- JOURNAL POLICIES
- EDITORIAL BOARD
- REVIEWING AND EDITING ARTICLES
- SUBMISSION OF ARTICLES
- CONTACT
- ARCHIVE
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JOURNAL POLICIES
The journal Economics – Theory and Practice is published continuously since 2008, first under the name: “Zbornik radova” (ISSN: 1820-9165), and since 2011 under the name “Economics – Theory and Practice“. The first issue was published in 2008, and in 2009 and 2010 two issues were published (the total number of published issues under the name: “Zbornik radova” was five, considering the fact that the journal was then published twice a year). In April 2011 the name of the journal changed into “Economics – Theory and Practice“ and the decision was made that it is going to be published quarterly. Articles are published both in Serbian and English language, and the thematic areas are various, ranging from the economic theory and its application in practice to management and marketing, with an emphasis on competent and yet anonimous peer review for respective areas.
The journal Economics – Theory and Practice is dedicated to stimulating resarch, attracting a large number of researchers and academics, as well as a large number of readers and subsrcibers. For the past years, the editorial office of the journal has been dedicated to the continuous improvement of the quality of the journal. Our main mission has been to invite and gather our graduates around this journal and engaging them in more active international scientific and research work. In this way, our journal indirectly but significantly contibutes to the scientific achievements of our country. Articles are published both in Serbian and English language, and the thematic areas are:
- Macroeconomics
- Microeconomics
- International Economics
- Finance
- Banking
- Accounting and Auditing
- Management and Marketing
- Management in Biotechnology
- Agricultural Economics
- Insurance
- Economic Diplomacy
- Business Information Systems
- Natural Resurces and Environment Protection
The journal Economics – Theory and Practice publishes original papers that have not been published previously: original scientific papers, review papers, professional papers.
Economics – Theory and Practice is an Open Access journal.
Contributions to the journal shall be submitted in Serbian and English language, with summaries in English and Serbian language.
The Journal is issued four times a year.
The journal is indexed in: DOAJ – Directory of Open Access Journals, SCIndeks - Serbian Citation Index, COBIS SR, doiSerbia, Google Scholar, The digital repository of the National Library of Serbia, Ministry of Education, Science and Technological Development.
Digital copies of the journal are archived in the Digital Repository of the National Library of Serbia, Serbian Citation Index.
Editorial Policies
EDITORIAL RESPONSIBILITIES
The Editor is responsible for deciding which articles submitted to Economics – Theory and Practice will be published. The Editor is guided by the Editorial Policy and constrained by legal requirements in force regarding libel, copyright infringement and plagiarism.
The Editor reserves the right to decide not to publish submitted manuscripts in case it is found that they do not meet relevant standards concerning the content and formal aspects. The Editorial Staff will inform the authors whether the manuscript is accepted for publication within four weeks from the date of the manuscript submission.
Editor must hold no conflict of interest with regard to the articles they consider for publication. If an Editor feels that there is likely to be a perception of a conflict of interest in relation to their handling of a submission, the selection of reviewers and all decisions on the manuscript shall be made by the Editorial Board.
Editor shall evaluate manuscripts for their scientific content free from any racial, gender, sexual, religious, ethnic, or political bias.
The Editor and the Editorial Staff must not use unpublished materials disclosed in submitted manuscripts without the express written consent of the authors. The information and ideas presented in submitted manuscripts shall be kept confidential and must not be used for personal gain.
Editors and the Editorial Staff shall take all reasonable measures to ensure that the reviewers remain anonymous to the authors before, during and after the evaluation process and the authors remain anonymous to reviewers until the end of the review procedure.
AUTHORS’ RESPONSIBILITIES
Authors warrant that their manuscript is their original work, that it has not been published before and is not under consideration for publication elsewhere. Parallel submission of the same manuscript to another journal constitutes misconduct and eliminates the manuscript from consideration by Economics - Theory and Practice. Please note that posting of preprints on preprint servers or repositories is not considered prior publication. Authors should disclose details of preprint posting upon submission of the manuscript. This must include a link to the location of the preprint. Should the submission be published, the authors are expected to update the information associated with the preprint version on the preprint server/repository to show that a final version has been published in the journal, including the DOI linking directly to the publication.
If a manuscript has previously been submitted elsewhere, authors should provide information about the previous reviewing process and its outcome. This provides an opportunity for authors to detail how subsequent revisions have taken into account previous reviews, and why certain reviewer comments were not taken into account. Information about the author's previous reviewing experience is to the author's advantage: it often helps the editors select more appropriate reviewers.
In case a submitted manuscript is a result of a research project, or its previous version has been presented at a conference in the form of an oral presentation (under the same or similar title), detailed information about the project, the conference, etc. shall be provided in Acknowledgements.
It is the responsibility of each author to ensure that manuscripts submitted to Economics - Theory and Practice are written with ethical standards in mind. Authors affirm that the manuscript contains no unfounded or unlawful statements and does not violate the rights of third parties. The Publisher will not be held legally responsible should there be any claims for compensation.
Reporting standards
Journal Economics Theory and Practice is committed to serving the research community by ensuring that all articles include enough information to allow others to reproduce the work. A submitted manuscript should contain sufficient detail and references to permit reviewers and, subsequently, readers to verify the claims presented in it - e.g. provide complete details of the methods used, including time frames, etc. Authors are required to review the standards available for many research applications from Equator Network and use those that are relevant for the reported research applications. The deliberate presentation of false claims is a violation of ethical standards.
Authors are exclusively responsible for the contents of their submissions and must make sure that they have permission from all involved parties to make the content public. Authors are also exclusively responsible for the contents of their data/supplementary files. Authors affirm that data protection regulations, ethical standards, third party copyright and other rights have been respected in the process of collecting, processing and sharing data.
Authors wishing to include figures, tables or other materials that have already been published elsewhere are required to obtain permission from the copyright holder(s). Any material received without such evidence will be assumed to originate from the authors.
Authorship
Authors must make sure that only contributors who have significantly contributed to the submission are listed as authors and, conversely, that all contributors who have significantly contributed to the submission are listed as authors. If persons other than authors were involved in important aspects of the research project and the preparation of the manuscript, their contribution should be acknowledged in a footnote or the Acknowledgements section.
As a guide, authors should refer to the criteria for authorship that have been developed by the International Committee of Medical Journal Editors (ICMJE). In order to be named on the author list one must have:
- made substantial contributions to the conception or design of the work; or the acquisition, analysis, or interpretation of data for the work; AND
- contributed to the drafting the work, or revising it critically for important intellectual content; AND
- provided final approval of the version to be published; AND
- agreed to be accountable for all aspects of the work in ensuring that questions related to the accuracy or integrity of any part of the work are appropriately investigated and resolved; AND
- agreed to be named on the author list, and approved of the full author list.
Each author’s contribution must be detailed by selecting CRediT roles on the article submission form.
The addition or removal of authors during the editorial process will only be permitted only if a justifiable explanation is provided to the editorial team and publisher. Attempts to introduce 'ghost', 'gift' or ‘honorary’ authorship will be treated as cases of misconduct.Acknowledgment of sources
Authors are required to properly cite sources that have significantly influenced their research and their manuscript. Information received in a private conversation or correspondence with third parties, in reviewing project applications, manuscripts and similar materials, must not be used without the express written consent of the information source.
