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Исхрана кока носиља има значајну улогу за њихово здравствено и кондиционно стање, као и за производне резултате. Задовољавајући производни резултати могу да се остваре употребом нутријената који осигуравају енергетске потребе, потребе у протеинима (аминокисе- лине), витаминима и минералима. Основна сировина у исхрани кока носиља је најчешће кукуруз (преко 50%), сојина и сунцокретова сачма, сточна креда, сточни квасац и премикс (витамини, аминокиселине, макро и микроелементи). Циљ овог рада био је да се испита утицај сојиног уља (1,5% К0 група) и замене сојиног уља и дела кукуруза ланеним уљем (К1 1,5%, К2 3% и К3 4,5%) на производне резултате кока носиља хибрида Isa Brown (просечна маса на почетку и крају огледа, просечан прираст, потрошња хране, просечан дневни број и проценат снешених јаја и просечна маса јаја). Оглед је трајао 70 дана (од 155. до 220. дана старости). Просечна маса кока носиља на почетку огледа била је уједначена, а на крају огледа била је већа код К3 групе у односу на остале испитиване групе. Просечан при- раст био је од 88,50 г (К0) до 114 г (К3 група). Утрошак хране био је 120,15 г код К0 групе и 115,38 г код К2 групе. Просечан дневни број снешених јаја био је од 37,27 (К0 група) до 38,83 (К2 група),а изражено у процентима био је од 93,11% (К0 група) до 97,19 (К2 група). Између просечног дневног броја снешених јаја и просечног броја јаја изражених у процентима утврђене су статистички значајне разлике (р

The aim of this study was to determine the effect of different marinade solution on the microbiome of chicken breast fillets packaged under vacuum and stored at 4°C. Three types of marinade were tested. A total of 120 chicken breast fillets were marinated in control (6% NaCl) or three different marinades: 6% NaCl and 2% sodium tripolyphosphate; 6% NaCl and 2% sodium citrate, and; 6% NaCl, 1% sodium tripolyphosphate and 1% sodium citrate. Microorganisms were enumerated on the first day of testing (day 0) and on days 7, 14, 21 and 28 of chilled storage. Marination resulted in significant differences (p

For the successful validation and verification of the HACCP system, a food business operator is obliged, among other duties, to have continuous microbiological data of carcasses which are followed by a certain dynamic that the subject himself prescribed. To obtain these data, it is necessary to perform systematic monitoring of indicator microorganisms. The most important meat hygiene indicators are Total Viable Counts (TVC) and Enterobacteriaceae (EC). TVC are defined as indicators of overall slaughter hygiene (equipment, environment, tools, workers), while EC are indicators of faecal contamination on carcasses. The aim of this study was to determine the microbial contamination of cattle and pig carcasses, level of hygiene of the slaughter process as well as whether variations hygiene levels were related to seasonality in Serbia during 2017. The year was divided into four quarters of three months each, while the microbiological results were classified into three levels of hygiene status (unsatisfactory, satisfactory or acceptable). The highest percentage of the results surveyed during the entire study was at a satisfactory hygiene level. Furthermore, we found there were differences in results between the quarters, which could be associated with seasonality. The best microbiological results, and so the best hygiene of carcasses, was recorded in the period April, May, June, while the worst microbiological results were observed in the period of July, August and September.

The aim of this study was to determine the survival of Yersinia enterocolitica (biotype 1, serotype O:8), and the microbiological status (lactic acid bacteria and Enterobacteriaceae), water activity and pH values of Sremska sausage (traditional dry-fermented sausage from Northern Serbia) during ripening (18 days). Four different groups of Sremska sausage were manufactured: CI group - control without starter culture; CII group - control with starter culture; EI group - was inoculated with 108 CFU mL-1 of Y. enterocolitica ATCC 9610, without starter culture and EII group - was inoculated with 108 CFU mL-1 of Y. enterocolitica ATCC 9610 and with starter culture. During ripening, microbiological examination was conducted according to ISO methods, on days 0, 3, 7, 12 and 18. In the inoculated sausages, Y. enterocolitica did not grow after day 12 of the ripening period. The results revealed that the use of starter cultures increased the number of lactic acid bacteria, while completely reducing the Enterobacteriaceae count compared with the Sremska sausage without starter culture. Also, the sausages manufactured with starter culture had lower pH values compared to the sausages without starter culture. In conclusion, the use of starter cultures contributes to improving the microbial safety of Sremska sausage.

The Yersinia enterocolitica has become increasingly important as a food contaminant. Yersiniosis is a typical foodborne disease and Y.enterocolitica has been frequently isolated from a variety of foods, like untreated milk, chocolate milk, dairy cream and ice cream, vegetables like carrots, tomatoes, beef and lamb, but pigs (meat and meat products) have been considered to be the primary reservoir for the human pathogenic types of Y. enterocolitica. The aim of this study was to evaluate the effect of storage time, pH and aw value on the levels of Yersinia enterocolitica in Sremska sausages (traditional meat products from Srem, Serbia). For comparison, meat was divided into four equal portions. Control sausages were produced without starter cultures (CI-group) and with starter cultures (CII-group). Experimental sausages were inoculated with Yersinia enterocolitica (biotype 1, serotype 0:8) (EI-group-without starter cultures and EII-group-with starter cultures). Sampling was performed by randomly selecting two links of each sausage preparation during storage on 0, 3, 7, 12 and 18 day of ripening period. Microbiological examination (Yersinia enterocolitica) was conducted according to ISO methods (ISO 10273-2003). Results showed that number of Y. enterocolitica was decreased, and was not detected after 12 day of ripening period. The sausage groups manufactured with starter cultures had lower pH and aw values compared to groups without starter culture. The use of the starter cultures constitutes an additional improvement to the microbial safety by reducing Yersinia enterocolitica in Sremska sausages. Book of abstract

Cilj ispitivanja ove doktorske disertacije odnosio se na mogućnosti inaktivacije Yersinia enterocolitica u fermentisanim kobasicama. Za potrebe eksperimenta proizvedene su kobasice kontaminirane sa Yersinia enterocolitica, sa i bez dodate starter kulture. Kontrolne grupe kobasica nisu bile kontaminirane a proizvedene su takođe sa i bez dodate starter kulture. U toku zrenja praćene su promene mikrobiološkog statusa fermentisanih kobasica i fizičko- hemijskih osobina. Za sva ispitivanja korišćene su standardne metode. U fermentisanim kobasicama užeg i šireg dijametra sa i bez dodate starter kulture u toku zrenja broj bakterija Y. enterocolitica se smanjivao. Broj bakterija Y. enterocolitica bio je svih dana ispitivanja statistički značajno manji u uzorcima kobasica kojima je dodata starter kultura. U uzorcima kobasica užeg dijametra dvanaestog dana, a u uzorcima kobasica šireg dijametra dvadesetpetog dana zrenja nije utvrđeno prisustvo Y. enterocolitica. Prosečan broj enterobakterija u toku zrenja u uzorcima fermentisanih kobasica užeg i šireg dijametra se statistički značajno smanjivao i bio je izraženiji u uzorcima kobasica kontrolne i ogledne grupe sa dodatkom starter kultura. Kod kobasica užeg dijametra enterobakterije nisu dokazane dvanaestog dana, kao i na kraju procesa zrenja, a u uzorcima kobasica šireg dijametra enterobakterije nisu dokazane dvadesetpetog dana, kao i na kraju procesa zrenja. Prosečan broj aerobnih mezofilnih bakterija u uzorcima fermentisanih kobasica užeg, odnosno šireg dijametra je statistički značajno rastao do dvanaestog, odnosno do osamnaestog dana zrenja, a zatim se do kraja procesa zrenja statistički značajno smanjivao. Kao i kod broja aerobnih mezofilnih bakterija, tako je i broj bakterija mlečne kiseline u uzorcima fermentisanih kobasica užeg, odnosno šireg dijametra, statistički značajno rastao do dvanaestog, odnosno do osamnaestog dana zrenja, a zatim se do kraja procesa zrenja statistički značajno smanjivao. Vrednost pH svih ispitivanih grupa uzoraka fermentisanih kobasica se u toku procesa zrenja statistički značajno smanjivala i na kraju zrenja bila je statistički značajno niža u uzorcima kobasica šireg dijametra, odnosno kod uzoraka kobasica kod kojih su korišćene starter kulture. U toku procesa zrenja, kontrolnih i oglednih grupa uzoraka fermentisanih kobasica užeg i šireg dijametra aw vrednost se statistički značajno smanjivala i bila je manja u uzorcima kobasica u kojima su korišćene starter kulture. Na kraju proizvodnog procesa uzoraka fermentisanih kobasica kontrolnih, odnosno oglednih grupa, kobasica užeg i šireg dijametra nisu utvrđene značajnije razlike između ispitivanih hemijskih parametara kvaliteta kobasica. The aim of these doctoral dissertation concerned the possibility of inactivation of Yersinia enterocolitica in fermented sausages. For the purposes of the experiment produced sausages contaminated with Yersinia enterocolitica, with and without add starter culture. Control groups of sausages were not contaminated and are also produced with and without add starter culture. During ripening are accompanied by changes in the microbiological status of sausage and physical-chemical properties. For all tests, the standard method. The fermented sausages narrower and wider diameter with and without add starter culture during the ripening bacteria Y. enterocolitica decreased. The number of bacteria Y. enterocolitica was all the days of tests statistically significantly lower in samples of sausages which added starter cultures. In samples of sausages inner diameter of the twelfth day, and in samples of sausages wider diameter twenty-fifth day of ripening were not confirmed Y. enterocolitica. The average number of enterobacteria during ripening in samples of fermented sausages narrower and wider diameter significantly decreased and was more pronounced in samples of sausages control and experimental group with the addition of starter cultures. When the inner diameter of the sausage enterobacteria not proven the twelfth day, and at the end of the ripening process, and in samples of sausages wider diameter enterobacteria not proven twenty-fifth day as well as at the end of the ripening process. Average number of aerobic bacteria in samples of fermented sausages narrower, or wider diameter was significantly increased to twelve, or eighteen days to maturity, and then by the end of the ripening process significantly decreased. As with the aerobic mesophilic bacteria, so the number of lactic acid bacteria in samples of fermented sausages narrower, or wider diameter, significantly increased to twelve, or eighteen days to maturity, and then by the end of the ripening process significantly decreased. The pH value of all the tested groups of samples of fermented sausages during the ripening process significantly decreased at the end of ripening was significantly lower in samples of sausages wider diameter, or in samples of sausages in which the starter cultures used. During the ripening process, the control and experimental groups of samples of fermented sausages narrower and wider diameter aw value is significantly decreased and was lower in samples of sausages which were used starter culture. At the end of the production process control of samples of fermented sausages, and experimental groups, sausage narrower and wider diameter were no significant differences between the chemical parameters of the quality of sausages.

