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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The paper considers the role of investments in agriculture at the macro level, observing 13 countries over ten years. The countries included in the research are the Central-Eastern and South-East European countries. The importance of investments in agriculture is seen through their direct impact on the increase in production in agriculture, i.e., through the increase in gross added value in agriculture. The primary objective of this research is to determine, using the SPSS program, which independent variables affect the gross added value in agriculture. In other words, it aims to select variables for developing and evaluating the model that will show a significant relationship with the gross added value in agriculture. Due to the nature of the research subject, the dependency technique was applied in the paper, specifically, multiple regression analysis, which determined the correlation level of the selected variables with the increase in agricultural production. As for the qualitative methods, the statistical method was used to collect, process and present the results, while the comparative method was used to compare the collected data and draw certain conclusions. The research results indicate that investments play a significant role in achieving gross added value in agriculture, which means that investments largely determine economic growth in the agricultural sector. By applying the appropriate model, it was also determined to what extent variations in gross value added in agriculture can be explained by variations in total agricultural investments. By developing the obtained model, it was concluded that, in addition to other included variables, investments have the most significant impact on the gross added value in agriculture. More specifically, the most important investments are the ones that directly affect agriculture and investments in research and development.

The life of a country and a society, as a whole, is financed from public revenues. Taxes are one, probably the most important, form of public revenue, and every legislator, including ours, regulates in detail the establishment and functioning of the tax system as a whole. Failure to collect taxes would lead to a complete financial collapse of a country, so certain forms of avoiding tax obligations - tax evasion - are sanctioned by legislators most severely. Such behaviour is considered as a delict, as the legislator applies the ultima ratio, and criminalizes certain evasive actions as criminal acts, i.e., defines a special set of criminal acts as tax crimes. Bearing in mind the relative prevalence of this phenomenon, as well as the exceptional effect and importance that tax evasion has, both for the state as a whole, and for the individual, this paper, in the first place, characterizes the phenomenon of tax evasion and its forms. Using the historical-legal method, the paper gives an overview of the issue of tax evasion and the way it was dealt with historically, starting with Dušan's code and ending with the former Yugoslav legislation. Then, by looking at the relevant legislation, some positive criminal-legal incriminations of tax evasion are pointed out, particularly the incrimination of tax evasion as a criminal offense in the domestic legislation. Finally, the concluding thoughts speak about the potential need for a different regulation of this criminal offense, while paying attention to the practical implementation of legal rules in connection with the detection and prosecution of the criminal offense of tax evasion.

The digital transformation process, that lies at the heart of the Fourth Industrial Revolution, is fundamentally changing the way we produce goods, services and relationships in society. The term digital transformation refers to the process of integrating digital technologies into all spheres of modern business, both in the areas of economic diplomacy and logistics, with a simultaneous essential reconfiguration of business modality. The purpuse of this paper is to review the role of digital transformation in the development of the economy and logistics, but also in the improvement of economic diplomacy as one of the most important instruments of foreign policy in the conditions of contemporary economic globalization. The paper uses desk research method and the scientific method of analyzing relevant literature sources on the importance and role of digital diplomacy in the management of international relations, as well as methods of specialization, abstraction and generalization of observed information, knowledge and trends. It leads us to a conclusion that digital transformation, the use of social networks and digitalization of logistics have an important role in the optimization of business activities, the adequate management of foreign policy, the realization of economic diplomacy activities, the increase of data security, as well as in the prevention and dealing with emergency situations, from which the paper's scientific contribution arises. At the same time, these are the ways to improve competitiveness and recognition of each country in the international economic environment.

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.

The Internet has provided retailers with a whole new way of conducting business, reducing fixed costs such as renting space, but at the same time a way of increasing the need to develop and invest in digital marketing tools, sales promotions and after-sales services. A large number of virtual stores where customers can shop without leaving their home or workplace have been opened. Marketing research was conducted with the aim of analyzing the impact of e-commerce attributes on customer satisfaction and loyalty in the Republic of Serbia. Seven hypotheses have been tested in this paper. Observing the importance of all constructs, it has been found that the attributes of e-commerce are extremely important and that almost all of them affect satisfaction. The impact of website security on customer satisfaction has proven to be less relevant, and the quality of information does not directly affect customer loyalty. This research has shown that the development of e-commerce in the Republic of Serbia is growing, and that customers are increasingly preferring this type of shopping. The golden thread in this paper is its ability to collectively measure the factors that affect the satisfaction and loyalty of online consumers. At the very end of the paper, economic implications are given, as well as recommendations for further research.

The paper analyzes the impact of corruption in the public sector on microeconomic entities in developing countries. The work defines the concepts of bribery and corruption, and in addition to the legal context, it also generates the views of the authors of professional literature from that domain. The conditions and effects of corruption on the operations of microeconomic entities in developing countries have been reviewed. Based on the analyzed literature and the synthesis of collected data, an opinion has been formulated and constructive suggestions of possible alternative responses to such a critical factor have been given. In the final part of the paper, we have arrived at the conclusion that corruption entails the need for an adequate response of state policy, which would be based on rigorous judicial practice, as well as a marketing campaign to build public awareness in order to prevent such a destructive factor on the functioning of microeconomic entities in developing countries.

Initial public offering (IPO) presents a special mode of emission when a company for the first time publicly emits shares that are available to a wide scope of investors, institutions and individuals. IPO is a huge step that companies are willing to take only after a detailed analysis of their current situation, as well as advantages, disadvantages and potential risks that this action entails. The greater part of initial public offering is done through investment banks as specialized and highly professional financial institutions, which help the issuers when estimating opportunities for placing securities on the primary capital market and also offering various other services. The aim of this paper is to present the particularities of the IPO process in accordance with the legal regulations of the United States of America. Since determining the adequate price of the shares of IPO is the most sensitive part, that most often the success of the whole process depends on, a concise analysis of the key methods and factors influencing price formation is presented at the end of the paper.

The paper examines the causality between the costs of (re)designing the organizational structure of transport companies operating in the Republic of Serbia and their competitiveness. The research was conducted on the sample of 22 transport companies, applying the Granger model of causality. The research covers the period from 2006 to 2020. The primary goal of the paper is to determine whether there is a causal relationship between the costs that companies sacrifice in (re)designing the organizational structure and their competitiveness, which is in the paper expressed by the market share. The findings indicate that there is bidirectional (or feedback) causality.

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.