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7th International Scientific-Business Conference LIMEN 2021 - Leadership, Innovation, Management and Economics: Integrated Politics of Research CONFERENCE PROCEEDINGS, Graz, Austria, December 16, 2021 Cover Image

7th International Scientific-Business Conference LIMEN 2021 - Leadership, Innovation, Management and Economics: Integrated Politics of Research CONFERENCE PROCEEDINGS, Graz, Austria, December 16, 2021
7th International Scientific-Business Conference LIMEN 2021 - Leadership, Innovation, Management and Economics: Integrated Politics of Research CONFERENCE PROCEEDINGS, Graz, Austria, December 16, 2021

Contributor(s): Vuk Bevanda (Editor)
Subject(s): Social Sciences, Economy, Law, Constitution, Jurisprudence
ISSN: 2683-6149
Published by: Udruženje ekonomista i menadžera Balkana

Series: International scientific-business conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research

  • Print-ISBN-13: 978-86-80194-54-7
  • Page Count: 346
  • Publication Year: 2021
  • Language: English
Comparative Analysis of the Development of the Small and Medium Enterprises Sector in the Republic of Serbia and the European Union

Comparative Analysis of the Development of the Small and Medium Enterprises Sector in the Republic of Serbia and the European Union
(Comparative Analysis of the Development of the Small and Medium Enterprises Sector in the Republic of Serbia and the European Union)

  • Author(s):Ivana Kostadinović, Sunčica Stanković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:1-11
  • No. of Pages:11
  • Summary/Abstract:In modern conditions, developed market economies base their growth and development on the small and medium enterprises sector and entrepreneurship, as the most efcient segment of the economy, which provides the greatest contribution to employment, GDP and turnover. Since SMEs signifcantly contribute to employment, competitiveness and exports, developed countries have taken a systematic and organized approach to encourage their development and successful functioning. Following the ex ample of developed countries, developing countries, are increasingly basing their economic growth and development on the SME sector. In the Republic of Serbia, at the beginning of the 21st century, institutional changes were implemented, which resulted in the improvement of the business environment and signifcant progress in building a system for encouraging and supporting the development of SMEs. The paper aims to, through comparative analysis, explain the development of the SME sector in the Republic of Serbia and the European Union.
Basic Components and Indicators in Assessing Country Risk (Selected CEFTA Countries)

Basic Components and Indicators in Assessing Country Risk (Selected CEFTA Countries)
(Basic Components and Indicators in Assessing Country Risk (Selected CEFTA Countries))

  • Author(s):Vera Karadjova, Aleksandar Trajkov
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:13-25
  • No. of Pages:13
  • Summary/Abstract:Country risk analysis has become extremely important in contemporary conditions. This paper briefly discusses concepts, definitions, basic components, and some quantitative methods used to address various issues related to country risk in selected CEFTA countries. The paper also presents the indicative calculation of some of the elements and indicators for the selected countries, based on relevant available data, and in order to make a comparative analysis. Having in mind that country risk is a specific and complex macroeconomic risk, its determination and analysis is additionally complicated in terms of contemporary global changes. In fact, that is a risk of a country as a whole, its macroeconomic policy and economic balance or unbalance, political stability or instability of a country, political disturbances and democratic processes, political system and legal system, etc. Therefore, country risk involves several kinds of risks, such as political risk, economic risk, foreign payments risk, financial transfers risk, etc. Globally, all those risks can be divided in three biggest groups: risks of macroeconomic unbalance of the country; risks of the political instability of the country; and risks of the system of the country (system risks). Due to its complexity, the paper will elaborate and quantify some of the basic indicators related to country risk, mostly related to trade exchange between selected countries in the CEFTA agreement. The procedures and methods of country risk analysis and measurement have similarities with those used for individual economic entities, but techniques for the country risk analysis are less developed and there was no generally accepted analysis method. The final assessment may be a combination of many external and internal models that are not mutually exclusive, and in that process can be analyzed a number of different factors that determine country risk. Among the factors that condition the country risk and that are necessary to be included in the analyses can be: country’s foreign-financial position; external debt; debt management; assessment of the natural resources; the degree of technique and technology development, industrialization and automation of production, and so on. The paper will stress as most important indicators in assessing country risk: The Debt Service Ratio, Import ratio, Investment Ratio, Domestic Money Supply Growth, etc., which will be calculated using selected macro-economic data such as: GDP, GDP per capita, Real GDP grow, Inflation (CPI), Fiscal balance (% of GDP), Current account balance (% of GDP), Public debt/GDP (%), External debt/Exports of goods & services (%), Debt-service ratio (%), Foreign exchange reserves, Foreign direct investments (% of GDP), Exchange rate etc. The methodology of collecting and processing information and the degree of reliability of collected data greatly depends on the promptness and accuracy of the national institutions that present those data. The goal of the paper is: to point out the importance of country risk assessment, to determine and compute the basic indicators of country risk in some of the Southeastern Europe countries, to determine conditions and trends of country risk in selected countries, and to suggest some strategies for its reduction in conditions of the unstable environment and crisis disturbances.
Initial Conditions and Monetary Freedom in Former Communist Countries: An Instrumental Variable Approach

Initial Conditions and Monetary Freedom in Former Communist Countries: An Instrumental Variable Approach
(Initial Conditions and Monetary Freedom in Former Communist Countries: An Instrumental Variable Approach)