The aim of this study was to evaluate the effectiveness of different packaging conditions (vacuum and modified atmosphere) on the microbiological status (total viable count, lactic acid bacteria and Enterobacteriaceae), total volatile basic nitrogen (TVB-N) and pH in minced pork meat. Pork mince was packaged in vacuum, modified atmosphere with 20% O2, 50% CO2 and 30% N2 (MAP 1) or modified atmosphere with 20% O2, 30% CO2 and 50% N2 (MAP 2), refrigerated at 3±1°C and examined on the days 0, 3, 6, 9 and 12 of storage. The average total viable counts and total Enterobacteriaceae counts in vacuum packaged mince were statistically significantly higher (p lt 0.01; p lt 0.05) than in modified atmosphere packaged mince with both combinations of gases, on different days of storage. The largest decrease of total viable count and Enterobacteriaceae count was noted in modified atmosphere packaged mince with the higher concentration (50%) of CO2.

Proceedings

This work presents the results of comparative examination of trout freshness using sensory analysis and measuring electrical characteristics of fish skin by torymeter. Trout stored by freezing, and in the air at temperature from +4ºC to +6ºC was examined. Statistically significant difference in the total sensory evaluation expressed as index of quality between trout stored by freezing and stored in the air, was found after four days storage. Total sensory evaluation (expressed as index of quality) above ten, showed significant loss of fish freshness what was noticed in fish stored in the air after five days, and in fish stored by freezing after eight days of storage. Statistically significant difference was determined between average values of torymetric number of fish stored in the air and by freezing, after thee days of storage (p lt 0.01). The fall of torymetric value below ten means significant loss of fish freshness, what in fish stored in the air was recorded after eight days of storage. U radu su prikazani rezultati uporednog ispitivanja svežine pastrmke senzornom analizom i merenjem električnih osobina kože ribe torimetrom. Za ispitivanja je korištena pastrmka koja je čuvana poleđivanjem, odnosno u vazduhu pri temperaturi od +4ºC do +6ºC. Statistički značajna razlika u ukupnoj senzornoj oceni izraženoj kao indeks kvaliteta između pastrmke skladištene poleđivanjem i skladištene u vazduhu utvrđena je četvrtog dana čuvanja. Ukupna senzorna ocena (izražena kao indeks kvaliteta) veća od deset, označava značajan gubitak svežine ribe što je kod ribe skladištene u vazduhu utvrđeno petog dana, a kod ribe skladištene poleđivanjem osmog dana skladištenja. Između prosečnih vrednosti torimetrijskog broja ribe skladištene u vazduhu i poleđivanjem utvrđena je statistički značajna razlika počevši od trećeg dana skladištenja (p lt 0,01). Pad torimetrijske vrednosti ispod deset označava značajan gubitak svežine ribe, što je kod ribe skladištene u vazduhu zabeleženo petog dana, a kod ribe skladištene poleđivanjem osmog dana skladištenja.

Rad se bavi ispitivanjem problema integrisanog upravljanja vrednošću korporativnih preduzeća, analizom rezidualnog dobitka, identifikovanjem mogućnosti za integrisanje tehnika upravljanja performansama duž internog lanca vrednosti i lanca vrednosti industrije, empirijskim istraživanjem doprinosa poslovnih i finansijskih aktivnosti kreiranju vrednosti za akcionare u Jugoistočnoj Evropi, i ekonometrijskom analizom odnosa između P/BV multiplikatora, s jedne strane, i profitabilnosti, kvaliteta dobitka, rasta, rizika, dividende politike i finansijske pozicije preduzeća u Jugoistočnoj Evropi, s druge strane. U radu se nastoje proceniti informacioni dometi upravljačkog računovodstva na području pružanja podrške integrisanom upravljanju procesom kreiranja vrednosti. U važnije rezultate empirijskog istraživanja može se ubrojati zabeležena negativna veza između P/BV multiplikatora i rizika preduzeća, koja otvora put za korišćenje BV/MV multiplikatora kao faktora rizika u modeliranju troškova akcionarskog kapitala u Jugoistočnoj Evropi. Empirijski je pokazano da profitabilnija preduzeća ostvaruju veću tržišnu vrednost akcija, iz čega proizilazi značaj integrisanog upravljanja vrednošću, kao sistema povezanih upravljačkih tehnika za redukovanje troškova i poboljšanje ostalih finansijskih ili nefinansijskih aspekata korporativnih performansi. Među vrednijim rezultatima je i beleženje pozitivne veze između P/BV multiplikatora i rasta korporacija, koje upućuje na zaključak da se P/BV može koristiti kao merilo raspoloživog potencijala za rast korporacija u Jugoistočnoj Evropi, a time i kao kriterijum za razlikovanje akcija rasta od akcija vrednosti. Ovo razlikovanje akcija pomaže portfolio menadžerima investicionih i penzionih fondova u primeni određenih strategija investiranja. The paper examines the challenges of integrated value-based management, potentials of residual income analysis, and opportunities to integrate various techniques for performance management along the internal value chain and the industry value chain. It also provides empirical research into the contribution of operating and financing activities to shareholder value creation in Southeast Europe, and econometric analysis of relationship between P/BV multiple, on the one hand, and profitability, earnings quality, growth, risk, dividend policy, and financial position of corporations in Southeast Europe, on the other hand. The paper is trying to assess the information scope and reach of management accounting in supporting integrated value-based management. An important result of empirical research is the observed negative relationship between P/BV multiple and stock risk, which justifies the use of BV/MV multiple as a risk factor in modeling the cost of equity in Southeast Europe. Empirically, it has been shown that more profitable corporations achieve higher market valuations and that underlines the importance of integrated value-based management as a system of interrelated management techniques for cost reduction and improvement of other financial and nonfinancial aspects of corporate performance. Among the more valuable results is a positive relationship between P/BV multiple and earnings growth. This finding indicates that P/BV can be used as a measure of the growth potential of corporations in Southeast Europe, and thus as a criterion for distinguishing between growth stocks and value stocks, helping investment and pension fund managers in pursuing certain investment styles and strategies.

