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This paper presents a brief analysis of the impact of operational risks and their impact on the delivery of value to consumers (loyal and potential) from the aspect of product availability. Operational risks, in this case, take priority over other types of risks such as external risks and risks of change. This hypothesis is also confirmed by some research with the finding that a large number of cases of unavailability of products intended for daily consumption have the same origin in the form of poor organization and orientation of the business process in retail outlets. Some of the consequences of inefficiency arise from: insufficient number of employees, uneven stocks in sales warehouses, inadequate implementation of internal logistics flows. The product availability is an integral part of the company's overall marketing concept with the intention of achieving goals through greater efficiency in business compared to its competition, and for retail it is creation, delivery and relationship with consumers in the delivery of value, in targeted market segments. From the customer's point of view, product availability is still treated by many retailers as a lack of stock. This leads to a situation when the demand (due to an insufficient amount of product) cannot be met and the orders are cancelled. Therefore, subsequent satisfaction of the demand is approached, upon receipt of a new quantity of the product. This understanding, especially in the conditions on the crisis, has been overcome and this paper represents an attempt to shed light on this phenomenon from different aspects.

Bangabandhu had a great impact on agricultural policy in Bangladesh where he emphasized the practice of integrated agriculture. Bangabandhu was driving the country towards inclusive growth in the agricultural sector. He believed that by achieving sustainable agriculture production, this country would ensure mass feed of the population. This paper aims to synthesize the agriculture and food security policy in terms of Bangabandhu's development philosophy. Study has followed survey research with the qualitative and quantitative analytical techniques approach. The Charland area in Mymensingh district has selected 300 farm households with 60 women through a random sample technique. The paper used numerous literatures, as well as original research that pointed to the problems faced by agricultural producers of both sexes. Namely, The Coping with Problems Index (PCI), which is a measure for determining problems and limitations, was used in the research. Using a structured questionnaire, respondents were asked to give their opinion on some selected issues during data collection. Insufficient capital, lack of profit, inadequate capacities for training and lack of adequate agricultural mechanization were especially singled out. These problems pointed to limitations that put food safety in question as well as the possibility of greater empowerment of women in agriculture and improving their status.

In this paper, we have constructed a secondary Global Public Debt Database (GPDD) for 1971-2021. In particular, the paper presents detailed stylized facts regarding the public debt indebtedness of the central government in the case of sixty-seven advanced, emerging, low-income and developing economies after the collapse of Bretton Woods. The paper provides a comprehensive literature review of previous contributions centered around public debt sustainability analysis from the perspective of the intertemporal government budget constraint (IGBC) violation. Our results show a higher degree of public debt persistence in the case of advanced economies compared to emerging, low-income and developing economies. We also find that the most indebted countries have the most volatile public debt/GDP ratios.

By implementing the standardization of logistics services, modern organizations strive to reduce the cost of circulating inefficient services and improve overall efficiency, thereby aiding overall economic growth. The aim of this paper is to show how logistics standardization affects the development of corporate market competitiveness. First, the standardization of logistics services significantly promotes the corporate tendency to establish a long-term market position. Also, the standardization of logistics functions aims to mitigate financial fluctuations and accelerate organizational growth. And finally, the understanding of the globalization of business relations in the context of business logistics should show how traditional logistics functions have shifted towards modern trends. This paper also presents the role of logistics standardization in promoting corporate mechanisms in the context of restructuring operations aimed at increasing the adaptive capacity of the organization and its further distribution of services in different markets.

The Metaverse represents a new phase of technological development, integrating virtual reality, augmented reality, blockchain, and artificial intelligence to create immersive digital environments. This paper explores the historical context, technical foundations, and social implications of the Metaverse. Through the evolution of virtual worlds and technological advancements, the Metaverse is becoming increasingly prevalent, offering richer socialization experiences and economic opportunities while simultaneously raising concerns about privacy, security, and media addiction. National policies and the attitudes of international organizations also play a crucial role in shaping the future of the Metaverse, with different countries having different strategies and priorities. The paper examines theoretical perspectives and future research directions, along with recommendations for responsible management of the Metaverse. Proper regulation and design can ensure that the potential of the Metaverse enriches human experience while safeguarding social well-being.

It is evident that the world has been grappling with violence of various kinds and levels through history. Precise analyses indicate that contemporary society views this issue from the perspectives of security and rights, emphasizing preventive action and the sanctioning of perpetrators. There are few studies that delve into the sociological aspect of violence, despite sociology being a social science which examines human relationships and interactions. Given that sociology has developed specialized branches such as cultural sociology, rural sociology, sociology of religion, business sociology, sociology of labour, sociology of sport, etc., there is a need to consider introducing sociology of violence as a branch of study that comprehensively addresses the issue of violence. This is significant as the intensity of violence not directly related to war activities is drastically increasing, even with dramatic consequences. In the light of the above, it is essential to focus attention specifically on certain types of violence and their causes. This paper draws attention to the sociological managerial aspect of high school violence in the Republic of Serbia, encompassing not only violence among students, but also violence by teachers against students, students against teachers, and violence perpetrated by parents against teachers. The research focuses on the period following the conclusion of the Covid-19 pandemic crisis in the Republic of Serbia, aiming to determine whether and to what extent the pandemic has affected violence in Serbia high schools. The aim of this paper is to highlight specific sociological phenomena that influence violence in Serbian high schools, with the intention that the research findings could be used to formulate policies and strategies against all types of violence in high schools.

