Digital transformation is performed through the integration of information technologies into all areas of a business. The changes are radical, comprehensive and as such, they affect workplaces as well. Many authors overemphasize the use of technologies and regard them as central to the digital workplace. On the other hand, the position of the authors who argue that the digital workplace should coordinate technologies, processes and people is more correct. Theoretical research often does not clearly define the term digital workplace. Furthermore, the studies often overemphasize only the benefits while omitting the challenges presented by the digital workplace implementation. Therefore, the paper presents the requirements for a workplace to be considered digital, its advantages and challenges, and it shows how to balance the positive and negative repercussions of workplace digitalization.
{"title":"Digital workplace: Advantages and challenges","authors":"Lazar Raković, M. Sakal, P. Matković","doi":"10.5937/aneksub2247065r","DOIUrl":"https://doi.org/10.5937/aneksub2247065r","url":null,"abstract":"Digital transformation is performed through the integration of information technologies into all areas of a business. The changes are radical, comprehensive and as such, they affect workplaces as well. Many authors overemphasize the use of technologies and regard them as central to the digital workplace. On the other hand, the position of the authors who argue that the digital workplace should coordinate technologies, processes and people is more correct. Theoretical research often does not clearly define the term digital workplace. Furthermore, the studies often overemphasize only the benefits while omitting the challenges presented by the digital workplace implementation. Therefore, the paper presents the requirements for a workplace to be considered digital, its advantages and challenges, and it shows how to balance the positive and negative repercussions of workplace digitalization.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197696","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}
Transition to market economy in the Republic of Serbia started with one decade of delay compared to most former socialist countries. The transition has implied liberalization of economic policies in the area of foreign direct investments, even in some industries that have been previously considered strategic. Multinational companies have used new business opportunities and acquired some of the most important and largest domestic companies. This paper analyses the impact of cross-border acquisitions on the profitability of targets in Serbian cement industry during the period 2000-2020. Serbian cement industry includes three cement plants, all of which were acquired in the process of privatization during 2002. The study analyses changes of ROA (return on assets), ROE (return on equity) and ROS (return on sale) of targets in the short term and in the long term after the acquisitions. The research results show that profitability of all companies improved both in the short term and in the long term after acquisitions. These improvements were achieved through higher cost efficiency and more efficient business asset management.
{"title":"Cross-border acquisitions and profitability of acquired companies in Serbian cement industry","authors":"D. Markovic, Slađana Savović","doi":"10.5937/aneksub2248015m","DOIUrl":"https://doi.org/10.5937/aneksub2248015m","url":null,"abstract":"Transition to market economy in the Republic of Serbia started with one decade of delay compared to most former socialist countries. The transition has implied liberalization of economic policies in the area of foreign direct investments, even in some industries that have been previously considered strategic. Multinational companies have used new business opportunities and acquired some of the most important and largest domestic companies. This paper analyses the impact of cross-border acquisitions on the profitability of targets in Serbian cement industry during the period 2000-2020. Serbian cement industry includes three cement plants, all of which were acquired in the process of privatization during 2002. The study analyses changes of ROA (return on assets), ROE (return on equity) and ROS (return on sale) of targets in the short term and in the long term after the acquisitions. The research results show that profitability of all companies improved both in the short term and in the long term after acquisitions. These improvements were achieved through higher cost efficiency and more efficient business asset management.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198314","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}
COVID-19 quarantine limitations and their effects on business lead to unpredictable environment changes, which require appropriate entrepreneurs' strategic response. COVID-19 quarantine limitations dramatically affected specialized businesses, which had to adopt for the new environment requirements. COVID19 especially influenced small and medium size entrepreneurs, which are specialized in one industry. Considering the peculiarities of integration and diversification as priority strategies for business development in the new reality, the article proves that specialization in goods or services in one industry for small and medium enterprises is risky and can lead to the bankruptcy of such businesses. Based on official statistics, the changes in Ukrainian small and medium companies' performance during years 2019-2020 were studied across industries. The gathered data provide evidence that companies which specialized in one industry or business activity suffered from the crisis most of all. According to the forecasts, COVID-19 will affect the economy over a number of years. That is why business has to adopt for the new reality. Using diversification strategies for small and medium size businesses is recommended in order to survive and grow.
