During the pandemic caused by the new SARS-COV2 virus, the country's economic performance is lower than before the health crisis. The global health crisis has directly and indirectly affected the economic and financial indicators of almost all countries. Regardless of state financial aid, which inevitably prevented the collapse of the national economy and financial markets, certain economic sectors are still facing the consequences of the crisis. One of the reasons for the lower financial performance of countries in this period is the insufficient readiness of banks to deal with non-profitable loans. This study aims to consider the profitability of the banking sector concerning non-profitable loans in Serbia during the pandemic, using the methods of description, deduction, and regression. In addition, a comparison method was used to assess the ability of banks to deal with non-profitable loans during the previous global financial crisis. For statistical data processing, the official data of the National Bank of Serbia was extracted from the statistical section, as well as from annual and periodic reports. A linear regression model was used to measure the effect of the NPL on the banks' profitability in the period 2008-2021, after the regression assumptions had been successfully tested (such sample adequacy, distribution symmetry, and multicollinearity). Non-profitable loans, income from interest, ROA, and ROE are the variables used in regression modelling. The results showed that non-profitable loans do not have a statistically significant effect on banks' profitability
{"title":"Effects of the NPL on the banks' profitability during the COVID-19 pandemic: The case of the Republic of Serbia","authors":"Nebojša Malenković","doi":"10.5937/aneksub2300018m","DOIUrl":"https://doi.org/10.5937/aneksub2300018m","url":null,"abstract":"During the pandemic caused by the new SARS-COV2 virus, the country's economic performance is lower than before the health crisis. The global health crisis has directly and indirectly affected the economic and financial indicators of almost all countries. Regardless of state financial aid, which inevitably prevented the collapse of the national economy and financial markets, certain economic sectors are still facing the consequences of the crisis. One of the reasons for the lower financial performance of countries in this period is the insufficient readiness of banks to deal with non-profitable loans. This study aims to consider the profitability of the banking sector concerning non-profitable loans in Serbia during the pandemic, using the methods of description, deduction, and regression. In addition, a comparison method was used to assess the ability of banks to deal with non-profitable loans during the previous global financial crisis. For statistical data processing, the official data of the National Bank of Serbia was extracted from the statistical section, as well as from annual and periodic reports. A linear regression model was used to measure the effect of the NPL on the banks' profitability in the period 2008-2021, after the regression assumptions had been successfully tested (such sample adequacy, distribution symmetry, and multicollinearity). Non-profitable loans, income from interest, ROA, and ROE are the variables used in regression modelling. The results showed that non-profitable loans do not have a statistically significant effect on banks' profitability","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197951","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 issues of measuring and analysing the development dynamics and effects of electronic trade are currently topical, significant and complex in any country, including Serbia. In the observed period from 2017 to 2021, according to the obtained empirical results based on the SF TOPSIS method, the largest number of trading companies introducing e-business (IT technology) and e-trading appeared in Serbia in 2017. According to the obtained empirical results based on the classical TOPSIS method, the largest number of trading companies introducing e-business (IT technology) and e-trading was recorded in Serbia in 2019. The following is the ranking according to the SF-TOPSIS method: 2021, 2018, 2019 and 2020. The ranking according to the TOPSIS method is as follows: 2020, 2021, 2018 and 2017. The digitalisation factors of overall business operation of trade industry in Serbia are the global trend and requirements, degree of development of contemporary IT technology and the possibility of application in all the segments of trading operations, the economic climate, financial opportunities, entry of international retail chains, development of multichannel sale-classic and e-retail facilities, around-the clock business operations without time and geographical barriers etc. Considering the positive effects, significantly more should be invested in new information and communication technology in the future.