  • Author(s):Delia-Raluca Șancariuc, Dragoș Cosmin Lucian Preda
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:27-36
  • No. of Pages:10
  • Summary/Abstract:Economic literature has widely discussed the importance of institutions in general, and that of monetary freedom in particular, for economic growth in post-communist countries, yet less is known about the determinants of institutional quality in these countries. While some studies argued that initial social conditions matter for institutional building, not much empirical work has been done to econometrically demonstrate their influence. The present paper flls this void by using regression analysis in order to assess the impact of the strength of civil society right after the fall of communism on monetary freedom in subsequent years, on a sample of former communist countries. As a simple OLS regression is prone to endogeneity problems, the author uses an instrumental variable approach, instrumenting the initial strength of civil society through the number of victims of terror during communism. The paper proves that the initial strength of civil society has a positive, significant and sizeable impact on monetary freedom 5-6 years after the transition process has begun.
Trends of the International Oil and Gas Market within the Waves of Internationalization and Globalization

Trends of the International Oil and Gas Market within the Waves of Internationalization and Globalization
(Trends of the International Oil and Gas Market within the Waves of Internationalization and Globalization)

  • Author(s):Anis Benabed
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:37-42
  • No. of Pages:6
  • Summary/Abstract:This paper analyses and presents the possible trends in the international oil and gas market under the waves of globalization; the study and research show the reforms and confrontation of the international energetic platform within the globalization of the International market. The road towards independent energies and economic growth to build and maintain the economy strong can be balanced differently from time to time between energy production and consumption. The necessity for such a global growth in economy and profts has led in particular most oil and gas companies to fnd new ways to dominate again the international oil and gas market by enhancing their investments to sustain their energy businesses. Furthermore, the sharp rise in energy prices poses major risks in the short term to global inflation and if it continues it may also affect the energy importing countries. The conclusions show that the sharp rise in commodity prices has turned out to be more pronounced than previously expected, moreover, the price fluctuation are fnally complicating the policy options as different countries emerge from the global recession, so adapting production strategies for the future requirements to satisfy the needs of the international market rely more on new energy insights and sustainable possibilities.
Globalization Effects in the Republic of Croatia

Globalization Effects in the Republic of Croatia
(Globalization Effects in the Republic of Croatia)

  • Author(s):Maja Vizjak, Marin Romić
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:43-51
  • No. of Pages:9
  • Summary/Abstract:Globalization processes create new organizational, economic and many other changes within society. There are many positive and negative social effects, and globalization is treated as an important part of the new world order and as a way of adapting and promoting new social values. It is increasingly turning into a new concept within the action of social relations as it encourages the opening of a new era of development. Under the influence of globalization, new directions of economic development in Croatia have been opened and this is an important scientifc issue. There are numerous benefts of globalization and differences in speed and approach have often been driven by regional trends, policy opportunities and economic factors. Croatia has a continuous and constant development of globalization parameters measured according to the KOF globalization index with occasional turbulent periods that resulted in short-term declines in correlations. The Covid-19 pandemic has turned into a major disaster for the glob al economy and it is clear that the further development of global relations will take some new dimensions. This paper aims to establish the correlation between the globalization effects and related integration processes in the world with the detection of the situation in the Republic of Croatia. The scientifc contribution is manifested through knowledge of the laws that govern globalization processes and inclusive forms of their further development.
Industrial Policy as a Precondition for Dynamic and Sustainable Development of Serbia

Industrial Policy as a Precondition for Dynamic and Sustainable Development of Serbia
(Industrial Policy as a Precondition for Dynamic and Sustainable Development of Serbia)

  • Author(s):Milena Lutovac Đaković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:53-59
  • No. of Pages:7
  • Summary/Abstract:Industrial policy refers to the policy of industrial development, where the term “industry” encompasses the organization and strategic management of human and material resources. The aim of this policy is primarily to stimulate and secure the tracking of structural adjustments and restructuring of companies in order to empower them to grasp the changes within the business environment and to face the economic challenges and increased competition on a global scale. Inclusive and sustainable industrial development means that all parts of society have equal benefts from industrial progress, which, in addition, enables the satisfaction of basic social and human needs. Such industrial development enables a continuous increase in the living standard for all people and new technological solutions for environ mentally friendly industrialization. Successful implementation of inclusive and sustainable industrial development in the age of globalization requires approaches that use globally available knowledge, technology, innovation and capital. The determination of the Republic of Serbia to join the EU entails the obligation to respect inclusive and sustainable industrial development. In order to achieve sustainable industrial development in the Republic of Serbia, it is necessary to promote the circular economy and educate business entities. Business entities must be introduced to the importance of more effcient use of material resources and possible savings in industrial processes, through the organization of promotional and educational gatherings and the use of services of centers that are active in this sector.
Implications of Technology Development on the Labor Market

Implications of Technology Development on the Labor Market
(Implications of Technology Development on the Labor Market)

  • Author(s):Danijela Sokolić
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:61-69
  • No. of Pages:9
  • Summary/Abstract:The level of resources invested in STEM, innovation and R&D has never been higher, resulting in new technologies that are promising higher return rates and a new competitive edge. Technology development is influencing the way the work is performed, thus changing the structure of the organization, content of work and demand for workers` skills. Thus, technology development changes industries, organizations and occupations. When occupations are displaced, many workers are forced to reconsider their possibilities at the labor market and to broaden their job perspectives by upgrading their skills portfolio. At the same time, due to the increase in production productivity, new products and services are offered, and new markets emerge. Thus, new jobs are instated and new skills for performing them are required. Technology development led by automation (including AI, ML, etc) and digitalization have found creative and efcient ways to change traditional business models, not necessarily through resource internalization and standard employment agreements. This paper is elaborating on the concept of job and employment, and the effect technology advancements have on labor markets. Findings are related to newly emerging forms of employment and their implications for organizations and workers.
Changes in the Economic Performance and Labour Market Situation in Slovakia during the COVID-19 Pandemic

Changes in the Economic Performance and Labour Market Situation in Slovakia during the COVID-19 Pandemic
(Changes in the Economic Performance and Labour Market Situation in Slovakia during the COVID-19 Pandemic)

