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19TH INTERNATIONAL SYMPOSIUM ON CORPORATE GOVERNANCE: SUSTAINABLE DEVELOPMENT AND TAXES – OPPORTUNITY OR BARRIER TO THE DEVELOPMENT OF SMALL ECONOMIES Cover Image
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19. MEĐUNARODNI SIMPOZIJUM O KORPORATIVNOM UPRAVLJANJU: ODRŽIVI RAZVOJ I POREZI - ŠANSA ILI BARIJERA RAZVOJA MALIH EKONOMIJA
19TH INTERNATIONAL SYMPOSIUM ON CORPORATE GOVERNANCE: SUSTAINABLE DEVELOPMENT AND TAXES – OPPORTUNITY OR BARRIER TO THE DEVELOPMENT OF SMALL ECONOMIES

Contributor(s): Milan Pucarević (Editor), Milenko Krajišnik (Editor)
Subject(s): National Economy, Business Economy / Management, Energy and Environmental Studies, Economic policy, Environmental and Energy policy, Economic development, Environmental interactions, EU-Approach / EU-Accession / EU-Development, Financial Markets, Fiscal Politics / Budgeting, Accounting - Business Administration, ICT Information and Communications Technologies, Business Ethics, Green Transformation
Published by: Finrar d.o.o Banja Luka
Keywords: Corporate governance; Sustainable development; Taxes; Small economies; Economic growth; Development barriers; Fiscal sustainability;
Summary/Abstract: 19. međunarodni simpozijum o korporativnom upravljanju - Banja Vrućica, 14-16. maj 2025.

  • E-ISBN-13: 978-99955-83-39-2
  • Page Count: 460
  • Publication Year: 2025
  • Language: Bosnian, Croatian, Serbian
KONCEPTUALNA PLATFORMA ZELENE ENERGETSKE TRANZICIJE I ULOGA PORESKE POLITIKE: SLUČAJ SRBIJE

KONCEPTUALNA PLATFORMA ZELENE ENERGETSKE TRANZICIJE I ULOGA PORESKE POLITIKE: SLUČAJ SRBIJE
(CONCEPTUAL PLATFORM FOR GREEN ENERGY TRANSITION AND THE ROLE OF TAX POLICY: THE CASE OF SERBIA)

  • Author(s):Dragan Đuričin
  • Language:Serbian
  • Subject(s):National Economy, Energy and Environmental Studies, Economic policy, Environmental and Energy policy, Fiscal Politics / Budgeting
  • Page Range:7-29
  • No. of Pages:23
  • Keywords:Serbia; polycrisis; polytransition; energy security; sustainable growth; clean reindustrialization; biomass energy production; green financing; automatic fiscal stabilizers;
  • Summary/Abstract:Serbia’s economy stands at a crossroads. Faced with geopolitical crises and fierce global competition, exacerbated by trade wars and the soaring costs of raw materials and energy, in the last period it has struggled to stay afloat. If Serbia fails to preserve its current manufacturing base and ensure energy security, it risks undermining its economic fundamentals and strategic autonomy. A well-balanced industrial structure, underpinned by energy security, is a cornerstone of Serbia’s future prosperity. However, the country’s future growth is threatened by significant challenges stemming from deeply rooted internal and external disruptors. Among the most pressing is a 30% energy output gap. The structure of energy output is the related challenge. Due to climate change, when defining a solution for energy security, both in terms of the volume and structure of energy production, as a key limitation to sustainable growth, the green energy transition should also be considered a factor of influence. Persistent issues such as the widening energy output gap, a high carbon footprint, the dominance of energy-intensive and hard-toabate industries in the economic structure (mining, steel, copper, cement, construction, transportation, ICT, etc.), as well as the low efficiency of end-use sectors, pose serious macroeconomic risks. The good news is that the policy mix implemented in 2024 led to nearly 4% economic growth, successfully curbed inflation, bringing it within the target tolerance band (3% ± 1.5%), and simultaneously reduced the fiscal deficit and public debt as a share of GDP (2.8% and 48%, respectively). Consequently, Standard & Poor’s upgraded Serbia to an investment-grade credit rating (BBB-). However, the dangerous nexus of key disruptors continues to fuel inflation, posing an ongoing challenge to the country’s macroeconomic fundamentals. To make matters worse, a (geo)political malaise that erupted in Q4 2024 has persisted to the present day. The escalating costs of coordinated mediation efforts to mitigate these negative effects have further squeezed the fiscal space available for state-led impact investments. In this deteriorating context, the current energy output gap risks expanding to an uncontrollable level, further aggravating the issue of energy security. An additional factor of concern is the structure of Serbia’s energy production, which is heavily reliant on lignite, accounting for 68% of electricity generation. There is a growing urgency to address this issue, not only to ensure energy security in Serbia but also to align with global climate change mitigation goals. To achieve and sustain energy security in Serbia, three critical goals contribute to solution: energy output expansion, supply diversification, and the shift from fossil fuels to renewable energy sources. Clean Reindustrialization and Green Energy Transition as its part serve as a conceptual framework for achieving these goals. For all goals, compatibility imperative with the EU is critical. In the energy sector, the EU tends to be more explicit, elevated, and sophisticated in its requirements regarding conceptual compatibility with candidate countries. By committing to a net-zero future, Serbia will strengthen its prospects for EU accession. This paper advocates the view that biomass will serve as a key renewable energy source in the medium term. Additional elements of the plan include the development of a regulatory framework for the carbon market, the issuance of thematic securities (green bonds, green credits, etc.), green fiscal subsidies, and the implementation of measures to prevent non-complying behavior (for example, greenwashing). Following the previous line of reasoning, the paper is organized around four fundamental issues. Part 1 is dedicated to explaining a polytransition, colloquially referred to as the “green transition”, as a response to the ongoing polycrisis. Part 2 focuses on clean reindustrialization as a new vision for economic development. Part 3, and the most important one, provides key explanatory insights into the deployment of biomass technology as the center of Serbia’s green energy transition, along with main financial projections. The paper ends with a Conclusion that summarizes the findings and implications.
  • Price: 10.00 €
ZLOUPOTREBA UGOVORA O IZBEGAVANJU DVOSTRUKOG OPOREZIVANJA: PREPREKA ODRŽIVOM POSLOVANJU

