Pub Date : 2023-01-01DOI: 10.5937/ekonomika2302013m
Ljubiša Milačić, Vladimir Kostić, Srećko Milačić
The authors deal with the problems of the public sector, which has a great share in economic growth. The public sector of Serbia is in imbalance and fundamental reforms are necessary. Given the legacy of privatization 'through connections', the public sector has also fallen into crisis. The sale of public companies was carried out in a non-transparent manner. Problems in the relationship between the public sector and the private sector confirm the need of restructuring the public sector.
{"title":"Changing trends in the public sector in the Republic of Serbia","authors":"Ljubiša Milačić, Vladimir Kostić, Srećko Milačić","doi":"10.5937/ekonomika2302013m","DOIUrl":"https://doi.org/10.5937/ekonomika2302013m","url":null,"abstract":"The authors deal with the problems of the public sector, which has a great share in economic growth. The public sector of Serbia is in imbalance and fundamental reforms are necessary. Given the legacy of privatization 'through connections', the public sector has also fallen into crisis. The sale of public companies was carried out in a non-transparent manner. Problems in the relationship between the public sector and the private sector confirm the need of restructuring the public sector.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71212232","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2302001k
Nataša Kljajić, Biljana Grujić-Vučkovski, Z. Simonović
The aim of the research in this paper is to consider the state and basic trends of vegetable production in the Republic of Serbia for the period from 2012. to 2020. Therefore, the paper indicates which necessary measures should be taken to increase the volume of vegetable crop production in our country and improve the production. In spite of all problems, and owing to significant but insufficiently used local resources (people) and favourable natural conditions (climate features, soil and water resources), vegetable production in the Republic of Serbia has a good opportunity for intensive development. This development has to be accompanied by the appropriate credit and monetary support, investment and incentives.
{"title":"Vegetable production in the Republic of Serbia: Present state and problems","authors":"Nataša Kljajić, Biljana Grujić-Vučkovski, Z. Simonović","doi":"10.5937/ekonomika2302001k","DOIUrl":"https://doi.org/10.5937/ekonomika2302001k","url":null,"abstract":"The aim of the research in this paper is to consider the state and basic trends of vegetable production in the Republic of Serbia for the period from 2012. to 2020. Therefore, the paper indicates which necessary measures should be taken to increase the volume of vegetable crop production in our country and improve the production. In spite of all problems, and owing to significant but insufficiently used local resources (people) and favourable natural conditions (climate features, soil and water resources), vegetable production in the Republic of Serbia has a good opportunity for intensive development. This development has to be accompanied by the appropriate credit and monetary support, investment and incentives.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71212226","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 this paper is to determine and evaluate the economic efficiency of investment of the company from the field of rubber industry in the injection molding press and tool, with which the company expands the capacities intended for the production of rubber seals. The effects of the investment were estimated using the payback period, as a static method of investment efficiency evaluation, as well as the net present value and profitability index, as dynamic methods. In addition, in paper was used sensitivity analysis, as a method for evaluation of investment in conditions of uncertainty. The obtained results showed that the payback period of the investment is 2.93 years, while the net present value of the investment is 149,914 euros, and the profitability index is 1.79. All the obtained results indicate that the investment should be implemented. In addition, the sensitivity analysis, whose focus was primarily to consider the impact of increased material costs, on the results of the investment evaluation methods used, showed that the project is acceptable in all considered cases, because it contributes to increasing value of the company.
{"title":"Efficiency evaluation of investment in expanding the capacity of the rubber industry company","authors":"Mirela Momčilović, Sanja Vlaović-Begović, Slobodanka Jovin","doi":"10.5937/ekonomika2303089m","DOIUrl":"https://doi.org/10.5937/ekonomika2303089m","url":null,"abstract":"The aim of this paper is to determine and evaluate the economic efficiency of investment of the company from the field of rubber industry in the injection molding press and tool, with which the company expands the capacities intended for the production of rubber seals. The effects of the investment were estimated using the payback period, as a static method of investment efficiency evaluation, as well as the net present value and profitability index, as dynamic methods. In addition, in paper was used sensitivity analysis, as a method for evaluation of investment in conditions of uncertainty. The obtained results showed that the payback period of the investment is 2.93 years, while the net present value of the investment is 149,914 euros, and the profitability index is 1.79. All the obtained results indicate that the investment should be implemented. In addition, the sensitivity analysis, whose focus was primarily to consider the impact of increased material costs, on the results of the investment evaluation methods used, showed that the project is acceptable in all considered cases, because it contributes to increasing value of the company.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135057687","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2303033m
Vuk Miletić, Dušan Aničić, Aleksandar Gračanac
The primary idea of the paper is to look at the essence of human resources policy in national organizations that have different organizational structures as a source of generating competitive advantage. Every high-grade organization pays great attention to the human resources policy, both in terms of hiring suitable personnel and in terms of professional development of those already employed in the organization. The research subject is the organizational structure of the company as an indicator of the satisfaction of employees, who are ready to progress and improve, thereby bringing profit to themselves and the organization. The resulting premise is that a reliable human resources policy is a condition for the right personnel and the most successful value parameters to be fully expressed in different organizations. The analysis is focused on assessing the disproportion in the human resources policy in organizations that otherwise have a conflicting organizational structure, which should ensure their business results. The analytical deductive method, the synthesis method, and the statistical test method were used to prove the initial assumption.
