Academic Journal “Economics - Theory and Practice”

ISSN: 2217-5458

Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
The journal is published continuously since 2008.

    The journal 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. All issues of both “Zbornik radova” and “Economics – Theory and Practice“ are kept in the Archive of the National Library of Serbia. . High visibility of papers published in the academic journal “Economics: Theory and Practice” has been permanently provided using the Science Citation Index and further enhanced by automatic re-indexation of metadata into DOAJ (the Directory of Open Access Journals) and full text in Google Scholar.

    Publishing of this academic journal, “Economics – Theory and Practice“, aims at 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. This type of a journal is completely in accordance with our accredited study programs at all three levels of studies and also the accredited scientific field.

    The academic journal "Economics - Theory and Practice" has been categorized by the Committee for Economic Sciences of the Ministry of Science, Education and Technological Development of the Republic of Serbia as follows:

    • 2013 – 2016 year. - M53
    • 2017 – M52
    • 2018 – M52
    • 2020 – M51


    • 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

    • University Business Academy in Novi Sad, Faculty of Economics and Engineering Management
    • Prof. Dragan Soleša, Ph.D.
      Faculty of Economics and Engineering Management in Novi Sad
    Editors and Proofreaders for Serbian language:
    • Marija Sudar
    Translator, editor and proofreader for English language:
    • Kristina Marić

    1. Prof. Dragan Soleša, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    2. Prof. Marko Ivaniš Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    3. Prof. Slobodan Nešković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    4. Prof. Vesna Bogojević Arsić, Ph.D., Faculty of Organizational Sciences
    5. Prof. Maja Ćirić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    6. Prof. Vladan Pavlović, Ph.D., Faculty of Economics in Kosovska Mitrovica
    7. Prof. Svetlana Ignjatijević, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    8. Prof. Radovan Vladisavljević, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    9. Prof. Radivoj Prodanović, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    10. Prof. Miroslav Čavlin, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    11. Nataša Kljajić, Ph.D., Research associate, Institute for Economics of Agriculture, Belgrade
    12. Prof. Katarina Đurić, Ph.D., Faculty of Agriculture, Novi Sad
    13. Prof. Jelena Vapa Tankosić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    14. Miroslav Pavlović, Ph.D., Institute of Chemistry, Technology and Metallurgy
    15. Marija Mihailović, Ph.D., Institute of Chemistry, Technology and Metallurgy
    16. Vladimir Panić, Ph.D., Institute of Chemistry, Technology and Metallurgy
    17. Prof. Slavica Mitrović, Ph.D., Faculty of Technical Sciences, Novi Sad
    18. Prof. Radmilo Pešić, Ph.D., Faculty of Agriculture, Belgrade
    19. Prof. Nebojša Novković, Ph.D., Faculty of Agriculture, Novi Sad
    20. Goran Buturac,Ph.D., Scientific Advisor, Economic Institute, Zagreb
    21. Prof. Nenad Marković, Ph.D., Faculty of Management, Sremski Karlovci
    22. Prof. Marjan Krašna, Ph.D., Faculty of Philosophy and Faculty of Natural Sciences and Mathematics, University of Maribor
    23. Prof. Aleksandra Tešić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    24. Prof. Mihajlo Rabrenović, Ph.D., College for Business Economics and Entrepreneurship, Belgrade
    25. Prof. Saša Igić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    26. Prof. Boris Kuzman, Ph.D., Research Associate, Institute of Agricultural Economics, Belgrade
    27. Prof. Tomislav Brzaković, Ph.D., Faculty of Applied Management, Economics and Finance in Belgrade
    28. Prof. Jonel Subić, Ph.D., Senior Research Associate, Institute of Agricultural Economics, Belgrade
    29. Prof. Miodrag Brzaković, Ph.D., Faculty of Applied Management, Economics and Finance in Belgrade
    30. Prof. Vladimir Šimović, Ph.D., University of Applied Sciences “Baltazar”, Zaprešić, Croatia
    31. Prof. Nikola Ćurčić, Ph.D., Institute of Agricultural Economics, Belgrade
    32. Prof. Jelena Bošković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    33. Prof. Jelena Kiurski, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    34. Ass. Prof. Ivana Brkić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    35. Ass. Prof. Branislav Dudić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    36. Prof. Rajko Tepavac, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    37. Prof. Marija Čukanović-Karavidić, Ph.D., Faculty of Business Economics and Enterpreneurship, Belgrade
    38. Prof. Slobodan Živkucin, Ph.D., College of Applied Studies in Management and Business Communication
    39. Prof. Jožef Kabok, Ph.D., Provincial Secretariat for Higher Education and Scientific Research
    40. Prof. Aleksandar Petković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    41. Prof. Nikola Puvača, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    42. Prof. Dragan Ilić, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    43. Prof. Vladimir Đaković, Ph.D., Faculty of Technical Sciences, Novi Sad
    44. Prof. Jelena Matijašević-Obradović, Ph.D., Faculty of Law for Commerce and Judiciary in Novi Sad
    45. Prof. Slađana Vujičić, Ph.D., Faculty of Business Economics and Enterpreneurship, Belgrade
    46. Prof. Darjan Karabašević, Ph.D., Faculty of Applied Management, Economics and Finance in Belgrade
    47. Prof. Danijela Anđelković, Ph.D., Faculty of Economics and Finance, University "Union - Nikola Tesla"
    48. Ass. Prof. Jelena Popov, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    49. Prof. Marina Simin, Ph.D., College of Applied Studies in Management and Business Communication
    50. Ass. Prof. Ratko Ivković, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    51. Anton Puškarić, Ph.D., Institute of Agricultural Economics, Belgrade
    52. Prof. Aleksandar Majstorović, Ph.D., Faculty of Economics and Engineering Management in Novi Sad
    53. Prof. Srđan Šljukić, Ph.D., Faculty of Philosophy, University of Novi Sad