ZLOUPOTREBA UGOVORA O IZBEGAVANJU DVOSTRUKOG OPOREZIVANJA: PREPREKA ODRŽIVOM POSLOVANJU
(TAX TREATY ABUSE: AN OBSTACLE TO SUSTAINABLE BUSINESS)

  • Author(s):Dejan Popović, Gordana Ilić Popov
  • Language:Serbian
  • Subject(s):Business Economy / Management, Fiscal Politics / Budgeting, Accounting - Business Administration, ICT Information and Communications Technologies
  • Page Range:31-49
  • No. of Pages:19
  • Keywords:BEPS Action Plan; digitalization of business; international double taxation; tax treaty abuse; Multilateral Instrument; sustainable business; tax treaties;
  • Summary/Abstract:Since double taxation threatens global business, double taxation treaties are the most effective instruments to eliminate or mitigate the adverse consequences of such tax phenomenon. The rules on conflict of tax laws contained in tax treaties determine which of the competing tax jurisdictions – the state of residence or the state of source – shall have the priority of taxing rights. The authors’ hypothesis is that in the modern era of digitalization of business tax authorities are faced with special challenges in how to prevent huge losses of tax revenues resulting from the abuse of tax benefits provided by tax treaties. The paper deals with different modalities of combating tax treaty abuse – primarily with the principle purpose test (PPT). The investigation into the mechanisms of tax treaty abuse, following the guidelines set out in BEPS Action 6, also covered other relevant articles of the Multilateral Instrument (MLI). The aim of the paper is to indicate that the abuse of the tax treaties represents an obstacle to the sustainable business of companies at the global market. Therefore, tax authorities in Serbia and Bosnia-Herzegovina are required to prepare transparent guidelines on how to interpret their tax treaties recently modified in accordance with MLI provisions.
  • Price: 10.00 €
FISKALNI PARADOKS U SRBIJI: PRIVID ILI REALNOST

FISKALNI PARADOKS U SRBIJI: PRIVID ILI REALNOST
(FISCAL PARADOX IN SERBIA: ILLUSION OR REALITY)

  • Author(s):Miroljub Labus
  • Language:Serbian
  • Subject(s):National Economy, Economic policy, Policy, planning, forecast and speculation, Fiscal Politics / Budgeting
  • Page Range:51-73
  • No. of Pages:23
  • Keywords:Fiscal policy; DSGE; IRFs and their decomposition; conditional forecasts; Serbia;
  • Summary/Abstract:In this paper, we analysed the impact of tax instruments on GDP growth (tax on wages and profits, VAT, excise taxes and social contributions), as well as the corresponding impact of government spending on growth (public spending and public investments). We have observed a paradox. Empirically observed, the increase in the tax burden stimulates the growth of GDP, while the increase in government spending reduces this growth. To understand this paradox, we applied a stochastic model of the general economic equilibrium (DSGE model QUEST_Serbia) and carried out corresponding fiscal policy simulations. They are based on impulse functions, their decomposition and conditional forecasts of economic growth. Our finding is that the increase in any type of taxes, direct or indirect, reduces GDP growth rates although empirical data suggests otherwise. On the other hand, the increase in government spending on consumption and investments has a cyclical effect on economic growth, without modifying the final accumulated effects. This means that higher government spending cannot affect long-term development, but it can help fight recession in the short run.
  • Price: 10.00 €
ZEMLJA KAO NASLIJEĐENI KAPITAL

ZEMLJA KAO NASLIJEĐENI KAPITAL
(LAND AS INHERITED CAPITAL)

  • Author(s):Dejan Mikerević, Silvije Orsag
  • Language:Bosnian
  • Subject(s):National Economy, Business Economy / Management, Energy and Environmental Studies, Environmental interactions, Green Transformation
  • Page Range:75-96
  • No. of Pages:22
  • Keywords:natural resources; land; green economy; sustainable economy; value of a company;
  • Summary/Abstract:Natural resources represent a very important aspect of the functioning of every national economy, but also of global economic activity in accordance with the dynamic changes in their understanding by economic science and theory over time, from unlimited availability to the importance of their possession with extremely significant implications for economic development. The definition of value as a fundamental concept of economic reasoning is also extremely important from the aspect of harmonizing economic functioning in accordance with the social circumstances prevailing at a certain time. This is how the concept of green economy was created, which implies that natural resources are extremely important for the sustainability of economic activity in the long term, and through this, a new business model has been imposed since the beginning of the second decade of the 21st century. Land as a natural resource is a very significant and limited value that must be managed in the right way with an environmentally conscious approach of companies and capital.
  • Price: 10.00 €
IZAZOVI I PREPREKE ESG IZVEŠTAVANJA U REPUBLICI SRBIJI

IZAZOVI I PREPREKE ESG IZVEŠTAVANJA U REPUBLICI SRBIJI
(CHALLENGES AND OBSTACLES OF ESG REPORTING IN THE REPUBLIC OF SERBIA)