Intenziviranje procesa globalizacije svetske privrede tokom prethodnih nekoliko decenija odrazilo se i na poljoprivrede zemalja u razvoju, transformišući ih i integrišući u svetsku privredu. Globalizacija u sektoru poljoprivrede praćena je sve značajnijim stranim direktnih investicijama i jačanjem međunarodne trgovine poljoprivrednim proizvodima. Predmet ove doktorske disertacije je odnos priliva stranih direktnih investicija i izvoza ovog sektora u zemljama u razvoju. Osnovni cilj ove disertacije je davanje odgovora na istraživačko pitanje da li i na koji način strane direktne investicije u sektoru poljoprivrede zemalja u razvoju utiču na izvoz ovog sektora. Relevantna teorija međunarodne trgovine i transnacionalnih preduzeća ukazuje na oprečne zaključke u pogledu odnosa stranih direktnih investicija i izvoza u zemlji domaćinu. Ovi zaključci mogu se grupisati u dve osnovne hipoteze: hipotezu komplementarnosti i hipotezu supstitutivnosti. Kako se obe hipoteze ne mogu teorijski osporiti problem odnosa stranih direktnih investicija i izvoza u zemlji domaćinu svodi se na empirijsko pitanje. Međutim, rezultati dosadašnjih empirijskih istraživanja takođe ne ukazuju na jedinstvene zaključke u pogledu ovog problema. Na početku disertacije, razmotrena je dosadašnja relevantna teorijska i empirijska literatura. Empirijska istraživanja na makro nivou analizirana su primenom meta-regresione analize. Ovom analizom utvrđeni su razlozi varijacija rezultata u dosadašnjim empirijskim istraživanjima. Zatim su primenom metoda deskriptivne statistike opisane dosadašnje razmere globalizacije, kao i zastupljenost protekcionizma u sektorima poljoprivrede u svetu. Opisan je istorijat globalizacije poljoprivrede, pri čemu su sa posebnom pažnjom obrađeni problemi koji se odnose na promene do kojih je ovaj proces doveo u zemljama u razvoju, posebno u pogledu priliva stranog kapitala u njihove sektore poljoprivrede, većeg uključivanja ovih sektora u svetsku ekonomiju i promena vezanih za prehrambenu bezbednost zemalja u razvoju. Nakon toga, opisan je multilateralni trgovinski sistem, kao i način na koji multilateralna regulativa uslovljava trgovinu i strana ulaganja u sektoru poljoprivrede zemalja u razvoju. Detaljno su razmotreni i svi relevantni aspekti ekonomske politike u Srbiji koji se odnose na strane direktne investicije, izvoz i njihov odnos uopšte, a posebno u sektoru poljoprivrede. Takođe, deskriptivna analiza sprovedena je i u slučaju Srbije, pri čemu su analizirani obim, struktura i druge karakteristike stranih ulaganja i izvoza sektora poljoprivrede Srbije. Na osnovu relevantne ekonomske teorije izvedene su četiri hipoteze koje su empirijski testirane primenom ekonometrijske metodologije. Empirijska analiza sprovedena je na makro i mikro nivou. Na makro nivou, analizirano je 80 zemalja u razvoju u periodu od 2005. do 2017. godine. Ocenjen je dinamički model panela primenom sistemskog metoda uopštenih momenata i metoda kvazi-maksimalne verodostojnosti. Rezultati empirijske analize na makro nivou ukazuju na pozitivan uticaj priliva stranih direktnih investicija na izvoz sektora poljoprivrede zemalja u razvoju. U analizi na mikro nivou posmatrana su 102 preduzeća u sektoru poljoprivrede Srbije u periodu od 2014. do 2017. godine. Analiza je zasnovana na ocenjivanju odgovarajućih Tobit modela, kojima je opisana izvozna odluka preduzeća u zavisnosti od njihovih karakteristika, kao i od karakteristika njihovog okruženja. Empirijski modeli su ocenjeni primenom metoda maksimalne verodostojnosti i uopštenog metoda momenata. Utvrđeno je da strano vlasništvo direktno doprinosi većoj izvoznoj orijentaciji preduzeća u sektoru poljoprivrede Srbije. Osim toga, utvrđeno je da su indirektni efekti stranih direktnih investicija u sektoru poljoprivrede Srbije negativni. Na kraju, na osnovu rezultata empirijske analize na mikro nivou izveden je zaključak da efekti stranog vlasništva na izvoz zavise od karakteristike zemlje porekla stranog kapitala, pri čemu su pozitivni izvozni efekti posebno izraženi u slučaju kapitala poreklom iz zemalja iz okruženja i razvijenih zemalja. The intensification of the globalisation of world economy over the past decades inter alia affected developing countries agricultures, transforming and integrating them in the world economy. The globalisation of agriculture is closely related to increasingly significant foreign direct investment in the sector and intensification of agricultural international trade. The subject of this doctoral thesis is the relationship between the inflows of foreign direct investment and exports of this sector in developing countries. The main aim of this thesis is to answer the research question if and how the foreign direct investment in developing countries’ agricultural sectors affect the exports of these sectors. The relevant theory of international trade and transnational enterprises suggests conflicting conclusions concerning the relationship between foreign direct investment and exports in the host country. These conclusions can be grouped into the two general hypotheses: the complementarity hypothesis and the substitution hypothesis. As neither of the hypotheses can be theoretically refuted, the problem of the relationship between foreign direct investment and exports in the host country reduces to the empirical one. However, the results of the existing empirical studies also do not offer a unanimous conclusion regarding this research problem. In the introductory parts of the thesis, the relevant theoretical and empirical literature was reviewed. The macro-level empirical studies were scrutinised using the meta-regression analysis. The analysis results revealed the factors behind the variation of the empirical results in the existing related literature. Additionally, descriptive statistical methods were applied in order to describe the extent of the globalisation, as well as the magnitude of protectionism in the world agriculture. The history of the agricultural globalisation was presented, with the focus on the problems related to the changes in developing countries that resulted from globalisation, especially the ones concerned with foreign capital inflows in their agricultural sectors, greater integration of these sectors in the world economy and the changes related to developing countries’ food security. Following this, the multilateral trade system was described, along with the ways the multilateral regulations affect international trade and foreign investment in the agricultural sector of developing countries. A detailed review of all the relevant aspects of the economic policies of Serbia was provided, particularly those relating most closely to foreign direct investment, exports, their mutual relationship in general, and particularly in the agricultural sectors. Furthermore, the descriptive analysis was conducted in the case of Serbia, providing insight into the volume, structure, and other aspects of foreign investment and exports of Serbian agriculture. Based on the relevant economic theory, four hypotheses were derived and empirically tested using the econometric methodology. The empirical analysis was conducted on both macro and micro levels. On the macro level, 80 developing countries were analysed in the period between 2005 and 2017. A dynamic panel model was estimated using the system generalised method of moments and the method of quasi-maximal likelihood. The results of the macro-level empirical analysis indicate a positive impact of foreign direct investment inflows on the exports of developing countries’ agricultural sectors. In the micro-level analysis, 102 agricultural firms based in Serbia were observed in the period between 2014 and 2017. he analysis was based on estimating the apposite Tobit models, describing the firm-level export decision as a function of the firm’s characteristics, as well as the characteristics of its environment. The empirical models were estimated by applying the maximal likelihood method and the generalised method of moments.