In the age of a large number of data that scale up on a daily basis, what becomes highly relevant is the credibility analysis and accuracy, i.e., detecting potential manipulations of the respective data. Benford's law is widely used to detect anomalies in sets of data, ranging from official population numbers, stock prices and information in scientific papers to financial reports in companies' financial statements taking the form of forensic accounting. Benford's law as a tool to analyze data in this paper focuses on the planned values expressed in the budget of the defense system in the Republic of Serbia. Research in this sphere of social life is important from the viewpoint of accurately presenting the activities and of transparency of future actions, of minimizing misuses and, henceforth, increasing trust in the operation of institutions. This paper identifies a minimal discrepancy in publicly available data in the laws on budget for the observed period, which suggests a proper distribution of assets approved for funding the defense system.

The unemployment rate is an exceedingly important indicator of the state of the economy and society. A high rate of unemployment demonstrates a low level of economic activity in the country, insufficient utilization of human resources, and a lower average quality of life in the country. The paper aims to examine the role and significance of entrepreneurial activity in reducing the unemployment problem in the Republic of Serbia with a specific focus on youth unemployment. The current situation including obstacles and motives of young people in the field of entrepreneurship will be examined with a focus on entrepreneurial education. The purpose of this paper is to contribute to knowledge and theory building in youth empowerment and entrepreneurship development.

This paper will present the latest research from the current field of mass application of artificial intelligence and Industry 4.0, through the prism of the impact on digital transformation and digital competencies of key users in business. Based on the research of representative foreign and domestic scientific literature, the theoretical foundations of artificial intelligence, digital transformation, and defined digital competence necessary for the age of the information society will evolve. The paper will present concrete cases of the effects of artificial intelligence on application in business through the impact on certain areas of life and work with examples from neighboring countries. This research study defines the concept, highlights the evolution and development of artificial intelligence, digitization process, and digital transformation, through an overview of their key technologies that identifies the role of artificial intelligence as the backbone of digital transformation, explores the trends of the digitization process, highlights key challenges and explores its applications in business and industry 4.0 in European countries with the identification of the impact on everyday life, and the evolution of current trends and challenges.

This paper explores the application of machine learning (ML) in solving complex problems within enterprises across various industries. By leveraging ML, businesses can enhance operational efficiency, customer experience, and risk management. The study reviews existing literature to develop a theoretical model that integrates ML applications into business processes. Key findings indicate that ML significantly improves quality control and predictive maintenance in manufacturing, leading to reduced costs and increased productivity. Additionally, ML-driven personalized marketing and customer support enhance customer satisfaction and loyalty. In financial management, ML enhances fraud detection and credit risk assessment, contributing to financial stability and security. The paper provides suggestions for effectively implementing ML strategies to optimize business performance and addresses the implications for future business operations in a rapidly evolving technological landscape.

Industry 4.0 solutions such as the use of AI are becoming increasingly visible in everyday logistics processes. Many publications have already dealt with what technological innovations could be introduced to improve the flow of materials, but relatively few have dealt with the extent to which these theoretical solutions are also present in practice. In connection with this gap, the current research aims to examine the effectiveness and impact of AI use in the logistics field. This paper is a follow-up study on the topic as the logistics AI use was already analyzed in Pest County in the framework of this study direction. Since this study is still the second step of the already commenced research work, the very study does not try to draw conclusions leading to generalization but rather aims to draw causal conclusions of a pilot nature. In the research tools, the paper uses the qualitative design from the previous study (applied in another geographical territory-Zala County) but at the same time examines other analyzing methods like SEM modelling as a potential tool to be integrated.

The paper presents the 7R algorithm of the circular economy principle in realizing wearable sensors. The application of additive manufacturing in the realization of sensors is essential from the point of view of sustainable production, which starts from the material and ends with its recycling process. All seven principles and their connection with additive manufacturing as a critical element in the circular economy are presented. The paper defines the theoretical framework for realizing a sustainable wearable sensor. The production of such sensors primarily refers to the application of flexible 3D printing and electronic components that can be quickly replaced, modified, disassembled, and recycled.

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 their 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 the electronic word-of-mouth recommendation system, with a special focus on tourism. During the pandemic, the consumers' lifestyle was altered enormously, while tourism was affected by restrictions and difficult business operations. Empirical research, conducted on the territory of the Republic of Serbia, included a sample of 268 respondents with different socio-demographic characteristics. The analysis 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.

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. This paper aims to analyze the consumers' needs and define the indicators that directly influence the decisions to buy wristwatches in the Serbian market. 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. According to these results, a series of measures was proposed to improve the sales and marketing strategy for placing wristwatches on the Serbian market. Guidelines for future research are outlined in the paper.