When citing or making claims based on data, authors should provide the reference to data in the same way as they cite publications. We recommend the format proposed by the FORCE11 Data Citation Principles.
Plagiarism
Plagiarism, where someone assumes another's ideas, words, or other creative expression as one's own, is a clear violation of scientific ethics. Plagiarism may also involve a violation of copyright law, punishable by legal action.
Plagiarism includes the following:
- Word for word, or almost word for word copying, or purposely paraphrasing portions of another author's work without clearly indicating the source or marking the copied fragment (for example, using quotation marks);
- Copying equations, figures or tables from someone else's paper without properly citing the source and/or without permission from the original author or the copyright holder.
Please note that all submissions are thoroughly checked for plagiarism. All papers published in Economics- Theory and Practice are tested using iThenticate software.
Any manuscript that shows obvious signs of plagiarism will be automatically rejected.
In case plagiarism is discovered in a paper that has already been published by the journal, it will be retracted in accordance with the procedure described below under Retraction policy, and authors submission of paper will be prohibited.
Conflict of interest
Authors should disclose in their manuscript any financial or other substantive conflict of interest that might have influenced the presented results or their interpretation. If there is no conflict of interest to declare, the following standard statement should be added: ‘No competing interests were disclosed’.
A competing interest may be of non-financial or financial nature. Examples of competing interests include (but are not limited to):
- individuals receiving funding, salary or other forms of payment from an organization, or holding stocks or shares from a company, that might benefit (or lose) financially from the publication of the findings;
- individuals or their funding organization or employer holding (or applying for) related patents;
- official affiliations and memberships with interest groups relating to the content of the publication;
- political, religious, or ideological competing interests.
Authors from pharmaceutical companies, or other commercial organizations that sponsor clinical or field trials or other research studies, should declare these as competing interests on submission. The relationship of each author to such an organization should be explained in the ‘Competing interests’ section. Publications in the journal must not contain content advertising any commercial products.
Fundamental errors in published works
When an author discovers a significant error or inaccuracy in their own published work, it is the author’s obligation to promptly notify the journal Editor or publisher and cooperate with the Editor to retract or correct the paper.
By submitting a manuscript the authors agree to abide by the editorial policies of the journal Economics Theory and Practice.
ORCID
The journal asks that all authors submitting a paper register an account with Open Researcher and Contributor ID (ORCID). ORCID numbers for all authors and co-authors should be added to the author data upon submission and will be published alongside the submitted paper, should it be accepted.
ORCID registration provides a unique and persistent digital identifier for the account that enables accurate attribution and improves the discoverability of published papers, ensuring that the correct author receives the correct credit for their work.
Funding information
If a paper is a result of the funded project, authors are required to specify funding sources according to their contracts with the funder.
REVIEWERS’ RESPONSIBILITIES
Reviewers are required to provide written, competent and unbiased feedback in a timely manner on the scholarly merits and the scientific value of the manuscript.
The reviewers assess manuscript for the compliance with the profile of the journal, the relevance of the investigated topic and applied methods, the originality and scientific relevance of information presented in the manuscript, the presentation style and scholarly apparatus.
Reviewers should alert the Editor to any well-founded suspicions or the knowledge of possible violations of ethical standards by the authors. Reviewers should recognize relevant published works that have not been cited by the authors and alert the Editor to substantial similarities between a reviewed manuscript and any manuscript published or under consideration for publication elsewhere, in the event they are aware of such. Reviewers should also alert the Editor to a parallel submission of the same manuscript to another journal, in the event they are aware of such.
Reviewers must not have conflict of interest with respect to the research, the authors and/or the funding sources for the research. If such conflicts exist, the reviewers must report them to the Editor without delay.
Any selected reviewer who feels unqualified to review the research reported in a manuscript or knows that its prompt review will be impossible should notify the Editor without delay.
Reviews must be conducted objectively. Personal criticism of the author is inappropriate. Reviewers should express their views clearly with supporting arguments.
Any manuscripts received for review must be treated as confidential documents. Reviewers must not use unpublished materials disclosed in submitted manuscripts without the express written consent of the authors. The information and ideas presented in submitted manuscripts shall be kept confidential and must not be used for personal gain.
Peer Review
The submitted manuscripts are subject to a peer review process. The purpose of peer review is to assist the Editorial Board in making editorial decisions and through the editorial communication with the author it may also assist the author in improving the manuscript.
A manuscript goes through the peer review process - Double-blind peer-review. Each manuscript is reviewed by at least two reviewers. The reviewers act independently and they are not aware of each other’s identities. Under normal circumstances, the review process takes up to four weeks, and only exceptionally up to three months.
The choice of reviewers is at the discretion of the Editor. The reviewers must be knowledgeable about the subject area of the manuscript; they must not be from the authors' own institution and they should not have recent joint publications with any of the authors.
In the main review phase, the Editorial Board sends submitted manuscripts to the two of reviewers’ experts in the field. The reviewers’ evaluation form contains a checklist in order to help reviewers cover all aspects that can decide the fate of a submission. In the final section of the evaluation form, the reviewers must include observations and suggestions aimed at improving the submitted manuscript; these are sent to authors, without the names of the reviewers.
All of the reviewers of a manuscript remain anonymous to the authors before, during and after the evaluation process and the authors remain anonymous to reviewers until the end of the review procedure.All of the reviewers of a manuscript act independently and they are not aware of each other’s identities. If the decisions of the two reviewers are not the same (accept/reject), the Editor may assign additional reviewers. During the review process, the Editor may require authors to provide additional information (including raw data) if they are necessary for the evaluation of the scholarly merit of the manuscript. These materials shall be kept confidential and must not be used for personal gain.
The editorial team shall ensure reasonable quality control for the reviews. With respect to reviewers whose reviews are convincingly questioned by authors, special attention will be paid to ensure that the reviews are objective and high in academic standard. When there is any doubt with regard to the objectivity of the reviews or quality of the review, additional reviewers will be assigned.
Members of the editorial team/board/guest editors are permitted to submit their own papers to the journal. In cases where an author is associated with the journal, they will be removed from all editorial tasks for that paper and another member of the team will be assigned responsibility for overseeing peer review.
POST-PUBLICATION DISCUSSIONS
Economics - Theory and Practice encourages post-publication debate either through letters to the editor, or on an external moderated site, such as PubPeer.
Use of Large Language Models and generative Artificial Intelligence (AI) tools
Economics - Theory and Practice conforms to the World Association of Medical Editors (WAME) recommendations on chat bots, ChatGPT and scholarly manuscripts and the Committee on Publication Ethics (COPE)’s position statement on Authorship and AI tools.
AI bots such as ChatGPT cannot be listed as authors on your submission.
Authors must clearly indicate the use of tools based on large language models and generative AI in the manuscript (which tool was used and for what purpose), preferably in the methods or acknowledgements sections.
Authors are responsible for the accuracy, validity, and appropriateness of any content generated by tools based on large language models and generative AI and they must ensure that the cited references are correct and that the submission is free from plagiarism.