Predmet istraživanja ove doktorske disertacije predstavlja istovremeno ispitivanje efekata dve vrste promena deviznih kurseva na sektorski bilateralni izvoz, uz analiziranje heterogenosti uticaja u zavisnosti od nivoa izvoza. U tom smislu, istraživanje ima za cilj da ispita kakve efekte volatilnost i neuravnoteženost deviznih kurseva imaju na kretanje izvoza pojedinih grupa proizvoda, kao i kakav je uticaj faktor ponude, tražnje i troškova trgovine. Pored toga, cilj je ispitati da li se uticaj faktora razlikuje i u okviru iste grupe proizvoda u zavisnosti od intenziteta trgovinske razmene konkretnom grupom proizvoda, što predstavlja važan iskorak u odnosu na dosadašnja istraživanja. Pomenuta analiza sprovedena je kako na nivou CESEE zemalja, tako i na nivou Srbije, u razdoblju koje obuhvata period pre, tokom i nakon svetske ekonomske krize. Metodologija istraživanja zasniva se na primeni pristupa koji omogućava sveobuhvatno i postupno analiziranje međunarodne trgovine, te je istraživanje sprovedeno u dve faze – bez i sa uvažavanjem multilateralnih faktora otpora. U oba slučaja gravitaciona jednačina je pojedinačno ocenjena za svaku kategoriju proizvoda i to ne samo u srednjoj vrednosti, što je uobičajen pristup u literaturi, već i na različitim kvantilima uslovne raspodele izvoza. Za te potrebe u disertaciji je razvijen empirijski okvir koji omogućava analizu heterogenosti uticaja faktora trgovine na kretanje izvoza u zavisnosti od nivoa trgovinske razmene, korišćenjem dezagregiranih podataka i uz uvažavanje preporuka i nalaza važnih istraživanja iz ove oblasti. Konkretnije, u doktoratu je razvijen i implementiran originalan empirijski okvir koji omogućava ocenjivanje gravitacione jednačine primenom kvantilne panel regresije, kao novog pravca u ekonometrijskoj literaturi. Rezultati empirijske analize na nivou CESEE zemalja pokazuju da se uticaj faktora koji određuju kretanje izvoza zemalja CESEE regiona razlikuje po sektorima i nivoima izvoza. Devizni rizik značajno utiče na izvoz svih sektora CESEE zemalja, pri čemu se uticaj razlikuje po sektorima i u zavisnosti od intenziteta trgovinske razmene u okviru svakog sektora. Uzimajući u obzir uticaj obe vrste promena deviznih kurseva, može se zaključiti da veću prepreku za povećanje vrednosti izvoza zemalja CESEE regiona predstavljaju kratkoročne fluktuacije deviznih kurseva, tj. volatilnost, nego njihovo odstupanje od dugoročnog ravnotežnog nivoa. Na promene deviznih kurseva najosetljiviji su izvoz goriva i maziva, kapitalnih dobara i hrane i pića, s obzirom na to da je kod ovih kategorija proizvoda zabeležen statistički značajan uticaj obe varijable kojima se ispituje uticaj promena deviznih kurseva. Izvoz industrijskog materijala beleži najmanju osetljivost na promene deviznih kurseva. Pored toga, rezultati su pokazali da razvijenost finansijskih tržišta smanjuje negativan uticaj volatilnosti deviznog kursa na izvoz hrane i pića, kapitalnih dobara i delova, transportne opreme i delova i potrošnih dobara iz CESEE zemalja. Negativan efekat volatilnosti na izvoz ovih kategorija proizvoda prestaje na veoma visokim nivoima razvijenosti finansijskih tržišta. Primenjivost rezultata sprovedenog empirijskog istraživanja ogleda se u formulisanju smernica za nosioce ekonomske politike CESEE zemalja koje se tiču adekvatnog reagovanja na promene na lokalnom i regionalnom tržištu, sa posebnim akcentom na načinima redukcije deviznog rizika. Rezultati empirijske analize uticaja volatilnosti i neuravnoteženosti deviznog kursa uz kontrolisanje uticaja faktora ponude, tražnje i troškova trgovine na kretanje sektorskog izvoza Srbije ukazuju da se uticaj faktora koji određuju kretanje izvoza Srbije razlikuje po sektorima i nivoima izvoza, što omogućava da se uoče prepreke za ostvarivanje veće vrednosti izvoza (kada je izvoz na niskom nivou), kao i faktora koji mogu nepovoljno uticati na kretanje izvoza Srbije ka onim zemljama koje predstavljaju važno izvozno tržište (odnosno gde se plasiraju visoke vrednosti izvoza), za svaki sektor pojedinačno. Devizni kurs značajno utiče na izvoz svih sektora Srbije, pri čemu se uticaj razlikuje po sektorima i u zavisnosti od intenziteta trgovinske razmene u okviru svakog sektora. Kapitalna dobra i njihovi delovi predstavljaju kategoriju proizvoda čiji je izvoz iz Srbije najmanje podložan deviznom riziku, dok su transportna sredstva i delovi kategorija proizvoda čiji je izvoz iz Srbije najosetljiviji na promene deviznih kurseva The subject of the doctoral dissertation is the simultaneous examination of the effects of two types of exchange rate changes on sectoral bilateral export, with the analysis of the heterogeneity of the impact depending on the level of export. In this sense, the research aims to examine the effects of exchange rate volatility and misalignment on the export of different product groups, as well as the impact of supply-side and demand-side factors and trade costs. In addition, the aim is to examine whether the impact of observed factors differs within the same product group depending on the intensity of trade in a particular product category, which is an important step forward from previous research. The analysis is conducted both for CESEE countries and for Serbia, covering the period before, during and after the global economic crisis. The research methodology is based on the application of an approach that enables a comprehensive and gradual analysis of international trade. Therefore, the research is conducted in two phases – without controlling for multilateral resistance terms and with taking them into account. In both cases, the gravity equation is estimated individually for each product category, not only on the conditional mean, which is an approach that is common in the literature, but also on different quantiles of the conditional distribution of export. For these purposes, an empirical framework that allows the analysis of the heterogeneity of the impact of trade factors on export trends depending on the intensity of sectoral trade is developed in the dissertation, taking into account the recommendations and findings of important research in this area. More specifically, an original empirical framework that enables the estimation of the gravity equation using quantile panel regression, as a new direction in the econometric literature, is developed and implemented in the doctoral dissertation. The results of empirical analysis at the level of CESEE countries show that the impact of factors which determine the export trends of countries from CESEE region differs across sectors and levels of export. Exchange rate risk significantly affects the export of all sectors of CESEE countries, where the impact varies by sector and depends on the intensity of trade within each sector. Taking into account the impact of both types of exchange rate changes, it can be concluded that short-term fluctuations in exchange rates, i.e. volatility, are a major obstacle to increasing the value of CESEE countries’ export, rather than the exchange rates deviating from long-run equilibrium level. Export of fuels and lubricants, capital goods and parts and accessories thereof as well as food and beverages are the most sensitive to exchange rate changes, given that both types of exchange rate changes have a statistically significant impact on export of these product categories. Export of industrial supplies showsthe least sensitivity to exchange rate changes. In addition, the results show that financial market development reduces the negative impact of exchange rate volatility on export of food and beverages, capital goods and parts and accessories thereof, transport equipment and parts and accessories thereof as well as consumer goods from CESEE countries. The negative effect of volatility on exports of these product categories ceases at very high levels of financial market development. The applicability of the results of the conducted empirical research is reflected in the formulation of guidelines for economic policymakers of CESEE countries regarding adequate response to changes in the local and regional markets, with special emphasis on ways to reduce exchange rate risk. The results of the empirical analysis of the impact of exchange rate volatility and misalignment, while controlling for the impact of supply-side and demand-side factors and trade costs, on sectoral export of Serbia indicate that the impact of factors varies across sectors and export levels, which enables the identification of obstacles to achieving higher export values (when export is at a low level), as well as factors that may adversely affect the export of Serbia to those countries that represent an important export market (i.e. where high export values are recorded), for each sector individually. The exchange rate significantly affects the export of all sectors of Serbian economy, where the impact varies by sector and depends on the intensity of trade within each sector.

Предмет ове докторске дисертације је теоријска и емпиријска анализа утицаја инвестиција у саобраћајну инфраструктуру на привредни раст европских земаља. Најпре је дефинисан обухват саобраћајне инфраструктуре по различитим врстама, размотрени су проблеми мерења инвестиција у саобраћајну инфраструктуру и анализиран је њихов економски значај, као и могући извори и модалитети финансирања ових инвестиција... The subject of this doctoral dissertation is a theoretical and empirical analysis of the impact of transport infrastructure investment on economic growth of European countries. Firstly, it defines the coverage of transport infrastructure by various types thereof, discusses the problems of measuring transport infrastructure investments and analyzes their economic importance, as well as the possible sources and modalities of financing these investments...

