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In the context of the current global food crisis, which is caused by a combination of climate change, geopolitical tensions and economic disruptions, the need for market diversification and adaptation of production standards becomes imperative for food producers The paper analyses the Halal market, which is considered to be one of the fast-growing markets with a large consumer base and the requirements that interested food producers must meet in order to adapt their production to this standard. The aim of the paper is to explore the potential of the Halal standard as a strategy for expanding the market and increasing the competitiveness of food producers in Serbia. Using descriptive analysis, the importance of this standard in the context of the global crisis caused by current conflicts is highlighted, affecting most Muslim countries that import food from abroad. It is concluded that Halal certification can be a sustainable strategy for overcoming current challenges in food production and trade, emphasizing its relevance not only for Muslim consumers but also for the global market, which increasingly values transparency, quality, and ethical production.

Start-up companies are generators of economic development. Given that these companies are characterized by a high degree of risk at the beginning of their operations, it is very important to properly formulate development and positioning strategies. This paper uses strategic tools to analyze the internal and external factors affecting the operations of a start-up company. The analysis of internal and external factors was carried out on the case of a start-up company established with the aim of connecting consumers and producers of organic agricultural products through a mobile application. The significance of this paper lies in providing guidelines to the company's management for defining business development and market positioning strategies. The results of this research serve as an incentive for further studies related to start-up companies, both at the local and regional levels.

Tourism has become a mass industry that attracts over a billion people worldwide annually. With the increasing application of artificial intelligence, technology is accelerating changes in tourism, enhancing customer service, operational efficiency, and supporting sustainable practices. Therefore, the aim of this paper is to provide an overview of the impact of Generative Artificial Intelligence (GAI) on the hospitality and tourism industry. Through the analysis of various aspects of GAI application in this sector, the paper explores potential benefits and challenges that this technology brings for companies, stakeholders, and users. Additionally, the paper addresses legal and ethical aspects of GAI usage, particularly concerning data protection, privacy, and compliance with relevant laws and regulations. A special focus is on the REFLECT model, which offers a holistic approach to the use of artificial intelligence, enabling companies to better understand and manage the implementation of this technology.

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 aims to illustrate the practice of utilizing organizational learning within one of the world's leading companies in the automotive industry to enhance its competitiveness. The objective of the paper is to provide detailed insights into the methods and fundamental mechanisms of knowledge transfer between the parent company and its subsidiaries, while examining both the obstacles and incentives for such knowledge transfer. Finally, this paper analyzes the concepts of knowledge and organizational learning, aiming to establish the relationship between theoretical concepts of organizational learning and practical, modern organizational solutions.

This paper provides an overview of the application of social networks in Serbian entrepreneurship and the entrepreneurial ecosystem. Social networks have become a necessary marketing tool in business since their inception for scientific and social purposes. There is almost no business branch that operates without the use of social networks, as an auxiliary or basic marketing tool. In Serbia, social networks have experienced significant expansion in recent years, and everyday life is almost unimaginable without platforms like Instagram, Facebook, and Twitter. Entrepreneurship in Serbia heavily relies on social networks for marketing and operational purposes. On the other hand, the entrepreneurial ecosystem is a term that has attracted a lot of attention from scientists and researchers in the last ten years. The main goal of entrepreneurship is to create an economic and social system that enables business growth and development, which will also contribute to the economic prosperity of the country. Entrepreneurial ecosystems encompass a broader concept, intertwining entrepreneurs, organizations, individuals, and institutions at the national level to support and catalyze entrepreneurship development collectively or systemically. The aim of this paper is to elucidate the concept of the entrepreneurial ecosystem in Serbia and demonstrate the use of social networks for its growth and development in the modern business environment.

