Sustainability has become the world's megatrend. Many companies are under pressure from governments and the public to implement sustainable business practices. Unlike the food industry, where demand for sustainable products is relatively easy to achieve because food directly affects the health of consumers, in the fashion industry this is not the case. The aim of the paper is to analyze barriers in the development of a sustainable fashion industry, including: the complexity of establishing a sustainable supply chain, unclear certification and labeling system, high prices of sustainable fashion products, the high growth rate of the fast fashion industry, low consumer awareness of the importance of sustainability in the fashion industry which leads to a gap between consumer attitudes and buying behavior, and low demand for sustainable fashion products. In addition, sustainable fashion is a contradictory term. The whole point of fashion is a change of styles from season to season, which in turn accelerates purchases. This is contrary to the concept of sustainable fashion, which implies a slowdown in consumption. Meta-analysis was used as the main research method in this paper to integrate the findings of many studies and direct prospective research.
{"title":"Barriers to sustainable development in the fashion industry: Supply chain complexity and consumers' attitude-behavior gap","authors":"Slađana Starčević, Veljko Marinković, Ana Vjetrov","doi":"10.5937/skolbiz1-35074","DOIUrl":"https://doi.org/10.5937/skolbiz1-35074","url":null,"abstract":"Sustainability has become the world's megatrend. Many companies are under pressure from governments and the public to implement sustainable business practices. Unlike the food industry, where demand for sustainable products is relatively easy to achieve because food directly affects the health of consumers, in the fashion industry this is not the case. The aim of the paper is to analyze barriers in the development of a sustainable fashion industry, including: the complexity of establishing a sustainable supply chain, unclear certification and labeling system, high prices of sustainable fashion products, the high growth rate of the fast fashion industry, low consumer awareness of the importance of sustainability in the fashion industry which leads to a gap between consumer attitudes and buying behavior, and low demand for sustainable fashion products. In addition, sustainable fashion is a contradictory term. The whole point of fashion is a change of styles from season to season, which in turn accelerates purchases. This is contrary to the concept of sustainable fashion, which implies a slowdown in consumption. Meta-analysis was used as the main research method in this paper to integrate the findings of many studies and direct prospective research.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123855968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Increasing prosperity, as well as the coexistence of persistent and deep inequalities, is one of the greatest paradoxes of our time, which in today's world undermines the entire modernisation process and global development dynamics. Undoubtedly, the digital revolution is transforming economies on a global scale, bringing with it huge potential economic gains and new challenges. In an era of complex economic, technological, geopolitical and environmental risks, the so-called growing social fragmentation is particularly striking, among other things, through the strong spread of digital inequalities (and the related concept digital divide), which further undermines social cohesion and global cooperation. Although digital progress has created enormous wealth in record time, it has remained concentrated around a small number of individuals, companies and countries, and all predictions are that this trajectory will continue, further deepening already growing inequality. The paper analyses the inequalities and stratification of the digital sphere and seeks to establish a link between sustainable development, rapid technological change and issues of inequality, and thus encourages debate and reflection on this challenge for researchers and public practitioners in the global context, by applying scientific methods of systematisation and analysis. In the coming period, new policies under the auspices of the new agenda will have to respond much better to the new dynamics of the digital economy in order to record more inclusive results in the global world. In a world where more than half of citizens have no or limited internet access, intensive work must be done to close the digital divide (especially in internet access), while inclusiveness would be crucial to building a digital economy that delivers for all, which is crucial for economic mobility and social participation. In order to turn the digital transformation curve towards a more prosperous tomorrow, collaborative and coordinated action at the global level is of great importance.
