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NEW ORGANIZATIONAL FORMS SUPPORTED BY THE INFORMATION AND COMMUNICATION TECHNOLOGY: THE CASE OF SERBIAN ICT INDUSTRY

Author(s): Mirjana Petković,Jelena Lukić Nikolić / Language(s): English Issue: 2/2014

In today’s business environment which is constantly changing, organizations are faced with the imperative to build their competitive advantage through reshaping existing resources and capabilities and through creating new ones. Therefore, organizational design has been imposed as an important factor in the business success of the modern company. There are many examples that traditional organizational forms have experienced transformation: they have moved from organizational forms toward new organizational forms. It has also turned out that the basic support for this transition was the introduction of the information and communication technology (ICT) in companies’ operations. Consequently, ICT companies, as the most advanced companies, have become the leaders in introducing the new organizational forms in their functioning and facilitate introduction of new organizational forms in other organizations. In this sense, the aim of this paper is to present new organizational forms based on ICT and, on the example of the ICT industry in Serbia, to show how ICT supports their implementation. Special attention will be put on the advantages which new organization forms generate in terms of flexibility and integration of creative potentials, but some disadvantages will be analyzed as well.

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ANALYSIS OF SERBIAN INNOVATION POTENTIAL IN THE PERIOD 2009-2012

Author(s): Slobodan Cvetanović,Danijela Despotović,Vladimir Nedić,Vojislav Ilić / Language(s): English Issue: 2/2014

In this paper a review of significance of country’s innovation potential for its economic growth and development is displayed first. Afterwards, positions and values of the global innovation index for the top 25 most innovative economies, for Serbia and for selected countries from its surroundings, for the period from 2009 to 2012 have been displayed. In order to classify selected countries into two or more groups, based on their similarity according to innovation performances, cluster analysis is conducted. The relations between innovation inputs and innovation outputs have been studied on the example of selected groups of countries (the group of European innovative leaders and Serbia with neighboring countries) through the correlation analysis.

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THE IMPACT OF ECONOMIC SYSTEM ON ENVIRONMENTAL POLICY IN THE REPUBLIC OF SERBIA

Author(s): Marija Petrović-Ranđelović,Snežana Radukić / Language(s): English Issue: 3/2014

Political and economic changes in the former socialist countries in the early 90s of the 20th century have not only opened up possibilities for the future democratic development of these countries, but also an opportunity for solving economic, political, social and environmental situation in the context of building a new, market economic system. The unfavourable environmental situation in Serbia is caused by many factors, among which frequent changes in the economic system in the past and inadequate economic and system solutions occupy a significant place. A critical approach to the impact of economic system solutions to the political and institutional arrangements for environmental protection in the SFRY, FRY, Serbia and Montenegro and RS is therefore a suitable starting point for understanding the importance and the need to take a more active approach to solving environmental problems in Serbia. It is also a goal of this work. In addition, solving the problems in the field of environmental protection is crucial for achieving sustainable development and improving the competitiveness of the Serbian economy.

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COMPLEMENTARITY BETWEEN THE MARKET AND THE STATE AS A FACTOR OF MODERN MARKET ECONOMY EFFICACY: LESSONS FOR REPUBLIC OF SERBIA

Author(s): Vlastimir Leković / Language(s): English Issue: 4/2014

Market economy is explained as a system characterized by private ownership and self-regulating market mechanism which enables the coordination of the activities of the economic actors. A thesis that only private entrepreneurship ensures economic prosperity is developed based on this concept, given that economic growth is directly determined by the degree of freedom of economic agents. With no intention to challenge the role of the market mechanism, private entrepreneurship and economic freedom, the author, rather, aims to bring to attention the existence of objective factors which in terms of the functioning of modern market economies introduce the need to establish cohesion between the market and the state, as well as the relevant coordination and control mechanisms. This view is based on the experience of the most developed market economies which have achieved their development goals largely owing to an appropriate symbiosis and complementarity of the market and the state. Accordingly, the aim of the research is to, based on different theoretical concepts and economic reality of modern market economies, underline the necessity that the Republic of Serbia should face the reality regarding the creation of its economic system that both the market and the state would be more successful once the complementarity is established.

