After global financial crisis, intensive tax policies adjustments were applied in emerging European Union (EU) economies, for the sake of tax competitiveness. In order to ensure that aim, emerging EU economies most often choose the policy of tax reduction and particularly lowering corporate income tax rate. This paper deals with the impact of corporate income taxes on foreign direct investment (FDI) inflow in selected emerging EU economies (Czech Republic, Hungary, Lithuania, Latvia, Poland, Slovakia, Slovenia) between two crises (global financial and pandemic), namely, over the period 2010-2019. Using classical panel data models (Fixed Effects and Random Effects model), the research shows that it is expected that corporate income taxes reduction provides FDI inflow. Observing the relationship between other factors (corruption index, competitiveness index and short-term interest rate) and FDI inflows, positive relations are confirmed. Panel-corrected standard errors (PCSE) estimator, implemented as robustness check, confirmed the results and conclusions based on FE model. However, negative relationship between corporate income taxes and FDI in the case of PCSE model is only verified in case of Hungary and Latvia, indicating tax competitiveness existence.
{"title":"THE IMPACT OF CORPORATE INCOME TAX ON FDI INFLOW IN EMERGING EU ECONOMIES","authors":"M. Beljić, Olgica Glavaški, J. Pejčić","doi":"10.22190/fueo221028004b","DOIUrl":"https://doi.org/10.22190/fueo221028004b","url":null,"abstract":"After global financial crisis, intensive tax policies adjustments were applied in emerging European Union (EU) economies, for the sake of tax competitiveness. In order to ensure that aim, emerging EU economies most often choose the policy of tax reduction and particularly lowering corporate income tax rate. This paper deals with the impact of corporate income taxes on foreign direct investment (FDI) inflow in selected emerging EU economies (Czech Republic, Hungary, Lithuania, Latvia, Poland, Slovakia, Slovenia) between two crises (global financial and pandemic), namely, over the period 2010-2019. Using classical panel data models (Fixed Effects and Random Effects model), the research shows that it is expected that corporate income taxes reduction provides FDI inflow. Observing the relationship between other factors (corruption index, competitiveness index and short-term interest rate) and FDI inflows, positive relations are confirmed. Panel-corrected standard errors (PCSE) estimator, implemented as robustness check, confirmed the results and conclusions based on FE model. However, negative relationship between corporate income taxes and FDI in the case of PCSE model is only verified in case of Hungary and Latvia, indicating tax competitiveness existence.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73739372","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}
Ensuring a workforce is up to date on the latest trends in a rapidly changing business environment is one of the main challenges facing modern companies. To achieve long-term profitability and encourage innovation, they tend to constantly improve employees’ knowledge and skills. This paper aims to identify the impact of learning orientation on company performance and to test the mediating role of innovativeness in this relationship. The empirical research was conducted on a sample of 79 companies in different industries in the Republic of Serbia. Descriptive statistical analysis, correlation, and regression analysis were applied to the data collected. The research results indicate that learning orientation significantly and positively affects performance and innovativeness in Serbian companies. In addition, the findings show that firm innovativeness partially mediates the relationship between learning orientation and performance, i.e., learning orientation leads to better company performance through increased innovation in all business aspects. The paper contributes to identifying practical implications for managers, pointing out the importance of creating a learning environment and employees´ innovative behaviour as a basis for achieving better business outcomes. Therefore, managers should take a proactive approach to their human resources, providing them with opportunities to acquire new knowledge and skills and develop innovative ideas.