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 subject matter of this paper is the analysis of the influence of international migrations on income convergence in European transition countries in the period 2000-2020. Convergence can be defined as the process of catching up richer countries by poorer ones, consequentially leading to the reduction of disparities in income per capita among countries. Theoretically, human migrations are a mechanism of the adjustment of the regional imbalance that contributes to the strengthening of convergence. The regression panel model was used in the research. The research results have shown that, if observed at the level of the entire sample of the countries of Central and Eastern Europe and the Western Balkan countries (CEE-11+WB), there is a positive and statistically significant influence of emigration on income convergence. Also, there is a positive influence of emigration on the income convergence per capita of the CEE-11 countries towards the average income of the developed countries of the EU-15. On the other hand, observed only at the level of the Western Balkan countries, there is no statistically significant influence of emigration on income convergence. The contribution of the research study reflects in filling the gap that exists in the literature on this field, since there is no large number of papers that have examined the influence of migrations on income convergence in the CEE-11 countries, as well as the Western Balkan countries.

The main goal of the paper is to investigate the intraregional trade performance of the Western Balkan region in the last five years and identify future intraregional trade opportunities and potentials for the period from 2023 to 2027. The methodology applied in order to explore intraregional trade is based on an analysis of the growth sources of trade at the country and product levels, while the identification of untapped regional trade potentials is based on the methodology developed by the International Trade Center (ITC), which applies the Export Potential Indicator (EPI) at the product level. The results estimated in the paper found that intraregional trade inside the Western Balkan region had had positive trends in the last five years. However, regional trade is still highly concentrated and based on a small number of traded products. The paper, however, found significant untapped regional trade potentials in the future which should be a huge motivation for each country and policymakers to work on further improvements of trade and economic conditions and circumstances for the purpose of intensifying regional trade and accelerating economic growth in these countries through it.

In this paper, the impact of the COVID-19 pandemic on the savings of Slovenian households in banks is explored. For this purpose, an econometric model is developed and the macroeconomic variables exerting a statistically significant impact on household deposits in banks are identified. Among all the macroeconomic variables considered in the paper, the research study has shown that there are only two macroeconomic variables with a statistically significant impact. These two macroeconomic variables are the Euro Overnight Index Average (EONIA) reference interest rate used as a proxy variable for the rate of return, and the price of one Bitcoin as a yield on an alternative investment opportunity. The results of this research study are important for both the Central Government in Slovenia and for Slovenia’s banks as household deposits are a source of funding for banks in the time of a crisis as well, and because of the fact that the volume of the loans granted accelerates the GDP growth, which shows the successful implementation of the economic policy.

This paper explores youth unemployment in Morocco using the Labor Force Survey of the 2019 data to estimate a logit model. The paper provides the evidence for the three categories of possible determinants of youth unemployment in Morocco. The first set of determinants are the geographic and sociodemographic characteristics such the sex, age, the marital status and the area of residence. Secondly, the socioeconomic factors such as the young people’s family background and the number of workers per household play a decisive role in explaining youth unemployment in Morocco. Thirdly and finally, the results obtained in this study show that (regardless of their diplomas) young graduates are more likely to be unemployed than persons without a diploma. However, the influence a diploma type has on the probability of being unemployed varies according to the diploma type. The results obtained shed a light on the important characteristics of youth unemployment in Morocco and should serve as a guide for future research in more specific knowledge gaps.

The subject of research in the paper is the competence, way, and quality of team management and leadership styles of team leaders from the point of view of team productivity. The research aims to determine the competence and way of team management and the influence of the team leader's leadership styles (directive, participative, and supportive) on increasing team productivity. In order to achieve the set goal of the research, the paper started with the following hypotheses: General hypothesis (H0): The assumption is that leaders significantly influence teams' productivity in Serbian companies. Specific hypotheses in the paper we define as: H1. The assumption is that the team leaders in a particular organization are competent to perform the tasks. H2. The assumption is that managing the team is a function of creating a favorable social climate. H3. The assumption is that certain leadership styles significantly impact increasing team productivity. H4. The assumption is that improving leadership style and building leadership skills increase team productivity. H5: The assumption is that there are significant differences between respondents in assessing the influence of leadership style on the productivity of teamwork, considering their sociodemographic and status characteristics. The authors used descriptive, inductive, deduction, and content analysis methods in the paper and surveying as a technique. The authors processed statistical data using descriptive statistics (frequency and percentages), analysis of variance, and t-tests for independent and dependent samples. Also, the authors used the F-test and Levene's test. All five hypotheses were confirmed after examining the hypotheses from which the research started.

Foreign direct investments (FDI) represent one of the flows of international movement of capital that can affect positively and negatively the macroeconomic factors of development of the country of origin, as well as the host country. The Republic of Serbia has been attracting significant foreign direct investments in recent years, with its promotional legislation, natural and human resources, and strategic and market position, which is also visible in the reports and evaluations of the most eminent international organizations. In this regard, the objective of this paper is, in addition to a theoretical approach to the types and carriers of FDI, the advantages and disadvantages of the impact of FDI on the economic and social development of the country receiving investments, to investigate the views of foreign investors themselves on their motives for investing in Serbia. In this respect, for the purpose of elaborating the hypothesis about the diversity of influence and investment motives of foreign investors, an empirical study was carried out on a sample of 53 FDI companies from the territory of the entire Serbia in 2022. The results showed that the primary motives for FDI in Serbia are: The possibility of exporting to other markets, political relations between the investor's country and the country receiving the investment, and subsidies and incentives for employment. The results of the research in this paper can be useful to decision-makers on the improvement of the legal and business framework for attracting direct investments to Serbia, as well as the educational, technological and innovative infrastructure in motivating FDI for investments in high technology sectors so that their impact on the macroeconomic development of the country would have a greater added value.