{"title":"Digitalisation of the economy and the issues of inequality in the global society","authors":"Žarko Đorić","doi":"10.5937/skolbiz2-41090","DOIUrl":"https://doi.org/10.5937/skolbiz2-41090","url":null,"abstract":"Increasing prosperity, as well as the coexistence of persistent and deep inequalities, is one of the greatest paradoxes of our time, which in today's world undermines the entire modernisation process and global development dynamics. Undoubtedly, the digital revolution is transforming economies on a global scale, bringing with it huge potential economic gains and new challenges. In an era of complex economic, technological, geopolitical and environmental risks, the so-called growing social fragmentation is particularly striking, among other things, through the strong spread of digital inequalities (and the related concept digital divide), which further undermines social cohesion and global cooperation. Although digital progress has created enormous wealth in record time, it has remained concentrated around a small number of individuals, companies and countries, and all predictions are that this trajectory will continue, further deepening already growing inequality. The paper analyses the inequalities and stratification of the digital sphere and seeks to establish a link between sustainable development, rapid technological change and issues of inequality, and thus encourages debate and reflection on this challenge for researchers and public practitioners in the global context, by applying scientific methods of systematisation and analysis. In the coming period, new policies under the auspices of the new agenda will have to respond much better to the new dynamics of the digital economy in order to record more inclusive results in the global world. In a world where more than half of citizens have no or limited internet access, intensive work must be done to close the digital divide (especially in internet access), while inclusiveness would be crucial to building a digital economy that delivers for all, which is crucial for economic mobility and social participation. In order to turn the digital transformation curve towards a more prosperous tomorrow, collaborative and coordinated action at the global level is of great importance.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131183648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many companies in the environmental goods sector are interested in creating "added value". When looking at the viability of investing in production, companies starting out the production in the environmental goods sector should research production costs as well as consumer demand for new environmental products. Although the costs of environmental goods production can be roughly estimated, estimating consumer demand is a complex process. Questions related to determining the price of a new environmental goods product, the level of demand, the target segment and identifying consumer needs, which are inevitably present when introducing a new product to the market, represent the starting point for creating an adequate marketing strategy. This paper aims to explore the techniques of economic valuation of environmental goods as well as the concept of "Willingness to pay" for environmental goods or services. The paper shall analyze two basic groups of economic valuation techniques: revealed preferences techniques (RP), which observe consumer behavior and their choices on the real market, and stated preferences techniques (SP).
{"title":"Techniques of economic valuation of environmental goods","authors":"J. Vapa-Tankosić","doi":"10.5937/skolbiz1-41582","DOIUrl":"https://doi.org/10.5937/skolbiz1-41582","url":null,"abstract":"Many companies in the environmental goods sector are interested in creating \"added value\". When looking at the viability of investing in production, companies starting out the production in the environmental goods sector should research production costs as well as consumer demand for new environmental products. Although the costs of environmental goods production can be roughly estimated, estimating consumer demand is a complex process. Questions related to determining the price of a new environmental goods product, the level of demand, the target segment and identifying consumer needs, which are inevitably present when introducing a new product to the market, represent the starting point for creating an adequate marketing strategy. This paper aims to explore the techniques of economic valuation of environmental goods as well as the concept of \"Willingness to pay\" for environmental goods or services. The paper shall analyze two basic groups of economic valuation techniques: revealed preferences techniques (RP), which observe consumer behavior and their choices on the real market, and stated preferences techniques (SP).","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"387 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132168826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to estimate the impact of macroeconomic indicators (gross domestic product-GDP, inflation rate and industrial production index) on liquidity, profitability and solvency of financial institutions in the Republic of Serbia. The research is based on applying a dynamic GMM panel model, while the results of the application of static panel models were analyzed as the control results. The research results support the assumption that the growth of GDP and inflation rates affects the increase of financial institutions' profitability. Also, the estimation results implicate that the growth of GDP and the inflation rate is linked with the reduction of financial institutions' liquidity, while the growth of industrial production rate affects its increase. Finally, the results of the study indicate that GDP growth has an influence on the rise of financial sector solvency. This comparative analysis using panel data models is relevant to a broad range of researchers and policymakers interested in macroeconomic relations and the financial sector.
{"title":"The impact of macroeconomic indicators on the business performance of financial institutions in the Republic of Serbia: Panel data analysis","authors":"Ž. Račić, D. Ercegovac, D. Milic","doi":"10.5937/skolbiz1-33232","DOIUrl":"https://doi.org/10.5937/skolbiz1-33232","url":null,"abstract":"This paper aims to estimate the impact of macroeconomic indicators (gross domestic product-GDP, inflation rate and industrial production index) on liquidity, profitability and solvency of financial institutions in the Republic of Serbia. The research is based on applying a dynamic GMM panel model, while the results of the application of static panel models were analyzed as the control results. The research results support the assumption that the growth of GDP and inflation rates affects the increase of financial institutions' profitability. Also, the estimation results implicate that the growth of GDP and the inflation rate is linked with the reduction of financial institutions' liquidity, while the growth of industrial production rate affects its increase. Finally, the results of the study indicate that GDP growth has an influence on the rise of financial sector solvency. This comparative analysis using panel data models is relevant to a broad range of researchers and policymakers interested in macroeconomic relations and the financial sector.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115645670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Given that the concept of Intellectual capital (IC) came from business practice, it can be said that it is a practice in search of a theory. Studying the theoretical contribution of this concept is challenging as it demands the systematization of all relevant theories in which it finds its foundation and all aspects of its research. The crucial issues addressed in the concept of IC are: Has the economy based on knowledge influenced the emergence of a new matrix of value creation, and, if so, how is it possible to identify the essential resources which have the most influence on the process of value creation? To answer these questions, the concept of IC develops both the theoretical basis and practical guidelines and tools that contribute to a more precise definition of the strategic assets of the firm and their role in the process of value creation. For the concept of intellectual capital, the articulation of the value creation process is the essential precondition for firms' success because that is something intrinsic to the firm and cannot be imitated by competitors. This study aims to determine the contribution of the IC concept to the managerial theories of the firm.