Editors and Reviewers must ensure the confidentiality of the peer review process. Editors must not share information about submitted manuscripts or peer review reports with any tools based on large language models and generative AI. Reviewers must not use any tools based on large language models and generative AI to generate review reports.
Procedures for dealing with complaints and appeals
Anyone may inform the editors and/or Editorial Staff at any time of suspected unethical behaviour or any type of misconduct by giving the necessary information/evidence to start an investigation.
INVESTIGATION
- Editor will consult with the Editorial Board on decisions regarding the initiation of an investigation.
- During an investigation, any evidence should be treated as strictly confidential and only made available to those strictly involved in investigating.
- The accused will always be given the chance to respond to any charges made against them.
- If it is judged at the end of the investigation that misconduct has occurred, then it will be classified as either minor or serious.
MINOR MISCONDUCT
Minor misconduct will be dealt directly with those involved without involving any other parties, e.g.:
- Communicating to authors/reviewers whenever a minor issue involving misunderstanding or misapplication of academic standards has occurred.
- A warning letter to an author or reviewer regarding fairly minor misconduct.
MAJOR MISCONDUCT
The Editor, in consultation with the Editorial Board, and, when appropriate, further consultation with a small group of experts should make any decision regarding the course of action to be taken using the evidence available. The possible outcomes are as follows (these can be used separately or jointly):
- Publication of a formal announcement or editorial describing the misconduct.
- Informing the author's (or reviewer's) head of department or employer of any misconduct by means of a formal letter.
- The formal, announced retraction of publications from the journal in accordance with the Retraction Policy (see below).
- A ban on submissions from an individual for a defined period.
- Referring a case to a professional organization or legal authority for further investigation and action.
When dealing with complaints and appeals, the editorial team will rely on the guidelines and recommendations provided by the Committee on Publication Ethics (COPE): publicationethics.org/guidance/Flowcharts.
RETRACTION POLICY
The infringement of the legal limitations of the publisher, copyright holder or author(s), the violation of of professional ethical codes and research misconduct, such as multiple submissions, duplicate or overlapping publication, bogus claims of authorship, plagiarism, fraudulent use of data and data fabrication, undisclosed use of tools based on large language models and generative AI, honest errors reported by the authors (for example, errors due to the mixing up of samples or use of a scientific tool or equipment that is found subsequently to be faulty), unethical research or any major misconduct require retraction of an article. Occasionally a retraction can be used to correct errors in submission or publication.
For any retracted article, the reason for retraction and who is instigating the retraction will be clearly stated in the Retraction notice. Standards for dealing with retractions have been developed by a number of library and scholarly bodies, and this practice has been adopted for article retraction by Economics - Theory and Practice: in the electronic version of the retraction note, a link is made to the original article. In the electronic version of the original article, a link is made to the retraction note where it is clearly stated that the article has been retracted. The original article is retained unchanged, save for a watermark on the PDF indicating on each page that it is “retracted.”
Research data policy
Journal encourages authors to share research data that are required for confirming the results published in the manuscript and/or enhance the published manuscript under the principle ‘as open as possible, as closed as necessary.
ETHICAL AND SECURITY CONSIDERATIONS
If data access is restricted for ethical or security reasons, the manuscript must include:
- a description of the restrictions on the data;
- what, if anything, the relevant Institutional Review Board (IRB) or equivalent said about the data sharing; and
- all necessary information required for a reader or reviewer to apply for access to the data and the conditions under which access will be granted.
Data protection issues
Where human data cannot be effectively de-identified, data must not be shared in order to protect participant privacy unless the individuals have given explicit written consent that their identifiable data can be made publicly available.
In instances where the data cannot be made available, the manuscript must include:- an explanation of the data protection concern;
- any intermediary data that can be de-identified without compromising anonymity;
- what, if anything, the relevant Institutional Review Board (IRB) or equivalent said about data sharing; and
- where applicable, all necessary information required for a reader or peer reviewer to apply for access to the data and the conditions under which access will be granted.
In addition, data should be linked to from a Data Accessibility Statement within the submitted paper, which will be made public upon publication. If data is not being made available within the journal publication, a statement from the author should be provided to explain why. When depositing data for a submission, the below should be considered:
- The repository the data is deposited in must be suitable for this subject and have a sustainability model.
- The data must be deposited under an open license that permits unrestricted access (e.g., CC0, CC-BY). More restrictive licenses should only be used if a valid reason (e.g., legal) is present.
- The deposited data must include a version that is in an open, non-proprietary format.
- The deposited data must have been labeled in such a way that a 3rd party can make sense of it (e.g., sensible column headers, descriptions in a readme text file).
- Research involving human subjects, human material, or human data, must have been performed in accordance with the Declaration of Helsinki. Where applicable, the studies must have been approved by an appropriate Ethics Committee. The identity of the research subject should be anonymized whenever possible. For research involving human subjects, informed consent to participate in the study must be obtained from participants (or their legal guardian).
- A ‘Data Accessibility Statement’ should be added to the submission, prior to the reference list, providing the details of the data accessibility, including the DOI linking to it. If the data is restricted in any way, the reasoning should be given.
Open Access policy
Economics - Theory and Practice is an Open Access journal. All its content is available free of charge. Users can read, download, copy, distribute, print, search the full text of articles, as well as to establish HTML links to them, without having to seek the consent of the author or publisher.
Article processing charge
After acceptance of the manuscript, and prior to publication, the authors are required to pay an Article Processing Charge of 8,000.00 dinars per paper. The Article Processing Charge is a fee charged to authors to allow for immediate, unrestricted access to the full version of the article.
SELF-ARCHIVING POLICY
Authors can deposit author’s postprint (accepted version) and publisher's version (PDF) of their work in an institutional repository, subject-based and general-purpose repository, author's personal website (including social networking sites, such as ResearchGate, Academia.edu, etc.), and/or departmental website prior or during the submission process, at any time after the acceptance of the manuscript and at any time after publication.
Full bibliographic information (authors, article title, journal title, volume, issue, pages) about the original publication must be provided and links must be made to the article's DOI and the license.
Copyright and licensing
Authors retain copyright of the published papers and grant to the publisher the non-exclusive right to publish the article, to be cited as its original publisher in case of reuse, and to distribute it in all forms and media. Articles will be distributed under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence.
Authors can enter the separate, additional contractual arrangements for non-exclusive distribution of the published paper (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
METADATA POLICY
The journal metadata are freely accessible to all, and freely reusable by all, under the terms of the Creative Commons Universal (CC0 1.0) Public Domain Dedication license.
Disclaimer
The views expressed in the published works do not express the views of the Editors and Editorial Staff. The authors take legal and moral responsibility for the ideas expressed in the articles. The publisher shall have no liability in the event of issuance of any claims for damages. The Publisher will not be held legally responsible should there be any claims for compensation.
Developed by EIFL, inspired by:
- Principles of transparency and best practice in scholarly publishing. Directory of Open Access Journals. https://doaj.org/apply/transparency/ (accessed 2023-01-06).
- Core practices. COPE: Committee on Publication Ethics. https://publicationethics.org/core-practices (accessed 2022-12-10).
