Anali Ekonomskog fakulteta u Subotici

The Relationship Between Fiscal Policy and Economic Growth: The Case of Serbia

Nemanja Lojanica — Tue, 30 Sep 2025 00:00:00 +0000

Purpose: The main objective of this paper is to examine the potential cointegration relationship and causality between economic growth and fiscal parameters (public expenditures and revenues) in the Republic of Serbia. Additionally, the aim is to analyze the long-term and short-term effects of fiscal parameters on economic growth.

Мethodology: Methodologically, the paper applies time series analysis. First, stationarity is tested using the Ng-Perron test, followed by cointegration testing using the Johansen and Bayer-Hanck tests. Finally, VEC (Vector Error Correction) modeling enables the examination of long-term effects and short-term causality.

Findings: The analyzed variables are integrated of order one, I(1). In addition, cointegration between them has been established. The results of the VEC model show that an increase in government expenditures reduces economic growth in the long run, while an increase in government revenues enhances it. The causality test showed that changes in government expenditures cause changes in economic growth in the short run.

Originality/value: To the best of the author's knowledge, this is the first study in Serbia to address such a specifically formulated objective using specific econometric methods..

Practical implications - The results obtained carry practical implications. The negative effect of government expenditures on economic growth indicates low government efficiency, a higher level of corruption, and a lack of institutional quality. In this sense, the recommendations point toward increasing the efficiency of government policies, along with designing an appropriate structure of public spending—focusing on essential services such as education, and healthcare.

Limitations: The key limitations relate to the selection of only aggregated variables. In this paper, consolidated public revenues and expenditures were used as fiscal indicators. In the context of future research, it would be interesting to observe these indicators in a disaggregated manner, in order to enable a more targeted analysis and to test the robustness of the obtained results.

Complaint behavior of Generation Z in tourism

Ksenija Leković, Dunja Kostić, Jelena Jevtić, Sanja Džever, Irena Petrušić — Tue, 30 Sep 2025 00:00:00 +0000

It can be observed that tourists behave differently when they have a negative experience. It is necessary to analyze the way in which the negative experience manifests itself when it comes to Generation Z. Considering that they are the creators of the online world, Generation Z manifests their dissatisfaction through public actions, private actions or they decide to behave without action. The aim of the research is to determine the connection between the ways Generation Z is expressing dissatisfaction in the tourism and the absence of a sense of shame when submitting complaints. The subject of research is the behavior of generation Z in tourism, with a focus on complaints. The empirical research was conducted with a focus on generation Z in the territory of the Republic of Serbia and contains 231 responses. To analyze and process the collected data, IBM SPSS Statistics software was used. The Pearson correlation test was used to analyze the correlation between the observed variables, after which hypotheses 2, 3 and 4 have been confirmed, and hypothesis 1 has been rejected.

The Role of Workplace Well-being in Organizational Adaptation to Global Changes based on the Results of Research Conducted among Hungarian Enterprises

Gabor Dr. Juhasz, Ákos Dr. Jarjabka, Norbert Dr. Sipos — Sun, 13 Jul 2025 00:00:00 +0000

Our study aims to draw attention to the role and significance of the factors influencing workplace well-being and the relationships between them in the process of developing an organizational HR strategy. In our study, we will deal with the concept of workplace well-being, work-life balance, job satisfaction, and the effects of the relationships between dimensions on organizational operational efficiency.

Our research aims to draw attention to the prominent role that workplace well-being plays in adapting to external environmental changes and retaining the workforce. In the questionnaire survey conducted among enterprises operating in Hungary, we processed data from 205 respondents using computer mathematical-statistical methods.

The research results confirmed our hypothesis that workplace well-being and its determining factors are closely interconnected and have a significant impact on work motivation and job satisfaction. Based on the results, it is recommended to introduce interventions that increase work motivation and employee satisfaction, and to integrate well-being measures more closely into HR strategy.