  • Author(s):Jana Masárová, Eva Koišová, Monika Gullerová
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:71-77
  • No. of Pages:7
  • Summary/Abstract:The main purpose of economic research is to monitor the performance of a particular national economy and analyse the factors that determine its growth and fluctuations. Gross domestic product is primarily used to assess the performance of the economy. It is, however, also necessary to look at the labour market situation. COVID-19 pandemic is one of the factors that have impacted the Slovak economy and the labour market situation. The purpose of the paper is to evaluate the changes in the labour market and the performance of the Slovak economy in connection with the COVID-19 pandemic. The pandemic has resulted in lower economic performance. Particularly affected were the accommodation and food service activities, wholesale and retail trade as well as the manufacturing industry. Consequently, the labour market situation reflected these phenomena in decreased employment and increased unemployment rates.
Macroeconomic Consequences Caused by the COVID-19 Pandemic – Case Study of the Automotive Industry

Macroeconomic Consequences Caused by the COVID-19 Pandemic – Case Study of the Automotive Industry
(Macroeconomic Consequences Caused by the COVID-19 Pandemic – Case Study of the Automotive Industry)

  • Author(s):Nikola Radic, Vlado Radic
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:79-87
  • No. of Pages:9
  • Summary/Abstract:As a synonym for the industrial development of the 20th century, the automobile industry is considered the “industry of all industries” and the backbone of the development of mass production. It is one of the pillars of the global economy and a signifcant driver of macroeconomic growth, stability and technological development. The core of the industry (production of cars, parts, assemblies and components) interacts with a wide range of business actors in the value chain, which multiplies the positive impact on economic growth and development. The economic importance of the automotive industry far exceeds its quantitative dimensions. The automotive industry has signifcantly contributed to the introduction of the concept of integrated supply chains and modular procurement, so all changes in the automotive industry have a specifc “echo” in the entire economy. The Covid-19 pandemic caused major problems in the functioning of supply chains, which had unprecedented consequences for the automotive industry. Currently, the biggest problem is the months-long shortage of semiconductors, caused by the reorientation of manufacturers to semiconductors for mobile phones, video game consoles and laptops. The paper analyzes the decline in car production and sales, lower-income, layoffs and problems with car delivery.
Successful Businesses during a Pandemic How to Thrive

Successful Businesses during a Pandemic How to Thrive
(Successful Businesses during a Pandemic How to Thrive)

  • Author(s):Dana-Teodora Mierluț, Horia-Octavian Mintaș, Adriana Giurgiu
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:89-94
  • No. of Pages:6
  • Summary/Abstract:The world suffered a huge loss since the frst quarter of 2020 when the COVID-19 crisis started. Most of the businesses’ activity collapsed and the economy fell dramatically down. Other businesses have been struggling over the past months due to the coronavirus pandemic – temporarily closing in the face of lockdowns, or keeping their doors open while drastically scaling back operations. However, even in this unpleasant environment, in which reined the uncertainty and many entrepreneurs had to shut down their companies, multiple businesses managed not only to survive but to flourish during the last couple of years, despite the circumstances. This paper’s objective is to analyze this tendency of some of the world’s biggest multinational corporations headquartered in different continents, namely North America, Europe and Asia. There are several sectors well represented in the process, such as e-commerce, courier, stock exchange, gambling and subscription streaming services (e.g. Amazon, AliExpress, DHL, Netflix). Such multinational corporations succeeded to be adaptable and resilient in order to stay afloat in these ever-changing times and, in this way, to increase their revenues during the pandemic, but also to expand their reach or even grow their market, getting to new customers right in the middle of the chaos generated by the COVID-19 pandemic. The study is based on the fnancial results of the successful businesses – top companies in their feld.
The Influence of Macroeconomic Factors of the Business Environment on the Development of the Number of SMEs

The Influence of Macroeconomic Factors of the Business Environment on the Development of the Number of SMEs
(The Influence of Macroeconomic Factors of the Business Environment on the Development of the Number of SMEs)

  • Author(s):Katarína Kráľová, Dana Jašková, Jana Sochuľáková
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:95-101
  • No. of Pages:7
  • Summary/Abstract:The precondition for the development of any economy is the existence of a sufcient number of promising and developing SMEs. The basic element of successful SME development is the socio-economic business environment, which motivates to develop business. The paper analyses the socio-economic factors of the business environment in the regions of the Slovak Republic in the context of the development of SME business activities. The authors used survey methods to identify and better understand the socio-economic factors that stimulate business development, as well as barriers to the development of SME business activities in the regions of the Slovak Republic. To assess the relationship between the socio-economic level of the regions and the development of business in the regions, the authors constructed a composite indicator, which made it possible to compare and monitor the development of selected indicators. The authors used more complex multidimensional statistical methods for the calculation.
Business Environment in Bosnia and Herzegovina

Business Environment in Bosnia and Herzegovina
(Business Environment in Bosnia and Herzegovina)

  • Author(s):Rajko Macura, Nenad Novaković, Nikola Novaković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:103-110
  • No. of Pages:8
  • Summary/Abstract:The economy of Bosnia and Herzegovina (BiH) is facing multiple problems, such as the outflow of young and capable personnel, unfavorable economic, legal and political environment for starting and running a business, unadapted education system to the requirements of the labor market, etc. The subject of the research is the overall business environment and factors that are of key importance for the entrepreneurial sector. The aim of this paper is to identify the situation, problems and needs of the business sector in BiH and establish measures that can contribute to economic recovery. The results of the research, which presents the views of 52 business entities in BiH, show that entrepreneurs face many obstacles in their business. The paper proposes measures to ensure a more efcient business that would encourage entrepreneurs to start and run a business. This would increase competitiveness and contribute to the overall economic development of BiH.
The Importance of Financial Management for the Success of the Organization in a Challenging Business Environment