- Policies. Open Research Europe. https://open-research-europe.ec.europa.eu/about/policies (accessed 2022-11-08).
- Journal Policies. Glossa: a journal of general linguistics. https://www.glossa-journal.org/site/journal-policies/ (accessed 2023-01-06).
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EDITORIAL BOARD
Publisher:
- University Business Academy in Novi Sad, Faculty of Economics and Engineering Management in Novi Sad
Editor-in-chief:
- Prof. Marko Carić, Ph.D.
Deputy editor-in-chief:
- Prof. Dragan Soleša, Ph.D.
Journal editorial secretaries:
- Marija Sudar
- Katarina Soleša
Editors and Proofreaders for Serbian language:
- Marija Sudar
Translator, editor and proofreader for English language:
- Kristina Marić
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REVIEWING AND EDITING ARTICLES
Reviewers:
- Prof. Dragan Soleša, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Slobodan Nešković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Vesna Bogojević Arsić, Ph.D., Faculty of Organizational Sciences
- Prof. Maja Ćirić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Vladan Pavlović, Ph.D., Faculty of Economics in Kosovska Mitrovica
- Prof. Svetlana Ignjatijević, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Radovan Vladisavljević, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Radivoj Prodanović, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Miroslav Čavlin, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Nataša Kljajić, Ph.D., Research associate, Institute for Economics of Agriculture, Belgrade
- Prof. Katarina Đurić, Ph.D., Faculty of Agriculture, Novi Sad
- Prof. Jelena Vapa Tankosić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Miroslav Pavlović, Ph.D., Institute of Chemistry, Technology and Metallurgy
- Marija Mihailović, Ph.D., Institute of Chemistry, Technology and Metallurgy
- Vladimir Panić, Ph.D., Institute of Chemistry, Technology and Metallurgy
- Prof. Slavica Mitrović, Ph.D., Faculty of Technical Sciences, Novi Sad
- Prof. Radmilo Pešić, Ph.D., Faculty of Agriculture, Belgrade
- Prof. Nebojša Novković, Ph.D., Faculty of Agriculture, Novi Sad
- Goran Buturac,Ph.D., Scientific Advisor, Economic Institute, Zagreb
- Prof. Nenad Marković, Ph.D., Faculty of Management, Sremski Karlovci
- Prof. Marjan Krašna, Ph.D., Faculty of Philosophy and Faculty of Natural Sciences and Mathematics, University of Maribor
- Prof. Aleksandra Tešić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Mihajlo Rabrenović, Ph.D., College for Business Economics and Entrepreneurship, Belgrade
- Prof. Saša Igić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Boris Kuzman, Ph.D., Research Associate, Institute of Agricultural Economics, Belgrade
- Prof. Tomislav Brzaković, Ph.D., Faculty of Applied Management, Economics and Finance in Belgrade
- Prof. Jonel Subić, Ph.D., Senior Research Associate, Institute of Agricultural Economics, Belgrade
- Prof. Miodrag Brzaković, Ph.D., Faculty of Applied Management, Economics and Finance in Belgrade
- Prof. Vladimir Šimović, Ph.D., University of Applied Sciences “Baltazar”, Zaprešić, Croatia
- Prof. Nikola Ćurčić, Ph.D., Institute of Agricultural Economics, Belgrade
- Prof. Jelena Bošković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Jelena Kiurski, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Ass. Prof. Ivana Brkić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Ass. Prof. Branislav Dudić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Rajko Tepavac, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Marija Čukanović-Karavidić, Ph.D., Faculty of Business Economics and Enterpreneurship, Belgrade
- Prof. Slobodan Živkucin, Ph.D., College of Applied Studies in Management and Business Communication
- Prof. Jožef Kabok, Ph.D., Provincial Secretariat for Higher Education and Scientific Research
- Prof. Aleksandar Petković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Nikola Puvača, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Dragan Ilić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Vladimir Đaković, Ph.D., Faculty of Technical Sciences, Novi Sad
- Prof. Jelena Matijašević-Obradović, Ph.D., Faculty of Law for Commerce and Judiciary in Novi Sad
- Prof. Slađana Vujičić, Ph.D., Faculty of Business Economics and Enterpreneurship, Belgrade
- Prof. Darjan Karabašević, Ph.D., Faculty of Applied Management, Economics and Finance in Belgrade
- Prof. Danijela Anđelković, Ph.D., Faculty of Economics and Finance, University "Union - Nikola Tesla"
- Ass. Prof. Jelena Popov, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Marina Simin, Ph.D., College of Applied Studies in Management and Business Communication
- Ass. Prof. Ratko Ivković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Anton Puškarić, Ph.D., Institute of Agricultural Economics, Belgrade
- Prof. Aleksandar Majstorović, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Prof. Srđan Šljukić, Ph.D., Faculty of Philosophy, University of Novi Sad
- Ass. Prof. Jovana Gardašević Živanov, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
- Ass. Prof. Dragan Ugrinov, Ph.D., European Faculty "Kallos" Belgrade
- Prof. Veljko Dmitrović, Ph.D., Faculty of Organizational Sciences Belgrade
REVIEWING PROCEDURE
Peer reviewers
Ekonomija: teorija i praksa uses double-blind review system for all papers. Each manuscript is reviewed by at least two reviewers. The reviewers act independently and they are not aware of each other’s identities. The reviewers are selected solely according to whether they have the relevant expertise for evaluating a manuscript. They must not be from the same institution as the author(s) of the manuscript, nor be their co-authors in the recent past.
Peer review process
Manuscripts are sent for review only if they pass the initial evaluation regarding their form and thematic scope. A special care is taken that the initial evaluation does not last more than necessary.
During the review process the Editor-in-Chief may require authors to provide additional information (including raw data) if they are necessary for the evaluation of the manuscript. These materials shall be kept confidential and must not be used for any other purposes.Reviewers' responsibilities
Reviewers are required to provide the qualified and timely assessment of the scholarly merits of the manuscript. The reviewer takes special care of the real contribution and originality of the manuscript. The review must be fully objective. The judgment of the reviewers must be clear and substantiated by arguments.
The reviewers assess manuscript for the compliance with the profile of the journal, the relevance of the investigated topic and applied methods, the scientific relevance of information presented in the manuscript, the presentation style and scholarly apparatus. The review has a standard format.
The reviewer must not be in a conflict of interest with the authors or funders of research. If such a conflict exists, the reviewer is obliged to promptly notify the Editor-in-Chief. The reviewer shall not accept for reviewing papers beyond the field of his/her full competence.
Reviewers should alert the Editor-in-Chief to any well-founded suspicions or the knowledge of possible violations of ethical standards by the authors. Reviewers should recognize relevant published works that have not been considered in the manuscript.
The reviewers are expected to improve the quality of the manuscript through their suggestions. If they recommend correction of the manuscript prior to publication, they are obliged to specify the manner in which this can be achieved. -
SUBMISSION OF ARTICLES
Formatted and fully prepared articles in accordance with our technical instructions should be sent to the following e-mail address: This email address is being protected from spambots. You need JavaScript enabled to view it. together with the accompanying application form. You can submit your works at the following link: https://casopis.fimek.edu.rs/etp/about/submissions
Articles submitted to the Editorial Office have to be original works - it is implied here that they have not been published elsewhere, nor that they have been submitted for review by some other journals or magazines.
