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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.

The paper aims to analyze the influence of the selected financial determinants on profitability as a key determinant of corporate performance success. The sample includes 473 joint-stock companies in the Republic of Serbia that were actively operating in period 2017-2021. Panel data evaluation revealed the presence of a significant positive influence of the company size, growth, and cash flow on profitability, as well as a significant negative influence of the capital and asset structures. In contrast, the influence of liquidity and a tax shield on profitability is statistically insignificant. The obtained results primarily serve the management who can consider the indicators of the business done by joint-stock companies in order to improve profitability and ensure proper resource allocation. They are also useful for investors in planning investment and operational activities with the aim of a more effective and more efficient achievement of profitability goals. The results are also aimed at other stakeholders who want to create a profitability growth and corporate performance strategy directed towards ensuring long-term growth.

The objective of the current paper is to study the influence of the selected business and institutional determinants on the annual effective tax rates in banks in Serbia. Panel data regression models are applied on 113 observations, covering the period from 2017 to 2021, where the accounting and current effective tax rates are used as a measure of the actual tax burden. The results show that the effective tax rate in banks in Serbia is significantly below the statutory level. Furthermore, for each data set, the coefficients of changes in the effective tax rate are calculated, and the most adequate model is selected using the Hausman and Breusch-Pagan tests. In the first model, the biggest change in the effective tax rates is caused by change in leverage, merger and acquisition processes and the bank size. The presence of loan loss provisions in the model completely highlights the impact of profitability and leverage. Finally, in the last model, banks with a profit before tax can manage effective tax rates and tax burdens by regulating capitalization levels. The results of this study are of interest for economy creators and for business managers in banks, helping them in effective tax planning and managing the results.

The research problem represents the fact that knowledge management is not a term that is often mentioned in the domestic economy and it can be said that it is still an underdeveloped area. The aim of this paper is to examine the level of efficiency of knowledge management and its impact on the financial performance of companies in the territory of Vojvodina. The survey included 126 employees in production and service companies. The independent variable is represented by an instrument for examining the level of implementation of knowledge management through nine dimensions, and the dependent variable is represented through the dimension of financial performance, which consists of seven items. The results show that the level of implementation of knowledge management is above average. A significant positive influence and connection between knowledge management and the financial performance of companies was also determined, especially when it comes to organizational culture, employees, knowledge acquisition process, knowledge conversion process, knowledge protection process, and competitive advantage. One of the key guidelines for further research refers to the integration of knowledge management with the specific characteristics of the domestic business environment. It is recommended to repeat the analysis of the impact of knowledge management on the financial performance of domestic companies in the established time frame and in the stipulated organizational conditions.

This paper aims to demonstrate the theoretical and empirical impact of the COVID-19 virus pandemic on profitability. The analysis was performed on a sample of 131 actively operating companies in Bosnia and Herzegovina between 2014 and 2020. Applying panel regression methodology, an empirical study was conducted. The assessment of fixed-effect model revealed the presence of a negative and statistically significant effect of the coronavirus pandemic on profitability as measured by return on total assets (ROA). The findings validated the curiosity of the construction sector in Bosnia and Herzegovina, suggesting that it is among several sectors with increased demand for its products - residential and non-residential buildings, throughout the pandemic crisis and recession at the beginning of 2020. The results of this study could help construction companies to develop operational performance and risk management in pandemic situations, and the flexibility of their actions in the face of future crises of a similar nature, given that the construction sector has played a crucial role in supplying construction of all types of residential buildings, buildings for industrial production, e.g. factories, workshops, assembly plants, parking garages, warehouses, schools, as well as, hospitals in challenging times and has met the increased demand.

The paper analyzes the determinants of profitability of microagricultural enterprises that operated in the Republic of Serbia, the analysis was carried out for the period from 2010 to 2019. Using panel regression analysis, the influence of various microeconomic and macroeconomic determinants on profitability, measured by the rate of return on assets, was examined. The following indicators were observed as microeconomic determinants of profitability: liquidity, financial leverage, indebtedness, asset structure indicator, total business asset turnover ratio, fixed asset turnover ratio, current asset turnover ratio, inventory turnover ratio, trade receivables turnover ratio and sales rate. Indicators of the growth rate of the gross domestic product and inflation were observed as macroeconomic determinants of profitability. Based on the results of the panel regression analysis, it was determined that the turnover ratio of total business assets, the turnover ratio of current assets and the growth rate of the gross domestic product have a positive and statistically significant influence on the profitability of the observed companies. Indebtedness, an indicator of asset structure and the turnover ratio of fixed assets have a negative and statistically significant impact on the profitability of the observed companies. It is expected that the obtained results will be useful to all interested parties in agribusiness, primarily in the context of the analysis of factors that have been determined to have a negative impact on the profitability of the observed companies.

The paper examines the influence of the key determinants of success in hotel industry in the Republic of Serbia. The research was conducted for the period from 2015 to 2020 on a sample of 23 hotels. The chosen length of the observation period covers a sufficient time interval to cover all heterogeneities in the structure of the observation units, as well as their changes over time, using the dynamic panel analysis model. The adequate sample size was determined by considering the size of the population, the desired level of confidence, and the value of the allowable sampling error. The results of the research have shown that determinants such as business success from the previous period, efficiency of use of total business assets, belonging to a hotel chain, size and increasing hotel concentration index have a positive impact on success in hotel industry. On the other hand, determinants such as hotel indebtedness, operating leverage and hotel age have a negative impact on business success. Determinants such as the quality of environmental protection management and socially responsible hotel business do not have a significant impact on success in hotel industry in the Republic of Serbia.

Transition to market economy in the Republic of Serbia started with one decade of delay compared to most former socialist countries. The transition has implied liberalization of economic policies in the area of foreign direct investments, even in some industries that have been previously considered strategic. Multinational companies have used new business opportunities and acquired some of the most important and largest domestic companies. This paper analyses the impact of cross-border acquisitions on the profitability of targets in Serbian cement industry during the period 2000-2020. Serbian cement industry includes three cement plants, all of which were acquired in the process of privatization during 2002. The study analyses changes of ROA (return on assets), ROE (return on equity) and ROS (return on sale) of targets in the short term and in the long term after the acquisitions. The research results show that profitability of all companies improved both in the short term and in the long term after acquisitions. These improvements were achieved through higher cost efficiency and more efficient business asset management.