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Government expenditures represent one of the most important issues for policymakers both in ordinary and extraordinary conditions. The aim of this paper is to estimate and identify the effects of selected macroeconomic determinants on government expenditures in Serbia from 2002 to 2020. Using the ARDL technique, the empirical findings confirmed that there is a long-run relationship between gross domestic product, government revenues, inflation, and population size and government expenditures for the observed period. The significant and positive effects of explanatory variables are confirmed in the long run, except for inflation, whose impact is not significant in the short run. Specifically, GDP growth, higher inflation rate, greater government revenues and population contribute to the higher government expenditures level. The obtained findings give certain directions to fiscal authorities in creating and defining optimal government expenditures level in the context of influences of chosen macroeconomic variables.

Air pollution is a challenge faced by a large number of both developed and developing countries. Its consequences are particularly visible in urban areas, where the concentration of cars is the highest. In order to reduce the level of air pollution, one of the steps that should be taken, relates to the greater use of environmentally-friendly modes of transportation, among which are electric bicycles. The results of several studies have shown that substituting cars with electric bicycles can have positive effects on the environment and human health. Accordingly, the paper investigates the intention to purchase electric bicycles with a focus on the student population. It was analyzed in relation to the gender and age of the respondents. The obtained mean value indicates the existence of a relatively high intention of students when it comes to purchasing electric bicycles; hereby it is significantly higher among male respondents. In addition, its association with students' age was identified. After discussing the results, appropriate marketing and financial implications are presented.

The relevance of value added tax is reflected in the generation of a significant amount of revenue and the suppression of tax evasion. The purpose of the research is aimed at assessing collected revenues and measuring the efficiency of VAT revenue collection in the Benelux countries (Belgium, the Netherlands and Luxembourg) for the period 2011-2020. years. Empirical research results indicate that the average VAT efficiency was 59.84% in the observed countries. where the highest degree of efficiency was recorded in Luxembourg, and the lowest value in Belgium. Panel regression results show that economic growth, final consumption, government expenditures and VAT revenues have a positive effect on VAT efficiency in the observed countries. At the same time, variables such as unemployment and inflation, as well as the standard VAT rate, have a negative effect on the efficiency of VAT revenue. The obtained empirical findings can be of help to economic policy makers in the analyzed countries when profiling and adjusting tax policy from the point of view of value added tax.

Although corporate social responsibility (CSR) can be examined from the point of view of the fundamental philosophy of business and society, many companies focus solely on profit. The main goal of this research is the investigation of the relationship between CSR and organizational financial performance, and the role of customer satisfaction in the proposed relationship. To investigate the proposed relationships, PLS–SEM analysis was performed using the statistical software Smart PLS. The sample used for this study consists of 165 large companies that operate in the Republic of Serbia, each with more than 250 employees (large organizations). The obtained results showed that in companies in Serbia, there is a positive and statistically significant relationship between CSR and customer satisfaction and a positive but statistically insignificant relationship between CSR and financial performance. Regarding the mediating role of customer satisfaction in explaining the relationship between CSR and financial performance, a positive full mediation relationship was found. Theoretical and managerial implications are also provided. [ABSTRACT FROM AUTHOR]

The topic of environmental taxation is becoming increasingly significant, particularly in its role in promoting sustainable development. Environmental tax policy can be used as an active tool for improving environmental quality and economic development. The primary aim of this study is to detect which environmental tax revenues influenced economic development in Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden) for the period 2013–2022. The empirical findings of various panel models confirm that energy tax revenues and transport tax revenues have significant and positive effects on economic development measured by GDP per capita. Additionally, pollution tax revenues have a positive but not significant impact on GDP per capita in these countries. Nordic countries should focus on a greater share of these revenues in their total tax structure, especially pollution tax revenues, to provide desirable implications and effects on economic development in the Nordic region. [ABSTRACT FROM AUTHOR]