{"title":"Entrepreneurs' strategic response to COVID-19 limitations: Ukrainian experience","authors":"M. Sahaidak, Y. Prokhorova, T. Sobolieva","doi":"10.5937/aneksub2247003s","DOIUrl":"https://doi.org/10.5937/aneksub2247003s","url":null,"abstract":"COVID-19 quarantine limitations and their effects on business lead to unpredictable environment changes, which require appropriate entrepreneurs' strategic response. COVID-19 quarantine limitations dramatically affected specialized businesses, which had to adopt for the new environment requirements. COVID19 especially influenced small and medium size entrepreneurs, which are specialized in one industry. Considering the peculiarities of integration and diversification as priority strategies for business development in the new reality, the article proves that specialization in goods or services in one industry for small and medium enterprises is risky and can lead to the bankruptcy of such businesses. Based on official statistics, the changes in Ukrainian small and medium companies' performance during years 2019-2020 were studied across industries. The gathered data provide evidence that companies which specialized in one industry or business activity suffered from the crisis most of all. According to the forecasts, COVID-19 will affect the economy over a number of years. That is why business has to adopt for the new reality. Using diversification strategies for small and medium size businesses is recommended in order to survive and grow.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197560","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}
Bojana Sokolović, I. Katic, L. Grubić-Nešić, Andrea Ivanišević, A. Pavlović
Transformational leadership links creative thinking, persistence and energy, intuition and the sense for people's need for organizational culture. It strives for innovation and expresses the sense for vision and meaning. Literature analysis in this field is followed by the research that examines transformational leadership and its coherence with an organisational culture in the international service company operating in Serbia. The participants in his research have perceived the role culture as primary, particularly the culture of rules and procedures. This culture is suitable to people that expect security at work, which could be the main goal in the particular company, having in mind that work instability and insecurity have been a common denominator in the past three decades. However, if a company wants to be innovative, it would have to put more effort into transformational leadership that could not be thoroughly examined in this study. Suggestions for further investigation are given at the end of this study, lack of instruments for investigations are pointed out, with an idea for improvements.
{"title":"The specific role of transformational leadership in the organizational culture of service organizations","authors":"Bojana Sokolović, I. Katic, L. Grubić-Nešić, Andrea Ivanišević, A. Pavlović","doi":"10.5937/aneksub2247131s","DOIUrl":"https://doi.org/10.5937/aneksub2247131s","url":null,"abstract":"Transformational leadership links creative thinking, persistence and energy, intuition and the sense for people's need for organizational culture. It strives for innovation and expresses the sense for vision and meaning. Literature analysis in this field is followed by the research that examines transformational leadership and its coherence with an organisational culture in the international service company operating in Serbia. The participants in his research have perceived the role culture as primary, particularly the culture of rules and procedures. This culture is suitable to people that expect security at work, which could be the main goal in the particular company, having in mind that work instability and insecurity have been a common denominator in the past three decades. However, if a company wants to be innovative, it would have to put more effort into transformational leadership that could not be thoroughly examined in this study. Suggestions for further investigation are given at the end of this study, lack of instruments for investigations are pointed out, with an idea for improvements.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197780","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}
Digitization has become an inevitable part of life, affecting all systems. Today, when technological developments are increasing rapidly, and almost everything can be done with mobile devices, all sectors and individuals have started to take more place in digital environment. Since the 20th century, the accounting profession has undergone significant changes, especially with the spread of the internet and technological developments, and many accounting practices have been transferred to digital environments. The traditional methods of accounting education cause the candidate students to grow away from the digital sector. For this reason, the digital transformation process in the accounting profession should also be started in accounting education. To train professionals who will meet the needs in the digital age, accounting education should be supported by changing technology, and students should be equipped in this regard by using digital education technologies such as augmented reality (AR) and simulation in courses. In the study, a scale was developed to determine the expectations of the students from the accounting course during the digitalization process. As a result of the study, it was determined that the scale was divided into two sub-dimensions: expectations from digital education technologies and expectations from traditional expression in the accounting course.