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Academic Journal “Economics - Theory and Practice”, Number I, 2025.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number II, 2025.
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Academic Journal “Economics - Theory and Practice”, Number I, 2024 god.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number II, 2024 god.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number III, 2024 god.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Special edition, 2024 god.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number IV, 2024 god.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management. -
Academic Journal “Economics - Theory and Practice”, Number I, 2023.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number II, 2023.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number III, 2023.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number IV, 2023.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management. -
Academic Journal “Economics - Theory and Practice”, Number I, 2022.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number II, 2022.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number III, 2022.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.Academic Journal “Economics - Theory and Practice”, Number IV, 2022.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management. -
Academic Journal “Economics - Theory and Practice”, Number I, 2021.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.1. IMPACT OF MOTIVATIONAL FACTORS ON ORGANIZATIONAL COMMITMENT OF BANK EMPLOYEES
Lekić Nemanja, Vukosavljević Dejan,Vapa Tankosić Jelena, Lekić Snežana, Mandić Slavica
Human resources are the most important potential of any organization, and therefore orgasnizations must find, attract and retain employees with appropriate knowledge and skills. This includes an adequate way of motivating and rewarding employees, which has a positive effect on their satisfaction, loyalty and commitment to the organization. The subject of the research are the parameters of employee motivation and organizational commitment in commercial banks. The research was conducted in 2019 on the territory of the Republic of Serbia on a sample of 667 respondents. Statistical data processing were be performed using the SPSS program. The aim of the paper is to analyze the interdependence of demographic factors and motivational factors of employees: amount of salary, cooperation and good relations with superiors, greater autonomy in the execution of work tasks and the decision-making process, better information on issues related to the future of the company, opportunities for advancement and additional education and job content. Also, with binary regression we determine the influence of motivational factors on organizational commitment. This research paper will show the ways in which different motivational factors affect the organizational commitment of bank employees, which can be a parameter for bank management in formulating a business strategy that will ensure their efficiency and business success.
Key words: human resources / organizational commitment / motivation / reward system.
2. ANALOGY OF SCIENTIFIC AND PROFESSIONAL RESEARCH AND ITS USE
Radovanović Tihomir, Pajić Dragan, Filijović Marko
In today's turbulent world faced with growing number of threats and challenges on an ever larger scale, it is becoming evident that a way out should be sought in the development and application of science and profession, because only their results can stabilise the world. However, in the current processes of scientific and professional research, various barriers are encountered, primarily related to insufficient methodological elaboration of connections and relations between scientific and professional research, the end results of which reduce the quality and efficiency of these two most important agents of development. For these reasons, the study of the relationship between the processes of scientific and professional research, in which a mutual analogy has already been noticed but not further developed, has been chosen as the subject of the present scientific paper. To be more specific, in a small number of scientific papers published recently, the mentioned analogy has been observed without its deeper study and exactly there important possibilities for raising efficiency of both science and profession are hidden. Therefore, the subject of this paper is the study that led to a more complete identification of the mentioned analogy, with the implicit projection of its application in scientific and professional research.
Key words: scientific research / professional research / analogy / use of analogy.
3. THE CRISIS ANSWER SYSTEM OF THE FLOOD ECONOMIC DAMAGE DECREASE
Aćimović Slaviša
In this paper the role and importance basic problems of the crisis answer system of the flood economic damage decrease are considered. The phases of that system and estimate procedure of flood risk are defined, by using scientific methods analysis, synthesis and description. The basic aspects of the economic damage posible decrease are analysed, by using the case study example. The main importace of the flood prevention is emphasized, as a proposal for the crisis management practice. The investment importance of the flood prevention, as the economic justifiable, is emphasized, instead of answer crisis and economic demage restoration investment. The main specifications of the new approaches in the filed of of the floods defence are showed.
Key words: crisis / floods / answer system / risk estimate / floods prevention / economic damage.
4. GEOPOLITICAL CONTEXT OF SOUTH EAST EUROPE AND THE SECURITY CONCEPT OF THE EUROPEAN UNION
Nešković Slobodan, Šoškić Lazar
The authors discuss the complex issues of the geopolitical position of Southeast Europe and the application of the security concept of the European Union. Permanent anomalies are present in all spheres. The subject of the research is the geographical, political and security features of the countries of the observed area with the possibilities of implementing the concept of the Foreign and Security Policy of the European Union. The hypotheses are: The geopolitical context of Southeast Europe is the scene of constant interests of great powers and conflicts in the countries of the region, where the adopted concept of security of the European Union is applied. The area of Southeast Europe as a link between the West and the East is of great international importance. The countries of the region are burdened with numerous contradictions and centuriesold confrontations. The European Union is promoting an indigenous security policy project in the process of integrating countries and strengthening its own position in the region. The aim of the research is a comprehensive overview of the complex topic of the geopolitical position of the countries of Southeast Europe and the security strategy of the European Union in the context of resolving the manifested anomalies. Methods of analysis, synthesis and others will be applied. The achieved results have cognitive features, they refer to the explained important aspects of the geopolitics of the given space and the security initiatives of the EU, and they also mark the real segments of the social development of the countries. We conclude that Southeast Europe is a territory of essential geopolitical significance and interest of world hegemons. The European Union is also promoting the security strategy contained in official documents in that area.
Key words: Southeast Europe / Geopolitics / security / Common Security and Defense Policy of the European Union / Lisbon Treaty / association / European Union.
5. IMPLICATIONS OF THE COVID 19 PANDEMIC ON TAX REVENUES LEVEL IN THE REPUBLIC OF SERBIA
Kalaš Branimir
The issue of achieved tax revenues in important for every country, especially today in the conditions of the current COVID-19 pandemic. The negative effects of coronavirus are reflected in increased health and economic risk which is manifested in the deterioration of the macroeconomic framework in the world. The aim of this paper is to point out the importance of tax revenues that they have in the tax structure, especially in crisis situations. The subject of the paper includes the analysis of montly trend of tax revenues in the Republic of Serbia for the period January-October 2020. The results of the analysis indicate that average tax revenues were 2.21% during the observed period. Although a deficit of 34.484 million dinars was recorded in the first ten months, it is positive that public revenues average increased by 2.47% wihcih is slightly higher than the average growth of public expenditures of 1.68%. Since value added tax and excises are the most important tax forms in the structure of the Republic of Serbia, policymakers should focus on stimulating consumption in order to produce positve implications for generating revenues.
Key words: revenues / tax forms / COVID-19 / Republic of Serbia.
6. THE IMPORTANCE OF LEADERSHIP FOR ENTERPRISE COMPETITIVENESS IMPROVEMENT
Mitrović Vladimir, Mitrović Ivana
The position of Serbian economy in relation to developed economies in the world is still not on the satisfactory level. Yearly competitiveness report clearly indicates that Serbia, without clear and radical changes, will not be able to successfully compete with the competition from wider and immediate surroundings. The aim of this paper is to show and explain how Serbia, in order to improve its position in relation to other countries, needs leaders who are able to manage radical changes, leaders who can define the direction and course of the reforms, at the same time instilling trust, inspiring and motivating people for them. Both enterprises and all kinds of organizations will have to adapt and change quickly or they will not be able to survive in the ever-changing environment, as it is today and as it will be in the future.