U teoriji i praksi menadžmenta dominira stav da je intelektualni kapital osnov konkurentske prednosti u ekonomiji znanja. Međutim, merenje efekata ulaganja u intelektualne resurse nije jednostavno i profesionalna regulativa ne uspeva da odgovori izazovima finansijskog izveštavanja na ovom području. Nosioci odgovornosti u procesu finansijskog izveštavanja treba da budu upoznati sa alternativama koje su im u ovom domenu na raspolaganju. U tom kontekstu obelodanjivanje kao segment finansijskog izveštavanja sve više dobija na značaju, pogotovo što je verodostojna prezentacija izbila na vrh hijerarhije zahtevanih kvalitativnih karakteristika računovodstvenih informacija. Informisanje javnosti o korišćenim pretpostavkama i metodama merenja vrednosti intelektualnih resursa bitno je i u sagledavanju značaja ovih resursa u kreiranju sadašnjih i budućih performansi izveštajnih entiteta. Značajan deo disertacije upravo je zbog toga posvećen problematici vrednovanja intelektualnih resursa. U razvijenim privredama bankarsko poslovanje je znanjem intenzivna delatnost koja se odvija u izrazito konkurentskom poslovnom okruženju. Efikasna interakcija ljudskog, strukturnog i relacionog kapitala je ključna za uspešnu realizaciju definisane strategije poslovnih banaka, kao i za njihov opstanak i rast. Prethodna istraživanja su pokazala da navedeni zaključak nije u potpunosti primenjiv na banke koje posluju u privredama koje su po karakteristikama i stepenu razvijenosti slične srpskoj, te da one svoje performanse i dalje pretežno baziraju na fizičkom i finansijskom kapitalu. Cilj empirijskog istraživanja u ovoj disertaciji, sprovedenog ekonometrijskom analizom podataka iz finansijskih izveštaja, jeste da se sagleda uticaj efikasne upotrebe intelektualnog kapitala i njegovih komponenti na finansijske performanse poslovnih banaka u Srbiji. U tu svrhu primenjena je metodologija Koeficijenta dodate vrednosti intelektualnog kapitala (Value Added Intellectual Coefficient - VAIC). U istraživanju je prvo ispitan nivo obelodanjivanja informacija o komponentama intelektualnog kapitala i povezanim rizicima banaka koje posluju u Srbiji u poređenju sa relevantnom praksom koju u ovom domenu sprovode najveće evropske banke (odabrane prema kriterijumu vrednosti ukupne bilansne aktive, bez banaka koje imaju sedište u Velikoj Britaniji). U tom smislu potvrđena je hipoteza da poslovne banke u Srbiji prilično zaostaju po pitanju razvijenosti prakse izveštavanja o najvažnijim intelektualnim resursima na kojima baziraju svoje poslovanje i rizicima povezanim sa upotrebom tih resursa u odnosu na velike evropske banke, čije su javno dostupne informacije bile predmet analize u istraživanju. In the theory and practice of management the opinion prevails that intellectual capital is the basis of competitive advantage in the knowledge economy. However, measuring the effects of investments in intellectual resources is not straightforward and professional regulation fails to respond to challenges of financial reporting in this area. In the financial reporting process responsible persons should be familiar with the available alternatives in this domain. In this regard, disclosure as a segment of financial reporting is increasingly gaining in significance, especially since fair presentation has become the most important among the required qualitative characteristics of accounting information. Providing information on the assumptions and methods of intellectual asset valuation employed is key to understanding the importance of these resources in creating current and future performance of reporting entities. That is why a significant part of this dissertation is dedicated to the valuation of intellectual resources. In developed economies banking is a knowledge-intensive activity that is carried out in a highly competitive business environment. An effective interaction between human, structural and relational capital is crucial for the successful implementation of commercial banks’ defined strategy, as well as for their survival and growth. Previous research has shown that this conclusion may not apply to banks operating in economies that are similar in characteristics and the level of development to the Serbian economy. These banks continue to base their performance predominantly on physical and financial capital. The aim of empirical research in this dissertation, which was carried out using econometric analysis based on financial statement data, was to analyze the impact of the efficient use of intellectual capital and its components on the financial performance of commercial banks in Serbia. For this purpose the Value Added Intellectual Coefficient (VAIC) method was used. The research first examined the level of disclosure of information on intellectual capital components and the associated risks of banks operating in Serbia and compared it to the best practice of the largest European banks (determined by the amount of their total assets, excluding banks established in the United Kingdom). It was confirmed that the practice of reporting on the most important intellectual resources on which banks base their operations, as well as the associated risks in commercial banks in Serbia lag far behind the largest European banks, whose publicly available information was also analyzed in this research.

Visok spoljnotrgovinski deficit predstavlja najveći izazov za eksternu ravnotežu. Velik broj zemalja se suočava sa rastućom divergencijom trgovinskih tokova i uravnotežen tekući bilans se pre može smatrati kao retkost, nego kao pravilo u ekonomskoj praksi. Nakon izbijanja globalne finansijske i ekonomske krize, nejednakosti zemalja u pogledu kretanja tekućeg računa su postale sve intenzivnije. Jedna od značajnijih implikacija datih trendova jeste perzistentna eksterna neravnoteža koja varira u zavisnosti od meĎunarodne pozicije zemlje, trgovinske otvorenosti, unutrašnjih performansi i sposobnosti da se apsorbuju različiti eksterni šokovi. U tom smislu, predmet istraživanja doktorske disertacije odnosi se na analizu perzistentnosti i ispitivanje divergentnih trendova tekućeg računa u članicama Evropske unije u periodu 1995-2015. godine. Ideja je da se primenom panel tehnika ispita uticaj pojedinačnih faktora na trgovinsku neravnotežu i, konačno, oceni stepen perzistentnosti tekućeg računa. Prevashodno, upotrebljeni su dinamički modeli panela kako bi se ocenio uticaj odabranih determinanti na kretanje tekućeg računa u zemalja članicama Evropske unije u periodu 1995-2015. godine, sa ciljem provere prve hipoteze koja podrazumeva ispitivanje stepena perzistentnosti tekućeg računa. Nakon toga, imajući u vidu značaj održivosti tekućeg računa u dugom roku, prilikom analize determinanti tekućeg računa izvršena je podela na strukturne i ciklične komponente, što je značajno sa aspekta sagledavanja prirode eksterne neravnoteže. Za potrebe analize uticaja strukturnih faktora na dinamiku tekućeg računa u srednjem roku formirani su petogodišnji proseci podataka, dok je ocena cikličnih determinanti sprovedena na podacima koji predstavljaju jednogodišnja odstupanja od petogodišnjih proseka. Rezultati primene uopštenog metoda momenata i metoda kvazi maksimalne verodostojnosti ukazali su da su saldo bilansa tekućih transakcija u zemljama Evropske unije u velikoj meri odredili sledeći faktori: kretanje tekućeg računa iz prethodnog perioda, fiskalni bilans, stopa rasta GDP-a, stepen trgovinske otvorenosti, strane direktne investicije i odnosi razmene iz grupe makroekonomskih faktora, odnosno stopa rasta populacije, stopa zavisnosti stanovništva prema godinama starosti, odobreni krediti privatnom sektoru i pokazatelj efikasnosti vlade iz kategorija demografskih, finansijskih i institucionalnih komponenti. The high current account deficit is the biggest challenge for the external balance. A large number of countries are facing with a growing current account divergence and a balanced current account is considered more as a rarity than as a rule in economic practice. After the outbreak of the global financial and economic crisis, inequality between countries in terms of the current account developments has become more intense. One of the major implications of this trends is persistent external imbalance, which varies depending on the international position of the country, trade openness, internal performance and the ability of the country to absorb various external shocks. To this end, the purpose of a doctoral dissertation is related to the analysis of the persistence and divergent trends in the current account in the Member States of the European Union during the period 1995-2015. The idea is to examine the impact of individual factors on the trade imbalance by using panel data econometric methods, as well as to estimate the degree of persistence of the current account. Primarily, dynamic panel models are used in order to assess the impact of selected determinants on the current account movement in the Member States of the European Union during the period 1995-2015, with the aim of testing the first hypothesis which involves the examination of the degree of the current account persistence. After that, given the importance of current account sustainability in the long run, current account determinants are divided into structural and cyclic components, which is important in terms of assessing the nature of external imbalances. Five-year averages of data are formed for the analysis of the impact of structural factors on the dynamics of the current account in the medium term, while the estimation of impact of cyclical determinants was carried out on data which represent annual deviations from the five-year averages. Estimation results of dynamic panel data models obtained by generalized method of moments and the method of quasi maximum likelihood pointed out that main determinants of current account balance in the European Union were as follows: movement of the current account from the previous period, fiscal balance, GDP growth rate, degree of trade openness, foreign direct investment and terms of trade from the group of macroeconomic factors, and population growth rate, age dependency ratio, approved loans to the private sector and indicator of government effectiveness from the category of demographic, financial and institutional components.