{"title":"The concept of the intellectual capital: Theoretical contribution to the managerial theory of the firm","authors":"Biserka Komnenić, A. Pulic","doi":"10.5937/skolbiz1-34987","DOIUrl":"https://doi.org/10.5937/skolbiz1-34987","url":null,"abstract":"Given that the concept of Intellectual capital (IC) came from business practice, it can be said that it is a practice in search of a theory. Studying the theoretical contribution of this concept is challenging as it demands the systematization of all relevant theories in which it finds its foundation and all aspects of its research. The crucial issues addressed in the concept of IC are: Has the economy based on knowledge influenced the emergence of a new matrix of value creation, and, if so, how is it possible to identify the essential resources which have the most influence on the process of value creation? To answer these questions, the concept of IC develops both the theoretical basis and practical guidelines and tools that contribute to a more precise definition of the strategic assets of the firm and their role in the process of value creation. For the concept of intellectual capital, the articulation of the value creation process is the essential precondition for firms' success because that is something intrinsic to the firm and cannot be imitated by competitors. This study aims to determine the contribution of the IC concept to the managerial theories of the firm.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115669095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pronounced regional disparities represent one of the main features of regional development in Serbia. The regions are economically very uneven, and there are often differences within the regions themselves. The most prominent intra-regional disparity is between urban and rural areas. Rural areas are particularly vulnerable because they have experienced depopulation and economic decline for decades. This problem has been recognized and addressed in the Strategy of Agriculture and Rural Development of the Republic of Serbia from 2014-2024. One of the priority areas of implementation of the operational objectives relates to the diversification of the rural economy and the preservation of cultural and natural heritage. Due to its positive effects on GDP, employment, the balance of payments, investment and population standard, tourism is increasingly becoming an essential instrument for stimulating development, especially in those regions where employment creation through other forms of investment is challenging. Accordingly, this paper aims to present the potential of rural tourism as an endogenous factor of regional and local development through the presentation and analysis of socioeconomic indicators and realized tourist traffic in the statistical regions in Serbia. Results of correlation analysis indicate a positive correlation between the number of tourists and number of employees, number of employees per 1000 inhabitants and average net earnings in NUTS 3 regions in Serbia.
{"title":"Diversification of rural economy in the function of balanced regional development of the Republic of Serbia","authors":"N. Ćurčić, Andrijana Mirković-Svitlica","doi":"10.5937/skolbiz1-35204","DOIUrl":"https://doi.org/10.5937/skolbiz1-35204","url":null,"abstract":"Pronounced regional disparities represent one of the main features of regional development in Serbia. The regions are economically very uneven, and there are often differences within the regions themselves. The most prominent intra-regional disparity is between urban and rural areas. Rural areas are particularly vulnerable because they have experienced depopulation and economic decline for decades. This problem has been recognized and addressed in the Strategy of Agriculture and Rural Development of the Republic of Serbia from 2014-2024. One of the priority areas of implementation of the operational objectives relates to the diversification of the rural economy and the preservation of cultural and natural heritage. Due to its positive effects on GDP, employment, the balance of payments, investment and population standard, tourism is increasingly becoming an essential instrument for stimulating development, especially in those regions where employment creation through other forms of investment is challenging. Accordingly, this paper aims to present the potential of rural tourism as an endogenous factor of regional and local development through the presentation and analysis of socioeconomic indicators and realized tourist traffic in the statistical regions in Serbia. Results of correlation analysis indicate a positive correlation between the number of tourists and number of employees, number of employees per 1000 inhabitants and average net earnings in NUTS 3 regions in Serbia.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124762517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Socio-demographic characteristics are proven vital in terms of different elements associated with choosing a tourist destination. The tourism industry in the time of Covid-19 has experienced numerous challenges. This research aims to examine the listed elements in the context of the socio-demographic characteristics of respondents. The research results will answer the question if respondents who planned to spend summer holidays abroad in 2020, and that destination was replaced with a domestic destination, statistically significantly differ by some socio-demographic characteristics in comparison to those that planned to travel abroad and succeeded. The results show no differences in social-demographic characteristics and show that respondents who replaced tourist destinations abroad with a domestic ones are more eager to do that again in the future. Following obtained results of the research, the authors point to key conclusions and recommendations.