{"title":"A scale development study on the expectations of university students from the accounting course in the digitalization process","authors":"A. Kurtlu, Mehmet Uçar","doi":"10.5937/aneksub2248155k","DOIUrl":"https://doi.org/10.5937/aneksub2248155k","url":null,"abstract":"Digitization has become an inevitable part of life, affecting all systems. Today, when technological developments are increasing rapidly, and almost everything can be done with mobile devices, all sectors and individuals have started to take more place in digital environment. Since the 20th century, the accounting profession has undergone significant changes, especially with the spread of the internet and technological developments, and many accounting practices have been transferred to digital environments. The traditional methods of accounting education cause the candidate students to grow away from the digital sector. For this reason, the digital transformation process in the accounting profession should also be started in accounting education. To train professionals who will meet the needs in the digital age, accounting education should be supported by changing technology, and students should be equipped in this regard by using digital education technologies such as augmented reality (AR) and simulation in courses. In the study, a scale was developed to determine the expectations of the students from the accounting course during the digitalization process. As a result of the study, it was determined that the scale was divided into two sub-dimensions: expectations from digital education technologies and expectations from traditional expression in the accounting course.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198298","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}
József Poór, Radka Lankašová, Allen Engle, K. Szabó, Ildikó Budavári-Takács, Zoltán Šeben, Róbert Korényi, Péter Szitás, Tímea Juhász
For a long time, various companies and organizations have used traditional courts or other legal tools to resolve different complex disputes or problems. However, numerous influencing factors often interrupted this formalized problem-solving approach. In the countries of the former Eastern bloc, under the former Communist system, the Party often acted as mediator. This, of course, has changed totally since the political system has become democratic. Our study investigates conflict-solving styles, procedures and processes in Central Europe - the Czech Republic, Slovakia and Hungary. The study done in 297 companies in these three countries show that conflicts between individuals, employees and the company are found most often, while problems between the local company and associated parent companies are less frequently found. Regardless of the country, companies have spent at least 10% of their working time dealing with internal conflicts. Some 79% of organizations focus on managing external conflicts for at least 10% of their working time, while around 9% of companies use mediation as a method of resolving conflict. The organizations in the study do not differ from country to country in terms of the use and success of mediation practices.
{"title":"The use of commercial mediation as alternative dispute resolution tool in the Czech Republic, Hungary and Slovakia","authors":"József Poór, Radka Lankašová, Allen Engle, K. Szabó, Ildikó Budavári-Takács, Zoltán Šeben, Róbert Korényi, Péter Szitás, Tímea Juhász","doi":"10.5937/aneksub2145003p","DOIUrl":"https://doi.org/10.5937/aneksub2145003p","url":null,"abstract":"For a long time, various companies and organizations have used traditional courts or other legal tools to resolve different complex disputes or problems. However, numerous influencing factors often interrupted this formalized problem-solving approach. In the countries of the former Eastern bloc, under the former Communist system, the Party often acted as mediator. This, of course, has changed totally since the political system has become democratic. Our study investigates conflict-solving styles, procedures and processes in Central Europe - the Czech Republic, Slovakia and Hungary. The study done in 297 companies in these three countries show that conflicts between individuals, employees and the company are found most often, while problems between the local company and associated parent companies are less frequently found. Regardless of the country, companies have spent at least 10% of their working time dealing with internal conflicts. Some 79% of organizations focus on managing external conflicts for at least 10% of their working time, while around 9% of companies use mediation as a method of resolving conflict. The organizations in the study do not differ from country to country in terms of the use and success of mediation practices.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45923433","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 presents the results of research on the tourists' motivation for staying in the City of Belgrade. The purpose of this paper is to identify the motives for which tourists usually stay in Belgrade and to examine the existence of statistically significant differences between the motives of tourists depending on their sociodemographic characteristics (gender, age, education and origin). The research sample included 250 respondents who had stayed in Belgrade. Belgrade is the most visited destination of urban tourism thanks to the quality and diversity of tourist offer, which can satisfy different motives of tourists. In order to collect primary data, a survey method was applied while descriptive statistical analysis, t-test of independent samples and one-factor analysis of variance (ANOVA) were used to process the collected data. The research findings indicate that the largest number of respondents stayed in Belgrade due to: business reasons, scientific conferences, visits to relatives and/or friends, sightseeing of the city and nightlife. Based on the theoretical analysis and results of empirical research, the recommendations for future research were also presented in the paper.