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 basic aim of the research in this paper is to answer the question of whether the financial statements defined by the legislation in the Republic of Serbia, based on the IASB IAS/IFRS project implementation, could be comparable with the EU financial statements in terms of quality. The main reason for this research is to point out the necessity of including other international accounting regulations, such as EU Directive 34, for financial reporting harmonization and standardization needs. The research results show that the existing legal accounting regulations implementation defined by the IFRS has become the limiting factor for financial reporting quality. Additionally, the research results indicate the need to overcome the existing concept of technically oriented accounting and consider a broader, more completely expressed power of financial reporting that includes other non-financial determinants. In order to reach the set aim, the methodology used in this paper includes qualitative research based on secondary data sources. On that basis, the first part of the paper provides an indicator analysis that illustrates the existing financial reporting quality situation as a result of legal and professional accounting regulations implementation in the Republic of Serbia. In the second part of the paper, based on the research results, we provide suggestions for improving accounting regulations for financial reporting quality needs.

Profit tax is a direct tax paid by all countries in the world, and it holds a great importance because it represents a very important source of public revenue. Taxpayers fulfill their income tax obligations by submitting tax returns for specific periods. However, with the establishment of taxes, the issue of tax evasion arises, posing challenges to public service financing. This paper aims to examine the amount and collection methods of profit tax in the USA, European OECD countries, the Republic of Croatia, and the Republic of Serbia. Additionally, it highlights the adverse effects of tax avoidance by taxpayers in the examined countries. The paper employs exploratory and classification methods to identify current trends in income tax and the prevalence of tax evasion. The research reveals significant variations in profit tax rates among the analyzed countries and differences in its contribution to total tax revenue. Furthermore, all observed countries are making great efforts to suppress evasion, which causes great damage to the economy.

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.

The aim of this paper is to analyze the situation in the services sector after the global pandemic caused by the virus corona, as well as an overview of the disruptions caused by the pandemic in the global and national market. The service sector suffered the greatest consequences of the pandemic and the initial lockdown. All services, except trade and retail, have discontinued their business activities. The research will cover comparisons of the situation in the services sector in the period before, during and after the global pandemic. Based on the results from the global market and the situation in the services sector of certain countries in the recovery period, a forecast of the situation in the domestic market will be made. The research will focus specifically on tourism, hospitality and retail as the sectors which were the most affected by the pandemic in the Republic of Serbia market, accounting for almost 20% of national GDP. The results of the survey will indicate to the relevant institutions, economic policy makers and management of the service companies what measures must be taken to return the level of income and profitability to the period before the pandemic. Suggestions and guidelines for future research are outlined in the paper.

This paper provides an analysis of "Sondervermögen fonds", or special investment funds, in Germany. These funds are structured as separate accounts, providing additional protection for investors, as their assets are legally separate from the assets of the fund manager. The Federal Financial Supervisory Authority (BaFin) regulates "Sondervermögen fonds", ensuring that they are managed responsibly and in compliance with the German Investment Code (Kapitalanlagegesetzbuch or KAGB). The KAGB sets out the legal framework for the operation of "Sondervermögen fonds" and covers various aspects, including authorization, investment restrictions, custody and administration of assets, supervision, and regulatory measures. The paper describes the legal structure, regulatory requirements, and performance of "Sondervermögen fonds", highlighting their advantages over other investment vehicles. "Sondervermögen fonds" have become a significant tool for investors in Germany and are expected to continue playing a crucial role in the country's investment landscape.

The subject of this research paper is the evaluation of spinach's (Spinacia oleracea L.) production profitability, given that spinach is an important vegetable species for human nutrition and health. The research started with an overview of spinach production worldwide and in the European Union in the past ten years (2012-2021). The Statistical Office of the Republic of Serbia (SORS) does not monitor the production and yield of spinach as a separate vegetable species, so comparison between Serbia and other world countries is not possible. Therefore, the paper analyzes the values of spinach exports and imports in Serbia. In the end, the evaluation of profit and critical values is given on the example of open field spinach production by an agricultural producer in the area of AP Vojvodina, in the South Banat district. The analysis of achieved profit was made based on the calculation of spinach production for one production cycle (autumn sowing 2021/harvest 2022) on an area of 1ha. The achieved results show that the production of spinach in this district is profitable, and the financial result is positive.

