Search

Global energy demand is rising with declining fossil resources. In such circumstances, energy security has to be the number one priority of any national or regional policy. It is believed that gas will play a critical role in the transformation of the current energy system toward the sustainable one. Unlike most European countries, energy import dependence of Serbia is not very large and is about 33%. This dependence is especially pronounced in the oil and petroleum products sector (70%) and gas sector (86%). The problem of high dependency on imported gas can be overcome in two ways: by diversifying sources of energy supply and creating of mechanisms which would withstand unexpected supply disruptions (i.e. adequate strategic reserves). The South Stream pipeline is the first measure while new domestic regulation has to ensure the implementation of the second measure. The subject of analysis in our paper will be the South Stream project. In the Draft of the Reindustrialization Strategy of Serbia, the first place on the list of priority sectors with comparative advantages belongs to the energy sector. Having in mind that fact, the aim of this paper is to highlight the potential contribution of the South Stream, not only to the energy stability of Serbia, but also from a broader perspective, to the growth and development of the national economy, all within a new energy policy.

Predmet istraživanja ove disertacije je struktura finansiranja najvećih preduzeća u Srbiji u periodu globalne ekonomske krize koja je započela 2008. godine, u literaturi poznate kao „Velika recesija“. Uzorak čini 186 najvećih preduzeća u Srbiji prema kriterijumu visine poslovnih prihoda, a vremenski horizont posmatranja obuhvata period od 2008-2014. godine. Polazište u istraživanju predstavlja analiza makroekonomskog konteksta poslovanja u Srbiji i analiza finansijskih performansi preduzeća na nivou privrede, po sektorima i veličini preduzeća (velika, srednja i mala). Za razliku od analize privrede koja je bazirana na agregiranim finansijskim izveštajima, analiza preduzeća iz uzorka vršena je na bazi agregiranih i pojedinačnih finansijskih izveštaja, što je omogućilo da se napravi jasna distinkcija između profitabilnih i neprofitabilnih, zaduženih i prezaduženih, preduzeća koja rastu i onih u kontrakciji. Rezultati analize ukazuju na promene u kretanju nivoa zaduženosti i strukturi obaveza, efekte finansijskog leveridža, trend u kretanju likvidnosti i rizika bankrotstva najvećih preduzeća u Srbiji. U cilju identifikovanja ključnih determinanti strukture finansiranja posmatranih preduzeća, testirana su tri modela finansijskog leveridža (ukupni, kratkoročni i dugoročni) primenom ekonometrijskih modela panela (modeli fiksnih individualnih efekata). Takođe, u radu je identifikovan segment preduzeća najvećeg stepena vajabiliteta, iz kojeg je odabrano reprezentativno preduzeće na kojem je analiziran odnos međuzavisnosti strategije preduzeća i strukture finansiranja. Konačno, na bazi rezultata dobijenih u empirijskom delu, u radu su date preporuke za finansijsko restrukturiranje i poslovnu strategiju preduzeća iz uzorka. The subject of this dissertation is the financial structure of the largest enterprises in Serbia during the period of the global economic crisis that started in 2008, in literature also known as the Great Recession. The research sample comprises 186 largest enterprises in Serbia according to the amount of operating revenues in the period of 2008-2014. Empirical research starts with the analysis of macroeconomic business context in Serbia as well as the analysis of financial performances of enterprises at the level of the economy as a whole, sectoral level and the level of large, medium and small enterprises. While the analysis at the level of economy was based on aggregated financial statements, the analysis of the sampled enterprises was performed on the basis of aggregated as well as individual financial statements. This approach allowed for a clear distinction between profitable and unprofitable, indebted and over-indebted as well as enterprises in growth or in contraction. The results of the analysis indicate the changes in the level of indebtedness and the structure of liabilities, the effects of financial leverage, the trends in liquidity and the risk of bankruptcy of the largest enterprises in Serbia. In order to identify the key determinants of the financial structure of the sampled enterprises, three models of financial leverage were tested (total, short-term and long-term) using panel data fixed effects models. Additionally, the segment of enterprises with the highest level of viability was identified, from which a representative enterprise was selected in order to analyze the interdependence between the enterprise strategy and financial structure. Finally, on the basis of the results obtained in the empirical work, the dissertation offers recommendations for the financial restructuring and business strategy of sampled enterprises.

Sa razvojem tehnologija za rad sa velikim obimom podataka, za koje se u literaturi i praksi ustalio izraz Big Data, uticaj tehnologije na organizacioni dizajn je ponovo postao važno i aktuelno pitanje u teoriji i praksi menadžmenta i organizacije. Tehnologija je zauzela važno mesto u procesu dizajniranja organizacija počev od 1960- ih godina, pa do današnjih dana kada njen uticaj postaje sve intenzivniji. Predmet disertаcije je istrаživаnje uticаjа tehnologija za rad sa velikim obimom podataka (Big Data tehnologijа) nа orgаnizаcioni dizаjn preduzećа. Big Data tehnologije predstavljaju skup novih tehnologija, tehnika, alata, potrebnih znanja i veština za rad sa podacima koji imaju nove osobine (obim, strukturu, brzinu). Polаzeći od rаzumevаnjа orgаnizаcionog dizаjnа kаo skupа orgаnizаcionih dimenzijа koji čine orgаnizаcionа strukturа kаo njegovo jezgro, а zаtim i drugih dimenzijа orgаnizаcije koje su povezаne sа strukturom (strаtegijа, ljudi, procesi), cilj disertacije jeste da identifikuje način na koji Big Data tehnologije utiču na organizacioni dizajn preduzeća. Rezultati sprovedenog empirijskog istraživanja pokazuju da su Big Data tehnologije prodrle u svaku delatnost, preduzeće, proces, odluku i aktivnost i da su dovele do promena u načinu na koji preduzeća funkcionišu kroz uticaj na dimenzije organizacionog dizajna i parametre organizacione strukture. Na jednoj strani, ove tehnologije predstavljaju determinantu okruženja i suočavaju preduzeća sa velikom količinom podataka iz novih izvora, dok sa druge strane predstavljaju resurs organizacije koji omogućava preduzećima koja ih primenjuju da sve te podatke iskoriste i na njihovoj osnovi izgrade konkurentsku prednost. With the development of Big Data technologies, the impact of technology on organizational design has become an important and attractive issue in the theory and practice of management and organization again. Technology has taken an important place in the process of designing an organization, starting from the 1960s until this day and age when its influence is becoming more prominent. The subject of the dissertation is to examine the impact of Big Data technologies on organizational design of the company. Big Data technology represents new technologies, techniques, tools, knowledge and skills which are necessary to work with data with new attributes (volume, variety, velocity). Starting from the understanding of organizational design as a set of organizational dimensions which consists of organizational structure as its core dimension, and other dimensions that are associated with structure (strategy, people, processes), the aim of the dissertation is to identify how Big Data technologies affect organizational design of the company. Results from conducted empirical research showed that Big Data technologies have penetrated in each industry, company, process, decision, activity and changed the way in which companies function through the impact on dimensions of organizational design and parameters of organizational structure. On the one hand, Big Data technologies represent a factor from environment that confronts the companies with large quantities of data from new sources, while on the other hand represent a resource of organization that enables companies that use them to build competitive advantage on the basis of collected data.