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THE STRATEGIC INTENTION OF MULTINATIONAL ENTERPRISES IN CORPORATE SOCIAL RESPONSIBILITIES IN NIGERIA

Author(s): Ja’afaru Garba Sule,Akeem Tunde Nafiu,A. A. Ameh / Language(s): English Issue: 4/2014

Multinational Enterprises (MNEs) around the globe are integrators and the grace for economic flight. One major helping hand given by Multinational Enterprises in the provision of capital intensive social amenities and infrastructures is obvious in the area of their social responsibilities. In this vein, the study examined the strategic intention of multinational enterprises in corporate social responsibilities in Nigeria. In the quest into the subject matter, this study gathered data and information through primary and secondary sources. The study randomly selected 500 respondents from the population of the study area (Nigeria). Data were analyzed with Likert Scaling Method and simple percentage method. It was discovered that some MNEs have demonstrated a Two-aim approach (which implies a win-win) as a strategy to keep their operations going in Nigeria, and likely, other developing countries of the world. It was concluded that the rationale behind their commitment to corporate social responsibilities is to establish balance of objectives between the Multinational Enterprises’ home countries and host countries. The study therefore recommended that MNEs and the host countries should maintain two-aim approach, so as to ensure that the objective of one party is not hurt.

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GLASS CEILING PHENOMENON IN TRANSITION ECONOMIES - THE CASE OF SOUTH EASTERN SERBIA

Author(s): Danijela Stošić,Jelena Stanković,Vesna Janković Milić,Marija Radosavljević / Language(s): English Issue: 4/2014

The aim of the paper is to test the existence and the height of the glass ceiling for women in South Eastern Serbia. Research aims to determine the difference in level of education between employed men and women, the participation of women in managerial positions, as well as the level of management in which they participate equally or participate at all. These issues are analyzed in the context of industry, type of ownership and size of the enterprise. The additional aim of the paper is to make a comparative analysis of business performances of enterprises in which women have share in managerial positions, compared to the enterprises with all-male management structure.

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EMPLOYEE MOTIVATION AND REWARD SYSTEM IN LOCAL GOVERNMENT

Author(s): Bojana Novićević Čečević / Language(s): English Issue: 4/2014

Since the beginning of the 80s of the last century, many changes in the contemporary business environment have contributed that the economy of Serbia have problems regarding business improvement and motivating employees. Business improvement, employees motivation and knowledge generating is certainly a major problem in most of transition countries. Facing new circumstances, business systems require flexible behavior, regard to changes in business environmental conditions. Knowledge and team work are main and key drivers of business productivity growth in all business areas, and because of that motivation and rewarding of employees are condition and assumption of productivity growth in private and public business sector. In this paper, authors research and analyze the system of motivating and rewarding employees in local government, which evolve under specific political, security and economic conditions.

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ECONOMIC ASPECT OF ELECTRONIC CIRCUIT DESIGN AND MANUFACTURING IN REPUBLIC OF SERBIA

Author(s): Miljana Milić,Ivan B. Marković,Jelena Milojković / Language(s): English Issue: 4/2014

Almost every activity of an electronic system design is closely related to technical as well as to other fields of science. The most important aspect for the future “life in the market” of the electronic product is the economic aspect. Foreign direct investment can greatly affect the R & D in the field of electronic industry. The fact that the electronic circuits’ industry affected and affects all areas of social development, requires the establishment of the correlation between electronic circuit design and manufacturing, and economics in general. In this paper, we will try to analyze the position of Serbia’s electronic industry perspectives on the global electronic circuit market, considering costs of their development and manufacturing.