The Importance of Financial Management for the Success of the Organization in a Challenging Business Environment
(The Importance of Financial Management for the Success of the Organization in a Challenging Business Environment)

  • Author(s):Tanja Janaćković, Marko Janaćković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:111-117
  • No. of Pages:7
  • Summary/Abstract:The current economic environment poses challenges for the function of fnancial management and the fnancial function in general, on several levels. Organizations are required to change existing priorities, with an emphasis on cash management and forecasting activities, as well as risk management. Challenges in the business environment require organizations to raise additional capital. They need efcient fnancial management that will create an adequate capital structure, in order to react positively to changes in the business environment and use the available fnancial resources optimally and better meet the requirements in terms of obligations. The COVID-19 pandemic poses a challenge to organizations around the world, forcing them to rethink their existing business models as they struggle to survive. The paper frst examines the impact of the COVID-19 pandemic on organizations and their business, and especially on fnances and the process of fnancial management, and then points out the importance and techniques of fnancial management that are necessary for the success of organizations. This paper aims to point out the importance of efcient fnancial management and the application of its essential concepts in order to achieve the success and development of business organizations, especially in a challenging environment.
FinTech: Should We Accelerate Their Development?

FinTech: Should We Accelerate Their Development?
(FinTech: Should We Accelerate Their Development?)

  • Author(s):Rovena Troplini, Ikbale Tota, Merjemë Zyko
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:119-129
  • No. of Pages:11
  • Summary/Abstract:Technological development has played an integral role in the transformation and progress of the fnancial sector. Reductions in time, costs, efciency, are some of the opportunities that the Fintech sector stimulates. In this paper we will examine the advantages of technology integration in fnance and FinTech’s interaction with other sectors such as banking but also the risks it carries. We will analyze Fintech implementation in Albania market and the challenges faced for development. If we take into consideration how quickly the economic, social, cultural and natural conditions are changing, of course fnding, applying and developing new alternatives is the right solution. FinTech is therefore seen as the future of the fnancial sector. In conclusion, Albania as a developing economy and unknown with new technologies, regardless of all the difculties, is open to innovations and can be seen as a new market for the development of FinTechs.
Evaluating Financial Performance of IT Companies in the Consolidated Group

Evaluating Financial Performance of IT Companies in the Consolidated Group
(Evaluating Financial Performance of IT Companies in the Consolidated Group)

  • Author(s):Radoslav Tusan
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:131-135
  • No. of Pages:5
  • Summary/Abstract:This paper deals with the evaluation of the fnancial performance and fnancial position of IT companies in the consolidated group. The subject of the investigation is a consolidated group consisting of a parent company domiciled in Germany and its subsidiary in Slovakia. The article aims to point out the mutual relations within the consolidated group through correlation coefcients. The examined relations are in the area of proftability, indebtedness, liquidity and some macroeconomic indicators. The paper set out two objectives of the research: 1) within the consolidated group, the mutual relations between the parent company and the subsidiary are not signifcant; 2) within the consolidated group, the mutual relations between the parent company and the subsidiary are signifcant. Interesting conclusions emerged from the comparison of correlation coefcients.
Management and Access Control in Enterprise Resource Planning in an Organizational Context

Management and Access Control in Enterprise Resource Planning in an Organizational Context
(Management and Access Control in Enterprise Resource Planning in an Organizational Context)

  • Author(s):José Vestia, Leonilde Reis
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:137-141
  • No. of Pages:5
  • Summary/Abstract:Organizations are currently dependent on Information and Communication Technologies. In this sense, Enterprise Resource Planning and Systems, Applications and Products in Data Processing have had great organizational relevance over time, given the ability to aggregate and manage the information underlying the business. The underlying objectives of the paper focus on presenting the importance of ticket management within the scope of a service inserted and supported by the Agile methodology, more specifcally in the management of access for ERP SAP users within the scope of an IT project. The methodology adopted is based on Agile SCRUM and the practice established in the organization under study. The main results emphasize that, given the complexity of Enterprise Resource Planning and Systems, Applications and Products in Data Processing, organizations are confronted with the dynamics inherent in the management of Information and Communication Technologies projects.
Strategic Relevance of an Information Systems Master Plan in an Organizational Context

Strategic Relevance of an Information Systems Master Plan in an Organizational Context
(Strategic Relevance of an Information Systems Master Plan in an Organizational Context)

  • Author(s):Inês Barros, Ana Almeida, Leonilde Reis
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:143-148
  • No. of Pages:6
  • Summary/Abstract:Currently, there are organizations dedicated to providing support services to hospitals in order to collaborate to optimize the provision of health care, contributing to increasing the effectiveness and efciency of the health system. The paper aims to present the problem from a system modeling perspective when developing an Information Systems Master Plan. The research methodology adopted is Design Science Research, given its characteristics and suitability to the feld of Information Systems research towards the creation of the artifact. The expected results are centered on the process underlying the development of an Information Systems Master Plan that allows reflecting the organizational reality and creating conditions to outline strategies to guide and optimize the implementation and safe use of Information and Communication Technologies.
Impact of Industry 4 0 on Environmental Management Accounting

Impact of Industry 4 0 on Environmental Management Accounting
(Impact of Industry 4 0 on Environmental Management Accounting)

  • Author(s):Bojana Novićević Čečević, Ljilja Antić, Jovana Milenović
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:143-156
  • No. of Pages:8
  • Summary/Abstract:The development of industry and technology has brought about changes both in company operations and in the business environment operations. Industry 4.0 is a digital revolution that is based on innovative technological solutions and in which technology occupies an important place in the production process, business entity, but also in the lives of individuals. It encompasses new technologies the implementation of which causes costs, requires time, but also requires knowledge. In accordance with the Industry 4.0 requirements, changes in environmental management accounting ensued, because today most countries strive to achieve a healthy life and do business in a healthy environment. Environmental management accounting allows collecting data and making business decisions that will have an impact on company performance and environmental performance. The aim of this paper is to identify the advantages and disadvantages of Industry 4.0 as well as the impact of Industry 4.0 on environmental management accounting.
Empirical Research on the Impact of Intellectual Capital as a Determinant of the Growth of Market Value of Companies