The banking sector of a country plays a crucial role in the overall economy of a nation. The efficiency of banks is a critical factor in assessing their financial performance and competitiveness. The aim of this paper is to measure the relative efficiency of the commercial banks in Serbia and Montenegro by using the non-parametric methodology Data Envelopment Analysis (DEA). The efficiency of banks will be measured using DEA for two models with different input and output variables. The sample consists of banks from Serbia (21) and banks from Montenegro (11) for the period 2017-2022. According to the obtained results, there are four banks that are relatively efficient every year, two from Serbia and two from Montenegro (AIK banka and 3M banka according to the first model and Crnogorska komercijalna banka and Hipotekarna banka according to the second model). The findings from the paper are valuable for further use by regulators, policy makers and bank management who are expected to identify a sustainable business strategy in line with the company's capabilities.

The paper discusses the position of private individuals as applicants before the Court of Justice of the EU, particularly in the context of cases related to regulating the consequences of climate change and environmental protection. Individuals wishing to challenge measures of European Union institutions related to climate change face, for now, an insurmountable obstacle in proving the existence of an individual concern as a condition for filing an action. After analyzing the positive legal regulation of procedural legitimacy for private individuals and briefly considering cases before the Court of Justice of the EU related to the regulation of the consequences of climate change, the paper outlines how the Court interprets the existence of an individual concern as a condition for filing an action.

The subject of this paper is the study of a certain segment of positive environmental law in the Republic of Serbia in the context of administrative legal protection. The leading international instrument in the field of environmental protection is the Convention on Access to Information, Public Participation in Decision-making and Access to Justice in Environmental Matters (Aarhus Convention). The Aarhus Convention rests on the so-called "pillars", the first two of which represent the availability of environmental information and public participation in decision-making. Therefore, the presentation of the administrative and legal protection of the environment in the Republic of Serbia will be presented from the aspect of these two elements, while in the final part of the paper, the application of some of the mentioned institutes will be considered using an example from practice.

Financial fraud poses a significant threat to the stability and integrity of financial systems around the world. The Republic of Serbia, as an economy in dynamic development, is no exception to this challenge. This research paper investigates the key role of the profession of internal auditors in the fight against financial fraud in the Republic of Serbia. By exploring the practices and challenges faced by internal auditors, this paper aims to provide valuable insights and recommendations to strengthen the effectiveness of internal audit functions in detecting and preventing financial fraud. The importance of internal audit as a vital component of corporate governance and risk management was emphasized through a review of relevant literature and consideration of various activities of internal auditors and their role in preventing financial fraud. Internal auditors play a key role in assessing and monitoring internal controls, identifying vulnerabilities and making recommendations to mitigate fraud risk. Examining the legal and regulatory framework that regulates internal audits in the Republic of Serbia, the importance of implementing a strong control environment and effective monitoring mechanisms in preventing financial fraud is highlighted. The paper's conclusions highlight the specific challenges internal auditors face in the Republic of Serbia in preventing financial fraud, such as resource limitations, limited independence and insufficient awareness of fraud. The findings and recommendations presented in the paper can serve as a valuable resource for policymakers, regulatory bodies and organizations seeking to strengthen their financial fraud defense mechanisms and their internal audit function.

This paper explores the pivotal role of entrepreneurship in economic development and the maintenance of a stable social structure. Entrepreneurship, as a combination of labor, creativity, capital, and technology, generates innovative products, services, and socioeconomic activities, becoming increasingly significant in post-industrial societies. Its efficiency, particularly in the development of small businesses, is becoming crucial in mitigating the influence of the corporate world. In the specific context of Bosnia and Herzegovina, entrepreneurial spirit and the potential of citizens emerge as key factors for economic development and social stability. The paper utilizes a theoretical framework encompassing the characteristics of entrepreneurship, along with social, economic, cultural, and educational assumptions for its development, aligning them with the current socioeconomic conditions in the country. Empirical research analyzes the motives, ambitions, and readiness of citizens to initiate their own entrepreneurship in Bosnia and Herzegovina, with a specific focus on unemployed youth and their social integration as drivers of socioeconomic development.

The aim of this paper is to analyse three approaches in order to give a comprehensive analysis of the efficiency of the banking sector in Serbia. The paper analyses the intermediate, operating and profitability approach for measuring bank efficiency in order to give an answer to the question which is the most efficient and where can be improvements made. The paper applies a non-parametric data envelopment analysis (DEA) on a sample of 23 banks operating in Serbia in the period during and after the covid-19 pandemic, i.e. for 2019, 2020 and 2021. The results of the analysis showed that efficiency is the highest according to the intermediate approach, while the efficiency of banks is the lowest in the approach of measuring profit efficiency. The fact that the lowest levels of efficiencies in each approach were achieved by small banks with a small market share should be added to the results of the analysis. The results of the research are certainly influenced by low interest rates and the activities of mergers and acquisitions, which are intensive on the Serbian banking market.