Predmet razmatranja u doktorskoj disertaciji jesu rodne razlike u zaradama i sklonost izbora više od jednog posla, kao prakse tržišta rada koje postaju naročito vidljive u prvim godinama tranzicije. Ove prakse su karakteristične za sve privredne sisteme, a ne samo za zemlje u tranziciji. Međutim, njihov obim i struktura variraju u zavisnosti od dinamike prilagođavanja faktora koji utiču na funkcionisanje tržišta rada. Stoga je praćenje ovih praksi važno, budući da mogu imati šire implikacije na socijalnu i ekonomsku politiku zemalja u tranziciji. Njihova analiza u doktorskoj disertaciji odnosi se na period intenziviranja procesa privatizacije u Srbiji sa početka 2000-ih godina i završava se periodom kada su počeli da se uočavaju prvi pozitivni efekti strukturnih reformi koji su zatim usporeni ekonomskom krizom iz 2008. godine. Testirane su dve osnovne istraživačke hipoteze: (i) da li postoje statistički značajne razlike u zaradama između muškaraca i žena i da li se te razlike jednim delom mogu objasniti uticajem diskriminacione prakse u određivanju zarada, (ii) kao i da li sklonost izbora više od jednog posla zavisi od zarade i časova rada na osnovnom poslu, očekivane zarade od dodatnog zaposlenja, te od ostalih determinanti koje utiču na odluku pojedinca da se istovremeno angažuje na više poslova. Obe hipoteze su empirijski potvrđene. Informacionu osnovu čine podaci Ankete o životnom standardu na bazi koje je formirana serija panel podataka za 2002. i 2003. godinu, kao i serija uporednih podataka za 2007. godinu. Polazeći od činjenice da se stope aktivnosti i zaposlenosti muškaraca i žena značajno razlikuju, rodni jaz u zaradama je posmatran uzimajući u obzir selekciju zaposlenih u sektor zarada. Rodni jaz je najpre izračunat na bazi modela izbora podataka za uporedne podatke ocenjenog metodom maksimalne verodostojnosti. Prema ovom metodu, ocenjeni rodni jaz se smanjio sa 10,96% na 5,97% tokom posmatranog perioda. U drugom koraku, rodni jaz je ocenjen na bazi poluparametarskog modela izbora podataka sa neparametarskom korekcijom pristrasnosti usled neslučajnog izbora pojedinca da radi za platu. Testirane su razlike u strukturi zarada ocenjene primenom parametarskog i poluparametarskog modela izbora podataka i zaključeno je da parametarska specifikacija odgovara modelu zarada. Treći metod koristi kovarijacioni metod ocenjivanja funkcije zarada u formi modela fiksnih efekata. Ovaj metod je potvrdio prisustvo statističke diskriminacije u određivanju zarada žena. Četvrti metod koristi kvantilne regresije u dekompoziciji rodnih razlika duž raspodele zarada. Primena ovog metoda dala je za rezultat veće rodne razlike na donjem levom delu raspodele (17,44%) a manje na desnom gornjem delu raspodele (9,12%), potvrđujući prisustvo efekta klizavog poda. Na kraju je ocenjen probit model sa slučajnim efektima, čije ocene su pokazale da je odluka da se neko opredeli za dodatni posao snažno finansijski motivisana, tj. da zarada od osnovnog posla smanjuje verovatnoću izbora za 20,8%, a očekivana zarada od dodatnog posla je poveća za 0,6%. Doprinos doktorske disertacije ogleda se u tome što se u njoj prvi put celovito analiziraju rodne razlike u zaradama u srednjoj vrednosti i na različitim kvantilima raspodele zarada svih zaposlenih u Srbiji tokom perioda intenzivnih strukturnih reformi. U analizi ovih praksi korišćeni su parametarski i poluparametarski modeli i ekonometrijske tehnike ocenjivanja za uporedne podatke i podatke panela. U disertaciji se razmatraju karakteristike zaposlenih koji pored osnovnog imaju i dodatno zaposlenje, i ocenjuju determinante koje utiču na verovatnoću istovremenog izbora više od jednog posla. Rezultati ove analize su dobijeni primenom nekoliko uporednih metodoloških pristupa i ukazuju na značajno prisustvo neobjašnjenog rodnog jaza u zaradama koji sadrži i skrivenu komponentu diskriminacije, kao i na značajnost faktora koji utiču na verovatnoću izbora dodatnog posla, pre svega, u neformalnom sektoru. Ključni nalazi analize sugerišu da fokus javnih politika treba usmeriti na one institucije koje mogu da osnaže pregovaračku poziciju žena i doprinesu suzbijanju neformalnih praksi na tržištu rada Srbije. Doctoral dissertation considers gender wage differences and the propensity to hold multiple jobs as practices of the labour market that become especially visible during the first years of the transition to a market economy. These practices are characteristic of all the economic systems not only in transition economies. However, their scope and structure vary depending on the dynamics of adjustment of the factors influencing the functioning of the labour market. These practices may affect the social and economic policies of the transition countries and therefore monitoring them becomes important. Their analysis in this doctoral dissertation refers to the period of intensification of the privatization process of the early 2000s in Serbia and ends with a period when the first positive effects of structural reforms began to be perceived, which were then slowed down by the economic crisis of 2008. Two principal research hypotheses are examined: (i) are there statistically significant wage differences between men and women and can this difference be partly explained by an influence of discriminatory practice in wage determination; (ii) does the propensity to hold more than one job depend on primary job wages and hours of work, expected wages from a second job, as well as on other determinants that may affect individuals’ decisions to be engaged in more than one job simultaneously. Both hypotheses are empirically confirmed. The data are taken from the Living standards measurement survey, based on which a panel sample for 2002 and 2003, as well as a cross-section data set for 2007 were created. Since both the employment and participation rates of men and women differ substantially, the gender wage gap is examined taking into account the correction for sample selection bias of those who choose the employment in the wage sector. The gender wage gap is initially computed by using the maximum likelihood estimation of the sample selection model for cross-section data. According to this method, the gender wage gap has declined from 10.96 to 5.97 percent over the observed period. In a second step, the gender wage gap was estimated based on a semiparametric model of sample selection with nonparametric correction for potential bias due to non-random selection into the employment. The differences in the wage structure obtained by the parametric and semiparametric models of sample selection were tested and it is concluded that the parametric specification is the better fit for the wage function. The third method uses the within estimator of fixed effects model to estimate the wage functions. This method confirms the potential influence of statistical discrimination on the determination of women’s wages. The fourth method uses the quantile regression approach to decompose the gender wage gap along the wage distribution. This method yields a larger wage gap (17.44 percent) in the lower part and a smaller wage gap (9.12 percent) in the upper part of the wage distribution, indicating the existence of a sticky floor effect. The fifth method estimates the probit model with random effects and confirms the assumption that the decision to choose an additional job is strongly financially motivated, e.g. primary job wages reduce the probability of multiple job holding by 20.8 percent, while the second job reservation wage increases this probability by 0.6 percent. This doctoral dissertation contributes to the literature by providing a comprehensive analysis of the gender wage gap at both the mean and along the wage distributions of all employees in Serbia during the period of intensive structural reforms. In the analysis of these practices, parametric and semiparametric models are used together with the econometric methods of estimation of the cross-section and panel data. The dissertation examines the characteristics of those employees who have more than one job and the determinants that simultaneously affect the probability of multiple job holding. The main results of this analysis are obtained by using several comparative methodological approaches and they indicate the existence of a significant unexplained gender wage gap capturing wage discrimination and the significance of the factors affecting the probability of choosing more than one job, primarily in the informal sector. The findings suggest that the focus of the public policies should be directed towards those institutions that may strengthen the bargaining position of women and contribute to combating informal practices in the Serbian labour market.