{"title":"Analysis of development and effects of electronic trade in Serbia based on SF-TOPSIS and TOPSIS methods","authors":"R. Lukić","doi":"10.5937/aneksub2300023l","DOIUrl":"https://doi.org/10.5937/aneksub2300023l","url":null,"abstract":"The issues of measuring and analysing the development dynamics and effects of electronic trade are currently topical, significant and complex in any country, including Serbia. In the observed period from 2017 to 2021, according to the obtained empirical results based on the SF TOPSIS method, the largest number of trading companies introducing e-business (IT technology) and e-trading appeared in Serbia in 2017. According to the obtained empirical results based on the classical TOPSIS method, the largest number of trading companies introducing e-business (IT technology) and e-trading was recorded in Serbia in 2019. The following is the ranking according to the SF-TOPSIS method: 2021, 2018, 2019 and 2020. The ranking according to the TOPSIS method is as follows: 2020, 2021, 2018 and 2017. The digitalisation factors of overall business operation of trade industry in Serbia are the global trend and requirements, degree of development of contemporary IT technology and the possibility of application in all the segments of trading operations, the economic climate, financial opportunities, entry of international retail chains, development of multichannel sale-classic and e-retail facilities, around-the clock business operations without time and geographical barriers etc. Considering the positive effects, significantly more should be invested in new information and communication technology in the future.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198073","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}
Daniela Nuševa, Radenko Marić, Goran Vukmirović, Nikola Macura
The COVID-19 pandemic and other global challenges that have appeared in the past years have caused market transformation and crucial changes on the demand side, forcing manufacturers and retailers to rethink their sales and marketing strategies. In particular, high-frequency durable consumer products such as wristwatches have proven to be sensitive. This paper aims to analyze the consumers' needs and define the indicators that directly influence the decisions to buy wristwatches in the Serbian market. The research was organized in two phases. Theoretical research has identified indicators influencing purchase decisions, such as price, brand, design, ease of use, and warranty. Empirical research examined their influence on the purchase decision depending on different segments of respondents: gender, age, education, and employment status. The obtained results showed significant differences as to how the mentioned indicators influence the purchase decision, depending on the demographic indicators. According to these results, a series of measures was proposed to improve the sales and marketing strategy for placing wristwatches on the Serbian market. Guidelines for future research are outlined in the paper.
{"title":"Key determinants of consumers' decision making on the purchase of wristwatches on the Serbian market","authors":"Daniela Nuševa, Radenko Marić, Goran Vukmirović, Nikola Macura","doi":"10.5937/aneksub2300021n","DOIUrl":"https://doi.org/10.5937/aneksub2300021n","url":null,"abstract":"The COVID-19 pandemic and other global challenges that have appeared in the past years have caused market transformation and crucial changes on the demand side, forcing manufacturers and retailers to rethink their sales and marketing strategies. In particular, high-frequency durable consumer products such as wristwatches have proven to be sensitive. This paper aims to analyze the consumers' needs and define the indicators that directly influence the decisions to buy wristwatches in the Serbian market. The research was organized in two phases. Theoretical research has identified indicators influencing purchase decisions, such as price, brand, design, ease of use, and warranty. Empirical research examined their influence on the purchase decision depending on different segments of respondents: gender, age, education, and employment status. The obtained results showed significant differences as to how the mentioned indicators influence the purchase decision, depending on the demographic indicators. According to these results, a series of measures was proposed to improve the sales and marketing strategy for placing wristwatches on the Serbian market. Guidelines for future research are outlined in the paper.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198016","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}
Job satisfaction is one of the most analysed job attitudes which may have significant positive consequences on the individual-level and organizational-level performances, too. This is why companies have to analyse the antecedents of job satisfaction. Work design and work characteristics have compelling impact on employees' job satisfaction. The aim of this paper is to identify the work characteristics with the highest impact on job satisfaction across various occupations and positions in Romania. The empirical research had been carried out within the Global Work Design Project initiated by the Academy of Management HR Division, based on the work design questionnaire (WDQ) developed by Morgeson and Humphrey (2006). The Romanian sample consisted of 394 employees from 69 organizations. In our paper we identify the job features and characteristics which lead to high job satisfaction. The findings may have empirical implications on companies' HR strategies not only in Romania, but also in other countries from the Central and Eastern European region.