The analysis of Serbia's residential real estate market is the main goal of this paper. Price movements in that part of the market affect price and financial stability equally, which are thus the main goals of most central banks. Prior to the highly contagious COVID-19 pandemic, there was a gradual increase in the number of transactions involving real estate and prices, with oscillations observed throughout the second quarter of 2020. In this paper, we will present the available databases from the Serbian residential real estate market, as well as regulations that have been in place since the 2000s. By analyzing the trajectory in the long run of the housing credit share to GDP by using a Hodrick-Prescott one-sided filter with the parameter set to 400,000 and correlation and regression analysis, the paper's concluding part will determine whether there is a price bubble in this market segment. According to the analysis, there is currently no price bubble in Serbia's residential real estate market.

Job satisfaction is one of the most analysed job attitudes which may have significant positive consequences on the individual-level and organizational-level performances, too. This is why companies have to analyse the antecedents of job satisfaction. Work design and work characteristics have compelling impact on employees' job satisfaction. The aim of this paper is to identify the work characteristics with the highest impact on job satisfaction across various occupations and positions in Romania. The empirical research had been carried out within the Global Work Design Project initiated by the Academy of Management HR Division, based on the work design questionnaire (WDQ) developed by Morgeson and Humphrey (2006). The Romanian sample consisted of 394 employees from 69 organizations. In our paper we identify the job features and characteristics which lead to high job satisfaction. The findings may have empirical implications on companies' HR strategies not only in Romania, but also in other countries from the Central and Eastern European region.

The present study uses the Analytic Hierarchy Process and Fuzzy Comprehensive method to evaluate the sustainable performance index with different sustainable dimensions on organisational performance measures. Limited integration methods available, inadequate exploration of sustainable dimensions, insufficient attention to key performance indicators, and lack of comparative studies have prompted the present study. This empirical study reveals that a balanced scorecard can be effectively applied to an aerospace organisation for sustainable performance evaluation. It is essential to select proper key performance indicators for a performance measuring system. This paper presents the study carried out on the sustainable performance evaluation in an aerospace organization in the Indian context and found the sustainability of the Organisation as moderate Level. The survey also identifies the Levels of different segments such as learning and growth, internal business, social and environmental dimensions, finance, customer dimension, etc. Suggestions are also included for the improvement of levels of various segments. The paper also covers the impact of locational differences or product segments on sustainable performance.

With the aim of constantly increasing economic development, and with the constant growth of the population, there was an excessive use of natural resources, which caused the search for a long-term solution and the creation of a concept of sustainable development. For this reason, the paper pointed out the basic aspects of sustainable development in current conditions, considering that modern society puts a heavy burden on the environment and all segments of the socioeconomic system. The paper focuses on the challenges of sustainable development, according to the 2030 Agenda, more precisely on Sustainable Development Goals and challenges in implementing in Serbia and countries in the region. The biggest challenge that hit the world in 2020 and which the Serbia and the countries of the region also faced was the Covid-19 pandemic, so this challenge was singled out and dealt with separately as a challenge to the implementation of the Sustainable Development Goals. With conclusion that today sustainable development cannot be spontaneous comes the realization that the process must be guided by international organizations, national states, local governments, all the way down to companies and individuals. That is why the paper outline the basic guidelines and principles of sustainable development of Serbia and the countries in the region, present the current situation in Serbia and future tendencies, and a comparative analysis of the countries in the region in terms of compliance with the guidelines, as well as the challenges in implementing the Sustainable Development Goals.

The subject of this paper is the analysis of the application of banking internal credit risk measurement models for the purpose of calculating the minimum regulatory capital. The Basel Committee established proposals for an internal rating-based approach (IRB approach-internal rating-based) to capital requirements for credit risk. Such an approach, which relies on the bank's internal assessment of counterparties and exposures, can ensure two key objectives: the first is additional risk sensitivity, in which capital requirements based on internal ratings can be much more sensitive on the drivers of credit risk of economic losses in the banking portfolio; the second is incentive compatibility, where the appropriate structure of the RBI approach can provide a framework that encourages banks to continue to improve their internal risk management practices. The internal ranking approach aims to improve the safety and soundness of the financial system. The paper defines the terminology and classification of the rating system. The probability of default (PD-probability at default) and the other two risk components LGD (loss given default) and EAD (exposure at default) are key input parameters for the calculation of regulatory capital. The rating system is, therefore, a significant driver of risk management and financial performance measurement. To be in a position to demonstrate to supervisors that an internal rating system should be used for the purposes of determining minimum regulatory capital requirements, banks must first demonstrate that the rating system is an integral part of their ongoing operations and risk management culture.

This paper presents some statistical tests that can be used to test hypotheses of interest for implementing new technologies and improving the efficiency, functionality and business performance of business systems or companies. DEA is a non-parametric technique based on linear programming for measuring the efficiency of decision-making units (DMU) with heterogeneous inputs/outputs. Generally speaking, DEA has a possible large number of inputs and outputs, and the essential problem is that it is often not clear which inputs and which outputs should be chosen when applied to a real problem, that is, when evaluating the efficiency of the system. In tests, the deviation from the DEA borderline can be viewed as a stochastic variable. The DEA estimate is certainly biased in finite samples (debatable statistics), while the expected value of the DEA efficiency is almost certainly the true value of the parameter in large samples (complete statistics). The application of a flexible DEA structure is significant, if there are situations where insufficient information can prevent the use of parametric statistical tests in the processes and outcomes of management and production. The possibility of using DEA analysis in researching the efficiency of constituent units (branches; decision-making unit - DMU) of business systems should be taken into account in research concerning the functionality of business systems and their optimization in terms of productivity, efficiency and functionality. The research results in this paper are presented in tabular and graphical form.