{"title":"Analysis of the tourists' motivation for staying in cities: The case study of the City of Belgrade","authors":"Milena Podovac","doi":"10.5937/aneksub2145051p","DOIUrl":"https://doi.org/10.5937/aneksub2145051p","url":null,"abstract":"This paper presents the results of research on the tourists' motivation for staying in the City of Belgrade. The purpose of this paper is to identify the motives for which tourists usually stay in Belgrade and to examine the existence of statistically significant differences between the motives of tourists depending on their sociodemographic characteristics (gender, age, education and origin). The research sample included 250 respondents who had stayed in Belgrade. Belgrade is the most visited destination of urban tourism thanks to the quality and diversity of tourist offer, which can satisfy different motives of tourists. In order to collect primary data, a survey method was applied while descriptive statistical analysis, t-test of independent samples and one-factor analysis of variance (ANOVA) were used to process the collected data. The research findings indicate that the largest number of respondents stayed in Belgrade due to: business reasons, scientific conferences, visits to relatives and/or friends, sightseeing of the city and nightlife. Based on the theoretical analysis and results of empirical research, the recommendations for future research were also presented in the paper.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42269243","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}
Milica Žarevac-Bošković, Marija Lakićević, Danijela Pantović
The topic of this paper represents a relatively new and still evolving term of socially responsible business, with a focus on application of this concept to transport companies. The goal of this paper is to formulate, in accordance with results gained from the study, concrete potential guidelines for more socially responsible business of transport companies in the Republic of Serbia. Considering multiple positive effects of socially responsible business, confirmed by numerous study activities and practical examples, as well as the fact that influences on one of the key external dimensions of socially responsible business - the environment - are most directly connected with transport business, and, finally, observing traffic as connective tissue of the entire economic system that gives purpose to all areas of material production, this paper analyses, in addition to the nature of the link between economic and social performance, the degree of application of socially responsible business in transport companies in the Republic of Serbia as well.
{"title":"Promotion of socially responsible business in transport companies in Serbia","authors":"Milica Žarevac-Bošković, Marija Lakićević, Danijela Pantović","doi":"10.5937/aneksub2145027z","DOIUrl":"https://doi.org/10.5937/aneksub2145027z","url":null,"abstract":"The topic of this paper represents a relatively new and still evolving term of socially responsible business, with a focus on application of this concept to transport companies. The goal of this paper is to formulate, in accordance with results gained from the study, concrete potential guidelines for more socially responsible business of transport companies in the Republic of Serbia. Considering multiple positive effects of socially responsible business, confirmed by numerous study activities and practical examples, as well as the fact that influences on one of the key external dimensions of socially responsible business - the environment - are most directly connected with transport business, and, finally, observing traffic as connective tissue of the entire economic system that gives purpose to all areas of material production, this paper analyses, in addition to the nature of the link between economic and social performance, the degree of application of socially responsible business in transport companies in the Republic of Serbia as well.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197589","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 escalating pace of globalization affects the increased need of organizations to develop effective compensation programs. Business cannot be imagined without one of the key things and that is human resources. Creative and productive employees are of great importance for the success of any organization. For the satisfaction and loyalty of employees, the compensation system, which consists of basic pay, incentive pay, and benefits, is of key importance. The goal of the compensation system is to simultaneously ensure the main goals of employees and employers, i.e. the purchasing power and satisfaction of employees, as well as the business success of the company. In times of crisis, determining the amount of basic pay, selecting adequate incentives, and offering various benefits became especially important. The aim of this paper is to present the basic elements of the compensation system in twenty countries around the world and to analyze the impact of national culture on the compensation system. The paper will present the following dimensions of national culture according to Hofstede's classification: distance from power, individualism versus collectivism, male versus female cultures, avoidance of uncertainty, long-term versus short-term orientation, compliant versus restrained cultures. The analysis included twenty countries around the world, which are grouped as follows: the first 8 countries are members of the EU, the other 6 countries are located in the CEE region and the last 6 countries represent very important countries around the world. The paper determines the influence of the dimensions of national culture on the compensation system in selected countries from the European Union, the region of Central and Eastern Europe, and other countries, the paper is the basis for further research in this area.