Empirical Research on the Impact of Intellectual Capital as a Determinant of the Growth of Market Value of Companies
(Empirical Research on the Impact of Intellectual Capital as a Determinant of the Growth of Market Value of Companies)

  • Author(s):Ana Milijić, Andrija Popović, Nevenka Vojvodić-Miljković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:157-162
  • No. of Pages:6
  • Summary/Abstract:The development of information and communication technologies and the creation of knowledge bases has resulted in a large number of incremental and radical innovations in various spheres. The condition for the survival of companies in the knowledge economy is to meet the increasingly sophisticated needs of consumers. In order for companies to follow this trend, it is necessary to constantly improve (innovate) their products and/or services and create added value for the consumer, which is a source of creating and maintaining a competitive advantage in the market. As innovations “repose” in the knowledge of individuals, companies invest a significant amount of fnancial resources in the education of their employees because they represent a part of the intellectual capital of the company. The subject of this paper is the analysis of the relationship between investment in R&D and market cap. The aim is to show how investing in research and development affects the market value of companies.
Correlation Aspects of Employee Performance Metrics – Management through Promotion of Non-economic Motivation Factors

Correlation Aspects of Employee Performance Metrics – Management through Promotion of Non-economic Motivation Factors
(Correlation Aspects of Employee Performance Metrics – Management through Promotion of Non-economic Motivation Factors)

  • Author(s):Jana Aleksić, Mirjana Landika
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:163-168
  • No. of Pages:6
  • Summary/Abstract:Motivating employees in the company is a challenge for the management and the entire company structure. Motivation factors can be measurable, whether they are internal or external. Also, it is important to point out that internal psychological factors have a great impact on employees, sometimes more than the classic economic factors.New, assumed factors in this psychological insight relate to the application of spiritual techniques in the company that can have a motivating effect on employees in the company. This paper aims to show which types of profles accept changes through a new set of spiritual factors, in order to increase business efciency, and what are the reasons for their acceptance.Business efciency is measured and expressed by the ratio of achieved results and investments required for their realization. The number of factors that determine business efciency requires careful analysis and a scientific approach in taking into account quantitative factors, as well as their quantifcation and modeling the consequences of their level of presence in the business system.Expressing the contribution of qualitative factors to the business result is possible by using adequate statistical analysis, which refers to surveying respondents involved in business activities, quantifying their attitudes, and examining the rank correlation within the selected variables.
The Role of Agile Leaders in Establishing Effective Internal Communication in Digital Organizations

The Role of Agile Leaders in Establishing Effective Internal Communication in Digital Organizations
(The Role of Agile Leaders in Establishing Effective Internal Communication in Digital Organizations)

  • Author(s):Jelena Lukić Nikolić, Aleksandar Dejanović, Snežana Lazarević
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:169-175
  • No. of Pages:7
  • Summary/Abstract:Fourth industrial revolution and digital economy have affected many organizations and fostered them to become digital in order to survive and succeed. Leaders of digital organizations need to embrace numerous changes not only in organizational structure that becomes flat with minimal hierarchy, control, bureaucracy but also in all organizational processes and activities. One of the most important organizational processes is internal communication which becomes digital due to modern information and communication technologies and tools. This paper shows the role and importance of agile leaders in establishing and nurturing effective internal communication in digital organizations. To achieve the goal of effective digital communication in all directions and through the entire organization, leaders should be agile enough to establish appropriate communication channels, stimulate creative and critical thinking, new ideas, information and knowledge share, real time feedback, build and nurture trust among employees and engage employee participation in decision making.
Workplace Motivation – Case Study Engaging Students during a Pandemic

Workplace Motivation – Case Study Engaging Students during a Pandemic
(Workplace Motivation – Case Study Engaging Students during a Pandemic)

  • Author(s):Monica-Ariana Sim, Anamaria-Mirabela Pop
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:177-183
  • No. of Pages:7
  • Summary/Abstract:Professionals in all felds are to work even when societies go through crises (i.e., the current pandemic), natural disasters, or catastrophes. Studies conducted by specialists in different areas, indicate that numerous people are not willing to work under stressful conditions. In this paper, we want to fnd out what can motivate a person to work in abnormal conditions of stress, risk of illness, which motivational tools may be applicable with a direct view on students who remained online for more than 21 months.Humanity is facing one of the greatest challenges of this century: the COVID 19. People are going through a period of fearful insecurity and stress causing many problems and even mental health issues, some of them probably hard to remediate. Education is among the most affected felds of activity. The purpose of the paper is to discover workplace motivation of teachers and students to respond and react to such unfortunate circumstances and to continue their activity, thus avoiding long term blockages and drawbacks.
Employees’ and Students’ Attitudes of Business Process Orientation Usefulness in Croatia

Employees’ and Students’ Attitudes of Business Process Orientation Usefulness in Croatia
(Employees’ and Students’ Attitudes of Business Process Orientation Usefulness in Croatia)

  • Author(s):Marin Petrić, Marko Hell
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:185-193
  • No. of Pages:9
  • Summary/Abstract:Considering the growing competition in the market, each company strives to operate in accordance with the time in which it exists and following modern techniques of business system management. One of such techniques is manifested in designing and managing business processes in organizations. The authors investigated two groups of respondents. The frst group consists of employees of different organizations in Croatia. The second group of respondents are students of higher years of economic faculties in Croatia. The perception of these two groups on the importance of the company’s business process orientation was examined. The two groups were examined for an overview of the current situation with the help of employees and the future through the prism of future employees – current students. This paper aims to assume future trends of BPO use in organizations taking into account the perception of the participants surveyed.
Digital Competences: Empowerment of Education at Universities