Key words: leadership / change management / organizational culture / silent leaders / global leaders / competitiveness.
Academic Journal “Economics - Theory and Practice”, Number II, 2021.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.1. LABOR MARKET IN SERBIA – THE PROBLEM OF UNDECLARED WORK
Šutaković Teodora, Simović Danka
The focus of our research is the problem of undeclared work in the labor market in Serbia. We have investigated how frequent it is and what are the main reasons for it. Likewise, we have tested differences between different groups of employees and their level of undeclared work and their reasons for accepting it. The research is done based on the survey conducted in the Republic of Serbia in 2020. The obtained data from the survey was analysed by descriptive statistics, t-tests, and one-way analysis of variance (ANOVA).
Key words: labor market / undeclared work.
2. DETECTION OF FRAUD IN FINANCIAL REPORTING OF SMALL AND MEDIUM ENTITIES IN THE FIELD OF MANUFACTURING INDUSTRY
Kušter Denis
The importance of forensic accounting has been growing in recent years, especially when it comes to small and medium enterprises (SMEs). These entities do not have sufficiently developed accounting functions, they do not invest enough in staff who are not consequently motivated to present certain items of financial statements in a precise manner and in accordance with accounting standards. This results in reporting errors. The other side of the coin are the manipulations that happen with the intention and goal of presenting better business than the real situation to banks and other stakeholders. In this research paper, Beneish's M-Score model with five variables (M5) was applied as a method of forensic accounting, in order to detect manipulations in SMEs from sector C – Manufacturing in Serbia. The sample includes 73 companies, and only for 3 of them the M(5) Score exceeded the reference value and indicated a high risk of manipulation. The situation is different when looking at model variables individually; however, the results of the Mann-Whitney test indicate that there is no statistically significant difference in the level of liquidity and profitability of a firm depending on whether an entity manipulated from the individual model variables point of view or not.
Key words: forensic accounting / Beneish M-Score / manipulations / financial reporting / manufacturing.
3. DETERMINANTS OF TRUST AND PURCHASE INTENTION IN ONLINE ENVIRONMENT
Sofronijević Katarina
An intensive development of information and communication technologies has contributed to an increasing number of individuals who prefer online shopping. Hence, examining the factors that determine their decision is the subject of significant attention of the academic and professional public. When it comes to online shopping, one of the main tasks is to create consumer trust. This process is conditioned by numerous factors, some of which are included in the research model of this paper. More precisely, the paper uses exploratory factor analysis and multiple regression analysis to examine the extent to which perceived risk, quality of the website and experience in its use, as well as the implementation of the concept of social responsibility contribute to creating consumer trust in online shopping. Simple regression analysis has indicated that in the process of online shopping, trust has a statistically significant and positive impact on purchase intention.
Key words: online shopping / perceived risk / website / social responsibility / purschase intention.
4. THE ANALYSIS OF THE EMPLOYEE SELECTION PROCESS IN ORGANIZATIONS IN CENTRAL SERBIA
Savić Tot Tijana, Runić Ristić Marija, Adžić Slobodan
The employee selection process represents one of the most delicate human resource management fun4ctions. Since the main purpose of the selection process is to attract and hire candidates who are going to fulfill the needs of an organization, the paper aims to analyze the characteristics of the selection process in organizations in Central Serbia. The problem of the research is to identify differences in the selection process among organizations that have different activities, legal forms, and the number of employees. The basic hypothesis that states that there are statistically significant differences in the selection process in studied organizations. The research results show, among other things, the deficiencies in the employee selection process, as well as the differences in the employee selection process in organizations that conduct different business activities, have different legal forms and the number of employees. Finally, the results of the study represent the basis for both its improvement and for further research within different industries.
Key words: employee selection process / characteristics of a selection process / Central Serbia.
5. COMPARATIVE ANALYSIS OF PUBLIC ENTERPRISE MANAGEMENT IN THE REPUBLIC OF SERBIA
Jakopin Edvard, Kalinić Miladin
The results of a comparative study of the effects of state and public enterprise management in transition economies have classified Serbia as a group of countries with inefficient management. Transition countries, members of the EU, achieve better management performance of state-owned enterprises than non-EU countries, due to stronger institutions, efficient state aid rules, as well as greater transparency of budget support. The global pandemic in 2020 and increased health, economic and social risks, in many transition countries have not affected the slowdown of structural reforms in public enterprises, on the contrary, a special focus was directed towards upgrading the mechanisms of management of public enterprises, strengthening the anti-corruption policy, digitalization of state services, etc. The research of the reform balance of the management of large republican public infrastructure enterprises in the Republic of Serbia has shown that the state has major problems in the management of enterprises that are in its portfolio and under its control. Their business poses a permanent budget risk, directly affecting economic growth and key macroeconomic aggregates. Large infrastructure public enterprises have a dominant share in the energy and transport sectors, which affects the business of the entire economy. The balance of their business in the period of economic boom is in increasing discrepancy with the balance of business of the private sector, which clearly indicates the problem of management. The primary reform task in the management of public enterprises is to improve the accountability, transparency and efficiency of their management.
Key words: management of public enterprises / business analysis of large republican infrastructural public enterprises / reform priorities.
6. THE RESEARCH OF CONSUMERS AND THEIR HABITS IN THE ORGANIC PRODUCTS MARKET
Tomić Gordana, Radanov Pavle, Stanojević Ljiljana, Karabašević Darjan, Petrović Gordana
It is important for every consumer that the product he consumes is of good quality and safe for his health. An organic product for the consumer means quality and health. It is of crucial importance to look into the the organic food market, and based on that determine what the goals are and create a strategy to achieve the set goals. The organic market is the main source of information for organic food producers. Before organic products are being placed on the market, the target group of consumers to whom the marketing mix will be directed should be determined on the basis of information from the market. Various surrounding impulses affect consumer behavior, so it is necessary to continuously monitor all important factors, in order to meet consumer demands in a timely manner. Consumer behavior in the market is the result of the tendency of consumers to best meet their needs and desires. The goal of the research is why and how consumers buy and consume certain products,respectively, what are the motives for their purchase. The research was conducted in the period from September until Decembre 2020. on the sample 250 respondents in the territory Republic Serbia.Field research was conducted through a questionnaire consisting of seven question and based on the answers received, the results were processed. The most important indicators of this research are that consumers are less likely to buy organic products due to the lower purchasing power of the population, but also insufficient information, and the main motive for buying is that organic products are healthy products.
Key words: consumers / organic product / market / motives of purchase.