  • Author(s):Dejan Jovanović
  • Language:Serbian
  • Subject(s):National Economy, Business Economy / Management, Energy and Environmental Studies, Environmental interactions
  • Page Range:97-113
  • No. of Pages:17
  • Keywords:ESG reporting; ESG experts; challenges; obstacles; company; Republic of Serbia;
  • Summary/Abstract:The continuous increase in the number of companies publishing ESG reports worldwide, along with increasingly stringent global regulations, has led to a growing number of economic entities in the Republic of Serbia preparing and disclosing these reports. However, the flexibility of national regulations in the field of non-financial reporting and the absence of universally accepted standards, guidelines, and instructions result in numerous challenges and obstacles for entities that are required or willing to disclose non-financial information. Given this context, the aim of this paper is to identify the challenges and obstacles faced by economic entities in the Republic of Serbia concerning ESG reporting. The research will be conducted through surveys of individuals engaged in and experienced with ESG reporting (experts, consultants, directors, controllers, managers). The theoretical part of the paper employs methods of induction, deduction, and comparative analysis, while the practical part will involve statistical analysis of data collected through questionnaires using descriptive statistics. The research results are expected to highlight the main challenges and obstacles faced by ESG professionals in the Republic of Serbia, based on which recommendations for improving ESG reporting practices in Serbia can be identified.
  • Price: 10.00 €
DVOSTRUKA ZNAČAJNOST KAO FAKTOR ODREĐIVANJA TRANSPARENTNOSTI IZVJEŠTAVANJA O ODRŽIVOSTI

DVOSTRUKA ZNAČAJNOST KAO FAKTOR ODREĐIVANJA TRANSPARENTNOSTI IZVJEŠTAVANJA O ODRŽIVOSTI
(DOUBLE MATERIALITY AS A FACTOR DETERMINING THE TRANSPARENCY OF SUSTAINABILITY REPORTING)

  • Author(s):Jelena Poljašević
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Energy and Environmental Studies, Environmental interactions, Accounting - Business Administration
  • Page Range:115-135
  • No. of Pages:21
  • Keywords:double materiality; imapct materiality; legal risks; stakeholders;
  • Summary/Abstract:Increasing demands that companies protect the environment, provide appropriate working conditions for workers, and adopt the principles of sustainable business, while carrying out their activities, have led to the need for sustainability reporting that will meet the information needs of stakeholders. In assessing which topics are most important to stakeholders, and how a company affects sustainability factors, but also how sustainability factors affect the company, the concept of double materiality has been adopted, consisting of impact materiality and financial materiality. This paper analyzes the reports of several companies that have publicly disclosed their sustainability reports in order to determine how companies have determined the topics on which they will report, and whether they have disclosed all the necessary information that is required.
  • Price: 10.00 €
ZNAČAJ RAČUNOVODSTVA ODGOVORNOSTI ZA USPJEH RAČUNOVODSTVA ODRŽIVOSTI

ZNAČAJ RAČUNOVODSTVA ODGOVORNOSTI ZA USPJEH RAČUNOVODSTVA ODRŽIVOSTI
(THE IMPORTANCE OF RESPONSIBILITY ACCOUNTING FOR THE SUCCESS OF SUSTAINABILITY ACCOUNTING)

  • Author(s):Vinko Belak
  • Language:Croatian
  • Subject(s):Business Economy / Management, Energy and Environmental Studies, Environmental interactions, Accounting - Business Administration
  • Page Range:137-149
  • No. of Pages:13
  • Keywords:responsibility accounting; sustainability accounting; corporate responsibility; individual responsibility; quantitative indicators; qualitative indicators; financial indicators;
  • Summary/Abstract:After the EU Commission adopted the Corporate Sustainability Reporting Directive (CSRD) and adopted the European Sustainability Reporting Standards (ESRS), the popularity of the term „sustainability accounting” has increased dramatically. The EU Corporate Sustainability Reporting Directive (CSRD) introduces several important changes in the disclosure of: – environmental, – social and – governance information. This implies that reporting entities will have to prepare their reports according to European sustainability reporting standards, which is why the term „sustainability accounting” was created, which has a much broader scope than classic financial reporting By adopting mandatory standards for reporting on multiple areas of sustainability in the direction of environmental, social and governance information, it is sought to ensure that this information becomes as important as financial information. More precisely, the adopted sustainability standards (ESRS) require business entities to provide information on: – management, business model and strategy – assessment of the significance of individual information – management of impacts, risks and opportunities (through policies and activities) – quantitative indicators and targets. Particularly important information is the impact of climate change on business, the impact of the entity on water, air and soil pollution, as well as business behavior that can be key to the successful implementation of sustainability accounting. Namely, if reporting within responsibility accounting is reduced only to providing information to sustainability reporting standards, this does not guarantee any progress in terms of the goal to be achieved by sustainability reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD). Only when responsibility accounting is incorporated into sustainability accounting can the success of the entire concept of sustainability be expected. Until recently, responsibility accounting had mainly financial goals. This means that the concept in question should develop responsibility accounting, which, in addition to financial goals, will also include goals for improvement in the area of sustainability. The key point of the new concept of responsibility accounting is that for each significant segment of sustainability, a responsible person is assigned who has the task and responsibility for improving that segment. This paper is dedicated to this.
  • Price: 10.00 €
CILJEVI ODRŽIVOG RAZVOJA U EVROPI I ISKUSTVO IMPLEMENTACIJE U SLOVENIJI

CILJEVI ODRŽIVOG RAZVOJA U EVROPI I ISKUSTVO IMPLEMENTACIJE U SLOVENIJI
(SUSTAINABLE DEVELOPMENT GOALS IN EUROPE AND EXPERIENCE WITH THE IMPLEMENTATION OF THOSE GOALS IN SLOVENIA)