This case study analyzes the existing characteristics of the performance measurement system and incentive payment in an international manufacturing company in Serbia, from furniture industry. The main aim of the paper is to understand the cause-andeffect relationship that the performance-based payment system has on employees and the organization, that is, to assess the real motivational power of rewarding employees with financial incentives. The aim of the paper is to analyze the advantages and disadvantages of incentive pay systems from the point of view of process motivational theories that deal with the cause-and-effect relationship of motivation for work, performance and job satisfaction in people. A case study method was used. The existing practice was evaluated with a purpose-built instrument, based on assumptions derived from process theories of motivation. The results indicate that regardless of the high salaries of employees (up to 30% higher than other employee salaries in the market), there is still high employee turnover and absenteeism, reduced motivation, dissatisfaction and unethical behavior. The causes are inadequate and unrealistic goals, non-transparent performance measurement, frequent changes in teams, lack of work resources and technical training, as well as numerous operational problems in the company. After the identification and analysis of the current method of performance management, practical recommendations were given on how to overcome the observed shortcomings and increase the satisfaction and motivation of employees.

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.

This paper analyses key macroeconomic repercussions of the global pandemic and geo-political crises in terms of growing recessionary and inflationary pressures, and finally, the potential occurrence of stagflation. The aim of this paper is to primarily analyse the stagflation shocks of the 70s, afterwards, compare them with the current crisis for the period January 2020 - July 2022 using the example of selected developed economies (USA, Germany and France). Using descriptive analysis, it was shown that in the observed period inflationary and recessionary pressures existed in USA, Germany and France. However, those pressures could not be identified as stagflation, since that were not present simultaneously. Namely, during the pandemic crisis, recessionary pressures were present, since then the GDP growth decreased till first quarter of 2021 in analysed economies, while inflation rates were stable. On the other hand, with the recovery of economies in the second quarter of 2021, inflationary pressures became stronger and intensified by geo-political crisis. Therefore, it seems that the most visible anomaly of the global economic system in 2022 is the presence of inflationary pressures.

The concept of sustainable development represents a globally accepted development model in all segments of the economy and society, including agriculture. The aim of the paper is to show, by systematizing past experiences, the contribution that agriculture makes in the realm of realizing the concept of sustainable development, with a special emphasis on food security in developing countries. The paper specifically analyzes the impact of agriculture on the ecological, economic and social dimensions of sustainable development. The main contribution of agriculture in the field of ecological sustainability is minimizing the harmful impact on natural resources and ensuring the production of a sufficient amount of healthy and safe food. One of the factors that contributes to the economic sustainability of agricultural farms, and thus of rural areas, is the diversification of the economic activities of the rural population with adequate measures of financial support for agriculture. Ensuring the economic motivation of the rural population to earn money and live in rural areas, with respect for human rights, is the basis for achieving long-term social and demographic sustainability.

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.

Local population represents one of the most important interest groups in tourism development. Attitudes, as well as the local population involvement in a certain area, largely predetermine the development of tourism. The aim of the paper is to perceive the attitudes of local population about the impact of tourism on the economic development of rural areas in the Republic of Serbia, because it has been proven in previous research that it can have a significant impact on the development of this strategically important activity. The paper also examines the influence of demographic characteristics on the attitudes of the local population about the impact of tourism on the economic development of rural areas of the Republic of Serbia. The research sample included 340 respondents, who live in rural areas of the Republic of Serbia. Descriptive statistical analysis, independent samples t-test and one-way analysis of variance (ANOVA) were used to process the collected data. The research results suggest that the impact of tourism on income, the creation of new business opportunities and the increase in demand for local products are rated as the most important by the rural population of the Republic of Serbia. It was also determined that of all other demographic characteristics, education partially affects the differences that exist in the attitudes of the local population regarding the impact of tourism on the economic development of rural areas of the Republic of Serbia. The differences shown are related to the tourism impact on increasing the number of jobs, incomes, demand for local products and on the rural economy diversification. The obtained results can contribute to the defining of the tourism development strategy for the rural areas of the Republic of Serbia with the aim of improving the quality of life of the local community and diversifying the rural economy with the development of this activity.