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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Financial exchanges are the basic form of a country's financial market. The subject of this research is the Belgrade Stock Exchange, while the aim of the paper is to analyze the main indicators of the business of the stock exchange as a single company. The analysis covers the period from 2017 to 2020, where in addition to observing the basic items of assets, liabilities, income and expenses of the stock exchange, we also deal with the ratio analysis of liquidity, indebtedness, coverage, activities and profitability of the stock exchange. The results indicate a pronounced liquidity of the market and debt control, but very low profitability of the company itself. Financial analysis also provides additional more precise insight into the business of the stock exchange as a single company. The paper also provides a basis for further research in terms of comparative analysis with other developed stock exchanges in the world.

Social networks can have a significant impact on an organization's operations, on the performance and results of its operations. The social networks accounts audit can be an independent review of relevant activities and other subject issues from the impact on accounts on social networks with the aim of issuing an independent professional opinion on the status and performance of accounts on social networks. Social networks account management is a strategy and risk-based approach for establishing protection mechanisms and strategic activities related to social media accounts, such as brand protection, brand promotion, customer protection, acquiring new customers, communicating with customers and more. The subject of research in this paper is to examine the attitudes of managers about the advantages and disadvantages of internal social networks accounts audit. The main conclusion of the paper is that managers point out the control function in the field of business regularity as the advantage of internal audit in the field of social networks, ie., providing a certain type of assurance on compliance of social media activities with strategic guidelines and internal rules and procedures of the company, while the insufficient level of knowledge of persons engaged in auditing activities on social networks is stated as a flaw.

Innovation emerged as a subject of major research in the second half of the twentieth century, so that researchers observe this period as the beginning of the development of innovation studies. The paper presents an analysis of relevant literature that indicates innovation as a significant factor in increasing the competitiveness of the economy. The European System of Innovation Indicators (EIS and IUS) is explained, which enables a comparable assessment of the success of innovation in EU countries, pointing out the relative strengths and weaknesses of their research and innovation systems. In this way, it helps Member States to assess areas that would be good to focus on in order to strengthen their profits in the field of innovation. The paper presents an analysis and a comparative innovation index of Slovenia, Croatia, and Serbia for 2021 according to the IUS methodology.

Globalization as an economic-political process, based on the freedom of movement of labor, capital, goods, services, information, solidarity between countries and the in recent decades, is imposed as a basic option for growth, development and increasing living standards. Globalists have never emphasized the negative effects of globalization, such as creating conditions for increasing drugs trafficking and other illicit things, human trafficking, creating conditions for increasing terrorism, creating growing disparities between rich and poor, and what is, no less important, exploitation of the underdeveloped by the developed. The migrant crisis has completely exposed everything that was proclaimed years ago. Already "erased" borders have become stronger than ever (countries have literally fenced themselves off with multi-level physical barriers) [11], rigorous entry measures have been introduced, etc. A further collapse of globalization has been caused by a corona virus pandemic. The countries that most proclaimed freedom of movement made it impossible, there was a lack of solidarity in the equal distribution of medicines and other medical devices, especially vaccines. Thus, globalization is no longer a common interest, but the interests of nation-states have become the only interests and disregards for other countries and their interests. The aim of this paper is to show that globalization, as an economic and political process, results in the creation of wealth for the already rich and the poverty of the poor, as well as the exploitation of the poor by the rich. In addition, the paper should show that in case of crisis (migrant crisis and pandemic), globalization shows all its negative effects manifested by lack of solidarity, taking into account only their own interests, breaking trade and international trade chains, increasing prices of all products, etc. During this research, the method of analysis and synthesis, the method of induction and deduction and descriptive analysis will be used, and a conclusion will be made on the basis of all relevant data.

This paper analyses the business operation of trade companies in the Republic of Serbia during the Covid-19 pandemic and the impact of the crisis caused by this virus on the work of these companies. Namely, this crisis has caused serious problems in a short period in most sectors and altered the way they do business. It can be said that to a certain extent it caused damage to trade companies, with the effect of the pandemic differing by trade segments. For example, trade companies selling food products even achieved positive results in 2020, when compared to 2019. Accordingly, this paper aims to perceive the manner of business operation and achieved economic results of trade companies that operate in the territory of the Republic of Serbia during the period of existence of the Covid-19 virus.