{"title":"Evaluation of human resources policy in national organizations with different governing organizational structures","authors":"Vuk Miletić, Dušan Aničić, Aleksandar Gračanac","doi":"10.5937/ekonomika2303033m","DOIUrl":"https://doi.org/10.5937/ekonomika2303033m","url":null,"abstract":"The primary idea of the paper is to look at the essence of human resources policy in national organizations that have different organizational structures as a source of generating competitive advantage. Every high-grade organization pays great attention to the human resources policy, both in terms of hiring suitable personnel and in terms of professional development of those already employed in the organization. The research subject is the organizational structure of the company as an indicator of the satisfaction of employees, who are ready to progress and improve, thereby bringing profit to themselves and the organization. The resulting premise is that a reliable human resources policy is a condition for the right personnel and the most successful value parameters to be fully expressed in different organizations. The analysis is focused on assessing the disproportion in the human resources policy in organizations that otherwise have a conflicting organizational structure, which should ensure their business results. The analytical deductive method, the synthesis method, and the statistical test method were used to prove the initial assumption.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135057691","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2301015b
T. Brankov
In the case of the crisis, such as the current conflict in the Ukraine, the question of input effectiveness in agricultural production has become very important. In that context, the main objective of this paper is to find the level of fertiliser efficiency in the Western Balkan countries. The paper also aims to discuss health of the soil in the region and its dependence on fertilisers imports. Results showed that fertilizer use efficiency is higher in the region than in the EU. However, considering the high dependence on imports and the most likely prolongation of the crisis, certain suggestions for improving the situation were given. This conclusion can be useful for the creators of the agricultural policy as well as for agricultural producers.
{"title":"Fertilizers use efficiency: Western Balkan","authors":"T. Brankov","doi":"10.5937/ekonomika2301015b","DOIUrl":"https://doi.org/10.5937/ekonomika2301015b","url":null,"abstract":"In the case of the crisis, such as the current conflict in the Ukraine, the question of input effectiveness in agricultural production has become very important. In that context, the main objective of this paper is to find the level of fertiliser efficiency in the Western Balkan countries. The paper also aims to discuss health of the soil in the region and its dependence on fertilisers imports. Results showed that fertilizer use efficiency is higher in the region than in the EU. However, considering the high dependence on imports and the most likely prolongation of the crisis, certain suggestions for improving the situation were given. This conclusion can be useful for the creators of the agricultural policy as well as for agricultural producers.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211589","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2302051m
S. Marković, J. Petrović, Milja Orlandić
This paper analyses the structure of state support for culture through tax relief meant for business entities for their investment in cultural institutions. Tax relief is an incentive from the state which creates a certain behavior among the taxpayers. Therefore, it is a very important segment of the association between economy and culture. Culture is the backbone of the identity of a state, which is an important reason why it should be nurtured and promoted. In this paper, the concept of culture has been narrowed down to include art and cultural institutions of national importance, since they are the most vulnerable virtually the world over, due to the considerable expense required both for the maintenance of the building itself, the funds needed to pay the numerous employees, as well as funding for production itself. In times of crisis, culture is usually the first to be affected by budget cuts. That is why encouragement of direct investments can maintain the level of quality of cultural institutions irrespective of the circumstances.