{"title":"The analysis of job characteristics leading to high job satisfaction in Romania","authors":"Kinga Kerekes, M. Zaharie, P. Rațiu","doi":"10.5937/aneksub2300027k","DOIUrl":"https://doi.org/10.5937/aneksub2300027k","url":null,"abstract":"Job satisfaction is one of the most analysed job attitudes which may have significant positive consequences on the individual-level and organizational-level performances, too. This is why companies have to analyse the antecedents of job satisfaction. Work design and work characteristics have compelling impact on employees' job satisfaction. The aim of this paper is to identify the work characteristics with the highest impact on job satisfaction across various occupations and positions in Romania. The empirical research had been carried out within the Global Work Design Project initiated by the Academy of Management HR Division, based on the work design questionnaire (WDQ) developed by Morgeson and Humphrey (2006). The Romanian sample consisted of 394 employees from 69 organizations. In our paper we identify the job features and characteristics which lead to high job satisfaction. The findings may have empirical implications on companies' HR strategies not only in Romania, but also in other countries from the Central and Eastern European region.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198160","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}
Human capital holds significant importance for banks, as it includes specific knowledge and skills. It serves as a crucial determinant of financial performance. However, human capital is susceptible to various factors that can exert negative effects. The COVID-19 stands as one such factor, necessitating bank restructuring and potentially resulting in a depreciation of human capital value and subsequent performance decline. The objective of the research is to investigate the influence of the COVID-19 pandemic on the human capital of banks in the Republic of Serbia and evaluate its implications on financial performance. The research spanned across all banks operating in the Republic of Serbia throughout the period of 2019 to 2021. The Wilcoxon Signed Rank test was employed to assess the difference in human capital value over the observed period. Furthermore, the regression analysis was implemented to investigate the impact of human capital on ROA, ROE, and NPM. Results showed that COVID-19 pandemic has led to a decrease in the value of human capital in banks in the Republic of Serbia. The financial performance of banks is positively influenced by human capital in the short term. However, over the long term, the value of human capital depreciates, resulting in a diminishing impact on financial performance.
{"title":"The COVID-19 pandemic and its effect on human capital and financial performance: Evidence from Serbian banks","authors":"Goran Pavlović","doi":"10.5937/aneksub2300022p","DOIUrl":"https://doi.org/10.5937/aneksub2300022p","url":null,"abstract":"Human capital holds significant importance for banks, as it includes specific knowledge and skills. It serves as a crucial determinant of financial performance. However, human capital is susceptible to various factors that can exert negative effects. The COVID-19 stands as one such factor, necessitating bank restructuring and potentially resulting in a depreciation of human capital value and subsequent performance decline. The objective of the research is to investigate the influence of the COVID-19 pandemic on the human capital of banks in the Republic of Serbia and evaluate its implications on financial performance. The research spanned across all banks operating in the Republic of Serbia throughout the period of 2019 to 2021. The Wilcoxon Signed Rank test was employed to assess the difference in human capital value over the observed period. Furthermore, the regression analysis was implemented to investigate the impact of human capital on ROA, ROE, and NPM. Results showed that COVID-19 pandemic has led to a decrease in the value of human capital in banks in the Republic of Serbia. The financial performance of banks is positively influenced by human capital in the short term. However, over the long term, the value of human capital depreciates, resulting in a diminishing impact on financial performance.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198026","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}
Every company must consider the changes in a digital environment. In the era of digital transformation, the company understands the importance of information technologies, and makes adjustments in the form of structural changes. Modern technology usage provides the possibility of the analysis of previously unimaginable types and amounts of data, and introduces significant changes in the field of auditing. By simplifying the audit work, digitalization has also created new opportunities for IT auditing. The aim of this paper is to present the opportunities and challenges of key digital trends in auditing, or the usage of big data analytics, artificial intelligence, blockchain technology, and robotic process automation. There is an emerging need for auditors to take advantage of digital technology usage and respond to the challenges of digitalization in a systematic and high-quality way. The progress of using digital technologies in auditing is contributing to more reliability and better quality reporting, which is leading to increased trust among stakeholders in the results of audit work.