{"title":"IMPACT OF LEARNING ORIENTATION ON COMPANY PERFORMANCE: MEDIATING ROLE OF INNOVATIVENESS","authors":"M. Mirić, J. Nikolić, Dejana Zlatanović","doi":"10.22190/fueo230108002m","DOIUrl":"https://doi.org/10.22190/fueo230108002m","url":null,"abstract":"Ensuring a workforce is up to date on the latest trends in a rapidly changing business environment is one of the main challenges facing modern companies. To achieve long-term profitability and encourage innovation, they tend to constantly improve employees’ knowledge and skills. This paper aims to identify the impact of learning orientation on company performance and to test the mediating role of innovativeness in this relationship. The empirical research was conducted on a sample of 79 companies in different industries in the Republic of Serbia. Descriptive statistical analysis, correlation, and regression analysis were applied to the data collected. The research results indicate that learning orientation significantly and positively affects performance and innovativeness in Serbian companies. In addition, the findings show that firm innovativeness partially mediates the relationship between learning orientation and performance, i.e., learning orientation leads to better company performance through increased innovation in all business aspects. The paper contributes to identifying practical implications for managers, pointing out the importance of creating a learning environment and employees´ innovative behaviour as a basis for achieving better business outcomes. Therefore, managers should take a proactive approach to their human resources, providing them with opportunities to acquire new knowledge and skills and develop innovative ideas.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"97 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80819805","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}
Rising trend of international mobility of healthcare workers, ageing population, new diseases and infections bring many challenges to the national healthcare system. Consequently, it is necessary to pay special attention to the development of the healthcare system, as well as the attraction and retention of healthcare professionals. The aim of this paper is to examine and analyze the key factors that influence the decision-making process of future healthcare professionals regarding employment. 444 participants who are studying or have finished one of the accredited study programs in the Republic of Serbia in the field of medicine participated in the empirical research in the period from 2020 to 2022. The research results showed that three key factors that future healthcare professionals value when deciding on employment are: opportunities for career advancement, opportunities for personal growth and development, and a pleasant work environment. The fourth place was taken by an interesting, significant, and challenging job, while salary is in the fifth place. The optimal functioning of the healthcare system depends on the healthcare professionals, so the obtained results are valuable for leaders, managers, and decision makers in healthcare institutions. They are well-informed to adequately prepare employee value proposition not only for the attraction of healthcare workers, but also for their retention in the long run.
{"title":"FACTORS THAT AFFECT EMPLOYMENT DECISION OF FUTURE HEALTHCARE PROFESSIONALS IN SERBIA","authors":"S. Lazarević, Jelena M. Lukić Nikolić","doi":"10.22190/fueo221116003l","DOIUrl":"https://doi.org/10.22190/fueo221116003l","url":null,"abstract":"Rising trend of international mobility of healthcare workers, ageing population, new diseases and infections bring many challenges to the national healthcare system. Consequently, it is necessary to pay special attention to the development of the healthcare system, as well as the attraction and retention of healthcare professionals. The aim of this paper is to examine and analyze the key factors that influence the decision-making process of future healthcare professionals regarding employment. 444 participants who are studying or have finished one of the accredited study programs in the Republic of Serbia in the field of medicine participated in the empirical research in the period from 2020 to 2022. The research results showed that three key factors that future healthcare professionals value when deciding on employment are: opportunities for career advancement, opportunities for personal growth and development, and a pleasant work environment. The fourth place was taken by an interesting, significant, and challenging job, while salary is in the fifth place. The optimal functioning of the healthcare system depends on the healthcare professionals, so the obtained results are valuable for leaders, managers, and decision makers in healthcare institutions. They are well-informed to adequately prepare employee value proposition not only for the attraction of healthcare workers, but also for their retention in the long run.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75779398","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 examines the market efficiency of the most significant cryptocurrencies, Bitcoin and Ethereum. In the paper, we use several different tests to check the normality of return distribution, long-run correlation and heteroscedasticity of return volatility.We compare the characteristics of cryptocurrency returns with the returns on stocks of the most important companies producing hardware components for cryptocurrency mining. The correlation of returns, trading volume and volatility between cryptocurrencies and selected stocks is tested using a Granger causality test. The research results reject the efficient market hypothesis and show that the cryptocurrency market is a completely new speculative market that is weakly correlated with the stock market.