Block chain technology is becoming more and more important as it is being applied in many fields of business. Blockchain serves as a continuing book of records enabling transactions to develop in decentralized circumstances. Although it is a relatively new technology (first theoretical work dates from 2008), developed and applied primarily in payment systems (Bitcoin), it appeared that its potentials are far beyond it. Within the period from its beginning until the present day, this technology has been considerably improved, applied algorithms perfected and accommodated to contemporary business environment. Research in the field of application concerning this technology was made on the basis of available literature and papers published in relevant journals. The paper represents a comprehensive review of possibilities in Blockchain technology application in contemporary business environment, its benefits and shortcomings as well as security problems appearing in theory and practice. This paper also deals with the analysis of possible trends in the mentioned field.

The sector that has suffered the highest market turbulence caused by the COVID-19 pandemic is the retail sector. Evidence for this can be found in the great shocks on the demand side, primarily for essential products necessary in conditions of self-isolation and quarantine. The principal question is whether the sharp increase in demand, restrictions on the operation of retail facilities, strict epidemiological measures among both employees and consumers, tightened safety protocols, mandatory protective equipment etc., have affected the business, primarily of small retailers. In this regard, the aim of the paper is to analyze productivity between key groups of retailers in the market of Serbia with special reference to the assessment of productivity in the period before and during the COVID-19 pandemic. The results showed statistically significant differences existed between the productivity of local and regional retail chains in relation to the leading retail chains. It was confirmed that the average productivity of associated retailers is higher than that of independent (local) retailers. Also, there are differences in productivity per employee between the observed groups. However, the results showed no statistically significant difference in the degree of productivity of the retail sector in the period before and during the COVID-19 pandemic. The obtained results suggest that the retail supply chain has stabilized after the first months of the pandemic and shown its complete flexibility to sudden market shocks. Guidelines for future research are included in the paper.

In this paper, a comparison of conventional and additive manufacturing was made. Lean and sustainable manufacturing from the point of view of waste were also analyzed. It was established that conventional manufacturing is slowly being replaced by additive manufacturing, but its role is still significant. Lean manufacturing indicates that waste is everywhere, i.e. at all organizational levels. Sustainable manufacturing analyzes new technologies and measures their impact on environmental protection with as little resource consumption as possible. The paper examined the importance of additive manufacturing in sustainable manufacturing by considering Lean principles. In conclusion, there is a flowchart of documents and activities that methodologically introduce additive manufacturing through respect for Lean principles and sustainable production. Savings in production time, launching new products, and quick replacement of parts have become imperative today, and further continuation of this work should be aimed at defining models and procedures in the company's sustainable development.

Using websites for commercial purposes has been noticeable in numerous areas in recent years, including the organic food market, among others. The era of digitalization has implied that an increasing number of consumers form their views on organic food based on information that is marketed via websites, instead of going to traditional stores. In accordance with that, the aim of the paper is to examine whether the quality of a website, measured by its usability, design and the quality of information, affects consumers’ cognitive and affective attitudes towards organic products. In this paper, exploratory factor analysis is carried out along with multiple regression analysis. The research results indicate that, in the organic food sector, it is very important to have a website which is both usable and visually appealing, simultaneously containing quality and updated information, which all can greatly influence the formation of users’ attitudes towards organic food, their attitudes being made of the rational emotional dimensions as well. The contribution of this research study is particularly significant bearing in mind the fact that attitudes towards organic food are mostly examined in a traditional environment, not so much in an online environment.

In this paper, the quantitative aspect of economic growth, i.e. its dynamics, is dealt with. Although it is common to observe the growth rate (intensity) when analyzing the growth dynamics of countries while neglecting growth variability, the fact that covering fluctuations in growth rates has clear motivation and practical significance is presented. On a sample of European countries, including Serbia, growth intensity and stability are analyzed in the paper in order to construct a growth dynamics indicator and an adjusted growth rate based upon these two components. Based upon the two constructed indicators, the position of each country in the sample and in the region (Western and Eastern Europe) which they belong to is analyzed. The detailed analysis and results indicate the importance of this approach when analyzing and comparing the economic growth of individual countries in the medium term and in the long term and when assessing effects on future economic growth and wellbeing.

The influence of energy prices on macroeconomic stability is analyzed in this paper. Energy prices represent significant supply-side shocks, which have been leading cyclical fluctuation triggers through economic history. The analysis includes the countries that were the members of the former SFRY, as well as the countries the members of the Višegrad Group. The indicators under observation are presented for the EU27 for the purposes of comparison. In accordance with economic theory, the main conclusion of the paper is that supply-side shocks can be a significant source of cyclical fluctuations and an inflation trigger. Therefore, policymakers have a complex task to minimize the effects of these shocks. Nowadays, when energy prices are reaching historically high levels, the scientific contribution of supply-side shocks can be found in the deep analysis and well-grounded estimations of the role of those shocks in the preservation of macroeconomic stability and the economic policy measures necessary for the minimization of their negative effects.

