of respondents: gender, age, education, and employment status. The obtained results showed significant differences as to how the mentioned indicators influence the purchase decision, depending on the demographic indicators. Based on the presented results, a set of measures was proposed to improve the sales and marketing strategy for placing wristwatches on the market of the Republic of Serbia. Guidelines for future research are outlined in the paper.

Challenges of using digital technologies in audit

Bojana Vuković — 2023-03-07

Every company must consider the changes in a digital environment. In the era of digital transformation, the company understands the importance of information technologies, and makes adjustments in the form of structural changes. Modern technology usage provides the possibility of the analysis of previously unimaginable types and amounts of data, and introduces significant changes in the field of auditing. By simplifying the audit work, digitalization has also created new opportunities for IT auditing. The aim of this paper is to present the opportunities and challenges of key digital trends in auditing, or the usage of big data analytics, artificial intelligence, blockchain technology, and robotic process automation. There is an emerging need for auditors to take advantage of digital technology usage and respond to the challenges of digitalization in a systematic and quality way. The progress of using digital technologies in auditing is contributing to more reliability and better quality reporting, which is leading to increased trust among stakeholders in the results of audit work.

The impact of online recommendations on tourists' decision-making during the COVID-19 pandemic

Dražen Marić — 2022-12-14

Electronic word-of-mouth recommendation system (eWOM) has been present since the emergence of the Internet, and it was preceded by the long-term use of the traditional recommendation system (WOM). Interaction between consumers can result in a positive and/or negative impact on theirs further behaviour on the market. Tourism industry attaches particular importance to the analysis of decision-making, given that the intangible nature of services makes the entire process difficult for tourists. Therefore, the aim of the paper is to examine the impact of online recommendations on the behaviour of tourist consumers in the decision-making process during the period of the COVID-19 virus pandemic. The subject of the paper is electronic word-of-mouth recommendation system, with a special focus on tourism. During the mentioned pandemic, the consumers' lifestyle was altered enormously, while tourism was affected by restrictions and difficult business operations. Empirical research was conducted on the territory of the Republic of Serbia and it included a sample of 268 respondents with different socio-demographic characteristics. Theanalysis of the obtained data was performed using the statistical software platform IBM SPSS Statistics and the Pearson's Correlation test, after which hypotheses 1, 2, 3 and 4 were accepted.

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

Krisztina Dajnoki — 2024-03-04

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.