{"title":"LONG-RANGE CORRELATIONS AND CRYPTOCURRENCY MARKET EFFICIENCY","authors":"Jelena Radojičić, O. Radović","doi":"10.22190/fueo221121005r","DOIUrl":"https://doi.org/10.22190/fueo221121005r","url":null,"abstract":"This paper examines the market efficiency of the most significant cryptocurrencies, Bitcoin and Ethereum. In the paper, we use several different tests to check the normality of return distribution, long-run correlation and heteroscedasticity of return volatility.We compare the characteristics of cryptocurrency returns with the returns on stocks of the most important companies producing hardware components for cryptocurrency mining. The correlation of returns, trading volume and volatility between cryptocurrencies and selected stocks is tested using a Granger causality test. The research results reject the efficient market hypothesis and show that the cryptocurrency market is a completely new speculative market that is weakly correlated with the stock market.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"72 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91269809","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}
Stevcho Mecheski, Irina Joldeska, Elena Koseska, Antonio Krstanoski, Darko Naumoski
The insurance industry is facing the negative effects of inflation in the post-pandemic period. In addition to economic inflation, the insurance industry also faces the phenomenon of social inflation, i.e. abnormal growth of claims caused by various social factors. In this paper, we examine whether insurance companies in the Balkans face social inflation. We analyze the growth rate of motor third-party liability insurance claims in 11 countries of the region for the period 2011-2020, including a more detailed analysis of the insurance market in the Republic of North Macedonia. The results show that there is no systematic existence of social inflation, but occasional abnormal shifts are noticeable for certain countries in the region, especially EU countries, i.e. certain companies in the Republic of North Macedonia. In addition, we find that social inflation occurs in countries with a higher rule of law index, indicating that low institutional development and low trust in institutions potentially prevent the development of social inflation. The paper contributes to the current literature by analyzing the problem in an international context and in a new region, as well as producing recommendations for policy makers.
{"title":"SOCIAL INFLATION IN MTPL INSURANCE","authors":"Stevcho Mecheski, Irina Joldeska, Elena Koseska, Antonio Krstanoski, Darko Naumoski","doi":"10.22190/fueo230129001m","DOIUrl":"https://doi.org/10.22190/fueo230129001m","url":null,"abstract":"The insurance industry is facing the negative effects of inflation in the post-pandemic period. In addition to economic inflation, the insurance industry also faces the phenomenon of social inflation, i.e. abnormal growth of claims caused by various social factors. In this paper, we examine whether insurance companies in the Balkans face social inflation. We analyze the growth rate of motor third-party liability insurance claims in 11 countries of the region for the period 2011-2020, including a more detailed analysis of the insurance market in the Republic of North Macedonia. The results show that there is no systematic existence of social inflation, but occasional abnormal shifts are noticeable for certain countries in the region, especially EU countries, i.e. certain companies in the Republic of North Macedonia. In addition, we find that social inflation occurs in countries with a higher rule of law index, indicating that low institutional development and low trust in institutions potentially prevent the development of social inflation. The paper contributes to the current literature by analyzing the problem in an international context and in a new region, as well as producing recommendations for policy makers.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91190121","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}
The aim of the author of this paper is to examine the relationship between Earning Management (EM) and modified audit opinion among state-owned companies in the Republic of Serbia. The study sample consists of 64 state-owned companies whose financial statements were subject of audit by State Audit Institution in period 2018-2021. To detect EM, the financial statements of these companies for the four-year period 2018-2021 were used. The results of the study indicate that there is no positive relationship between EM and the auditor's modified opinion, i.e. that the difference in the distribution of the modified opinion in state-owned companies in which EM is identified and those in which EM is not identified is not statistically significant. These results initially point to the conclusion that auditors do not take EM into account when forming opinions, and do not send warning signals to users of financial statements. However, if one looks at the participation of the modified opinion on the financial statements of state-owned companies in which EM is identified, and especially the motive of EM, it can be said that the auditors of the State Audit Institution are adequately dedicated to this issue.
{"title":"MODIFIED AUDIT OPINION AND EARNINGS MANAGEMENT IN STATE-OWNED COMPANIES: EVIDENCE FROM SERBIA","authors":"Milica Đorđević, D. Spasić","doi":"10.22190/fueo221019020d","DOIUrl":"https://doi.org/10.22190/fueo221019020d","url":null,"abstract":"The aim of the author of this paper is to examine the relationship between Earning Management (EM) and modified audit opinion among state-owned companies in the Republic of Serbia. The study sample consists of 64 state-owned companies whose financial statements were subject of audit by State Audit Institution in period 2018-2021. To detect EM, the financial statements of these companies for the four-year period 2018-2021 were used. The results of the study indicate that there is no positive relationship between EM and the auditor's modified opinion, i.e. that the difference in the distribution of the modified opinion in state-owned companies in which EM is identified and those in which EM is not identified is not statistically significant. These results initially point to the conclusion that auditors do not take EM into account when forming opinions, and do not send warning signals to users of financial statements. However, if one looks at the participation of the modified opinion on the financial statements of state-owned companies in which EM is identified, and especially the motive of EM, it can be said that the auditors of the State Audit Institution are adequately dedicated to this issue.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85721405","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}
Maja Stojanović-Blab, Milena Lutter, Danielle E. Blab
Nowadays, combating climate change and its effects due to the anthropogenic greenhouse effect is one of the central challenges for society and politics in order to prevent further increase of greenhouse gases in the atmosphere and thus become climate neutral. An indispensable prerequisite for the selection, implementation and monitoring of the effectiveness of measures to reduce greenhouse gas emissions is the measurement and accounting of emissions through the implementation of a carbon accounting system. Compared to companies, the topic of carbon accounting at the municipality level has so far received less public attention. Therefore, this paper deals with the specific challenges, the approaches and the perspectives of municipal carbon accounting.