{"title":"The influence of national culture on the compensation system in selected countries","authors":"Dimitrije Gašić","doi":"10.5937/aneksub2146003g","DOIUrl":"https://doi.org/10.5937/aneksub2146003g","url":null,"abstract":"The escalating pace of globalization affects the increased need of organizations to develop effective compensation programs. Business cannot be imagined without one of the key things and that is human resources. Creative and productive employees are of great importance for the success of any organization. For the satisfaction and loyalty of employees, the compensation system, which consists of basic pay, incentive pay, and benefits, is of key importance. The goal of the compensation system is to simultaneously ensure the main goals of employees and employers, i.e. the purchasing power and satisfaction of employees, as well as the business success of the company. In times of crisis, determining the amount of basic pay, selecting adequate incentives, and offering various benefits became especially important. The aim of this paper is to present the basic elements of the compensation system in twenty countries around the world and to analyze the impact of national culture on the compensation system. The paper will present the following dimensions of national culture according to Hofstede's classification: distance from power, individualism versus collectivism, male versus female cultures, avoidance of uncertainty, long-term versus short-term orientation, compliant versus restrained cultures. The analysis included twenty countries around the world, which are grouped as follows: the first 8 countries are members of the EU, the other 6 countries are located in the CEE region and the last 6 countries represent very important countries around the world. The paper determines the influence of the dimensions of national culture on the compensation system in selected countries from the European Union, the region of Central and Eastern Europe, and other countries, the paper is the basis for further research in this area.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197606","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}
M. Marjanović, Ivan Mihailović, Ognjen Dimitrijević
Since the late 90's, the existence and direction of causality between the capital market and foreign exchange market have attracted significant attention of theoretical and empirical researchers. This is because both of these financial variables have an indisputable role in the development of each country's economy. In this paper we use Johansen procedure and Granger causality test to examine the existence and direction of short-run and long-run dynamics between the leading stock market index BELEX15 and RSD/EUR exchange rate in Serbia. Using ADF test we find that both series are integrated of order one, and since the value of Johansen trace statistics confirmed the existence of cointegration, we have proceeded with estimation of the VECM model. According to our VECM model, the BELEX15 index adjusts to the long-run equilibrium relationship at a rate of 11.72% in each period, while the exchange rate adjusts to the long-run equilibrium relationship at a rate of 2.73%. We also find that there is unidirectional causality and that the market index influences the exchange rate movements in the short-run in terms of Granger.
{"title":"Cointegration analysis of stock market index and exchange rate: The case of Serbian economy","authors":"M. Marjanović, Ivan Mihailović, Ognjen Dimitrijević","doi":"10.5937/aneksub2146059m","DOIUrl":"https://doi.org/10.5937/aneksub2146059m","url":null,"abstract":"Since the late 90's, the existence and direction of causality between the capital market and foreign exchange market have attracted significant attention of theoretical and empirical researchers. This is because both of these financial variables have an indisputable role in the development of each country's economy. In this paper we use Johansen procedure and Granger causality test to examine the existence and direction of short-run and long-run dynamics between the leading stock market index BELEX15 and RSD/EUR exchange rate in Serbia. Using ADF test we find that both series are integrated of order one, and since the value of Johansen trace statistics confirmed the existence of cointegration, we have proceeded with estimation of the VECM model. According to our VECM model, the BELEX15 index adjusts to the long-run equilibrium relationship at a rate of 11.72% in each period, while the exchange rate adjusts to the long-run equilibrium relationship at a rate of 2.73%. We also find that there is unidirectional causality and that the market index influences the exchange rate movements in the short-run in terms of Granger.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197713","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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