{"title":"Research of the influence of sociodemographic characteristics of tourists on the choice of a travel destination in the context of Covid-19 pandemic","authors":"Sara Kostić, Bojana Kovačević-Berleković","doi":"10.5937/skolbiz1-32305","DOIUrl":"https://doi.org/10.5937/skolbiz1-32305","url":null,"abstract":"Socio-demographic characteristics are proven vital in terms of different elements associated with choosing a tourist destination. The tourism industry in the time of Covid-19 has experienced numerous challenges. This research aims to examine the listed elements in the context of the socio-demographic characteristics of respondents. The research results will answer the question if respondents who planned to spend summer holidays abroad in 2020, and that destination was replaced with a domestic destination, statistically significantly differ by some socio-demographic characteristics in comparison to those that planned to travel abroad and succeeded. The results show no differences in social-demographic characteristics and show that respondents who replaced tourist destinations abroad with a domestic ones are more eager to do that again in the future. Following obtained results of the research, the authors point to key conclusions and recommendations.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130681251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses the relationship between leadership and creativity by comparing the characteristics of a successful leader and a creative person and finding out how they may be linked. It is hypothesized that creativity represents one of the most important traits a successful leader should have. It is presumed that creativity unites originality, openness, sensibility, flexibility, fluency of ideas, fantasy, tolerance of uncertainty, creative generalization, and creative differentiation and can be recognized through them. This qualitative study is based on analysis and comparison of the results of different studies in leadership and creativity. Our analysis has shown that creativity is not listed among the key characteristics of a leader (e.g., intelligence, self-confidence, decisiveness and integrity). It should, however, be recognized as such. The main contribution of this study lies in acknowledging creativity as a component sine qua non of successful leadership. The main implication of our results is related to the thesis that encouragement, development and implementation of creativity in every part of the leadership process should result in greater success in every business domain where leadership is necessary. The main recommendation from our results is to encourage and enhance creativity in every business domain, especially leadership. Moreover, empirical exploration regarding the relationship between creativity attributes and a successful leader's characteristics is recommended.
{"title":"Creativity and leadership","authors":"Maja Vukadinović","doi":"10.5937/skolbiz1-41391","DOIUrl":"https://doi.org/10.5937/skolbiz1-41391","url":null,"abstract":"This paper analyses the relationship between leadership and creativity by comparing the characteristics of a successful leader and a creative person and finding out how they may be linked. It is hypothesized that creativity represents one of the most important traits a successful leader should have. It is presumed that creativity unites originality, openness, sensibility, flexibility, fluency of ideas, fantasy, tolerance of uncertainty, creative generalization, and creative differentiation and can be recognized through them. This qualitative study is based on analysis and comparison of the results of different studies in leadership and creativity. Our analysis has shown that creativity is not listed among the key characteristics of a leader (e.g., intelligence, self-confidence, decisiveness and integrity). It should, however, be recognized as such. The main contribution of this study lies in acknowledging creativity as a component sine qua non of successful leadership. The main implication of our results is related to the thesis that encouragement, development and implementation of creativity in every part of the leadership process should result in greater success in every business domain where leadership is necessary. The main recommendation from our results is to encourage and enhance creativity in every business domain, especially leadership. Moreover, empirical exploration regarding the relationship between creativity attributes and a successful leader's characteristics is recommended.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128390055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A long-term insolvency period usually precedes commencement of bankruptcy proceeding, by which time a debtor has already used up most of their assets. Such company has already lost its place on the market, been abandoned by the company's best workers, and has not maintained or renewed the equipment. These are all indicators of the company's need of fresh capital required for effective reorganization. Reorganization provides the debtor with an opportunity to ''revive'', provided that reorganization has to be cost-efficient for the creditors, who will make decision on the course of action, toward insolvency or bankruptcy. Bankruptcy proceeding should be completed with as low costs as possible, as soon as possible and as effective outcomes as possible in order to ensure a regular economic course. The legal system can generate fundamental risk factors for bankruptcy, whereby not only regulations but rather implementation of the law are involved. Duration and costs of a bankruptcy proceeding, and sometimes incompetent bankruptcy administrators and other people involved in the proceeding can add to the debtor's bad position and further deepen insolvency of the business entities involved. Bankruptcy reorganization also affects existing agreements between the debtor and creditors but measures affecting rights of the owner of all the debtor's assets may also apply, which essentially includes their private property. The aim is to sustain functioning of the business entity as a unit including all its business relationships and employees because this can assign the business entity the value higher than the value of individual sales of the debtor's assets.