{"title":"CARBON ACCOUNTING IN THE PUBLIC SECTOR – CHALLENGES, APPROACHES AND PERSPECTIVES FOR MUNICIPALITIES","authors":"Maja Stojanović-Blab, Milena Lutter, Danielle E. Blab","doi":"10.22190/fueo220915019s","DOIUrl":"https://doi.org/10.22190/fueo220915019s","url":null,"abstract":"Nowadays, combating climate change and its effects due to the anthropogenic greenhouse effect is one of the central challenges for society and politics in order to prevent further increase of greenhouse gases in the atmosphere and thus become climate neutral. An indispensable prerequisite for the selection, implementation and monitoring of the effectiveness of measures to reduce greenhouse gas emissions is the measurement and accounting of emissions through the implementation of a carbon accounting system. Compared to companies, the topic of carbon accounting at the municipality level has so far received less public attention. Therefore, this paper deals with the specific challenges, the approaches and the perspectives of municipal carbon accounting.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73674510","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}
Melisa Bejtović, A. Andjelković, Marija Radosavljević
The assumption the paper is based on is that in modern economy it is not enough to provide economic performances which will satisfy the owners of the companies and provide product and services which will satisfy customers, considering the relationship between costs and quality. Other two perspectives have to be included into the analysis, and they concern people-society issues and planet-environmental issues. This leads to the concept 3P that includes: Profit, People and Planet. According to this concept, one of the main challenges for the companies and supply chains they belong to will be to provide green product design, green lean processes and operations, as well as green supplying. For this reason, in this paper the authors analyse the green component of the sustainable competitiveness, with the objective to show the way from quality management (quality products and processes) and environmental protection through sustainable supply chain management with the accent on supply chain greening to economy competitiveness.
{"title":"GREEN QUALITY AND SUPPLY CHAIN MANAGEMENT AS A FACTOR OF SUSTAINABLE COMPETITIVENESS","authors":"Melisa Bejtović, A. Andjelković, Marija Radosavljević","doi":"10.22190/fueo220929021b","DOIUrl":"https://doi.org/10.22190/fueo220929021b","url":null,"abstract":"The assumption the paper is based on is that in modern economy it is not enough to provide economic performances which will satisfy the owners of the companies and provide product and services which will satisfy customers, considering the relationship between costs and quality. Other two perspectives have to be included into the analysis, and they concern people-society issues and planet-environmental issues. This leads to the concept 3P that includes: Profit, People and Planet. According to this concept, one of the main challenges for the companies and supply chains they belong to will be to provide green product design, green lean processes and operations, as well as green supplying. For this reason, in this paper the authors analyse the green component of the sustainable competitiveness, with the objective to show the way from quality management (quality products and processes) and environmental protection through sustainable supply chain management with the accent on supply chain greening to economy competitiveness.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84283095","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}
In this paper, we propose an alternative approach to understanding the relationship between financial sector development and real sector growth in India. We use stock market sectoral indices available on National Stock Exchange (NSE) like Capital Goods Index, FMCG Index, Energy Index, Infra Index, Metal Index, Realty Index, and Auto Index to represent the real sector. To represent the financial sector, we consider Bank Index and Financial Services Index separately. The proposed framework examines the relationships at a granular level to understand the extent of association, spillover, and causality. We also analyze the relationship between the financial sector and the real sector in Pre COVID and COVID periods separately. Our research methodology includes the use of Detrended Cross-Correlation Analysis (DCCA), Wavelet Multiple Correlation (WMC), Wavelet Multiple Cross Correlation (WMCC), Diebold-Yilmaz spillover Framework, and Non-Linear Causality Test. Our granular approach has enabled us to examine the relationships in different periods and we observe that the results change. The intensity of the relationships also is different during the COVID period as compared to Pre COVID period.