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THE IMPORTANCE OF INFORMATION TECHNOLOGIES FOR AUTOMOTIVE CLUSTER OF THE REPUBLIC OF SERBIA

Author(s): Aleksandra Anđelković,Nada Barac,Marija Radosavljević / Language(s): English Issue: 1/2015

Enterprise networking occurs as a consequence of the globalization and the tendency to increase the ability to meet customer requirements. The functioning of networked enterprises as complex interorganizational networks in modern conditions is impossible without the implementation of appropriate information technology (IT). They provide stronger partnerships, fast and easier sharing of information, more transparency and less distorted information. The importance of the application of IT will be highlighted through the advantages of IT, as well as factors that may limit the process of their application. The analysis was conducted based on a sample of 28 enterprises which are the cluster members. The general conclusion based of the analysis is that there is a link among IT implementation and achievement of positive effects in certain business segments (Sharing information, Supply reliability, Inventory reduction, Cost reduction, Fast delivery, Product quality, Process continuity), which means that enterprises that have implemented IT generate positive effects in the observed fields. The analysis was performed by application of the following statistical tools: descriptive statistics, Fisher's exact probability test, correlation analysis and cluster analysis.

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ANALYSIS OF PERFORMANCE TO DIRECT TAXES IN THE TAX SYSTEM OF THE REPUBLIC OF SERBIA

Author(s): Marina Đorđević / Language(s): English Issue: 1/2015

Direct taxes are a very important group of taxes revenues. They refer to the personality of the taxpayer and directly affect its economic strength. They are a stable and plentiful source of public revenues. In order to assess their role in the tax system in Serbia, it is necessary to observe the goals which can be achieved by their implementation. The intention of the legislator is to provide resources to achieve fiscal and other goals. Determining the performance of direct taxes in the tax system in Serbia can be based on the criteria of equity, efficiency and yield. The aim of this study is to measure the performance of direct taxes in the tax system in Serbia, in order to make more appropriate conclusions about their role and importance in the provision of the budget. In this way, we will point to the need for reform of direct taxes in the tax system of our country and the need to decrease the importance of indirect or consumption tax.

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THE INFLUENCE OF THE COMPETITION POLICY ON STATE AID AND PUBLIC SECTOR WITHIN THE EUROPEAN UNION SINGLE MARKET

Author(s): Žarko Rađenović / Language(s): English Issue: 1/2015

A competitive and well-functioning market is imperative for the efficiency of the economy. First, competitive markets help correct distorsions in the structure of production and thus raise productivity levels, and secondly, stronger competition provides an increased incentive for producers in the form of lower prices, higher quality and increased variety. Competition policy deals with the restriction of all non-economic behavior entities that cause market distorsions. The paper provides general features of the European Union competition policy, as well as its historical development, basic elements and methodological framework. Further, this paper provides reforms, tendencies in development and examples from the jurisprudence of the EU competition policy, with a special review of article 81 (prohibition of the restrictive agreements, cartels) and article 82 (prohibition of abuse market dominance) of the EC Treaty.

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COMPETITIVENESS AND DEVELOPMENTAL TRENDS OF THE NEW INDUSTRIAL POLICY OF THE REPUBLIC OF SERBIA

Author(s): Ivana Kostadinović,Zorana Kostić,Ivana Ilić / Language(s): English Issue: 2/2015

The achieved level of economic development determines the degree of industrial development in one country. The aim of this paper is to identify the key determinants of the new industrial policy of Serbia, in the context of European integration processes. The same is based on the analysis of strategic documents of Serbia and the European Union, governing the industrial development for the period up to 2020. Particular attention is paid to the monitoring of developmental dynamics and trends in improving industrial competitiveness. It has been noted that the achieved level of industrialization defines the industrial competitiveness of a national economy. Serbia needs an efficient, industrially competitive economic structure that will be able to meet the growing demands and challenges of the market. Only a properly designed and consistently applied industrial policy can follow the European developments in the future.