{"title":"Challenges of using digital technologies in audit","authors":"B. Vuković, Teodora Tica, D. Jakšić","doi":"10.5937/aneksub2300014v","DOIUrl":"https://doi.org/10.5937/aneksub2300014v","url":null,"abstract":"Every company must consider the changes in a digital environment. In the era of digital transformation, the company understands the importance of information technologies, and makes adjustments in the form of structural changes. Modern technology usage provides the possibility of the analysis of previously unimaginable types and amounts of data, and introduces significant changes in the field of auditing. By simplifying the audit work, digitalization has also created new opportunities for IT auditing. The aim of this paper is to present the opportunities and challenges of key digital trends in auditing, or the usage of big data analytics, artificial intelligence, blockchain technology, and robotic process automation. There is an emerging need for auditors to take advantage of digital technology usage and respond to the challenges of digitalization in a systematic and high-quality way. The progress of using digital technologies in auditing is contributing to more reliability and better quality reporting, which is leading to increased trust among stakeholders in the results of audit work.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198349","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}
Satisfied customers represent an important resource for a company. So far research has shown that customer satisfaction has an impact on the return on investment, the growth of the company's market share, and shareholder value. The importance of research on customer satisfaction is seen in the fact that it most often leads to loyalty, which represents an important prerequisite to a company's long-term profitability. In line with the significance of these two concepts in companies' success, the topics of this research are the determinants of customer satisfaction and the relationship between satisfaction and loyalty. The goal of the research is the identification of key variables and the measurement of their respective impact on customer satisfaction. An adapted expectancy-disconfirmation model was used for the identification of key determinants. Satisfaction was viewed as a function of customer expectations and perceived product performance, and an additional component, the company's image. This research was carried out on the territory of the Republic of Serbia through an online survey. The obtained conclusions can help companies in Serbia to better the quality of provided services, with the end goal being achieving an agreeable level of customer satisfaction and loyalty, and with it, higher profitability.
{"title":"Conceptual model of key predictors and consequences of customer satisfaction","authors":"Nađa Đurić","doi":"10.5937/aneksub2300024d","DOIUrl":"https://doi.org/10.5937/aneksub2300024d","url":null,"abstract":"Satisfied customers represent an important resource for a company. So far research has shown that customer satisfaction has an impact on the return on investment, the growth of the company's market share, and shareholder value. The importance of research on customer satisfaction is seen in the fact that it most often leads to loyalty, which represents an important prerequisite to a company's long-term profitability. In line with the significance of these two concepts in companies' success, the topics of this research are the determinants of customer satisfaction and the relationship between satisfaction and loyalty. The goal of the research is the identification of key variables and the measurement of their respective impact on customer satisfaction. An adapted expectancy-disconfirmation model was used for the identification of key determinants. Satisfaction was viewed as a function of customer expectations and perceived product performance, and an additional component, the company's image. This research was carried out on the territory of the Republic of Serbia through an online survey. The obtained conclusions can help companies in Serbia to better the quality of provided services, with the end goal being achieving an agreeable level of customer satisfaction and loyalty, and with it, higher profitability.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198086","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 investigates the relationship between real estate indices, inflation and interest rates in both Europe and the USA. The main objective is to examine the impact of inflation and interest rates on the respective real estate indices and test specific hypotheses. The study utilizes cointegration analysis to assess the long-term equilibrium and the speed of adjustment between the variables. The analysis reveals the presence of cointegrating relationships in both regions, indicating a long-term equilibrium between the variables The findings support the hypothesis that inflation has a significant and positive impact on the real estate indices in both regions. However, the hypothesis stating a significant and negative impact of interest rates on the indices is not supported.