  • Author(s):Aleksandar Kešeljevič, Matjaž Koman
  • Language:Bosnian
  • Subject(s):National Economy, Economic development, Environmental interactions
  • Page Range:151-167
  • No. of Pages:17
  • Keywords:Sustainable development goals; Slovenia; Bosnia and Herzegovina;
  • Summary/Abstract:The paper analyzes the concept of sustainable development, which was mentioned in the Meadow report from 1972. In the first part of the paper, it is explained how the global goals of sustainable development should be included in the national development strategies of the country. Next, the paper shows how successful the European Union and Slovenia have been in implementing social development goals, where a comparison is made with Bosnia and Herzegovina. The conclusion is that despite the growing awareness, a different growth agenda is needed to achieve more sustainable development. Relatively simple goals of sustainable development are very difficult to operationalize in policies that would (directly and indirectly) lead to the achievement of the goals. Achieving the goals requires the coordinated action of all interested parties and significant human and financial resources. While developed countries such as Slovenia are positioned to achieve the goals of sustainable development by 2030, less developed countries such as Bosnia and Herzegovina are significantly behind. Therefore, it is important to be aware of the progress achieved and the need to learn from good practices implemented in developed countries.
  • Price: 10.00 €
UPRAVLJANJE INDUSTRIJSKOM TRANSFORMACIJOM: OBLIKOVANJE EKONOMIJA BUDUĆNOSTI

UPRAVLJANJE INDUSTRIJSKOM TRANSFORMACIJOM: OBLIKOVANJE EKONOMIJA BUDUĆNOSTI
(NAVIGATING THE INDUSTRIAL TRANSFORMATION: SHAPING THE FUTURE ECONOMIES)

  • Author(s):Polona Domadenik Muren, Matjaž Koman, Tjaša Redek
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Economic policy, Economic development, EU-Approach / EU-Accession / EU-Development
  • Page Range:169-196
  • No. of Pages:28
  • Keywords:Development policy; industrial policies; USA; China; European Union;
  • Summary/Abstract:The formulation of adequate development policies is a challenge for their creators and those involved in implementation. At the end of the last century, it became obvious that increasing the GDP per capita, as a measure of prosperity, is no longer the only goal. A broader view was sought, including the environment, health and other determinants of human well-being as additional priorities. New approaches to industrial strategy emphasize the importance of decisions on accelerating growth and shaping the economy while monitoring social, ecological and health priorities, while the specificities of individual countries must be respected. The subject paper first analyzed the development of industrial policies as integral parts of the development policies of individual countries, in order to continue with the review of practices in the case of three holders of global power: the USA, China and the European Union. The industrial policies of developed countries show that approaches vary and depend on the specifics of each country and economic cycle. The principles of modern industrial policy focus on technological progress, export orientation, intense competition, accountability and a balance between state intervention and market signals.
  • Price: 10.00 €
ULOGA DRŽAVE U KOMERCIJALIZACIJI NOVIH TEHNOLOGIJA

ULOGA DRŽAVE U KOMERCIJALIZACIJI NOVIH TEHNOLOGIJA
(THE STATE’S ROLE IN COMMERCIALISING NEW TECHNOLOGIES)

  • Author(s):Mitja Kovač, Larisa Omanović, Metka Pintar, Maja Zupan
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Economic policy, Political economy, Fiscal Politics / Budgeting, Accounting - Business Administration
  • Page Range:197-213
  • No. of Pages:17
  • Keywords:Innovations; government policies; innovation ecosystem; start-up companies;
  • Summary/Abstract:Progress in all industries is based, above all, on innovation. For all sectors to realize their full potential, tailored policies are needed that address their unique challenges and opportunities. The paper examines five pillars of innovation: intellectual property rights, subsidies for research and development (R&D), research universities, tax policy and institutional quality. The research is based on two main goals. The first objective is to identify the government policies needed to bridge the gap between research and commercialization, to ensure successful commercialization with maximum economic and social impact. The second goal is to determine, using the example of Slovenia, how the institutional framework, together with state policies, can foster a dynamic innovation ecosystem that encourages commercialization, while encouraging start-up companies to achieve initial growth and "unicorn" status. In order to encourage the commercialization of technology, Slovenia must implement key fiscal policies, including tax incentives such as: patent boxes, reduction of tax rates and accelerated depreciation for high-tech investments. These measures would ease financial burdens and encourage greater private investment in innovation. Simplifying the intellectual property registration process and quickly issuing patent approvals would further support newly established companies in the protection and commercialization of their inventions.
  • Price: 10.00 €
OBLIKOVANJE ŠUMSKOG EKOSISTEMA U SVRHU OSTVARENJA VEĆE DODATE VRIJEDNOSTI

OBLIKOVANJE ŠUMSKOG EKOSISTEMA U SVRHU OSTVARENJA VEĆE DODATE VRIJEDNOSTI
(SHAPING THE WOOD ECOSYSTEM FOR HIGHER VALUE ADDED)

  • Author(s):Barbara Čater, Matjaž Koman, Anže Ambrožič, Luka Černila, Matej Suhalj
  • Language:Bosnian
  • Subject(s):Energy and Environmental Studies, Economic development, Environmental interactions
  • Page Range:215-235
  • No. of Pages:21
  • Keywords:Wood industry; forest ecosystem; circular bioeconomy;
  • Summary/Abstract:The wood industry is one of the vital drivers of sustainable development and economic progress, especially in regions with extensive forest resources such as Slovenia. Demand for renewable materials has increased globally, positioning wood as a key raw material, with the wood industry facing significant challenges, including technological gaps, fluctuating markets and a lack of skilled labor. The paper examines the state of the Slovenian wood industry, analyzing its strengths, challenges and strategies for further progress. Key obstacles to the development of the timber industry in Slovenia include fragmented forest ownership, a relatively high reliance on roundwood exports, and outdated technologies, which limit the industry's global competitiveness. Investment in modern equipment, digital skills and cooperation will be essential for the Slovenian timber industry to progress and take advantage of opportunities in higher value-added markets. The Slovenian wood industry must align with global trends, such as the circular bioeconomy, in order to realize the full potential of its wood resources. Also, improving the digital skills of the workforce through targeted training programs and encouraging cooperation between interest groups in the industry will be essential for the progress and improvement of the industry's competitiveness.
  • Price: 10.00 €
SIMULACIJE U REFORMI NASTAVE EKONOMSKIH FAKULTETA I POVEZIVANJU EKONOMSKE TEORIJE S EKOLOŠKIM I SOCIJALNIM IZAZOVIMA