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ATTITUDES OF SERBIAN URBAN RESIDENTS TOWARD TOURISM DEVELOPMENT

Author(s): Darko Dimitrovski,Veljko Marinković,Vladimir Senić / Language(s): English Issue: 2/2015

Tourism is one of the main driving forces of economic development in modern era, offering new opportunities for employment, increase in living standard and improvement of quality of life in the cities. Over time, tourism has had influence on urban environment and its inhabitants, through reshaping their initial attitudes regarding benefits and deficiencies of its further development. Urban population is not homogeneous and as such is not uniform in perception related to tourism development, but some general conclusions can be drawn. This study aims to understand perception of residents about tourism development in city of Kragujevac, given that city authorities are keen to extend number of tourist visits and overnight stays within their tourism campaign efforts. The objective is to identify key factors related to the significance of tourism development based on attitudes of inhabitants of Kragujevac, as well as to determine whether there are differences in attitudes based on age and place of birth of the respondents. Through factor analysis seven factors surfaced, including: economic development, healthy and clean environment, development of local communities, sport and entertainment, preservation of environment, culture and real-estate. Results suggest that there is statistical difference in attitudes among respondents’ in terms of their age and place of birth.

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Evaluation of factors leading to formation of price-bubbles in the real estate market of Lithuania

Author(s): Audrius Dzikevičius,Lukas Kazlauskas,Šarūnas Bruzgė / Language(s): English Issue: 4/2015

Recently, real estate market has been discussed more frequently in the framework of economic analysis. The global economic crisis of 2008 has demonstrated the severity of financial shock that can be caused by inconsiderate investments in the real estate market. The present article analyses business cycles and the phenomenon of a price-bubble in that context. Drawing on the analysis of reference literature we identify the main reasons that can lead to fluctuations of prices in the real estate market. Finally, drawing on correlation and regression analysis we determine which factors have the strongest influence on the Lithuanian real estate market.

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УСЛОВНИ ОДНОС ИЗМЕЂУ БЕТА КОЕФИЦИЈЕНТА И ПРИНОСА: СТУДИЈА СЛУЧАЈА СА БЕОГРАДСКЕ БЕРЗА

Author(s): Vladimir Stančić,Evica Petrović,Nikola Radivojević / Language(s): English Issue: 4/2015

This paper examines the applicability of the CAPM (Capital Asset Pricing Model) and conditional CAPM in the Belgrade Stock Exchange (BSE) in order to determine whether both the CAPM and conditional CAPM can be reliably applied to this emerging market. The returns were collected from the official BSE website for the period from January 2010 to December 2014. Time-series data were then collected for 60 monthly returns of the selected stocks, which is a common practice in model testing. The time-series data were observed for 60 months, which is long enough for all short-term shocks to be neutralized and for beta coefficients to be adjusted to their long-term values. The results of this study indicate that both the CAPM and conditional CAPM cannot be reliably applied in the BSE. The paper suggests that beta cannot be reliably used as a tool for explaining cross-sectional differences in the returns in the BSE and as a measure of market risk.

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ПОВЕЋАЊЕ ИЗВОЗА – УСЛОВ ЗА ОСТВАРЕЊЕ СПОЉНЕ И УНУТРАШЊЕ МАКРОЕКОНОМСКЕ РАВНОТЕЖЕ РЕПУБЛИКЕ СРБИЈЕ

Author(s): Milan Marković ,Ivan Marković / Language(s): English Issue: 4/2015

The aim of this paper is to present the key long-term solution for achieving macroeconomic balance of the Republic of Serbia – the increase in exports, which primarily helps reduce the balance of payments deficit and subsequently, via the exchange rate channel, affects the stability of the general price level. Short-term solutions, which include borrowing and reducing aggregate demand, are unsustainable in the long run. The paper shows the connection between internal (inflation) and external imbalances (balance of payments deficit), as well as the activities and measures to encourage and diversify exports, starting from the basic features, capabilities, and limitations of the Serbian economy.