The results of the article highlight that the complex interrelation of influencing factors of workplace well-being, job satisfaction, and work-life balance should not be treated separately, as it is clear from exploratory results that intervention in one factor has a direct impact on the others. Consequently, non-systematic treatment may lead to a counterproductive HR strategy.

The results of our research, which cannot be considered representative, were influenced by the relatively low number of samples, which we are constantly expanding since our present study reports the first partial results of our research project.

Analysis of Income Differences Between Rural and Urban Areas in Serbia

Dejan Brcanov — Mon, 03 Mar 2025 00:00:00 +0000

This study explores income disparities within the rural-urban divide through a multidisciplinary approach, incorporating factors such as education, gender, employment, and household size, with the aim of providing insights for the development of effective policies and promoting inclusive regional development.

Data were collected from the SILC database conducted in Serbia in 2022. A univariate analysis was performed with all control variables, and subsequently a multiple regression analysis. The inclusion of control variables further illuminates the income differences observed between rural and urban areas. Our findings confirm that income levels are higher in urban areas compared to rural ones. The influence of other variables is consistent with the literature.

Future research will adopt a longitudinal approach and include additional socio-economic indicators, which could offer further explanations for income disparities between urban and rural regions.

Financial Development and Innovation Dynamics

Nevena Veselinović, Ljubivoje Radonjić — Thu, 12 Jun 2025 00:00:00 +0000

The study examines the relationship between financial development and innovation in Western Balkan and Central and Eastern European countries. Empirical analysis based on panel data confirms that both banking-oriented and market-oriented financial development significantly enhance national innovation capacity. The application of the Feasible Generalized Least Squares method ensures statistical robustness by addressing heteroskedasticity, autocorrelation, and cross-sectional dependence. The findings emphasize the importance of a balanced financial system, where integrating banking and capital markets improves capital allocation and risk management, fostering long-term innovation sustainability. This study contributes to the literature by providing empirical evidence on the dual role of financial development in transition economies. The results have practical implications for policymakers, suggesting that strengthening both segments of the financial system can create a more dynamic environment for innovation and economic competitiveness. The study is limited to a specific group of countries and does not account for potential variations in financial structures, leaving space for future research to expand the sample, apply dynamic models, and explore the qualitative impact of financial policies on innovation.

Panel Analysis of Wholesale Profitability in the Republic of Serbia

Thu, 26 Jun 2025 00:00:00 +0000

Purpose: The aim of this paper is to analyze the profitability of wholesale companies in the Republic of Serbia and to investigate the factors that influence it.

Мethodology: Profitability is measured by return on assets (ROA), while the impact of independent factors such as quick ratio, leverage, inventory turnover period, assets turnover ratio, growth, and company size is analyzed through panel regression. The sample includes 18 wholesale companies from the Republic of Serbia, whose financial statements were observed during the period from 2007 to 2023.

Findings: During this period, companies included in the sample showed a trend of profitability growth. The average return on assets was 6.69%, which means that wholesale companies, on average, generated 6.69 EUR of net profit for every 100 EUR invested in assets. The results of the panel regression analysis show that leverage and inventory turnover period have a significant negative impact on profitability. On the other hand, asset turnover ratio, growth, and company size have a positive and significant impact on profitability.

Originality/value: This paper contributes to the theoretical and practical research of the factors of profitability, especially from the perspective of wholesale companies in the Republic of Serbia.

Practical implications – The results of this research are both theoretically and practically significant for the process of making reliable decisions in managing profitability and can be useful for various stakeholders such as owners and/or managers of wholesale companies, regulatory bodies, and others.

Limitations: The limitation of this research is that it is focused only on the wholesale sector in the Republic of Serbia, and future research could include other countries to investigate economic specificities and their impact on profitability.