SIMULACIJE U REFORMI NASTAVE EKONOMSKIH FAKULTETA I POVEZIVANJU EKONOMSKE TEORIJE S EKOLOŠKIM I SOCIJALNIM IZAZOVIMA
(SIMULATIONS IN THE REFORM OF ECONOMICS EDUCATION AND THE INTEGRATION OF ECONOMIC THEORY WITH ECOLOGICAL AND SOCIAL CHALLENGES)

  • Author(s):Brano Markić, Marko Markić
  • Language:Bosnian
  • Subject(s):Higher Education , Political Ecology, Environmental interactions, Green Transformation
  • Page Range:237-255
  • No. of Pages:19
  • Keywords:simulation; green economy; Monte Carlo simulation; R language;
  • Summary/Abstract:Simulations of economic theories in university-level economics education represent an effective tool for better understanding abstract economic concepts and principles. Simulation is an interactive method that enables students to apply theories in controlled environments. It fosters deeper learning and critical thinking. In economics education, simulation offers several advantages over traditional learning methods. First, it allows students to grasp how economic theories actually function by presenting various scenarios and alternatives. Second, students can choose among different options—three, four, or more—and observe the outcomes of their decisions in virtual environments that replicate real economic conditions. Third, learning through simulation becomes engaging and entertaining, making knowledge more accessible and less abstract. Fourth, simulation facilitates the understanding of complex economic systems, as it involves numerous interacting variables that operate simultaneously and jointly. This enables the development of simulations of markets, international trade, business operations, and economic policy instruments and measures. The use of simulations in economics education requires specialized software solutions such as Simul8, Vensim, EcoSim, or the development of custom simulation programs for specific economic theories. Implementing simulation software provides benefits for both professors and students. Professors can more effectively transfer theoretical knowledge, monitor the outcomes of students’ decisions, and analyze them. In addition to theoretical knowledge, students also develop and adopt practical implementation experience, gaining insight into the power of economic theory. This paper explores the possibility of implementing Monte Carlo simulation for assessing the profitability of investment projects using the R programming language. Students are provided with a high level of interactivity and the ability to simulate reality based on the selected variable values within the Monte Carlo simulation, allowing for the analysis of various scenarios and alternatives in economic reality.
  • Price: 10.00 €
ULOGA VJEŠTAČKE INTELIGENCIJE U IZVJEŠTAVANJU O ODRŽIVOSTI POSLOVANJA

ULOGA VJEŠTAČKE INTELIGENCIJE U IZVJEŠTAVANJU O ODRŽIVOSTI POSLOVANJA
(THE ROLE OF ARTIFICIAL INTELLIGENCE IN BUSINESS SUSTAINABILITY REPORTING)

  • Author(s):Branko Krsmanović
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Economic development, Accounting - Business Administration, ICT Information and Communications Technologies
  • Page Range:257-266
  • No. of Pages:10
  • Keywords:Artificial Intelligence; Sustainability Reporting; ESG Indicators; Digital Transformation;
  • Summary/Abstract:The paper discusses questions and seeks answers on how artificial intelligence can be practically used for better reporting on sustainability. In particular, it examines the role of artificial intelligence in data collection, interpreting ESG factors and managing the current regulations. It focuses on practical examples and experiences that represent real benefits - faster processing, more accurate information and more exact presentation of results, instead of focusing on theory only. However, nothing is as simple as it seems - the paper also indicates problems such as ethical dilemma, rules complexity and lack of trained individuals. Therefore, the special emphasis is on small enterprises and their ways to reach knowledge and tools they need. Finally, it sugests concrete measures that could help companies in wise and resposible use of artificial intelligence, not only for their own growth, but also for the higher goal - sustainable development.
  • Price: 10.00 €
KVANTNI KOMPJUTERI I VJEŠTAČKA INTELIGENCIJA – EKONOMSKI IZAZOVI

KVANTNI KOMPJUTERI I VJEŠTAČKA INTELIGENCIJA – EKONOMSKI IZAZOVI
(QUANTUM COMPUTERS AND ARTIFICIAL INTELLIGENCE INTELLIGENCE – ECONOMIC CHALLENGES)

  • Author(s):Saša Vujošević, Milan Lakićević
  • Language:Bosnian
  • Subject(s):Supranational / Global Economy, Business Economy / Management, ICT Information and Communications Technologies
  • Page Range:267-286
  • No. of Pages:20
  • Keywords:quantum computers; artificial intelligence; digital transformation; innovation; quantum artificial intelligence;
  • Summary/Abstract:Quantum Computers and Artificial Intelligence (AI) represent two of the most revolutionary technologies of our time, with the potential to profoundly transform the global economy. Artificial intelligence has already become an integral part of many economic sectors. On the other hand, quantum computers are still in the early stages of development, but they possess the potential to solve problems that even the most powerful classical supercomputers today cannot handle. This paper will examine their individual and combined impact on the economy, focusing on advantages such as increased efficiency and innovation, as well as challenges such as job displacement and security risks. Based on an analysis of current trends and projections, we can conclude that these technologies have the potential to drive economic growth, but they also bring various security risks and ethical concerns, which require robust regulation.
  • Price: 10.00 €
DIGITALNA CIRKULARNA EKONOMIJA I NULTI OTPAD

DIGITALNA CIRKULARNA EKONOMIJA I NULTI OTPAD
(DIGITAL CIRCULAR ECONOMY AND ZERO WASTE)