Digital Competences: Empowerment of Education at Universities
(Digital Competences: Empowerment of Education at Universities)

  • Author(s):Silvia Matúšová, Viola Tamášová
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:195-204
  • No. of Pages:10
  • Summary/Abstract:The digital transformation, bringing new challenges for education and jobs, would require learning new skills and to strengthen the ability of people to adapt to challenges in new occupations that emerge in labour markets. Universities are undergoing a digital transformation that affects the teaching, learning, research activities and upskilling of university educators. The paper aims to point out why the educational and digital competencies of university educators need to be developed and operational. The framework of professional activities of university educators would require the strengthening of digital competences. Currently, the integration of digital skills and literacy into study programs is becoming a necessity for higher education. This measure requires innovative approaches and educational mastery of university educators. Therefore, upskilling and professionalization of university teachers employing a competence-based model of further education deserve special attention. The programs of relevant digital and pedagogical competences would promote the empowerment of faculty staff.
Financial Literacy and Risk Aversion of University Students: Study Applied to Lusófona University Students

Financial Literacy and Risk Aversion of University Students: Study Applied to Lusófona University Students
(Financial Literacy and Risk Aversion of University Students: Study Applied to Lusófona University Students)

  • Author(s):Cátia Rosário, Ana Lorga da Silva, António Augusto Costa
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:205-212
  • No. of Pages:8
  • Summary/Abstract:Over the past few years, the number of young people who choose to invest their savings in the fnancial markets has increased – investments such as savings accounts and treasury bonds where there is a guarantee of return on invested capital. They also invest in stocks, options, futures, swaps, bitcoins, among other fnancial products with different levels of risk. For investments to be made with relative safety, an adequate level of fnancial literacy is essential. Related to the concept of fnancial literacy is the concept of risk. In this study, a questionnaire was applied, and it had a dual purpose: to measure the level of fnancial literacy and measure the degree of fnancial risk aversion. The questionnaire was applied to students of the business management course at the Lusófona University; most respondents have fnancial knowledge and are not risk averse, which can be attributed to their area of study.
Blended Learning Perceptions in First Time and Experienced Users – The Learning Curve Accumulation Approach

Blended Learning Perceptions in First Time and Experienced Users – The Learning Curve Accumulation Approach
(Blended Learning Perceptions in First Time and Experienced Users – The Learning Curve Accumulation Approach)

  • Author(s):Rezart Prifti, Ana Shkreta
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:213-223
  • No. of Pages:11
  • Summary/Abstract:The purpose of this paper is to analyze the learning curve of frstime users and experienced users of blended learning methodology and their perception of eLearning platforms. We investigate student relation with blended learning approach aggregated in frst time users and experienced users, analyzing a multitude of factors with a sample size of 1021 students in university premises. Their approach is tested empirically through regression analysis by measuring the learning curve accumulation among two main categories of users. The implications of this study are practical for organizations and practitioners implementing innovative approaches in education. Data shows that frst time users are more likely to share theexperience, use the portal as an assisting tool in learning, and see blended learning as more helpful. While experienced users see it as a pure operational tool, spending more time on it, being more confdent, and value the experience by perceiving satisfaction and usefulness.
Study of Innovative Technologies and Materials for Online Learning

Study of Innovative Technologies and Materials for Online Learning
(Study of Innovative Technologies and Materials for Online Learning)

  • Author(s):Man Carmen Mihaela, Slave Camelia
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:225-230
  • No. of Pages:6
  • Summary/Abstract:The SARS-Cov-2 pandemic has fundamentally changed the way of life. On the continents, all areas were affected, from work to leisure and travel. The education sector has not been spared the consequences either. For months during isolation, schools, colleges and universities closed their doors, and online courses became the new norm. But education does not stop at the school gate, and educators everywhere have done everything in their power to ensure that pupils and students do not lag behind. The pandemic caused awareness of signifcant gaps and defciencies regarding digital skills, connectivity and the use of technology in education. The paper presents issues related to the implementation of the online learning system in education, including the structure of higher education, the implications for both students, teachers and the global impact on society.
Are Musicians Entrepreneurs? A Preliminary Analysis

Are Musicians Entrepreneurs? A Preliminary Analysis
(Are Musicians Entrepreneurs? A Preliminary Analysis)

  • Author(s):Elia Pizzolitto
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:231-242
  • No. of Pages:12
  • Summary/Abstract:In this narrative literature review, we employed the grounded theory for studying the scientifc debate, the contradictions, and the tensions between entrepreneurship and music activity. In particular, this work represents a preliminary study for a more in-depth future analysis of this relationship. The analysis let emerge two superordinate structures, fve themes, and eight subthemes. The two superordinate structures represent the most relevant tensions we found in the analyzed articles. The frst tension highlights the complicated relationship between musicians’ identity and the entrepreneurial nature of their job. The second tension studies the needed compromises that musicians have to consider between the individualistic nature of their art and the needed conformism imposed by the capitalistic environment of the music market. Finally, in the discussion section, we consider this preliminary study’s limitations and propose several further research opportunities.
The Concept of Digital Marketing Mix: Implications in Consumer Behaviour

The Concept of Digital Marketing Mix: Implications in Consumer Behaviour
(The Concept of Digital Marketing Mix: Implications in Consumer Behaviour)