The study aims to identify which main macroeconomic determinants affect investment in a circular economy. The main purpose of the investment determinants in a circular economy is to determine how macroeconomic determinants such as real GDP per capita, government expenditure, unemployment, inflation, tax revenue, and interest rate affect an investment in the circular economy in the European Union for the period 2004–2022. Using an error correction model, empirical findings confirmed that government expenditure, inflation, and tax revenue have positive effects on investment in the circular economy in the short run and long run. Conversely, unemployment and interest rate negatively affect investment in the circular economy for both the short term and long term. The contribution of the paper is providing valuable insights into the determinants driving investment in the circular economy, which may help with developing sustainable business policies and practices in the European Union. [ABSTRACT FROM AUTHOR]

The paper investigates the relationship between tax wedge and employment rate in thirty-six OECD countries for the period 2000-2020. The aim of this paper is to identify how tax wedge indicators affect the employment level in these economies. The empirical research includes correlation analysis and panel regression to determine character and intensity of nexus among observed variables. The results of Hausman represent that a random effects model is adequate for estimating the effect of tax wedge on the employment rate in selected countries. The model results show a negative correlation between these variables, as well as, that tax wedge indicators have a negative impact on the employment rate in OECD countries for the observed period. The empirical findings manifest that a 1% increase in the average tax wedge leads to a lower employment rate of 0.33% in OECD economies.

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.

Tourism plays an increasingly important role in the economic flows of each country. Recognizing the tourist potential of AP Vojvodina is an important task for the creators of the economic policy of our country. In order to make a favourable tourism environment with quality tourist content and products, it is necessary for tourist entities to operate stably and successfully. The aim of this paper is to highlight the importance of financial performance of firms in tourism sector in terms of profitability. The subject of the paper is to analyse the effects of internal factors on profitability level of 3456 firms in tourism sector in AP Vojvodina for the period 2015-2019. The results of the analysis indicate that observed firms were profitable during the analysed period, where average ROA was 1.81% and average ROE was 3.4%. Empirical analysis shows that internal factors such as firm size, sales revenue, earnings before interest and taxes and financial stability have positive impact on profitability, while liquidity and debt negatively affect the profitability of firms in tourism sector.

The issue of achieved tax revenues in important for every country, especially today in the conditions of the current COVID-19 pandemic. The negative effects of coronavirus are reflected in increased health and economic risk which is manifested in the deterioration of the macroeconomic framework in the world. The aim of this paper is to point out the importance of tax revenues that they have in the tax structure, especially in crisis situations. The subject of the paper includes the analysis of monthly trend of tax revenues in the Republic of Serbia for the period January-October 2020. The results of the analysis indicate that average tax revenues were 2.21% during the observed period. Although a deficit of 34.484 million dinars was recorded in the first ten months, it is positive that public revenues average increased by 2.47% which is slightly higher than the average growth of public expenditures of 1.68%. Since value added tax and excises are the most important tax forms in the structure of the Republic of Serbia, policymakers should focus on stimulating consumption in order to produce positive implications for generating revenues.

The article researches the direct tax effect on investment share in thirty-five OECD countries for the period from 1996 to 2016 year. The goal of this research is to determine how direct taxes influence on investment level measured by the share in the gross domestic product. The empirical analysis enables the implementation of fundamental econometric procedures as well as different dynamic panel models in order to measure effect of direct taxes. Results of Hausman show that PMG model is appropriate for measuring the effect of tax revenue growth, personal income tax, corporate income tax and property tax on investment share in selected countries. The model results reflect significant effect of tax revenue growth, personal income tax and property tax in the long term, while corporate tax is not significant for investment share in OECD countries. However, direct taxes do not have significant impact on investment share in the short-term, except tax revenue growth has positive effect on the investment in observed period.

This research examines the relationship between indirect taxes and gross domestic product per capita in the Republic of Serbia from 2005 to 2019. The aim of this paper is to evaluate the long-run relationship between value added tax, excises and gross domestic product per capita based on Johansen cointegration test. The empirical analysis includes descriptive statistics, unit root test, cointegration test and FMOLS model. The results reveal a long-run relationship between indirect taxes such as value added tax and excises and the gross domestic product per capita in the Republic of Serbia for the observed period. Empirical findings confirm that revenues of value added tax and excises have positive and significant effect on the gross domestic product per capita in the long-run.