    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.


    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:

    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.

    Application form
    Technical Instructions in English

    After the submitted paper has been accepted by two (2) reviewers, it is necessary to pay a fee of 15.000,00 RSD per paper. and payments can be made to the Faculty bank account: 330-15003002-53. Each author receives a printed and electronic copy of the journal issue in which the paper in question was published (by regular and electronic mail). The publishing fee is paid per work, not by the author.


    • University Business Academy in Novi Sad
    • Faculty of Economics and Engineering Management
    • Editorial board of the academic journal "Economics – Theory and Practice"
    • Cvećarska br. 2, 21102 Novi Sad
    • Phone: 021/400-484 (lokal 122)
    • Fax: 469-513
    • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    • Economics - Theory and Practice, Number I - 2022
      Academic Journal “Economics - Theory and Practice”, Number I, 2022.
      Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
      Economics - Theory and Practice, Number II - 2022
      Academic Journal “Economics - Theory and Practice”, Number II, 2022.
      Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
    • Economics - Theory and Practice, Number I - 2021
      Academic Journal “Economics - Theory and Practice”, Number I, 2021.
      Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
      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.

      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.

      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.

      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.

      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.

      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.

      Economics - Theory and Practice, Number II - 2021
      Academic Journal “Economics - Theory and Practice”, Number II, 2021.
      Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
      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.

      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.

      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.

      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.

      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.

      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.

      Economics - Theory and Practice, Number III - 2021
      Academic Journal “Economics - Theory and Practice”, Number III, 2021.
      Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
      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.

      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.

      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.

      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.

      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.

      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.

      Economics - Theory and Practice, Number IV - 2021
      Academic Journal “Economics - Theory and Practice”, Number IV, 2021.
      Publisher: University Business Academy in Novi Sad, Faculty of Economics and Engineering Management.
      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.

      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.

      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.

      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, 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 /

      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.

      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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