Following the 2008 economic crisis, there was a reassessment of the cross-border flow of capital and the policies that affect that capital. First, large, and volatile capital flows have created tensions between macroeconomic and financial stability. Second, investors' appetite for risk declines after the recent economic crisis. Various analyses show that this trend was reversed by 2014, with emerging and developing economies accounting for just under 60% of world GDP, while the share of advanced economies was just over 40%. In this paper, we analyse the flow of capital in modern cash flows, following the example of large financial systems. The aim of this paper is to determine how cash flows have moved from the world wars until today through financial institutions, and with the help of financial instruments.

The issue of analyzing the efficiency of agriculture on the basis of multi-criteria decision-making methods is very current, complex and significant. Based on that, this paper investigates the efficiency factors of agriculture enterprises in Serbia using the CODAS method. The AHP method is used to calculate the weight coefficients of the criteria. The AHP method is used to calculate the weight coefficients of the criteria. The goal and purpose of that is to process the given problems through the complex theoretical, methodological and empirical prisms in the function of improving the efficiency of agriculture in Serbia in the future by taking appropriate measures. The theoretical and practical significance of the research of the treated problem in this paper is reflected in the fact that the application of the CODAS method provides a more realistic situation in relation to the ratio analysis in order to improve the efficiency of agriculture in Serbia in the future by taking adequate measures. There are no similar studies in the literature for other countries, which makes international comparison difficult. Research using this method and including the period from 2013 to 2020 has showed that agriculture in Serbia were the most efficient in 2018. Then we have: 2020, 2019, 2017, 2016, 2015, 2014 and 2013. Recently, under the positive influence of numerous macro and micro factors, the efficiency of agriculture in Serbia has significantly improved. The effects of Covid-19 on the performance of agriculture in Serbia have, among other things, been mitigated to some extent with increased electronic sales of agriculture products.

Digital technologies change the way how manufacturing firms create offers for customers. These new technologies transform traditional Product-Service Systems into Digital Product-Service Systems. This paper investigates the use of digital technologies for the creation of new products and smart services in manufacturing firms. Additionally, this paper investigates the service orientation in Product-Service Systems. The data for this research were collected at the end of 2021 through the ASAP Service Management Forum in the manufacturing sector of the Republic of Serbia. The empirical results indicate that more than 60% of manufacturing firms use digital technologies for the creation of new products and less than 50% for the creation of new smart services. Moreover, results indicated that most services are product-oriented with 25% of share in a sample, followed by results-oriented services with 20% of share in a sample and use-oriented services with 11% of share in the total sample.

The Association of Southeast Asian Nations (ASEAN) considers trade facilitation as a driving force in forming a single market and a single production base. This paper constructs an ASEAN scorecard for measuring the performance of trade facilitation strategic plans by ASEAN member states. Next, a structural gravity model is used in the paper in order to estimate the trade facilitation performance influence on ASEAN trade flows. The fact that the indicator of easing Nontariff Barriers (NTBs) and institutional coordination, on the one hand, and the ASEAN member states’ engagement indicator, on the other, had the highest enforcement scores in ASEAN in the period 2017-2019. Those two indicators also exert the biggest influence on ASEAN trade flows, especially ASEAN extra-regional trade.

The COVID-19 pandemic is a non-economic, external, and unpredictable shock which directly affects the real economy, having the potential to degenerate into an economic and financial crisis. The paper aim is to find an institutional and structural way by which the economies could manage such shocks without covering unspecified risks or handling unknown uncertainties. In fact, the paper proposes a sui generis immune system of the economy which consists in endowing that economy with an anti-fragile potential to oppose against perturbations (either external or internal), no matter what kind, or their intensity, and even to gain from those perturbations. The proposal is analogous, from structural and functional point of view, with the biological immune mechanism, but it is designed on institutional bases (both discretionary and automatic). The anti-fragility property is more relevant and productive than other similar properties, such as: robustness, resilience, homeostasis and so on.