  • Author(s):Saša Virijević Jovanović, Goran Dašić
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:243-249
  • No. of Pages:7
  • Summary/Abstract:Considering that digital technologies have become an essential element of everyday consumer life, modern marketing has shifted to new, digital models that provide different possibilities for marketing mix development. The advent of the Internet, and particularly Web 2.0. technologies have signifcantly influenced all elements of the marketing mix, regardless of whether organizations are directly involved in e-commerce or not. The paper analyses the strategic frameworks of the marketing mix from the context of consumer behaviour, and their user experience in the digital environment. The research aim is to indicate the opportunities of digital technologies for marketers when deciding about product differentiation, price strategies, online communication tools and distribution channels to deliver value to consumers. In addition, the paper provides an insight into current literature dealing with the implications of digital technology and media on the digital marketing mix.
Design in Function of Brand Creation

Design in Function of Brand Creation
(Design in Function of Brand Creation)

  • Author(s):Aleksandar Brzaković, Stefan Brzaković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:251-256
  • No. of Pages:6
  • Summary/Abstract:A brand is a collection of all tangible and intangible elements of a product or service which make it unique. Design is one of the most important components of a brand. Design consists of all those characteristics that influence the way how a product appeals to a consumer, what impression a product leaves on a consumer and how a consumer benefts from a product. It comprises all the characteristics of a product or service that influence the appearance of a product or service and the way how it works. When speaking about brand design, it is usually the key brand elements which are thought of, such as a logo, a color scheme, typography and other design components that make a brand differentiate from competitors’ ones and recognizable to consumers. According to the extant literature, insufcient attention seems to be paid to studying the contribution made by design in creating relevant brands. This paper is aimed at indicating the significance design has in the brand creation process, the signifcance of certain individual elements, such as the packaging design and colors. In the paper, a special reference is made to design and drivers of the values of luxury products.
Digital and Virtual Fashion as an Opportunity for Sustainable Concept

Digital and Virtual Fashion as an Opportunity for Sustainable Concept
(Digital and Virtual Fashion as an Opportunity for Sustainable Concept)

  • Author(s):Verica Bulović, Zlatko Čović
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:257-262
  • No. of Pages:6
  • Summary/Abstract:Sustainable digital transformation in the global textile and clothes value chain is a way to substantially change business performance through durable digitization techniques. With this digital transformation, manufacturers are seeking higher productivity, reduced labor costs, and environmental sustainability, among other business improvements, catalyzing the demand for a more automated and connected industry. Sustainable digital transformation in the global textile and clothes value chain is a way to substantially change business performance through durable digitization techniques. The purpose of this study is to identify the impact of digitalization on the fashion industry. The study is based on primary quantitative data that have been collected from 54 managers within the retailing industry from all continents. The study results show that the impact of digital transformation is positive for proft, operating costs and revenues and the rise of technology has changed consumer behavior changed consumer behavior.
Leasing of Production Control Processes – PLC as a Service in Industry 4 0

Leasing of Production Control Processes – PLC as a Service in Industry 4 0
(Leasing of Production Control Processes – PLC as a Service in Industry 4 0)

  • Author(s):Srđan Tomić, Luka Latinović
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:263-268
  • No. of Pages:6
  • Summary/Abstract:Programmable Logic Controllers (PLCs) represent a settled technology that is well established and ubiquitous within the automation of industrial processes. This technology is a signifcant automation foundation, and PLCs are expected to be needed in the future, even in the era of Industry 4.0. However, these controllers have to satisfy a variety of requirements in new era production paradigms. This manuscript gives a brief overview of the current state of the practice, explaining the main reasons for the persistence of PLC technology, while further examining the possibility of the shift towards the direction of their replacement by a cloud service. Thereby, the introduction of the service paradigm could also play an important role in future industrial n automation. This paper discusses such a concept of production control as a service substitution of the traditional PLCs. Its application would significantly increase flexibility by fulflling industry 4.0 requirements such as autonomy, interchangeability and reconfgurability, and would allow the creation of new business models that would lease production control processes.
On-Demand Services in Transportation and Mobility – A Structured Literature Review

On-Demand Services in Transportation and Mobility – A Structured Literature Review
(On-Demand Services in Transportation and Mobility – A Structured Literature Review)

  • Author(s):László Buics Buics, Edit Süle, Krisztina Gálos
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:269-278
  • No. of Pages:10
  • Summary/Abstract:This article aims to examine the application opportunities of on-demand services in the transportation and mobility sector. As these personalized, demand-driven services are gaining prominence in more and more areas, their dissemination and operation should be given a deeper understanding and overview, thus a structured literature review is being conducted in the study to examine these adaptive service processes.There is a great variety in these service types and characteristics, such as on-demand transportation services, demand-responsive transport, dial-aride transit, flexible mobility on demand, and many others. Because of this, a systematic approach is strongly justifed, as there is a great need for a comprehensive summary, in order to learn more about the nature and operating model of these services.
The Importance of Ethical Language in Business Communication

The Importance of Ethical Language in Business Communication
(The Importance of Ethical Language in Business Communication)

  • Author(s):Anamaria-Mirabela Pop, Monica-Ariana Sim
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:279-285
  • No. of Pages:7
  • Summary/Abstract:Language is culturally transmitted. It means that the language people use is the result of influences different factors had upon them: parents, educators, colleagues, and media. When conveying a message, it is important to think not only about the words that help with clarity but, also, it is crucial to consider the meanings of different words. In the business world, for companies operating in foreign countries, the language used plays a central role in how these companies are perceived, thus the language and the culture of that country coexist. In today’s world, effective communication is critical to a company’s success since it strengthens relationships, improves decision-making, and improves problem-solving abilities. Yet, successful business communication means that the communication must include the application of ethical standards during communication. Thus, this paper aims at presenting the relationship between communication and business, with emphasis on ethical language.
Perceptions of the Role of the Media in the Understanding of UAS for Civil Use – The Case of the Republic of Serbia