Утицај концепта погодности на раст руралне економије је релативно новија тема у међународној академској јавности која све више заокупља пажњу. Са економским растом и развојем квалитет руралног амбијента постаје све значајнији фактор обликовања миграционих кретања становништва на релацији урбане – руралне области. Концепт руралних погодности чине природне, изграђене и културне погодности које имају комплементарну улогу у руралном расту и развоју. Рурални пољопривредни пејзажи се вреднују не само с обзиром на њихове могућности за производњу различитих пољопривредних производа, већ и са становишта могућности обезбеђења руралних еколошких јавних добара. Природне погодности и други квалитети локалног амбијента који унапређују услове за живот идентификовани су као кључни фактори раста становништва, дохотка и запослености у руралним подручјима. Предмет научно-истраживачког рада у оквиру докторске дисертације је анализа утицаја погодности амбијента и предузетништва на рурални развој, са посебним освртом на Србију. Унапређење квалитета људског капитала и раст предузетничких активности у моделима раста руралне привреде може се посматрати као један од могућих механизама трансформације, раста и развоја руралне економије. Основни циљеви научно-истраживачког рада у оквиру докторске дисертације су везани за класификацију руралних области у Србији са становишта расположивих погодности амбијента и анализу утицаја концепта људског капитала и предузетништва на економски раст руралних подручја у нашој земљи. The impact of the concept of rural amenities on the growth and development of rural economy is a relatively recent topic which has been gaining more and more attention. Along with the economic growth and development the quality of the rural environment becomes an increasingly important factor in shaping the migration trends of the population between the urban and rural areas. The concept of rural amenities comprises the natural, built and cultural amenities that have a complementary role in rural growth and development. Rural agricultural landscapes are valued not only because of their ability to produce different agricultural outputs, but also because they can become rural ecological public goods. Natural amenities and other qualities of a local environment that improve living conditions have been identified as key factors for the growth of rural population, income and employment. The subject of research in the current doctoral dissertation is an analysis of the impact of the rural amenities and entrepreneurship on rural development, with a special emphasis on Serbia. Improving the quality of human capital and the growth of entrepreneurial activities in the models of rural economy growth can be seen as one of the possible mechanisms of transformation, growth and development of rural economy. The basic goals of research in the current doctoral dissertation are connected with the classification of rural areas in Serbia with respect to outdoor amenities and the analysis of the influence of the concept of human capital and entrepreneurship on the economic growth of rural areas in our country. In the developed economies, rural amenities have the power to attract significant human and entrepreneurial capital necessary for the development of rural economy. Rural areas with a higher share of human capital will have better economic performance due to innovations, high level of entrepreneurship and creative forms of businesses. Rural areas with high outdoor amenities attract new rural residents who are focused on entrepreneurship activities.

Дознаке из иностранства представљају део дохотка који емигранти шаљу породици, рођацима, пријатељима у матичној земљи. Њихова величина непосредно је повезана са облицима и структуром миграционих кретања. Раст заступљености привремених и циркуларних миграција радника насупрот трајним миграцијама доприноси повећању прилива дознака. Упоредо са повећањем обима дознака расте и њихов макроекономски и микроекономски значај. За већину земаља у развоју са обимним емиграционим токовима, дознаке из иностранства представљају значајан и релативно стабилан извор спољног финансирања привреде који обезбеђује одржавање платнобилансне равнотеже. У односу на токове страних директних инвестиција и портфолио инвестиција дознаке показују нижу волатилност, односно знатно мање реагују на макроекономске шокове. Цикличан карактер дознака у односу на кретање БДП-а земље пријема одређен је мотивима слања дознака. У земљама ниског дохотка, у којима преовлађују алтруистички мотиви слања, дознаке показују контрациклични карактер, док се процикличност дознака у односу на БДП земље пријема везује за изражено присуство инвестиционих мотива. За домаћинства примаоце, дознаке представљају значајан извор додатног дохотка који омогућава већу потрошњу, виши животни стандард, обезбеђење образовања и здравствених услуга за чланове, што је резултат присуства алтруистичких мотива емиграната. Склоност слању дознака одређена је бројним социо-демографским карактеристикама емиграната, као и степеном њихове друштвене и емотивне повезаности са емиграционом земљом. Већа вероватноћа слања дознака присутна је код емиграната чији супружник, деца или родитељи живе у матичној земљи, као и код оних који планирају повратак, инвестирање и/или имају интензивне друштвене контакте са особама у матичној земљи. Подстицање привремених и циркуларних миграција доприноси расту прилива дознака, док програми сједињавања породица имиграната и ii добијања држављанства, као и дужи период рада у иностранству воде асимилацији и већој интегрисаности у друштвени живот имиграционе земље, те слабе мотиве слања дознака. Remittances represent a part of an income the emigrants send to their families, relatives, friends living in the home country. Their size is directly connected with forms and structure of migrations. The growth of temporary and circular labour migration flows, as opposed to the permanent migration, contributes to the remittance inflows increasing. Along with the remittances volume increasing, their macroeconomic and microeconomic importance grows too. For the most developing countries with large emigration flows, remittances represent a substantial and relatively stable source of external financing of economy, providing in this way the balance of payments maintenance. Comparing with the foreign direct investments and portfolio investments, remittances show lower volatility i.e. they react significantly less to macroeconomic shocks. Remittance cyclical properties, in relation to the GDP of the receiving country, have been determined with the motives of sending remittances. In the low income countries where prevail altruistic motives of sending, remittances are countercyclical, while procyclicality of remittances, in relation to the GDP of receiving countries, has been connected with prevailing presence of investment motives. For the remittance receiving households, remittances represent a substantial source of additional income providing a higher consumption, higher standard of living, education and health care services for the members – showing the emigrants altruistic motives. Their tendency to send remittances has been determined with a number of socio-demographic characteristics of the emigrants, as well as with a degree of their social and emotional connection with emigration country. The emigrants whose spouse, children or parents live in the home country as well as those who plan to return, to invest and/or have more intensive social contacts with the persons in their home country, have a higher likelihood for sending the remittances. The incitement of temporary and circular migrations contributes to the remittance inflows growth while programs of family reunification and acquisition of legal permanent resident status as v well as a longer period of working abroad lead to assimilation and higher integration in the society of immigration country and weak motives for sending remittances.

Predmet istraživanja ove disertacije je struktura finansiranja najvećih preduzeća u Srbiji u periodu globalne ekonomske krize koja je započela 2008. godine, u literaturi poznate kao „Velika recesija“. Uzorak čini 186 najvećih preduzeća u Srbiji prema kriterijumu visine poslovnih prihoda, a vremenski horizont posmatranja obuhvata period od 2008-2014. godine. Polazište u istraživanju predstavlja analiza makroekonomskog konteksta poslovanja u Srbiji i analiza finansijskih performansi preduzeća na nivou privrede, po sektorima i veličini preduzeća (velika, srednja i mala). Za razliku od analize privrede koja je bazirana na agregiranim finansijskim izveštajima, analiza preduzeća iz uzorka vršena je na bazi agregiranih i pojedinačnih finansijskih izveštaja, što je omogućilo da se napravi jasna distinkcija između profitabilnih i neprofitabilnih, zaduženih i prezaduženih, preduzeća koja rastu i onih u kontrakciji. Rezultati analize ukazuju na promene u kretanju nivoa zaduženosti i strukturi obaveza, efekte finansijskog leveridža, trend u kretanju likvidnosti i rizika bankrotstva najvećih preduzeća u Srbiji. U cilju identifikovanja ključnih determinanti strukture finansiranja posmatranih preduzeća, testirana su tri modela finansijskog leveridža (ukupni, kratkoročni i dugoročni) primenom ekonometrijskih modela panela (modeli fiksnih individualnih efekata). Takođe, u radu je identifikovan segment preduzeća najvećeg stepena vajabiliteta, iz kojeg je odabrano reprezentativno preduzeće na kojem je analiziran odnos međuzavisnosti strategije preduzeća i strukture finansiranja. Konačno, na bazi rezultata dobijenih u empirijskom delu, u radu su date preporuke za finansijsko restrukturiranje i poslovnu strategiju preduzeća iz uzorka. The subject of this dissertation is the financial structure of the largest enterprises in Serbia during the period of the global economic crisis that started in 2008, in literature also known as the Great Recession. The research sample comprises 186 largest enterprises in Serbia according to the amount of operating revenues in the period of 2008-2014. Empirical research starts with the analysis of macroeconomic business context in Serbia as well as the analysis of financial performances of enterprises at the level of the economy as a whole, sectoral level and the level of large, medium and small enterprises. While the analysis at the level of economy was based on aggregated financial statements, the analysis of the sampled enterprises was performed on the basis of aggregated as well as individual financial statements. This approach allowed for a clear distinction between profitable and unprofitable, indebted and over-indebted as well as enterprises in growth or in contraction. The results of the analysis indicate the changes in the level of indebtedness and the structure of liabilities, the effects of financial leverage, the trends in liquidity and the risk of bankruptcy of the largest enterprises in Serbia. In order to identify the key determinants of the financial structure of the sampled enterprises, three models of financial leverage were tested (total, short-term and long-term) using panel data fixed effects models. Additionally, the segment of enterprises with the highest level of viability was identified, from which a representative enterprise was selected in order to analyze the interdependence between the enterprise strategy and financial structure. Finally, on the basis of the results obtained in the empirical work, the dissertation offers recommendations for the financial restructuring and business strategy of sampled enterprises.