International financial reporting standards as the basis of financial reporting for listed companies

Predrag Stanković, Dragomir Dimitrijević — Mon, 05 May 2025 00:00:00 +0000

The research explores the specificities and differences in the application of International Financial Reporting Standards (IFRS) as the basis for financial reporting by listed companies worldwide. The primary issue addressed is the inconsistency in IFRS application across countries, despite its global significance for the transparency and comparability of financial statements. The aim of the study is to identify the reasons behind the differences in the level of IFRS implementation across various jurisdictions, with a focus on listed companies, and to provide insights into the future directions of IFRS implementation. Methodologically, the research relies on the analysis of 168 jurisdictions whose profiles are available on the IFRS Foundation's website. Data on the extent of IFRS application in domestic and foreign listed companies were analysed, including whether the adoption of the standards is mandatory or optional. The results indicate the dominance of jurisdictions where IFRS application is mandatory for listed companies, while specificities in the permissibility and scope of application are observed in other cases. These findings are relevant for analysts, investors, and regulators in assessing the effects of global harmonisation of financial reporting.

Determinants of financial performance the case of companies from the former Yugoslavia region

Thu, 26 Jun 2025 00:00:00 +0000

Profitability is one of the most critical performance indicators of a company and at the same time a very important indicator of importance to the rest of the key business indicators. The aim of this study is to examine the effects of key indicators on the level of profitability of selected companies. The study uses fixed and random effects models as well as a generalized least squares model to analyze panel data of 78 companies from various sectors of the economy, listed on the stock exchanges of former Yugoslavia. The empirical analysis covers the period from 2006 to 2022 and includes indicators of capital structure, liquidity, activity, size, and age of companies. The main results indicate a statistically significant effect of indicators of capital structure and activity, while indicators of age and size also displayed significant effects. The results help enrich the existing literature and refine the knowledge of financial managers in the region for a better understanding of the effects of specific indicators on company performance. The main limitations are the use of only microeconomic indicators in relation to the use of macroeconomic indicators, as well as the analysis of only the ex-Yu region.

Production-Economc indicators of plum growing in teh Republic of Serbia

Nataša Kljajić, Predrag Vuković, Zoran Simonović — Tue, 02 Sep 2025 00:00:00 +0000

The plum is highly represented in fruit growing, also has a high utility value, a significant participation in foreign trade exchange, and its production involves a fair amount of labor. It also contributes to the sustainable development of agriculture and ecology.

The Republic of Serbia, with an average production of 441,420 t, ranks third in the world, and participates in world plum production with 3.86%. In the fruit growing of the Republic of Serbia, the plum is one of the dominant types of fruit. Average values of areas under plum trees for the research period 2014-2023, were 37.44%. According to the average total production, plums are represented by 29.23% and are behind apples. However, plum production is accompanied by a relatively low yield (6.1 t/ha), which is below of the realistic possibilities if we take into account the favorable microclimatic and hydro-pedological features for plum production. With that in mind, some of the measures that should be taken in order to improve plum production and raise its production to the position it realistically belongs to have been proposed.

Low-Code/No-Code Software Development: Definition, Drivers, and Inhibitors

Thu, 22 May 2025 00:00:00 +0000

Purpose: LowCode NoCode represents software development by end users who have little to no IT background. The goal of the work is to define this concept, as well as identify the drivers on one side and the limitations, challenges, and inhibitors on the other.

Мethodology: In order to answer the previously posed research questions, a systematic literature review was conducted. The systematic review of the literature included three main steps: planning the review, conducting the review, and writing the report.

Findings: The paper presents various definitions of the LowCode/NoCode concept, as well as one general definition. It then lists the key drivers that lead to the increasing use of this concept in organizations. After that, the limitations, challenges, and inhibitors of LowCode/NoCode software development are presented.

Originality/value: The paper provides a clear and systematic review of the LowCode/NoCode concept in relation to three dimensions (definition, drivers, and limitations/challenges/inhibitors).

Practical implications - The results presented in the paper can be useful for both IT departments and other departments as a starting point for defining and managing LowCode/NoCode practices within an organization.

Limitations: The systematic literature review included papers published in two citation databases and in English. Future research directions would focus on the empirical validation of specific drivers and limitations, challenges, and inhibitors from both business and IT users' perspectives.