{"title":"A comparative analysis of tax reliefs for investing in culture in Serbia and Europe","authors":"S. Marković, J. Petrović, Milja Orlandić","doi":"10.5937/ekonomika2302051m","DOIUrl":"https://doi.org/10.5937/ekonomika2302051m","url":null,"abstract":"This paper analyses the structure of state support for culture through tax relief meant for business entities for their investment in cultural institutions. Tax relief is an incentive from the state which creates a certain behavior among the taxpayers. Therefore, it is a very important segment of the association between economy and culture. Culture is the backbone of the identity of a state, which is an important reason why it should be nurtured and promoted. In this paper, the concept of culture has been narrowed down to include art and cultural institutions of national importance, since they are the most vulnerable virtually the world over, due to the considerable expense required both for the maintenance of the building itself, the funds needed to pay the numerous employees, as well as funding for production itself. In times of crisis, culture is usually the first to be affected by budget cuts. That is why encouragement of direct investments can maintain the level of quality of cultural institutions irrespective of the circumstances.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211876","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2303073d
Aleksandar Dejanović, Jelena Lukić-Nikolić
The implementation of a quality management system represents a strategic change in every organization, regardless of its activity, size, market, production program, financial strength, number of employees. Organizational culture has a significant role in that process. Moreover, the success of the quality management system depends largely on its congruence with the organizational culture, that is, the quality culture development. The aim of this paper is to show how managers observe and evaluate the level of quality culture development in the organization. In accordance with the defined goal, research was conducted in the company Šinvoz, Zrenjanin from November to December 2022 with specially designed questionnaire. The company's main activity is the overhaul of railway vehicles and components, as well as the maintenance, repair, and modernization of railway vehicles. The company management participated in the research that showed that quality culture is unevenly developed in the organization. Managers believe that certain segments of the quality culture are highly developed, but others are at a low level. Based on their evaluations, quality system management can be improved, that is, measures and activities that will result in quality system improvement in the organization can be undertaken. The key value of the paper lies in the fact that overall quality should be improved in order to remain competitive in the long run.
{"title":"Organizational culture as a lever of successful quality management","authors":"Aleksandar Dejanović, Jelena Lukić-Nikolić","doi":"10.5937/ekonomika2303073d","DOIUrl":"https://doi.org/10.5937/ekonomika2303073d","url":null,"abstract":"The implementation of a quality management system represents a strategic change in every organization, regardless of its activity, size, market, production program, financial strength, number of employees. Organizational culture has a significant role in that process. Moreover, the success of the quality management system depends largely on its congruence with the organizational culture, that is, the quality culture development. The aim of this paper is to show how managers observe and evaluate the level of quality culture development in the organization. In accordance with the defined goal, research was conducted in the company Šinvoz, Zrenjanin from November to December 2022 with specially designed questionnaire. The company's main activity is the overhaul of railway vehicles and components, as well as the maintenance, repair, and modernization of railway vehicles. The company management participated in the research that showed that quality culture is unevenly developed in the organization. Managers believe that certain segments of the quality culture are highly developed, but others are at a low level. Based on their evaluations, quality system management can be improved, that is, measures and activities that will result in quality system improvement in the organization can be undertaken. The key value of the paper lies in the fact that overall quality should be improved in order to remain competitive in the long run.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135057357","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2302023m
L. Madžar, Dušica Karić, B. Mirjanić
The purpose of this article is to analyse the trend of global gold price yields and volatility with the aim of making effective financial decisions about investments in this precious metal, by applying and comparing the results of ARCH and GARCH competing models, using the lowest values of the chosen information criteria. ARCH and GARCH models are intended for the time series' analysis, with the observed instability of the conditional variance. Gold usually has the function of a safe haven, also serving as a warrantor of monetary stability, especially in times of crisis. On the example of 1,151 daily observations on the gold global price and yield rates, the E-GARCH model was applied, the results of which suggest investors to be cautious in their decision-making since the impact of negative shocks (losses) on yield volatility has a strong long-memory effect, making this investments highly risky, especially in bad economic circumstances.