  • Author(s):Boris Todorović, Marija Todorović, Zdravko Todorović
  • Language:Bosnian
  • Subject(s):Energy and Environmental Studies, Human Ecology, Political Ecology, Environmental interactions, ICT Information and Communications Technologies, Green Transformation
  • Page Range:287-306
  • No. of Pages:20
  • Keywords:scarce resources; unlimited needs and wants; linear economy; circular economy; digitalization; new technologies; zero defect; environmental pollution;
  • Summary/Abstract:The purpose of the research is to show how companies use scarce resources (land, labor and capital) to satisfy the unlimited needs and desires of customers or citizens. The company is faced with a choice of option or strategy: whether to slow down economic growth, reduce the desires and needs of the population or use available resources more efficiently. To solve this problem, companies are looking for the most efficient economic model. The linear economic model of take, make, use and waste away has proven unsustainable because it puts pressure on limited resources, creates waste and threatens the balance of ecosystems and biodiversity. Solving the problem of waste and reckless consumption of scarce resources has led to the development of the circular economy model. The development of new technologies and digitalization have significantly affected the economy and business of companies. By connecting new technologies, digitalization and the circular economy, we have come to the proposal of a digital circular economy model. The research design shows the impact of the digital circular economy on the creation of products without errors, waste and environmental pollution, which satisfy the desires and requirements of customers with minimal consumption of limited resources. The research methods in this study were qualitative and inductive, based on a review of available literature and in-depth interviews with experts from the IT and manufacturing sectors in manufacturing organizations. The main findings of the research are: a systemic approach to the analysis of scarce resources and a proposal for a strategy for their use; analysis of the needs and desires of the population for products and services; criticism of the linear model of the economy; analysis of the circular economy; presentation of digitalization and new technologies; proposal of a model of a digital circular economy and analysis of the results of the survey and interviews on the above topics. The limitations of the research are related to the smaller number of companies we analyzed and the smaller number of managers surveyed. For this reason, the research is not categorized as a case study, but as an interview with experts. The research objectives show what benefits the research has for practice and science. The practical benefits of the research will be for managers of manufacturing organizations that seek to improve business efficiency through the adoption of digital technologies in order to introduce a digital circular economy and improve business profitability. The originality of the research is related to the creation of a model of the impact of the digital circular economy on the business system that should encourage the creation of ecological, economic and social value. Establishing a digital circular economy requires fundamental changes across the entire value chain, from product design and technology to new business models, new ways of conserving natural resources and turning waste into resources, new consumer behavior, new standards, regulations and practices, new ways of education and financing, and a new economic paradigm based on a digital circular economy. It is important to understand that implementing a digital circular economy is a necessary step towards achieving climate goals and increasing resource and energy efficiency.
  • Price: 10.00 €
IZVEŠTAVANJE O ODRŽIVOSTI – IZAZOV I ŠANSA U POSLOVANJU PREDUZEĆA

IZVEŠTAVANJE O ODRŽIVOSTI – IZAZOV I ŠANSA U POSLOVANJU PREDUZEĆA
(NON-FINANCIAL REPORTING – A CHALLENGE AND AN OPPORTUNITY IN BUSINESS OPERATIONS)

  • Author(s):Kristina Peštović
  • Language:Serbian
  • Subject(s):Business Economy / Management, Accounting - Business Administration, Business Ethics
  • Page Range:307-320
  • No. of Pages:14
  • Keywords:non-financial reporting; non-financial reporting regulations;
  • Summary/Abstract:Non-financial reporting is becoming an increasingly important segment of corporate reporting, as it enables companies to transparently communicate information that does not directly relate to financial performance but has a long-term impact on the sustainability and social responsibility of business operations. Such reports cover areas such as environmental protection, social impact, human resources, business ethics, and governance. In modern business conditions, the interest of stakeholders – including investors, consumers, regulators, and the broader community – is increasingly focused on non-financial aspects that reflect the values and sustainability of a company. This paper will place particular emphasis on the analysis of the diverse regulations governing this field. It will also address specific opportunities that non-financial reporting provides to companies, such as enhancing reputation, competitiveness, and investor relations, as well as the challenges organizations face in the process of collecting, processing, and presenting relevant data.
  • Price: 10.00 €
POLITIKE IZVJEŠTAVANJA O ODRŽIVOSTI U PREDUZEĆIMA: ANALIZA STANJA U BOSNI I HERCEGOVINI

POLITIKE IZVJEŠTAVANJA O ODRŽIVOSTI U PREDUZEĆIMA: ANALIZA STANJA U BOSNI I HERCEGOVINI
(SUSTAINABILITY REPORTING POLICIES IN COMPANIES: AN ANALYSIS OF THE SITUATION IN BOSNIA AND HERZEGOVINA)

  • Author(s):Bobana Čegar Babić, Tajana Serdar Raković
  • Language:Bosnian
  • Subject(s):Business Economy / Management, EU-Approach / EU-Accession / EU-Development, Accounting - Business Administration
  • Page Range:321-338
  • No. of Pages:18
  • Keywords:corporate sustainability reporting; CSRD; financial reporting; non-financial reporting; financial performance;
  • Summary/Abstract:Beside the issues related to financing sustainable development and the costs associated with operating in compliance with environmental standards in the corporate sector, the additional challenge lies in coverage of financial reporting and finding accounting solutions for integrating sustainability issues into financial reports. One of the fundamental changes in the recent period is the enactment of the EU Directive on Corporate Sustainability Reporting (CSRD) (2022/2464). The CSRD modernizes and strengthens the rules regarding social and environmental information which companies have to disclose in their financial reports. Although the change in Directive implementation is currently being reconsidered in the EU, it is indisputable that domestic companies will have to change their approach to sustainability issues in the near future and introduce sustainability reporting into practice. This paper analyzes the policies and state of sustainability reporting in the corporate sector of Bosnia and Herzegovina over a period of three years. Although the implementation of the CSRD is not yet mandatory in Bosnia and Herzegovina, it is expected that sustainability reporting will become an integral part of the financial reporting framework in the country, especially considering the international orientation of a significant number of corporate companies and their collaboration with companies from the EU. The main objective of our research is to examine the extent and form in which sustainability information is included in the financial and non-financial reports of companies in Bosnia and Herzegovina, and whether the scope of this information is related to the financial performance of the analyzed companies.
  • Price: 10.00 €
EKOLOŠKA DIMENZIJA FISKALNE POLITIKE U ZEMLJAMA ZAPADNOG BALKANA