Perceptions of the Role of the Media in the Understanding of UAS for Civil Use – The Case of the Republic of Serbia
(Perceptions of the Role of the Media in the Understanding of UAS for Civil Use – The Case of the Republic of Serbia)

  • Author(s):Tatjana Ilić- Kosanović, Damir Ilić, Katarina Štrbac
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:287-296
  • No. of Pages:10
  • Summary/Abstract:Unmanned Aircraft Systems (UAS) have major benefts for humankind, nevertheless they are perceived through their widespread use for military purposes with ethical reservations. However, the possibilities for non-military use of UAS are extensive: scientifc research; disaster prevention and management; protection of critical infrastructure; homeland security; communications; and environmental protection. Media can have a signifcant role in promoting and explaining the use of UAS for civil purposes to the wider public. This paper explores perceptions of academics and professionals in various felds (security, environmental protection, STEM, etc.) of media reporting on UAS in general, UAS for military use, and UAS for civil use in the Republic of Serbia. The fndings show that media are perceived as underutilized vehicles in promoting UAS for civil use and develop a model for media use in promoting UAS for civil purposes.
Legal Protection of the EU Database: One Proposal for a Transposition

Legal Protection of the EU Database: One Proposal for a Transposition
(Legal Protection of the EU Database: One Proposal for a Transposition)

  • Author(s):Albena Dobreva
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:297-302
  • No. of Pages:6
  • Summary/Abstract:The European Commission’s 2021 Intellectual Property Action Plan provides for a revision of Directive 96/9 / EC of the European Parliament and of the Council of 11 March 1996 on the legal protection of databases. The process of its amending is started with Directive 2019/790, which complemented it with new exceptions already mandatory for the Member States, on the mining of text and data for the purposes of scientifc research, digital cross-border learning activities, and use by cultural heritage institutions. The transposition of these new texts by the deadline of 06.07.2021 did not take place in many Member States. The article relates to the proposal to transpose these exceptions into the legislation of Bulgaria and analyzes to what extent to which it would contribute to the objectives of harmonization.
Directive 2019/633 on Unfair Trading Practices in Business-To-Business Relationships and Its Implementation

Directive 2019/633 on Unfair Trading Practices in Business-To-Business Relationships and Its Implementation
(Directive 2019/633 on Unfair Trading Practices in Business-To-Business Relationships and Its Implementation)

  • Author(s):Vasil Hristov Georgiev
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:303-312
  • No. of Pages:10
  • Summary/Abstract:Unfair trading practices between economic operators are a consequence of the concentration and vertical integration of retailers of fast-moving consumer goods. The strengthened market position of the latter allowed them to impose unfavorable conditions on their economically weaker partners in the supply chain – such as manufacturers and small suppliers. The cross-border nature of trade in agricultural goods and foods has brought this issue to the attention of the European institutions relatively quickly.On 25 April 2019, Directive (EU) 2019/633 of the European Parliament and of the Council of 17 April 2019 on unfair trading practices in business-to-business relationships in the agricultural and food supply chain was published in the Ofcial Journal of the EU. This paper analyses the norms and implementation of the Directive as of 31 July 2021.
Multiple-Criteria Approach for Serbian Tourism Products Assessment

Multiple-Criteria Approach for Serbian Tourism Products Assessment
(Multiple-Criteria Approach for Serbian Tourism Products Assessment)

  • Author(s):Gabrijela Popović, Miodrag Brzaković, Darjan Karabašević, Srđan Novaković, Pavle Brzaković
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:313-319
  • No. of Pages:7
  • Summary/Abstract:The main intention of this paper is to emphasize the crucial tourism products that will contribute to the tourism development of the Republic of Serbia. With that aim, the Multiple-Criteria Decision-Making – MCDM approach is proposed based on the PIvot Pairwise RElative Criteria Importance Assessment – PIPRECIA and the Simple Weighted Sum Product – WISP methods. PIPRECIA method is applied for defning the criteria weights, while the WISP method is used for ranking the considered tourism products. The fnal results are reliable and the tourism product City break is emphasized as the one with the greatest potential.
Water – Renewable and Protected Natural Resource

Water – Renewable and Protected Natural Resource
(Water – Renewable and Protected Natural Resource)

  • Author(s):Slave Camelia, Man Carmen Mihaela
  • Language:English
  • Subject(s):Social Sciences, Economy
  • Page Range:321-326
  • No. of Pages:6
  • Summary/Abstract:Water is a “renewable, vulnerable and limited natural resource, an indispensable element for life and society, raw material for productive activities, energy source and transport, decisive in maintaining the ecological balance.” But is water, really, an inexhaustible and permanently renewable element? This is the question that can only be answered by implementing all methods, levers, domestic and international efforts aimed at protecting water and maintaining its natural and permanent circuit in nature. As water is a natural resource with great economic value in all its forms of use, conservation, reuse and saving of water are imperative objectives, which are to be achieved through the development of environmental awareness, the application of economic stimulus and the application of sanctions to those which violate legal rules on water protection. The protection of water quality at the national and international level involves a vast and complex activity of cooperation and collaboration based on domestic legislation and international treaties and conventions to which Romania is a party. The planet’s waters are a unitary whole, but their legal protection regimes vary depending on the category of waters that are protected. As a result of the diversity of legal regimes for water protection, the need for international cooperation has been imposed in order to prevent and combat water pollution, its judicious administration and management. The main normative acts include objectives and rules such as conservation, development and protection of water resources, protection against any forms of pollution and modifcation of water characteristics, complex use of water as an economic resource, their rational and balanced distribution, conservation and protecttion of aquatic ecosystems, protection against floods and other dangerous hydrometeorological phenomena, meeting the water requirements of industry, agriculture, tourism, transport and any human activities.
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