{"title":"Modelling the volatility of the global gold price by applying the ARCH/GARCH models","authors":"L. Madžar, Dušica Karić, B. Mirjanić","doi":"10.5937/ekonomika2302023m","DOIUrl":"https://doi.org/10.5937/ekonomika2302023m","url":null,"abstract":"The purpose of this article is to analyse the trend of global gold price yields and volatility with the aim of making effective financial decisions about investments in this precious metal, by applying and comparing the results of ARCH and GARCH competing models, using the lowest values of the chosen information criteria. ARCH and GARCH models are intended for the time series' analysis, with the observed instability of the conditional variance. Gold usually has the function of a safe haven, also serving as a warrantor of monetary stability, especially in times of crisis. On the example of 1,151 daily observations on the gold global price and yield rates, the E-GARCH model was applied, the results of which suggest investors to be cautious in their decision-making since the impact of negative shocks (losses) on yield volatility has a strong long-memory effect, making this investments highly risky, especially in bad economic circumstances.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71212243","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2303015c
Danica Cicmil
Financial leverage, profitability, and liquidity are crucial metrics used to evaluate the financial health and stability of a firm. This study aims to investigate the relationship between leverage ratios (debt-to-equity and debt-to-asset), profitability ratio( ROE), Fund Age and liquidity ratios (cash ratio and quick ratio) for Residential Real Estate Investment Trusts (REITs) listed on the New York Stock Exchange (NYSE) over the period of 2009-2021. A multiple linear regression analysis was conducted to model the relationship between the independent variables and the dependent variables. The findings suggest that ROE has a significant positive relationship with liquidity ratios, while Debt to Equity and Fund Age have a significant negative relationship. Debt to Assets is found to be not statistically significant in explaining liquidity, further highlighting the complex nature of the relationship between financial metrics and the financial stability of a firm.
{"title":"The influence of financial indicators on liquidity: An empirical analysis of profitability, leverage, and fund age","authors":"Danica Cicmil","doi":"10.5937/ekonomika2303015c","DOIUrl":"https://doi.org/10.5937/ekonomika2303015c","url":null,"abstract":"Financial leverage, profitability, and liquidity are crucial metrics used to evaluate the financial health and stability of a firm. This study aims to investigate the relationship between leverage ratios (debt-to-equity and debt-to-asset), profitability ratio( ROE), Fund Age and liquidity ratios (cash ratio and quick ratio) for Residential Real Estate Investment Trusts (REITs) listed on the New York Stock Exchange (NYSE) over the period of 2009-2021. A multiple linear regression analysis was conducted to model the relationship between the independent variables and the dependent variables. The findings suggest that ROE has a significant positive relationship with liquidity ratios, while Debt to Equity and Fund Age have a significant negative relationship. Debt to Assets is found to be not statistically significant in explaining liquidity, further highlighting the complex nature of the relationship between financial metrics and the financial stability of a firm.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135057351","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}
Pub Date : 2023-01-01DOI: 10.5937/ekonomika2303043i
Biljana Ilić, Bojana Ostojić
Digital marketing is the practice of using digital platforms and technologies to advertise a good, service, or brand to make influence on a target market. To attain company objectives, this type of marketing uses a variety of methods and tactics. When the emphasis is on product promotion and communication with potential customers, email marketing is one of the most significant aspects of digital marketing and continues to score highly in communication channels. To rank the digital platforms, or software, that are most frequently available on the Serbian market and used to advertise a variety of goods and services, the paper will research the opinions of senior managers of enterprises and firms in Serbia. The analysis was conducted using the multilinear regression technique. The study's findings may have an impact on Serbia's efforts to manage digital platform services better. The project makes a minor contribution to the use of digital communication technologies for enhancing the current digital platform offerings, particularly in the central part of the country. As a representative example, the study includes the city of Belgrade, the capital of Serbia, where various firms and companies that use various digital software for their needs operate.
{"title":"Communication management using digital software to increase sales","authors":"Biljana Ilić, Bojana Ostojić","doi":"10.5937/ekonomika2303043i","DOIUrl":"https://doi.org/10.5937/ekonomika2303043i","url":null,"abstract":"Digital marketing is the practice of using digital platforms and technologies to advertise a good, service, or brand to make influence on a target market. To attain company objectives, this type of marketing uses a variety of methods and tactics. When the emphasis is on product promotion and communication with potential customers, email marketing is one of the most significant aspects of digital marketing and continues to score highly in communication channels. To rank the digital platforms, or software, that are most frequently available on the Serbian market and used to advertise a variety of goods and services, the paper will research the opinions of senior managers of enterprises and firms in Serbia. The analysis was conducted using the multilinear regression technique. The study's findings may have an impact on Serbia's efforts to manage digital platform services better. The project makes a minor contribution to the use of digital communication technologies for enhancing the current digital platform offerings, particularly in the central part of the country. As a representative example, the study includes the city of Belgrade, the capital of Serbia, where various firms and companies that use various digital software for their needs operate.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135057697","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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