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ИЗГРАЂЕНОСТ ТРОШКОВНО-СЕНЗИТИВНЕ КУЛТУРЕ У ПРЕДУЗЕЋИМА У РЕПУБЛИЦИ СРБИЈИ

Author(s): Nadica Figar,Radenko Milojević,Goran Milovanović / Language(s): English Issue: 4/2015

The continuous market demand for low costs is emphasized both in literature and in practice. Therefore, this paper explores the degree of development of cost-sensitive culture in enterprises in the Republic of Serbia (RS). The basic characteristic of such culture is the continuous cost reduction, which is especially important during a crisis. Empirical research is conducted through four research question, and the general conclusion is that cost-sensitive culture in enterprises in the RS is still under construction. Application of the proposed measures could contribute to a faster development of such culture.

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ПОТЕНЦИЈАЛНИ ЕФЕКТИ ЕЛЕКТРОНСКОГ НОВЦА НА МОНЕТАРНУ ПОЛИТИКУ

Author(s): Lazae Sedlarević,Srđan Furtula,Nenad Tomić / Language(s): Serbian Issue: 4/2015

The emergence of electronic money is becoming a necessity in modern business. In terms redesign business processes and their migration to the electronic platforms, the development of electronic payment systems is a requirement for increasing efficiency. This paper will discuss the possible impact of e-money on the amount of money in circulation and the ability of monetary policy to absorb it. As the dominant electronic money system still does not exist, the paper is focused on the possible effects of electronic money depending on the nature of such a system. It will be shown which elements of the monetary system may be affected by e-money, as well as the factors that influence the ability of monetary policies to control the effects of electronic money. The paper will give incentives for further development of e-money.

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EVOLUTION AND CHALLENGES OF MONETARY STRATEGIES OF CENTRAL BANKS: THE CASE OF TUNISIA

Author(s): Sami Hammami / Language(s): English Issue: 1 (30)/2016

Monetary policy is a component of general economic policy and its primary objective is to ensure price stability. For that, the central bank affects the interest rates, through its monetary instruments, to regulate the money market. The objective of this paper is to examine the monetary policy of the Central Bank of Tunisia and the evolution of its interest rates. In this paper, we present the institutional framework of monetary policy and examine the monetary policy of the Central Bank of Tunisia. In the empirical analysis, we calculate the probability of the operations of monetary policy, we calculate the interest rate with Taylor rule and we estimate the money market rate of Tunisia.

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PROTECTION OF COMPETITION IN THE OIL AND OIL DERIVATES MARKET IN THE REPUBLIC OF SERBIA

Author(s): Milan Veselinović,Snežana Radukić,Jelena Stanojević / Language(s): English Issue: 4/2015

It is generally known that the market represents the overall relationship between supply and demand. The relations between these two are constantly intertwining and are constantly influenced by different factors. Depending on their relationship as well as on factors specific to a particular economy, there are different market conditions, such as: monopoly, oligopoly, limited oligopoly, limited competition, perfect competition, etc. The liberalization of the domestic oil and oil derivatives market represents an open space for creating a high-quality competitive relationship. However, the course of strengthening the competitive relationship should be carried out considerably faster. Market conditions and competitiveness are in practice determined by the concentration in the observed market. Competition is in a particular relevant market expressed by a number of concentration indicators. Thus, an important aspect of the analysis of competitiveness intensity in the domestic oil market is measuring the concentration of supply, which will be analyzed in this paper. It can be said that every market is characterized by a certain level of competitiveness among market participants, and through these competitive relationships, their market power permeates. The research uses concentration indicators to show the concentration in the domestic oil and oil derivatives market, its current features and also to analyze the potential of strengthening the competitive relationship in the future.

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