Academic Journal “Economics - Theory and Practice”, Number III, 2021.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.1. THE EFFECTS OF CREDIT FINANCING IN AGRICULTURE ON THE DOMESTIC PRODUCT IN AGRICULTURE IN THE REPUBLIC OF SERBIA
Ranisavljević Duško
In recent years, the banking sector has increasingly turned to the agricultural sector. There is a noticeable increase in the total claims of the banking sector from registered farms in the period 2012-2020, while the part of the domestic product generated by the agricultural sector also recorded growth, but not in the same percentage as bank loans to agriculture. The aim of this paper is to examine the interdependence of the increase in total claims of banks on registered agricultural producers with the increase in the domestic product generated by the agricultural sector. The method of statistical correlation was used in this paper. The impact and changes of investment loans in agriculture, loans for working capital, but also the change in bank claims from agricultural producers based on interest and fees have been analyzed. The conclusion is that there is a connection between loans and the domestic product of the agricultural sector, but that there are other factors that have an impact, too. Although in recent years the banking sector has been more open to the agricultural sector and although loans have become more affordable, it is necessary to create conditions for even greater availability of loans to agricultural producers, which would create positive effects on agriculture.
Key words: agricultural loans / investment loans in agriculture / domestic product.
2. THE CURRENT CONDITION AND DEVELOPMENT OF THE INNOVATIVE SECTOR OF SMALL AND MEDIUM ENTERPRISES (SMEs) IN AP VOJVODINA
Simin Marina, Živkucin Slobodan, Aleksić Sreto, Soleša Dimitrije
Innovation is a fundamental factor of technological progress, economic growth, development and prosperity around the world. Continuous improvement of innovation is the focal part in the development policy of the world’s leading countries and presents the key element of the development strategy of the EU - Europe 2020. The economy of AP Vojvodina is still characterized by a low level of innovation. The consequences of a company's insufficient care for technological development based on its own innovative work is a very small number of protected innovations, especially patents and petty patents in our country. The subject of this paper is the research into the current state and number of innovative small and medium enterprises (SMEs) that started business on the basis of their innovation, especially patent or petty patent in AP Vojvodina. The main goal of the paper is to increase the number of innovative SMEs in AP Vojvodina based on the results of this research and proposed measures aimed at creating higher added value, successful market verification of innovations and better market positioning.
Key words: innovation / innovative / patents / petty patents / small and medium enterprises.
3. INTERDEPENDENCE OF STOCK EXCHANGE INDICATORS AND GDP IN SELECTED BALKAN COUNTRIES
Živković Aleksandra
Stock markets and the level of their development have a great impact on economic growth. The purpose of this research is to empirically determine if there is interdependence between gross domestic product and (1) total turnover and (2) market capitalization in analyzed stock markets. By analyzing the ratio between total turnover and market capitalization into gross domestic product, the level of liquidity and activity of these stock markets can be determined, which enables the comparison of analyzed stock markets based on the mentioned financial indicators. This research included Zagreb, Ljubljana, Montenegro and the Bucharest stock market – in the period 2011-2019. The obtained results show that the analyzed markets are small and not developed, with a low level of activity and liquidity and they indicate the presence of interdependence between gross domestic product and the mentioned financial indicators.
Key words: stock markets / market capitalization / total turnover / gross domestic product.
4. BUILDING STRATEGIC ALLIANCES AS AGENTS OF BUSINESS INTERNATIONALIZATION FOR DOMESTIC COMPANIES
Miletić Vuk, Ćurčić Nikola
The process of internationalization of business for individual companies is almost inevitable. It is not simple and is often made even more complex by numerous challenges. The aim of this paper is to investigate the strategies of owners and top-level managers in domestic companies from different business sectors developed with the aim to build penetration into foreign markets by building business alliances, especially since the national market often becomes too small for their expansion. The decision to use or not to use strategic alliances is usually conditioned by the characteristics of national companies. In the case of companies of different levels and periods of business operation, such alliances have a number of advantages and disadvantages. The numerous disadvantages are mainly due to the special characteristics that each of them possesses. The results of this study highlight the factors that encourage national companies to establish a strategic alliance in the processes of internationalization, as well as the elements that hinder the choice of such strategies. In this research, the methods of comparative statistics (ch2 Test, ANOVA), hypothetical - deductive methods, analytical - deductive and comparative methods, historical and statistical - descriptive methods were used.
Key words: alliances / internationalization / business / enterprise / financial resources / competitiveness.
5. THE COMPARISON OF THE CONVENTIONAL DEVELOPMENT AND SUSTAINABLE DEVELOPMENT MODEL
Labović Bojan, Vujović Dragan, Dašić Boban
Great ideas usually start out as rather simple ideas. In social sciences, the ideas which impact the lives of the millions and which direct policies must be available to all, not only to the elite. Only in this way can they properly permeate institutions from the global to the local level and become an integral part of human lives. The model of sustainable development challenges the conventional model of development. Namely, the conventional approaches simplify development by observing it as global modernization modeled after the example of industrialized, developed countries. Sustainability does not simply require balancing, i.e. compromising between inherently conflicting forces. It is rather a positive imperative which connects social, economic, and ecological benefits. Sustainable development advocates for the ethical position that the stock of natural resources must be preserved for the future generations and that the value of all social benefits and costs, including the depletion of natural resources, must be included in accounting systems for the development performances to be properly measured. This paper covers a wide gap between the theoretical interpretation of sustainable development and the current situation in the world. The paper presents some critical views which perceive sustainable development as an illusion, but also gives arguments which claim that sustainable development has no alternative.
Key words: ecosystem / sustainability / sustainable development / conventional model.
6. PERSPECTIVES OF THE FINANCIAL STABILITY PROTECTION AND BANKING RISK PREVENTION
Čavlin Miroslav, Vapa Tankosić Jelena, Egić Srđan
The deposit insurance system is the backbone of the protective mechanism of the financial security network, which enables the prevention of a "stampede" of depositors on banks in order to prevent a negative effect on the stability of the financial system. Therefore, especially in the event of a crisis, such as the pandemic caused by COVID-19, the protection of financial stability and depositors emphasizes the importance and role of efficient organization of the deposit insurance system. The paper starts from the analysis of the concept of a financial security network in order to create a relevant basis for modeling the directions of development of the system of financial stability protection and risk prevention of banking operations. The aim of the paper is to conduct a research into the theoretical and empirical findings in order to identify the potential for a more effective deposit insurance system in the Republic of Serbia. An efficient deposit insurance system in the Republic of Serbia should provide support and protection for depositors, most of whom do not possess the necessary knowledge which can help them assess banking risks, i.e. risks of financial failure and crisis. The development of our deposit insurance system should be aimed at strengthening the stability of the financial system and banking operations, i.e. its resilience to crisis disturbances on the market.
Key words: deposit insurance system / financial security network / prevention of risks in banking operations.
Academic Journal “Economics - Theory and Practice”, Number IV, 2021.
Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.1. PROFITABILITY AND OPTIMAL DEBT LEVEL OF LARGE FIRM IN SERBIA
Milošev Ivana
The aim of this research is to analyse the impact of debt management on the profitability of firms. The research was conducted for a five-year period from 2016 to 2020, on a sample of 299 large non-financial firms in Serbia. The Generalized Method of Moments (GMM) is used to examine the ratio of the share of total debt in total assets to the profitability expressed through the ROA indicator. The first thing considered is the linear relationship between indebtness and profitability followed by the nonlinear relationship between indebtness and profitability. The results of research show that there is a statistically significant correlation and a linear, negative ratio of indebtedness indicators in relation to the profitability of the observed firms. The results of the study do not show a nonlinear (concave) relationship. They show both negative and statistically significant impact of tangibility on the profitability of large companies in Serbia, while company size and inflation do not have a significant impact on profitability.