{"title":"Business reorganization as a way of resolving insolvency","authors":"Isidora Milošević","doi":"10.5937/skolbiz2-36653","DOIUrl":"https://doi.org/10.5937/skolbiz2-36653","url":null,"abstract":"A long-term insolvency period usually precedes commencement of bankruptcy proceeding, by which time a debtor has already used up most of their assets. Such company has already lost its place on the market, been abandoned by the company's best workers, and has not maintained or renewed the equipment. These are all indicators of the company's need of fresh capital required for effective reorganization. Reorganization provides the debtor with an opportunity to ''revive'', provided that reorganization has to be cost-efficient for the creditors, who will make decision on the course of action, toward insolvency or bankruptcy. Bankruptcy proceeding should be completed with as low costs as possible, as soon as possible and as effective outcomes as possible in order to ensure a regular economic course. The legal system can generate fundamental risk factors for bankruptcy, whereby not only regulations but rather implementation of the law are involved. Duration and costs of a bankruptcy proceeding, and sometimes incompetent bankruptcy administrators and other people involved in the proceeding can add to the debtor's bad position and further deepen insolvency of the business entities involved. Bankruptcy reorganization also affects existing agreements between the debtor and creditors but measures affecting rights of the owner of all the debtor's assets may also apply, which essentially includes their private property. The aim is to sustain functioning of the business entity as a unit including all its business relationships and employees because this can assign the business entity the value higher than the value of individual sales of the debtor's assets.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134096924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Big and significant changes at some point are called revolutions. The revolution involves changes in culture, economy and socio-political institutions and, accordingly, it directly affects people's lives. In that context, Industry 4.0, Industrial Revolution 4.0 or the Fourth Industrial Revolution aimed at creating smart products, procedures, processes and ultimately entire production. Industry 4.0 also produces significant business implications by delivering greater flexibility and robustness along with the highest quality standards in engineering, planning, manufacturing and operational and logistics processes. This will lead to the emergence of dynamic "realtime", self-organizing values that can be optimized concerning various criteria such as cost, availability, and resource consumption. Having in mind the above mentioned, the paper's primary goal is to look at the effects and problems of Industry 4.0 from the perspective of the business sphere in a general sense. The findings can be useful to companies (and in our country) that are just beginning when it comes to implementing new technologies that bring a new wave of change. On the whole, given its features and changes, it can be argued that this is the most advanced and sophisticated revolutionary period that completely changes the traditional way of doing business. The results of this research are useful to the creators of industrial and innovation policy because they indicate the state and some of the key directions of change to create conditions for the development of Industry 4.0 digitalization and reindustrialization.
{"title":"Industry 4.0: Exploring the concept and implications for business","authors":"Žarko Đorić, Milijana Roganović","doi":"10.5937/skolbiz1-34989","DOIUrl":"https://doi.org/10.5937/skolbiz1-34989","url":null,"abstract":"Big and significant changes at some point are called revolutions. The revolution involves changes in culture, economy and socio-political institutions and, accordingly, it directly affects people's lives. In that context, Industry 4.0, Industrial Revolution 4.0 or the Fourth Industrial Revolution aimed at creating smart products, procedures, processes and ultimately entire production. Industry 4.0 also produces significant business implications by delivering greater flexibility and robustness along with the highest quality standards in engineering, planning, manufacturing and operational and logistics processes. This will lead to the emergence of dynamic \"realtime\", self-organizing values that can be optimized concerning various criteria such as cost, availability, and resource consumption. Having in mind the above mentioned, the paper's primary goal is to look at the effects and problems of Industry 4.0 from the perspective of the business sphere in a general sense. The findings can be useful to companies (and in our country) that are just beginning when it comes to implementing new technologies that bring a new wave of change. On the whole, given its features and changes, it can be argued that this is the most advanced and sophisticated revolutionary period that completely changes the traditional way of doing business. The results of this research are useful to the creators of industrial and innovation policy because they indicate the state and some of the key directions of change to create conditions for the development of Industry 4.0 digitalization and reindustrialization.","PeriodicalId":260330,"journal":{"name":"International Journal of Economic Practice and Policy","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117188654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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