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Organic farming has emerged as an alternative to conventional agricultural production, which is particularly pronounced in the member states of the European Union. Given the large number of indicators used in statistical systems to describe the state of organic production, this paper aims to apply techniques from multivariate statistical analysis and multi-criteria decision-making to rank EU member states based on the development of organic production. Two techniques, Ivanović's I-distance and the MABAC method, were applied with the use of five criteria. These techniques have proven effective for this type of ranking, and it is recommended to use at least two techniques to validate the results obtained.

It is often pointed out in the literature that liquidity is one of the key determinants of a company's success. However, the impact of liquidity is not the same for all economic entities, but it largely depends on the activity in which the company is engaged. In this regard, the main preoccupation of this paper is to examine the effects of liquidity on the financial results of enterprises in the agricultural sector of Serbia. In addition to simple correlation and regression analysis, the paper used methods of parsing and comparison, as well as methods of analysis and synthesis. The results of the research clearly show that there is a weak positive correlation between liquidity and financial results of agricultural enterprises in Serbia, ie. that liquidity doesn't significantly determine the success of these companies.

Imperative of all companies in modern business conditions is constant growth and development. Therefore, it is necessary to regularly monitor and analyze the realization of set business goals. The primary goal, of course, is to achieve a positive financial result, however, it is important to monitor other financial indicators. This certainly includes liquidity, which is a very important indicator of the overall financial condition of the company. The focus of this research is on agricultural enterprises of the Republic of Serbia, i.e. companies that according to the Decree on Classification of Activities belong to Sector A - Agriculture, Forestry and Fisheries and which regularly submit final accounts to the Serbian Business Registers Agency (SBRA). The aim of this paper is to comprehensively review and determine the state, level and trend of liquidity indicators of these companies. The descriptive and comparative method, inductive-deductive method, as well as methods analysis and synthesis, were used for the research purposes. Coefficients, percentages, tabular overviews and graphs were used as analysis tools. The results of the research clearly show that a significant part of Serbian agricultural companies have serious liquidity problems.

For the economy of the Republic of Serbia, agriculture is a very relevant branch. Its significance and its place is reflected in the fact that in the creation of GDP it participates with about 6,5%. This percentage is significantly increased if one takes into account that agriculture contributes greatly to the development of other sectors of the economy, primarily to producers and processors of inputs and raw materials. In addition, it is characterized by a relatively high employee share, significant natural, technical, technological and other potentials. However, regardless of the mentioned potentials, it is evident that agricultural enterprises in Serbia do not realized the business results expected of them. For this reason, before the management, a big task which is reflected in making business decisions, which will significantly contribute to the successful operation of these companies. Significant and very useful information for the realization of the give task provides analysis of cash flows. In this regard, the main goal of the work is to look at and point out the usefulness of information obtained by analyzing cash flows. The results of the research show that the analysis of cash flows significantly enriches the information base, which significantly facilitates the decision-making and management process of the company.

The key task of all enterprises, regardless of the activity they are engaged in, is constant growth and development. This is a prerequisite for survival in the modern market. The continuous monitoring and analysis of all production and financial performance of the enterprise are extremely important, with liquidity as the most important. It is a very important indicator of the overall financial condition of the company and is the most urgent requirement that is placed before modern companies. Liquidity is defined as the company's ability to timely settle its short-term liabilities. A comprehensive definition of liquidity implies that, in addition to the ability to settle short-term liabilities, the company has enough working capital to continue its current business activity. The focus of this research is on the financial performance of enterprises that, according to the official classification of activities, belong to sector A - Agriculture, forestry and fisheries. The aim of this paper is to evaluate the liquidity of these companies and perform the ranking by applying the modern method of multi-criteria decision-making MABAC. The results of the research clearly show that the liquidity of the agricultural sector of Serbia is not at a satisfactory level, and the best results were recorded in 2019.

The article looks at viticulture, wine production and wine tourism in Bosnia and Herzegovina. The cluster analysis was carried out to identify the current situation and to explore the possibilities for the development of wine tourism as an additional segment that can contribute to a better positioning of both sectors and to the diversification of the income of wine producers in the country. The analysis identified three different groups (clusters) of wine producers with different capacities. Given the different structure of wineries, the possibility of diversifying agricultural and rural policy measures must be examined in order to contribute to a more intensive development of viticulture and winemaking which would also encourage the development of the tourist offer for each wine producer. [ABSTRACT FROM AUTHOR]

This paper analyzes the economic effectiveness of vegetable production in a protected area in terms and in a manner that is characteristic of the analyzed area (Bijeljina, Bosnia and Herzegovina). Dynamic methods for evaluating the economic feasibility of the investment were applied to two models of vegetables production in greenhouses. Models represent completely alternative investments, so the choice between them is based on the net present value. Economic justification under risk conditions was checked using the scenario analysis. The results of the survey indicate that the investments in both models are justified both in optimal and risky production conditions. The model that includes the production of two crops is economically more efficient than the production of one crop per year. The same model will take precedence also in risky production conditions, as indicated by the higher expected net present value and lower value of the coefficient of variation.

Two types of economic effectiveness and two types of economic efficiency, as well as three types of indicators as nutritional quality criteria were used in this paper for ranking certain winter lettuce growing technologies. Four certain types of growing technologies of winter lettuce in greenhouses were ranked by two multi-attribute decision making methods. Results of ranking for both methods, SAW and TOPSIS are shown. Alternatives were ranked by three different scenarios with different weight coefficients. The type of growing technology with combination of mulching + agro textile is the best ranked one according both methods and all scenarios. The SAW method showed more sensitivity on weight coefficients changes than TOPSIS.

The economic feasibility of investing in the production of vegetables in greenhouses in the territory of Bijeljina (Republic of Srpska, Bosnia and Herzegovina) has been analysed in this paper, using the technology of production that is characteristic for the analysed area. In order to evaluate the economic feasibility of the investments, what was used were The Net Present Value, The Internal Rate of Return, Payback method and Present value of Net Cash Flow. The feasibility of the investment has been analysed in two different ways of financing (combined financing and financing through loans). The applied dynamic methods indicate that the investment is economically feasible in both ways of financing. The problem with the liquidity of the investment occurs in the fourth and the eighth year of exploitation due to the replacement of the plastic foil and this problem can be solved by accumulating funds from the previous period. By applying certainty-equivalent method, the feasibility of the investment was also established in the risky business environment. [ABSTRACT FROM AUTHOR]

In this paper the focus of the research is the specificities of organic production and the possibilities of organic raspberry cultivation on family farms of Bosnia and Herzegovina. On the basis of the data collected from the raspberry growers survey, as well as the technical-technological standards for the appropriate breeding technologies, the initial economic parameters for economic analysis were determined. Calculations of average revenues and expenditures for representative years of raspberry production, and those based on them were prepared; the cash flows and compiled profit and loss accounts for the period of the next five years of operation were projected. By applying the static methods, the indicators of economic validity for raspberry production are calculated. With that, the following are determined: average net profit, accumulation rate, time period of return of the invested capital in raspberry production, etc. Finally, a comparison of economic indicators with different ways of raspberry cultivation was made. On the basis of the results obtained, the conclusion was that the production of raspberries is profitable in both ways, but more favourable economic results are achieved in organic than in conventional production. Despite numerous shortcomings and risks, the results of the research indicate that in Bosnia and Herzegovina there are significant natural potentials and opportunities for the improvement of organic production. [ABSTRACT FROM AUTHOR]