Oдрживи развој као савремена развојна парадигма добија на све већем значају у XXI веку. Реч је о концепту уравнотеженог развоја кроз интегрално обухватање и подједнако уважавање три развојна аспекта, попут економије, друштва и животне средине, тако да се обезбеди задовољење потреба садашњих генерација без угрожавања могућности да будуће генерације задовоље сопствене потребе. Значајан допринос у сагледавању оваквог развојног приступа може да пружи, управо, концепт руралног развоја који представља један од катализатора одрживог развоја. С једне стране, рурални развој има значајну улогу с аспекта друштвено- економског развоја сваке земље. С друге стране, рурални развој има значајну улогу с аспекта заштите животне средине као амбијента у коме егзистира становништво једне земље. Управо, овакав мултидимензионални развојни приступ у поимању концепта руралног развоја у себи, свакако, садржи и могућу перспективу транзиције развојне парадигме ка одрживом развоју. У том контексту, може се формирати нова развојна синтагма под називом одрживи рурални развој која представља концепт, комплексну област развоја и савремену развојну филозофију. Концептуалним повезивањем одрживог и руралног развоја као два комплементарна развојна приступа с аспекта комплексности и мултидимензионалности настаје нова развојна синтагма под називом одрживи рурални развој. Нова развојна синтагма под називом одрживи рурални развој може се посматрати као стратешки значајна појавна форма концепта одрживог развоја која интегрише и усаглашава економске, друштвене и еколошке развојне аспекте руралних подручја. У последње време све више се истиче неопходност креирањa одговарајућег показатеља за мерење одрживог руралног развоја одређене земље. Предмет научно-истраживачког рада у оквиру докторске дисертације је испитивање могућности примене и афирмације концепта одрживог развоја као савремене развојне парадигме са руралног аспекта кроз концептуални приступ формулисања, анализе и вредновања нове развојне синтагме под називом одрживи рурални развој. Sustainable development as a modern paradigm of development has become an issue with highest priority in the 21st century. It is a concept of balanced development which integrally comprises and equally takes into consideration the three aspects of development: economy, society and environment, and last, but not the least, the ability of the present generations to fulfill their needs without lessening the chance of the future generations to fulfill theirs. A significant contribution to observing the essence of this issue is made by the concept of rural development, which is one of the catalysts of sustainable development. On the one hand, rural development plays an important role from the aspect of socio-economic development of every country. On the other hand, rural development plays an important role from the aspect of protection of the environment as the ambience where the population of a country lives. This multidimensional development approach to understanding rural development contains in itself possible prospects of the transition of the development paradigm towards sustainable development. In this context, a new development syntagm can be formed under the name of sustainable rural development, which is simultaneously a concept, a complex field of development and a modern philosophy of development. The conceptual linking sustainable and rural development as two complementary development approaches, seen from the aspects of complexity and multidimensionality, creates a new development syntagm under the name of sustainable rural development. This new development syntagm, sustainable rural development, can be seen as a strategically significant manifestation of the concept of sustainable development which integrates and reconciles the economic, social and ecological aspects of development in rural аreas. Creating a reliable indicator for measuring sustainable rural development of a particular country has recently become indispensable. The subject of this scientific research paper within a doctoral dissertation is research of the possibilities of application and affirmation of the concept of sustainable development as a modern development paradigm from the rural aspect through a conceptual approach to formulating, analysis and evaluation of the new development syntagm under the name of sustainable rural development.

Social sciences / econometrics U ovom radu se analizira fiskalna održivost, uticaj javne potrošnje na produbljivanje fiskalnog deficita i efikasnost politika javne potrošnje u 28 ekonomija Evropske Unije u periodu 1995-2014. godine, u okviru ekonometrijskih metoda nestacionarnih heterogenih panela, sa zavisnošću uporednih podataka. Fiskalna održivost je analizirana objedinjenjem pristupa o fiskalnoj održivosti zasnovanog na varijablama toka i pristupa na bazi modela stok-tok sa ciljem da se istraži drugi sloj kointegracije između javnog duga i javne potrošnje. Kako bi se obuhvatili heterogeni parametri i zavisnost po uporednim podacima u analiziranom uzorku panela, korišćen je metod (združenih) grupnih sredina i metodi sa zajedničkim korelisanim faktorima. Rezultati kointegracione analize upućuju da postoji slaba održivost, dok rezultati multikointegracionog pristupa pružaju heterogenu evidenciju o dubljoj kointegraciji, izdvajajući grupe ekonomija u kojima fiskalne vlasti prilagođavaju javnu potrošnju kako bi stabilizovale javni dug, u odnosu na ad hoc promene javne potrošnje. Pri istraživanju uticaja politika javne potrošnje na fiskalni deficit, upoređivani su rezultati dobijeni u klasičnim modelima panela prilagođenim kako bi obuhvatili uslovnu heterogenost i nestacionarnost, sa novim metodama zasnovanim na pristupu sa zajedničkim korelisanim faktorima. Dijagnostički testovi pokazuju da su preferabilni metodi koji obuhvataju neidentifikovane zajedničke faktore i zavisnost uporednih podataka. Determinante koje doprinose i remete fiskalnu ravnotežu su identifikovane, pri čemu u homogenom i heterogenom modelu izdaci za penzije predstavljaju važan remetilački faktor. U zemljama u kojima nije značajno faktorsko opterećenje, nije značajno ni prilagođavanje ravnotežnoj vezi, niti uticaj politika javne potrošnje na fiskalni deficit, upućujući da je pridržavanje fiskalnog okvira EU ključni faktor održivosti. Analiza efikasnosti diskrecionih mera na području politika socijalnog osiguranja, zdravstva i obrazovanja pri ispunjenju postavljenih ciljeva, ukazuje da postoji izražena heterogenost među članicama EU. Rezultati se ne mogu uopštiti za grupe evropskih zemalja (stare članice/emergentne ekonomije Evrope), jer postoje veće sličnosti između definisanih grupa, nego unutar grupa. Ispostavlja se da pristupanje EU ne znači automatsko poboljšanje u fiskalnoj politici, ali su pozitivna iskustva u kontekstu najbolje prakse zabeležena u određenim emergentnim ekonomijama Evrope. This paper analyzes fiscal sustainability, public expenditure influence on fiscal deficit deepening and efficiency of public expenditure policies in 28 countries of the European Union in the period 1995-2014, within econometric framework of nonstationary heterogeneous panels with cross-sectional dependence. Fiscal sustainability is analyzed by unifying the approach for fiscal sustainability testing based on flow variables, and the approach based on stock-flow models, with the aim to investigate second layer of cointegration, between public debt and public expenditure. In order to obtain heterogeneous parameters and cross-sectional dependency in analyzed sample, (pooled) mean group and common correlated factors approach are used. The results of cointegration analysis point to weak sustainability, while results of multicointegration approach provide heterogeneous evidence of deeper cointegration, distinguishing groups of economies in which fiscal authorities adjust their public expenditure in order to stabilize public debt, relative to ad hoc changes in public expenditures. In exploring public expenditure influence on fiscal deficit, we compared the results obtained by standard panel estimators modified to encompass restricted heterogeneity and nonstationarity, and results obtained by using estimators from common correlated factors approach. Diagnostic tests showed that preferable estimators are those which account for unobserved common factors incorporating cross-section dependence. The determinants which contribute and disturb fiscal balance are identified. According to the main findings of the paper pension expenditure is important disturbance factor. In economies with nonsignificant factor loadings, fiscal adjustment is not significant, nor public expenditure influence on fiscal deficit, indicating that compliance with EU fiscal framework is crucial factor of fiscal sustainability. Analysis of discretionary measures efficiency in the area of social insurance, health and education policies in meeting goals, indicates that there is a significant heterogeneity among the EU member states. The results could not be generalized to the groups of European countries (old members/emerging European economies), because there are more similarities between defined groups than within groups. It turns out that joining the EU does not automatically improve fiscal policy, but the positive experiences in the context of best practices are observed in certain emerging European economies.