The level of tax revenue represents one of the most important issues for every country, especially in extraordinary circumstances. The aim of this paper is to identify which macroeconomic determinants are important to total tax revenue in order to determine which variables are the key generators of tax revenue collection. The subject of this research represents the estimating effects of selected macroeconomic determinants on total tax revenue in European Union countries from 2006 to 2018. Empirical analysis includes three panel regression models where total tax revenue, direct tax revenue and indirect tax revenue are determined as dependent variables. Results of fixed effects model show that 1% increase of GDP enhances total tax revenue for 6.91%. Government expenditure, total investment and population have positive effect on total tax revenue where 1% increase of these determinants raise total tax revenue for 2.38%, 0.001% and 0.57% in these countries. Contrary, inflation, unemployment and gross national savings negatively affect the total tax revenue where their growth by 1% cause lower level of total tax revenue for 3.72%, 0.001% and 1.48%. Likewise, gross domestic product and total investment lead to greater change of direct tax revenue and indirect tax revenue. Empirical findings show that governments.

This study analyses the characteristics of target companies from food industry that were taken over by foreign investors in the Serbian market. The aim of the study is to determine: Can future target companies be predicted based on the characteristics of target companies that have already been taken over in the Serbian market? The study compares the indicators of profitability, liquidity, leverage and efficiency of 30 target companies from the food industry with the industry' average. The study includes multivariate analysis of variance (Manova) and Discriminant analysis in order to identify the difference between observed indicators. The liquidity and leverage indicator showed a statistically significant difference compared to average values. Group classification is 95% and sample homogeneity is 90% which leads to a conclusion that target companies can be predicted with extremely high reliability.

Modern business conditions are characterized by corporate governance that imposes the need for constant growth and development of the company. In such circumstances, it is necessary to measure the achievements of the company in the realization of the set of goals, among which is highlighted the effective financial performance and maximization of results in the long run. The paper analyzes the trend of liquidity performance of agricultural companies in the period 2011-2015. The sample is taken from medium and large agricultural companies of the sector A-Agriculture, forestry and fishing, which is headquartered in the territory of The Autonomous Province of Vojvodina. Analysis of the variation in the performance of agricultural companies is carried out in order to test stability and sustainability in achieving liquidity performance. Regardless of the fact that liquidity is a short-term category and as such cannot be the basis for making conclusions on long-term business performance, establishing an optimal level of liquidity is the starting point for the success of medium and large agricultural companies in the realization of the economic activity of The Autonomous Province of Vojvodina.

Public enterprises feature as an important field in Serbian economy. The aim of this paper is to point out the relevance of public enterprises and how their business can greatly influence the economic trends of the Republic of Serbia. The paper analyzes the operation of public enterprises Elektroprivreda Srbije, Srbijagas and Telekom in the period from 2011 to 2015. The paper is structured in four segments, with the first one focused on a theoretical and legislative approach to the explanation of the role and importance of public enterprises. Further, there are the key issues of these enterprises and a potential solution through the analysis of Fiscal Council. Finally, an empirical part is presented through the use of indicators of profitability, liquidity, indebtedness and solvency for the time horizon of 2011-2015.

Takeover processes imply integration of different organizational cultures, especially in case of crossborder takeovers. Using a survey questionnaire, authors conducted a research to examine the changes and satisfaction with all interest groups in taken over companies operating in fields of food industry, retail sector and financial activity in the Serbian market. Method applied to process the data is discriminant analysis, and research results are presented tabular form as well as graphically in form of ellipses. The aim of the study is to examine the differences of impact of takeover processes on various interest groups of production company, retail chain and financial institution and assessment of their satisfaction. Study's contribution is an informative support for managers of both company acquirer and target company in future acquisition processes, because analysis of differences, change and satisfaction of employees provides a concrete answer regarding elements influencing success of takeover process in terms of management of human.