This conceptual paper explores the potential relationship between a manager’s contribution in sealing cross-border Merger and Acquisition (M&A) deals, on the one hand, and tacit knowledge transfer, on the other. The paper’s basic premise posits that those managers are likely to be exposed to significant tacit knowledge flows as they participate in negotiating, making, and monitoring M&A transactions. The two M&A dimensions taken into account in the conceptual model given in this paper pertain to the number and value of M&A transactions coordinated or accomplished by the manager. Furthermore, there are several moderating factors said to influence the central assumption between the number/value of M&As and the extent of tacit knowledge transfer, i.e. the frequency of face-to-face meetings, the manager’s cultural intelligence, the manager’s international experience and the number of the languages spoken by the manager. The examination of the research propositions underlying the suggested research model is believed to have a particular importance for the banking sector in the Gulf countries wherein the M&A activity is ubiquitous.

Evaluation is of a high importance in any format that has become widely present in educational process, at any level, starting from primary school education and finishing with higher institutional one. In the paper, it has been discussed on the Kirkpatrick's model of evaluation being applied under Covid-19 conditions, the condition that has never been present in the entire world before. It has been described and discussed the evaluation process under these circumstances and what is the satisfaction level of both students and tutors in it, and also all changes occurred during this pandemic. The discussion part of the paper has been researched in its several segments, where both pros and cons have been presented, where the focus is in the virtual classroom activities since the pandemic conditions. The examined sample has included both tutors and students at a university level, where the real outcomes of this process are seen through a prism of the main hypothesis of the paper and it is to examine why the evaluation process is also of importance to be present under Covid-19 conditions. A new element has also been discussed and applied here and it is related to time experience of both students and tutors and how they have perceived it in this virtual learning environment.

This paper presents an analysis of the impact of the rate of selected parameters on the banking system performance, specifically to non-performing loans (NPLs) movements. The goal is to investigate which the most influential factors affecting the movement of NPLs in the WB countries are, given that research have pointed out the impact of macroeconomic factors on the formation of NPL rates in banking systems. The authors have added several parameters to their methodology, dividing the indicators into internal and external. On the topic of indicators that affect the performance of the banking system, but also predictions of future trends of NPLs, several hypotheses can be set, but this research will start from the hypothesis that the NPL trend can be predicted by creating predictive models which, as the basis, have a combination of macroeconomic and banking system performance indicators. In addition to scientific literature, publications of international development and those by financial institutions were used as well, and the authors also accessed the international database - CEIC data. The time aspect of the research will cover the period 2010-2019, and the prediction of NPL trends will be performed for the period 2020-2025. To determine the final model and the indicator that will most accurately describe the target variable, the Merton's model in the statistical tool R will be developed and prediction tests will be fey performed. The most important statistical methods: linear regression, R2, ADJ R2, correlation matrix. The results show that in 3 out of 5 observed indicators, the one that most influences the trend of problem loans is the unemployment rate. Based on the modelling, the outputs indicate small deviations between the NPL obtained by the model and the publicly announced NPL-trends are very well presented, and the forecast results indicate a sharpening of the NPL trend curve in the period up to 2025. The contribution of this paper is reflected in the time prediction of NPL trends which can be useful to state authorities for adequate measure implementation.

In the paper, the author analyzes the change of the business companies in the Republic of Srpska merger status, that is, the possibilities and ways through which one or more companies can change their structure in order to adapt to market conditions as easily as possible. First of all, the aim of the paper is to display the state of legislative regulations on status changes in the Republic of Srpska and the degree of compliance of this area of commercial law with EU regulations. The author started from the fact that the Law on business companies of the Republic of Srpska from 2008 and subsequent amendments to that Law harmonized this area with community law. In terms of methodology, the paper used the method of analysis, and the comparative method, which achieved a concise observation of the distinctions between the described and analyzed legal regulations. On the basis of the performed analysis, it is concluded that with the adoption of the Law on business companies of the Republic of Srpska, the matter of the status change of the merger has been significantly harmonized with the regulations of the European Union by introducing novelties regarding the modification of the founder's rights of the company that is being terminated, the introduction of auditors and reporting by an independent expert during the merger of companies.

Wine tourism has a great potential in the agro-industrial sector of Serbia and must be intensively developed in order to provide positive local and regional effects on the economy. The proper development of wine sector will have positive effects on economic flows. The positive implications will be manifested in generating of income from the sale market-oriented products, as well as, the employment of new people in this segment of the economy. The aim of this paper is to point out the importance of wineries in AP Vojvodina with a focus on four municipalities: Beocin, Irig, Novi Sad and Sremski Karlovci. The subject of the paper includes the analysis of wineries business in selected municipalities from the aspect of liquidity and profitability for the period 2006-2019. The analysis results show that the observed wineries achieved average values of general and quick liquidity of 1.51, and 0.79. On the other hand, wineries recorded average return on assets of 0.03% and average return on equity of 0.73% in the observed period. Analyzing by the municipalities, it can conclude that wineries in Irig and Novi Sad were profitable, while this was not the case with wineries in Beočin and Sremski Karlovci for the observed period.