The knowledge workers who form the core of the crew of a modern organization have emerged. They have a unique position in an enterprise, which complicates the incentive system building process and managers’ formal impact on their activities. With a „deep-smarts” status, they adopt the attitudes that restrain or even intentionally hide knowledge flow. Providing support to organizational culture is crucial for motivating knowledge workers to contribute to an organization with their knowledge. This research paper is mainly aimed at identifying knowledge workers’ preferences for organizational culture. The paper focuses on indicating the directions of the development of Polish IT companies’ organizational culture in line with the attitudes of the professionals aiming to stimulate their involvement in the implementation of specific knowledge diffusion subprocesses. The paper is based upon the empirical research conducted on a sample of 105 IT sector knowledge workers in Poland in 2020.

The author is addressing the problem of systematic inclusion of the topics of social economy into the accredited higher education study programmes in Slovenia. To support the actuality of the research problem, education in social economyis shown as public policies priority on national and European level. The paper aims to answers the question of existence of social economy courses in the study programmes on business (and business-related management) and the question about correspondence of the content of these courses to the needs for competences of actors in the sector of social economy. The paper also presents different types of inclusion of the topics of social economy into the systems of higher education in Europe with the purpose to show possible directions for further development of social economy education in higher education system in Slovenia. The results of the research aim to have didactical, developmental and advocacy value and applicability.

The maritime industry faces the challenge of implementing a digital culture inherent in the 21st century and a modern way of doing business in shipping, maritime ports, and a more expansive, within a whole maritime logistic chain. The main question is the implications for marketing when the maritime business's digital transformation is an emerging issue. The paper is designed using the PEST impact matrix. The systematic literature review, literature analysis, and synthesis are the main methods applied. The most important results are political, economic, social, and technological changes of modern maritime business and their important implications for maritime marketing. These implications revealed the nature of change, the anticipated impact of change, opportunity or threats, and marketing's strategic response to the contemporary external environment.The paper fills the current literary gap and draws attention to the trends of the marketing, business organization, and human resource management in the maritime industry. All is linked with digital culture, which is still developing within the maritime industry.

This paper aims to analyse the determinants affecting the trading of services and examine the causality between the trading of services and the factors affecting the trade. For the study, the fixed effects panel data regression has been used. The results indicate that as the income of a country increases, its trade in services also increases. The use of the internet and mobile phones are also important indicators of trade in services and an increase in their use reduces the cost of trading services. Free trade agreements play an important role in developing countries like Brazil and China for trading services. The paper has been organized as follows –the first section gives a brief introduction about services and the objectives of the study, the second section is a discussion about the existing literature, section three gives the data and methodology used for this study, the fourth section provides the results and analysis, section five concludes the study, and the last section discusses some of the limitations of the study.

The subject of this paper is the use of the Internet for business operations. The relevance of this topic stems from the fact that in the new digital era, the opportunities and advantages of e-business and e-commerce make a significant potential that should be used in the best and most efficient way. The aim of the paper is to point out the advantages of the Internet for business on the one hand, which saves time, and on the other hand, money. But this kind of business via the Internet also has a serious obstacle to the revival of online shopping because it represents insufficient security of online transactions. People are still reluctant to decide to send their credit card number over a network or website. Our people in Serbia, especially in Kosovo and Metohija, are especially specific in their propensity for information technologies and trust in internet business. The hypothesis of the work is that the COVID-19 pandemic changed the behavior of consumers and companies in such a way that most of them switched to internet business. Auxiliary hypotheses are that the Internet market is one of the world’s largest emerging markets and another auxiliary hypothesis is that if there is a quality offer, users can easily decide to buy online because it involves more choice, simple comparison of prices between multiple sellers and delivery service. house doors, which means time savings. However, it is realistic to expect that this problem will be overcome in the near future, as technology in this area is advancing very quickly. The first question, which is asked when performing transactions, is the issue of trust in those with whom the business is done. In electronic transactions, business takes place between two or more parties, which are physically separated. What those who offer products and services must provide is the trust of customers and users of services. The paper will apply General scientific methods: analysis, synthesis, induction, deduction, comparative method, statistical, historical method, and other methods immanent to the social sciences.