Key words: indebtedness / profitability of firms in Serbia / GMM.
2. EFFICIENCY ANALYSIS OF THE PROCESS OF PEACH OSMOTIC DEHYDRATION IN MOLASSES
Filipović Jelena, Filipović Vladimir, Knežević Violeta, Lončar Biljana, Nićetin Milica, Ivanišević Dragan
Energy consumption reduction per unit of product’ removed moisture is necessary to lower production costs and increase the overall efficiency of the dehydration process. The goal of this research was to analyse efficiency and economics of the peach in molasses osmotic dehydration process, by investigating mass transfer parameters. Time, concentration and temperature of the osmotic dehydration of peach in molasses were varied and responses of water loss and solid gain were measured. The results showed that with the technological parameters of time, concentration and temperature increase, individual mass transfer parameters also increased, where maximal values of 0.7524 g/gi.s. and 0.1069 g/gi.s., were obtained for water loss and solid gain, respectively. On the basis of experimental data, mathematical models of peach osmotic dehydration in molasses responses dependence from applied technological parameters were developed, which showed good correlations between experimental and calculated results. Combined technological efficiency parameter analysis showed a total efficiency increase in the range of 40.67 to 51.71%, by using process temperature of 20°C. The highest process economics was obtained by application of energy undemanding process temperature of 20°C, where energy costs were avoided while at the same time achieved highest value of technology efficiency.
Key words: Osmotic dehydration / peach / molasses / technology efficiency / mathematical modeling.
3. THE BENEFITS OF CLOUD SERVICES USAGE AS A CONTEMPORATY APPROACH IN THE WINE INDUSTRY
Vladisavljević Radovan, Soleša Dragan
The scope of this paper is to present the business model in the wine industry based on cloud solutions. In the modern world of business, speed and availability are crucial; unfortunately, the nature of the wine industry tends to limit the number of business participants. Managing processes in the wine industry is labor intensive so it is difficult to meet the market demand. Through the analysis of case studies and by comparison with other regions in the wine industry, we obtained enough elements for the formulation of our model. The model presented in this paper is oriented towards the domestic wine industry and is in line with current technical and technological capacities. Most of the subjects in the wine industry are located in rural areas of the Republic of Serbia, and has a relatively limited access to certain resources. There is a strong Internet infrastructure in big cities, which is unfortunately not the case with rural regions. The use of modern IT solutions is also a problematic item because participants in the wine industry, despite a solid education, have difficulty recognizing the benefits of e-commerce. With this model, the wine industry gets a tool that will make it possible to easily and economically reach customers, new ideas, knowledge and experiences.
Key words: wine industry / Internet / e-business / e-commerce / cloud solutions / feedback marketing.
4. EXPLORING GUEST SATISFACTION IN HOTELS DURING THE COVID 19 PANDEMIC USING A TEXT MINING TEHNIQUE
Čelić Irena, Seočanac Marijana, Milašinović Marko
The coronavirus pandemic has a major impact on the global hotel industry. Hygiene, cleanliness, and safety have become crucial components in any hotel’s recovery plan during the pandemic. Based on reviews from Booking.com, this paper examines the satisfaction of domestic guests in hotels in Vrnjačka Banja during the coronavirus pandemic. Additionally, by using the „Clean & Safe“ certificate as a criterion for hotel classification, this paper seeks to discover whether there is any difference in the satisfaction of domestic guests depending on whether the facility has been certified in accordance with international quality standards as adequately prepared for virus control. Using a text mining approach, the components that led to guests’ satisfaction or dissatisfaction were discovered and visualized with a word cloud. A sample of 206 reviews revealed that domestic guests are generally very satisfied with the hotels they stayed in during the pandemic. A slight difference in the components that affected guests’ satisfaction, i.e., dissatisfaction, was noticed among the hotels that were certified (or not certified) as safe facilities for performing tourism activities. This paper provides a valuable insight for hotel managers to help them improve guest satisfaction during the coronavirus pandemic.
Key words: guest satisfaction / “Clean & Safe“ Certification Program / hotels COVID-19 / Vrnjačka Banja / Booking.com.
5. ANALYSIS OF FACTORS INFLUENCING THE COMPETITIVENESS OF DOMESTIC HONEY
Prodanović Radivoj, Ćirić Maja, Ignjatijević Svetlana, Đurić Katarina, Vapa Tankosić Jelena, Egić Srđan
The aim of this paper is to determine the competitiveness of domestic honey and analyze the factors of influence, in order to create an adequate strategy for maintaining and strengthening the competitive position. The research is based on the analysis of results from the scientificprofessional literature and statistical reports, calculation of economic indicators, comparative method and other general scientific methods. Porter's diamond model is used, as a basis for analyzing the competitiveness of honey. Domestic honey, as a traditional food product, is competitive. Data on honey exports and imports are a true indicator of the high competitiveness of honey. Namely, out of the total value of foreign trade in honey, almost 98 % refers to exports. The favorable competitive position of honey is primarily the result of low production costs, based on cheap raw materials and labor. In order to maintain a solid competitive position of honey, it is necessary to diversify the range, differentiate the offer, branding, quality standardization, innovative technology, education of producers, raising production efficiency, better use of comparative advantages, stimulating research and development projects, financial incentives, association of producers, etc. However, in order to survive in the international market, adequate marketing and technological strategies need to be developed and implemented.
Key words: competitiveness / honey / quality / export / import / competitiveness strategy.
6. ECONOMIC INSTRUMENTS USED IN THE FIELD OF ENVIRONMENTAL PROTECTION IN THE REPUBLIC OF SERBIA
Petrović Gordana, Karabašević Darjan, Popović Gabrijela, Tomić Gordana, Radanov Pavle
In order for the processes of environment protection and improvement in the Republic of Serbia to be more efficient, certain financial investments are necessary. After an introductory overview, the aim of the research was presented, which is to show correlation between costs and tax revenues in the field of environmental protection. The linear regression model and Pearson’s correlation coefficient were used for the analyses. The paper presents economic instruments in the field of environmental protection for the period 2009-2018. Data obtained from the National Statistical Office were used. The state of the environment, as well as the goals related to European integration with the opening of Chapter 27, show that the presented data relating to the environment in the Republic of Serbia are very worrying and represent one of the key problems for policy implementation. The obtained results showed that there is a significant degree of correlation (r = 0.887). The current situation indicates that special attention should be paid to this topic, especially in terms of finding mechanisms for providing the necessary financial funds.
Key words: living environment / Republic of Serbia / economic instruments.
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Academic Journal “Economics - Theory and Practice” - 2018
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Academic Journal “Economics - Theory and Practice” - 2017
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Academic Journal “Economics - Theory and Practice” - 2016
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Academic Journal “Economics - Theory and Practice” - 2015
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Academic Journal “Economics - Theory and Practice” - 2014
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Academic Journal “Economics - Theory and Practice” - 2013
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Academic Journal “Economics - Theory and Practice” - 2012
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Academic Journal “Economics - Theory and Practice” - 2011
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