Social network account audit is an independent review of social network activities to express a professional opinion on the fulfillment of objectives, business compliance, and information security of orders on social networks. It is in principle a voluntary activity and is not subject to legal obligation like some other types of audit such as the audit of financial statements. However, this does not diminish its fundamental importance, which is reflected in the fact that in situations where the other party is entrusted with the management of accounts on social networks, there is a gap in expectations that should be mitigated by performing a professional and independent review that will result in an objective and professional opinion. Therefore, the issue of contracting the social network account audit is exciting, especially given the sensitivity of the data being audited and the specific status of the parameters for logging into the account whose disposal must be subjected to strict treatment to ensure the safety of account holders. The subject of this paper is the analysis of aspects of contracting the audit of orders on social networks through the analysis of contracting parties and elements of the subject of contracting. The paper's main conclusion is that auditing is a sensitive topic that should be given additional attention and focus during preliminary social network account audit activities.

The fiscal policy of a country is a crucial source of successful and normal functioning of that country's economy. The implications of fiscal policy can be reflected in both the private and the functioning of the public sector of a country's economy. Public finance is an area of economics dealing with the analysis of tax policy and government spending policy. One of the important areas of public finance research is corporate income tax. Corporate income tax is a direct tax imposed at the national level for the purpose of taxing the profits of certain companies, whether state-owned or privately owned. The aim of this paper is to look at the actual amount of profit tax paid, i.e. by observing the profit before taxation of companies listed on the Belgrade Stock Exchange. The paper considers the effective tax rate of companies and points out the deviation of the same from the legally prescribed corporate income tax rate in the Republic of Serbia and the implications of corporate income tax on the company's business results. The paper presents graphical and tabular representations of the effective tax rates of each company as well as the average effective tax rate of companies listed on the Belgrade Stock Exchange in relation to the law in the period from 2013 to 2020 in the Republic of Serbia. Finally, a statistical analysis of the presented results is given in order to understand more precisely the deviation of the effectiveness of corporate income tax of companies listed on the Belgrade Stock Exchange as well as the analysis of the correlation between the growth of the average pre-tax profit and the growth of the average effective corporate income tax rate.

Innovative digital technologies and ever-changing business environment have and will continue to transform businesses and industries around the world. This transformation will be even more evident in view of forthcoming technological breakthroughs, and advances in big data analytics, machine learning algorithms, cloud-computing solutions, artificial intelligence, internet of things, and the like. As we live in a data-driven world, technologies are altering work and work-related activities, and everyday activities and interactions. This paper is focused on big data and big data analytics (BDA), which are viewed in the paper from organisational perspective, as a means of improving firm performance and competitiveness. Based on a review of selected literature and researches, the paper aims to explore the extent to which big data analytics is utilized in companies, and to highlight the valuable role big data analytics may play in achieving better business outcomes. Furthermore, the paper briefly presents main challenges that accompany the adoption of big data analytics in companies.

The topic of this paper are the values of the individual entrepreneurial orientation and the Theory of planned behavior dimensions, among freelancers in the Western Balkan countries (Bosnia and Herzegovina, Croatia, Montenegro, and Serbia). The effects of four control variables: gender, age, education level, and previous entrepreneurial experience were also examined. Freelancers best perceive support for an entrepreneurial venture as well as their proactivity. Entrepreneurial intentions were assessed as the worst. The greatest impact on the observed dimensions occurs in the division of the sample into freelancers who have/do not have previous experience in entrepreneurship. As for the other control variables, statistically significant differences occur in only three other cases: dimensions RT - Risk-taking and PBC - Perceived behavioral control on the side of male freelancers, and dimension IN - Innovativeness on the side of younger freelancers. A comparison was made with a similar study, where the respondents were conventional employees. In general, freelancers have greater entrepreneurial intentions than conventional employees. Freelancers are more consistent in terms of entrepreneurial intentions: there are no differences in these intentions if the sample is divided according to the gender and age of freelancers. These results are discussed in the paper.

Under conditions of globalization and increasing market integration, competitiveness is a prerequisite for survival in the global market. The goal is not only to achieve a competitive advantage but to make it sustainable. The most stable and long-term source is reflected in business innovation. Innovative activities encourage companies' development and influence the preservation of market position as well as the company's profitability. The effects of applying the CSR concept can positively influence a company's financial performance. The authors of this paper investigate whether there is a connection between the concept of corporate social responsibility and financial performance in the Republic of Serbia. The paper presents the results of research conducted in the territory of the Republic of Serbia. The research covers 165 large companies during the period November 2019 - August 2021. The data were processed using the Smart PLS program. The research results show that the application of the CSR concept has a positive effect on the financial performance of large companies in the Republic of Serbia.

Due to the specifics of the political and economic system in Bosnia and Herzegovina (BiH), in the recent history of the country it has not been possible to approach the problem and challenges of economic security comprehensively and seriously. The given circumstances reinforce the need for research and analysis of economic security in BiH in order to show the real situation. This paper analyses economic security as a part of national security, with the help of relevant indicators, and then the connection of economic security with the economic development of BiH. Methods of analysis, synthesis, compilation, correlation and linear regression were applied for research purposes. The aim of the research is an empirical analysis of economic security indicators in terms of determining the degree of interconnection of key variables of economic security (public debt, availability of financial resources, technological progress, investment in fixed assets, unemployment, military investment, foreign exchange reserves, budget deficit, GDP growth rate, etc.) for the period from 2008 to 2018. The results of the research clearly reveal that economic and national security are mutually interrelated, and that economic security is a precondition for national security, which confirms the main hypothesis of this paper.