{"title":"The impact of inflation and interest rates on real estate indices in the US and EU","authors":"Danica Cicmil","doi":"10.5937/aneksub2300025c","DOIUrl":"https://doi.org/10.5937/aneksub2300025c","url":null,"abstract":"This paper investigates the relationship between real estate indices, inflation and interest rates in both Europe and the USA. The main objective is to examine the impact of inflation and interest rates on the respective real estate indices and test specific hypotheses. The study utilizes cointegration analysis to assess the long-term equilibrium and the speed of adjustment between the variables. The analysis reveals the presence of cointegrating relationships in both regions, indicating a long-term equilibrium between the variables The findings support the hypothesis that inflation has a significant and positive impact on the real estate indices in both regions. However, the hypothesis stating a significant and negative impact of interest rates on the indices is not supported.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198094","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 analysis of Serbia's residential real estate market is the main goal of this paper. Price movements in that part of the market affect price and financial stability equally, which are thus the main goals of most central banks. Prior to the highly contagious COVID-19 pandemic, there was a gradual increase in the number of transactions involving real estate and prices, with oscillations observed throughout the second quarter of 2020. In this paper, we will present the available databases from the Serbian residential real estate market, as well as regulations that have been in place since the 2000s. By analyzing the trajectory in the long run of the housing credit share to GDP by using a Hodrick-Prescott one-sided filter with the parameter set to 400,000 and correlation and regression analysis, the paper's concluding part will determine whether there is a price bubble in this market segment. According to the analysis, there is currently no price bubble in Serbia's residential real estate market.
{"title":"Residential real estate analysis in Serbia","authors":"Vesna Martin","doi":"10.5937/aneksub2300019m","DOIUrl":"https://doi.org/10.5937/aneksub2300019m","url":null,"abstract":"The analysis of Serbia's residential real estate market is the main goal of this paper. Price movements in that part of the market affect price and financial stability equally, which are thus the main goals of most central banks. Prior to the highly contagious COVID-19 pandemic, there was a gradual increase in the number of transactions involving real estate and prices, with oscillations observed throughout the second quarter of 2020. In this paper, we will present the available databases from the Serbian residential real estate market, as well as regulations that have been in place since the 2000s. By analyzing the trajectory in the long run of the housing credit share to GDP by using a Hodrick-Prescott one-sided filter with the parameter set to 400,000 and correlation and regression analysis, the paper's concluding part will determine whether there is a price bubble in this market segment. According to the analysis, there is currently no price bubble in Serbia's residential real estate market.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197962","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}
Stevan Luković, M. Pjanić, Božidar Čakajac, Mirela Mitrašević
The paper deals with the impact of low interest rate environment on the insurance companies' portfolio composition in EU countries. The aim of the research is to show that continuously low interest rates could influence insurance companies to become more exposed to risky asset classes, but there is also possibility that insurance companies remain mainly exposed to fixed income assets. The secondary data analysis is carried out to further examine the potential portfolio dynamics in Q4 2017-Q4 2021 period. The results of the analysis show that in most EU countries insurance companies remain invested in fixed-income assets. However, in eight countries (mostly Nordic countries) insurance companies have become significantly more exposed to equity and equity mutual funds, which suggests that portfolio reshaping has taken place in these countries.
{"title":"The impact of low interest rates on the insurance companies' portfolio composition in EU countries","authors":"Stevan Luković, M. Pjanić, Božidar Čakajac, Mirela Mitrašević","doi":"10.5937/aneksub2300015l","DOIUrl":"https://doi.org/10.5937/aneksub2300015l","url":null,"abstract":"The paper deals with the impact of low interest rate environment on the insurance companies' portfolio composition in EU countries. The aim of the research is to show that continuously low interest rates could influence insurance companies to become more exposed to risky asset classes, but there is also possibility that insurance companies remain mainly exposed to fixed income assets. The secondary data analysis is carried out to further examine the potential portfolio dynamics in Q4 2017-Q4 2021 period. The results of the analysis show that in most EU countries insurance companies remain invested in fixed-income assets. However, in eight countries (mostly Nordic countries) insurance companies have become significantly more exposed to equity and equity mutual funds, which suggests that portfolio reshaping has taken place in these countries.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198363","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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