The aim of the paper is to show the relevance of nexus between tax forms and economic growth and how they affect on gross domestic product in Serbia for the period 2006-2015. The impact is manifested through the analysis of three main tax forms: personal income tax (PIT), corporate income tax (CIT) and value-added tax (VAT) and their effect on the macroeconomic indicator as gross domestic product (GDP). The analysis is for a period of ten years in Serbia, where the regression model is constructed so that the GDP is defined as the dependent variable, while the tax forms are set as independent variables. To ensure correctly specified regression model, authors used the next test: VIF test, BP and BPG test, as well as Ramsey reset test. Results show a high degree of positive correlation between the observed variables and the positive impact of the personal income tax, corporate income tax and value-added tax on the gross domestic product, but it is only the impact of value added tax statistically significant.

Banks are financial institutions that have an important place in the financial mechanism of any economy. The banking sector represents part of the macroeconomic system which indicates their strong connection that is manifested in the fact that a high level of economic development implies a strong banking sector and the feedback role in financing and servicing business entities. The aim of paper is to show the situation in the Serbian banking sector and pointing out the importance of bank operations as one of the key participants in the market conditions. The subject of the paper is reflected in the analysis of the main indicators of the banking sector, in order to determine how the Serbian banking sector is effective.

In modern market conditions where the risk is very strong and present, the role of insurance has to be recognized and adequately positioned when managing risk points. One of the rapid growing types of insurance in the world is life insurance, which is essential for each individual. The aim of this paper is to point out the importance of life insurance in economy and with the people themselves. It provides protection and a certain form of security that is necessary to all subjects which are present on the market. The level of insurance market development depends on the economic situation in the country, an adequate regulatory framework and standards of living of the population with the willingness of insurance companies to create appropriate portfolios that will be adapted and made available to clients. The paper is divided into three parts, where the first emphasizes the role and importance of life insurance in economic flows. Also, it points out the risks that are presented in life insurance with the definition of insurance types which exist. The third part is focused on the analysis of life insurance market in Serbia with a comparative overview of the market in the region, respectively Montenegro, Bosnia and Herzegovina and Croatia. Special emphasis is placed on the number of insured, the amount of premiums and their relative changes and comparison with the non-life insurance in the period 2011-2015.

The aim of this paper is to identify determinants of liquidity of commercial banks in the Republic of Serbia, observing the macroeconomic and banking-specific indicators, or micro-economic indicators which were analyzed by descriptive statistics, correlation and regression analysis from 2008 to 2014. The correlation for the observed variables is calculated from 140 samples for internal and external independent variables of impact to the dependent variable - liquidity measured by indicator of deposits. The subject of research is the process of optimization model reducing the factors of liquidity to variables that have the most significant impact on liquidity indicator measured by deposit potential. Results of the model show that liquidity of banks is dominantly determined by the size of banks assets. With growth of the assets, banks are exposed to a greater risk of liquidity. The increase in capital adequacy ratio has a positive effect on the liquidity of banks. Net interest margin is positively correlated with the indicator of deposit potential which indicates a negative impact on the liquidity of banks as well as the ratio of operating expenses to operating income.

In modern public finance, public expenditure is becoming one of the crucial issues. Public expenditures represent funds which are necessary to finance public needs. The process of determining their optimal level presents a permanent problem for all countries in the global economy. On the one hand, they have to be sufficient to cover all the public needs in order to enable the optimum activities of state, while their overgrowth, on the other hand, can lead to disruption of the necessary balance in public finances of a country. The aim of this paper is to point out the relevance of public expenditures in Serbia and focus on their structure and trends. In more precise terms, this paper is focused on their analysis in the period 2011-2015, whereby the reports and strategies taken into account were received from key institutions for public finance in Serbia, such as the Government of the Republic of Serbia, the Ministry of Finance and the Fiscal Council.