{"title":"FINANCIAL SECTOR DEVELOPMENT AND REAL SECTOR GROWTH – ASSOCIATION, SPILLOVER AND CAUSALITY DURING PRE COVID AND COVID REGIMES","authors":"T. Chaudhuri, Indranil Ghosh","doi":"10.22190/fueo220110017c","DOIUrl":"https://doi.org/10.22190/fueo220110017c","url":null,"abstract":"In this paper, we propose an alternative approach to understanding the relationship between financial sector development and real sector growth in India. We use stock market sectoral indices available on National Stock Exchange (NSE) like Capital Goods Index, FMCG Index, Energy Index, Infra Index, Metal Index, Realty Index, and Auto Index to represent the real sector. To represent the financial sector, we consider Bank Index and Financial Services Index separately. The proposed framework examines the relationships at a granular level to understand the extent of association, spillover, and causality. We also analyze the relationship between the financial sector and the real sector in Pre COVID and COVID periods separately. Our research methodology includes the use of Detrended Cross-Correlation Analysis (DCCA), Wavelet Multiple Correlation (WMC), Wavelet Multiple Cross Correlation (WMCC), Diebold-Yilmaz spillover Framework, and Non-Linear Causality Test. Our granular approach has enabled us to examine the relationships in different periods and we observe that the results change. The intensity of the relationships also is different during the COVID period as compared to Pre COVID period.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72405474","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 examine the influence of R&D activity on the business performance of high-technology companies. In order to provide an empirical investigation of the impact of R&D activity on the business performance of high-technology companies, correlation and regression analyses have been utilized.This study discovered that investment in R&D has a positive influence on EBIT, net earnings, EBITDA, and total assets, while its influence on ROA was confirmed to be statistically significant and negative. Additionally, the influence of R&D intensity performance indicator (RDI) on ROA as a short-term financial performance indicator was not confirmed. The study revealed that return on R&D investment (RORDI) has a statistically significant and positive influence on ROA in the current, observed year.The evaluation of the obtained results can be a basis for drawing more detailed conclusions, contributing to the future R&D strategy and existing literature, and emphasizing the importance of R&D investment for various business performances.The originality of this study is reflected in the comprehensive analysis of the influence of specific indicators of R&D activity, such as RORDI, on the business performance of high-technology companies. This paper is also beneficial because none of the existing studies have explored the impact of investment in R&D on EBITDA.
{"title":"THE IMPACT OF R&D ACTIVITY ON THE BUSINESS PERFORMANCE OF HIGH-TECHNOLOGY COMPANIES","authors":"Ivana Ivanic (ex Janjic), B. Krstić, S. Milanović","doi":"10.22190/fueo220707018j","DOIUrl":"https://doi.org/10.22190/fueo220707018j","url":null,"abstract":"This paper aims to examine the influence of R&D activity on the business performance of high-technology companies. In order to provide an empirical investigation of the impact of R&D activity on the business performance of high-technology companies, correlation and regression analyses have been utilized.This study discovered that investment in R&D has a positive influence on EBIT, net earnings, EBITDA, and total assets, while its influence on ROA was confirmed to be statistically significant and negative. Additionally, the influence of R&D intensity performance indicator (RDI) on ROA as a short-term financial performance indicator was not confirmed. The study revealed that return on R&D investment (RORDI) has a statistically significant and positive influence on ROA in the current, observed year.The evaluation of the obtained results can be a basis for drawing more detailed conclusions, contributing to the future R&D strategy and existing literature, and emphasizing the importance of R&D investment for various business performances.The originality of this study is reflected in the comprehensive analysis of the influence of specific indicators of R&D activity, such as RORDI, on the business performance of high-technology companies. This paper is also beneficial because none of the existing studies have explored the impact of investment in R&D on EBITDA.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88797548","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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