EKOLOŠKA DIMENZIJA FISKALNE POLITIKE U ZEMLJAMA ZAPADNOG BALKANA
(THE ECOLOGICAL DIMENSION OF FISCAL POLICY IN THE COUNTRIES OF THE WESTERN BALKANS)

  • Author(s):Biljana Srdić Gojković, Sanja Popović, Marijana Đukić
  • Language:Bosnian
  • Subject(s):Energy and Environmental Studies, Political Ecology, Environmental interactions, EU-Approach / EU-Accession / EU-Development, Fiscal Politics / Budgeting
  • Page Range:339-359
  • No. of Pages:21
  • Keywords:environmental taxation; fiscal policy; energy efficiency; Western Balkans; sustainable development;
  • Summary/Abstract:Environmental taxation represents a significant instrument for promoting sustainable development and energy efficiency, particularly in the context of the Western Balkan countries striving for European Union membership. This paper provides a comparative analysis of environmental taxation in the region, focusing on the fiscal relevance and structure of environmental taxes during the period 2014–2022. Although the countries of the region record relatively higher revenues from environmental taxes compared to the EU average, the findings indicate a predominantly fiscal rather than ecological motivation, with a strong reliance on energy excise duties and a marginal share of pollution and resource use taxes. The empirical analysis confirms a statistically significant negative correlation between environmental tax revenues and energy intensity, highlighting the potential of these instruments to improve energy efficiency. The results underscore the need to strengthen the environmental dimension of fiscal policy in the Western Balkan countries in order to enhance the internalization of environmental costs, protect the environment, and accelerate the process of European integration.
  • Price: 10.00 €
POSLJEDICE IZMJENA PLAĆANJA PDV-a NA TROŠKOVE KARTIČNIH TRANSAKCIJA

POSLJEDICE IZMJENA PLAĆANJA PDV-a NA TROŠKOVE KARTIČNIH TRANSAKCIJA
(CONSEQUENCES OF VAT PAYMENT CHANGES ON CARD TRANSACTION COSTS)

  • Author(s):Jasna Zrilić
  • Language:Bosnian
  • Subject(s):Economic policy, Financial Markets, Fiscal Politics / Budgeting, Accounting - Business Administration
  • Page Range:361-372
  • No. of Pages:12
  • Keywords:card transactions; global card houses; value added tax;
  • Summary/Abstract:In Bosnia and Herzegovina, there is an increase in payments via payment cards. In 2024, the volume of payment card transactions amounted to 18.43 billion KM. Over 99% of card traffic in Bosnia and Herzegovina is made up of MasterCard and Visa cards. In order to make a card transaction, the participation of the mentioned card companies is necessary. They issue invoices to banks for their services. From the beginning of the work of the Administration for Indirect Taxation of Bosnia and Herzegovina, and for the next 18 years, the position was that the costs of global card companies (MasterCard and Visa) constitute side traffic, that is, they represent an integral part of a financial transaction without which it is not possible to do the same, and that there is no obligation to pay value added tax on them. Only since the control that was carried out in 2022, this position has been changed, but without changing the legal regulations, the way of working, the nature of the services provided, that is, there has been no change in any facts that would justify the change of position. Bank controls that were carried out before 2022 treated these card house services as non-taxable. Also, in that earlier period, the Directorate for Indirect Taxation gave a written opinion confirming this. However, the opinion was changed without prior knowledge of the taxpayers, which is contrary to Article 49 of the Law on Indirect Taxation Procedure of BiH. The banking sector of BiH has retroactively paid value added tax and default interest in the amount measured in tens of millions of KM in 2022, based on the decision from the aforementioned control. The Association of Banks of Bosnia and Herzegovina, as a professional body of the banking sector of Bosnia and Herzegovina, actively participated in the communication between the banks and the Administration for Indirect Taxation of Bosnia and Herzegovina, however, no consensus was reached. The retroactive application of a different interpretation of the same legal regulations caused, in addition to financial, even more significant effects on Bosnia and Herzegovina, which are reflected in legal uncertainty, loss of reputation and the creation of a bad economic climate for attracting foreign investments. The purpose of this work is to avoid the practice of changing opinions and attitudes in future procedures of tax institutions, without prior notification of the taxpayer or changes in the legislation.
  • Price: 10.00 €
JAČANJE KORPORATIVNE ODGOVORNOSTI KROZ (RE)POZICIONIRANJE REVIZIJE U DIGITALNOM DOBU

JAČANJE KORPORATIVNE ODGOVORNOSTI KROZ (RE)POZICIONIRANJE REVIZIJE U DIGITALNOM DOBU
(STRENGTHENING CORPORATE RESPONSIBILITY THROUGH (RE)POSITIONING THE AUDIT IN THE DIGITAL AGE)