The fiscal system and fiscal policy represent important features of the national sovereignty of a country and an integral part of overall economicy policy. The EU member states have built their own tax systems with the aim of collecting public revenues to cover public expenditures, but also correcting the adverse effects of market. The request for tax harmonization is result of the need to coordinate tax systems of EU member states to ensure the internal market through the free movement of production factors and improvement economic development. In addition to the trend of fiscal harmonization it's appears fiscal competition, which can be seen as a lack of cooperation between different tax jurisdictions of countries in the struggle to attracting foreign capital. The subject of paper includes process of fiscal integration within EU through the harmonization of their tax rates and bases, as well as the oncoming of tax rules and policies at the EU level. The aim of this paper is pay attention to the current problems of the fiscal harmonization and competition within EU, as well as the various arguments for and against one or the other approach.

In terms of globalization, foreign direct investment is a major factor in competitiveness, in addition to developing and import new technology, entrepreneurship, education and innovation. The international movement of capital is the result of the globalization and affects the diversification of business activities, as well as gaining competitive advantage. Foreign investments are an important form of financing global economy and one of the crucial factors for the development of the national economy, and the interest of all countries in attracting investment capital from abroad to the extent possible. The current world financial and economic crisis indicates a decrease in the volume and dynamics of flows of foreign direct investment, especially in developing countries. Therefore, a given countries, including Serbia, watching foreign capital as an important source of economic growth, modernization of the economic structure, growth in output and employment, as well as strengthening export potential. The aim is to highlight the relevance of foreign direct investment in Serbia, as well as their impact on economic growth and sustainable development of the economy. The paper presents the effects of foreign capital inflows on key macroeconomic indicators in Serbia through graphical and tabular displays. Finally, a comparative analysis of investment flows into neighboring countries, in order to assess the level of investment in the region and defining the position of the Serbian economy in the inflow of foreign capital.

Indebtedness and its level are one of the most important indicators of the healthy operation of every company. In this study, the authors deal with the analysis of the influence of certain selected internal factors on the level of indebtedness of agricultural enterprises in Serbia. Only large agricultural enterprises were taken as a sample, and the sample itself includes 5702 observations and 87 companies. The subject of the analysis is the annual panel data of large agricultural companies, and the analysis covers the period from 2015 to 2021. In the analysis, the authors used the debt-to-asset indicator as a representative of the company's indebtedness, and it represents the only dependent variable. As independent variables, the authors used indicators of general liquidity, return on capital, return on assets, EBIT level, and equity level. The authors used several diagnostic tests to establish the validity of the regression model. To obtain the results, the authors used the POLS model, the fixed effects model, and the random effects model to determine the influence of independent variables on indebtedness. The results indicated the statistical significance and negative impact of indicators of general liquidity, return on capital, and the level of own capital on the level of indebtedness. The contribution of this paper is that it provides an insight into the relationship of certain internal factors to indebtedness, and it also helps in determining the best level of the relationship between the use of debt and own funds in the financing of the company. [ABSTRACT FROM AUTHOR]

The financial systems of the West Balkan countries are mainly based on banks. For an efficient financial system, it is of immense importance that the banks operating in it do so with high levels of efficiency. Furthermore, efficiency is needed when it comes to involving banking institutions in the financial flows in order to maintain sustainability of the financial construction. The aim of this paper is to determine whether there is a difference in efficiency between the considered countries and thus to show which changes the decisionmakers have to make in order to improve the efficiency of their banking systems. We analyze data from the revised financial statements of all banks operating in Albania, Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia for the period from 2015 to 2019, using loans and investment as input variables and interest income, non-interest income and net income as output variables. The results obtained from the output-oriented DEA model with a variable return to scale have shown higher efficiency levels in North Macedonia, Bosnia and Herzegovina and Montenegro, while Serbia and Albania show lower efficiency. The individual analyses have shown that in order to improve efficiency levels, improvement is needed more in the correction of the investment amounts then in loan placements. [ABSTRACT FROM AUTHOR]

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