  • Author(s):Radomir Božić
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
  • Page Range:373-387
  • No. of Pages:15
  • Keywords:digitalization; artificial intelligence; big data analytics; blockchain technology; continuous audit; corporate governance;
  • Summary/Abstract:This paper aims to point out the need, challenges and essence of (re)positioning external audit as one of the mechanisms of corporate governance in the digital age. Digitization, understood as the process of applying new digital technologies in the operations of companies, significantly determines their overall business activities, including the process of financial reporting and auditing of financial statements. Traditional auditing is already changing as a result of the application of digital technologies embodied above all in artificial intelligence, big data analytics, blockchain and robotic process automation, and further acceleration of these processes by large audit firms is expected. The changes are reflected in the automation and optimization of routine and repetitive audit activities and procedures, the possibility of checking and testing entire populations of data and information contained in financial reports and thus abandoning sampling in obtaining audit evidence, access to all data and information about the client in real time, which makes the transformation of traditional audit into continuous audit more and more realistic. This creates the potential for the audit to provide better support to the corporate management process through: (1) greater relevance and quality of audit services, which will have greater added value for the client, but also for all stakeholders, (2) expanding the range of audit services including more reliable risk assessment, proposing solutions for identified problems, focusing not only on historical information, but also on current data, but also more reliable assessments of the probability of client bankruptcy. On the other hand, such processes require additional competencies and a new professional profile of auditors and the creation of a culture of innovation in audit firms in order to remain competitive on the market for the provision of assurance services in the era of mass digitization. In this paper, after the introductory considerations and review of the relevant literature, an overview is given of the approach and research results that indicate the expected effects of digital transformation and (re)positioning of audit as one of the mechanisms of corporate governance. The fundamental messages and conclusions are synthesized in the final part of the paper.
  • Price: 10.00 €
SPREMNOST PRIVREDE REPUBLIKE SRPSKE ZA ODRŽIVI RAZVOJ KAO NOVE PARADIGME POSLOVANJA

SPREMNOST PRIVREDE REPUBLIKE SRPSKE ZA ODRŽIVI RAZVOJ KAO NOVE PARADIGME POSLOVANJA
(READINESS OF THE ECONOMY OF THE REPUBLIKA SRPSKA FOR SUSTAINABLE DEVELOPMENT AS A NEW BUSINESS PARADIGM)

  • Author(s):Dragan Mikerević, Đoko Malešević
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Economic development, Environmental interactions, Accounting - Business Administration
  • Page Range:389-421
  • No. of Pages:33
  • Keywords:Sustainable development; non-financial information; sustainability reporting; integrated reporting; financial strength; macroeconomic outlook;
  • Summary/Abstract:Economic and legal entities, as well as the economy in general, are facing serious challenges: how to reorient towards a strategy of sustainable development in the face of newly emerging circumstances, maintain their positions within existing value and supply chains, and/or integrate into new ones. The provisions of the EU Corporate Sustainability Reporting Directive (CSRD) introduce significant changes for large enterprises, but also for small and medium-sized entities of public interest, requiring them to report not only financial but also sustainability-related information, in accordance with the European Sustainability Reporting Standards (ESRS). This poses a substantial challenge even for businesses outside the European Union. In order to remain viable in global and regional value chains, these businesses will need to adopt a sustainability-oriented strategy. In this context, the new business paradigm must align profit objectives with sustainable development goals, particularly those related to environmental protection. This shift is not merely procedural but structural and strategic. Achieving these overarching goals necessitates the redirection of capital flows toward sustainable investments to foster sustainable and inclusive growth, manage financial risks arising from climate change, prevent the depletion of natural resources and environmental degradation, and reduce social inequalities.
  • Price: 10.00 €
KOMPARATIVNA ANALIZA ESG I FINANSIJSKIH PERFORMANSI BANAKA U EVROPI

KOMPARATIVNA ANALIZA ESG I FINANSIJSKIH PERFORMANSI BANAKA U EVROPI
(COMPARATIVE ANALYSIS OF ESG AND FINANCIAL PERFORMANCE OF BANKS IN EUROPE)

  • Author(s):Miloš Grujić
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Governance, Financial Markets, Accounting - Business Administration
  • Page Range:423-442
  • No. of Pages:20
  • Keywords:banking sector; ESG performance; social responsibility; corporate governance;
  • Summary/Abstract:This research aims to explore the relationships between environmental, social, and governance (ESG) performance and the financial performance of European banks. The focus is on how bank performance varies by size, employee count, and geographical region. This study relies on operational data from 111 European Union and eurozone banks. Data were gathered from Thomson Reuters Eikon, the World Bank, the online platform Statista, and Bloomberg. The statistical analysis includes an ANOVA test to identify variations in ESG and financial performance based on geographical and monetary classifications. The results confirm significant differences in ESG and financial performance across various regions in Europe among banks of different sizes. These findings can assist policymakers, investors, auditors, and managers in understanding the most critical aspects to enhance operational efficiency and social responsibility. Further research in this area is essential for deepening the understanding of the relationship between ESG and financial performance within the dynamic banking sector.
  • Price: 10.00 €
ZELENI POREZI KAO INSTRUMENT U RJEŠAVANJU EKOLOŠKIH PROBLEMA

ZELENI POREZI KAO INSTRUMENT U RJEŠAVANJU EKOLOŠKIH PROBLEMA
(GREEN TAXES AS AN INSTRUMENT FOR ADDRESSING ENVIRONMENTAL ISSUES)

  • Author(s):Stefan Blagojević
  • Language:Bosnian
  • Subject(s):Business Economy / Management, Environmental and Energy policy, Environmental interactions, Fiscal Politics / Budgeting, Green Transformation
  • Page Range:443-460
  • No. of Pages:18
  • Keywords:sustainable development concept; environment; green taxes; environmental issues;
  • Summary/Abstract:The predominant developmental paradigm embraced by the majority of countries worldwide is the concept of sustainable development. This concept entails the necessity of aligning various dimensions of economic, social, and technological progress with the criteria of ecological sustainability. As a developmental framework, sustainable development was adopted at the European level in 1990, and globally in 1992. The state plays a pivotal role in the implementation of this concept, particularly through its interventionist function in influencing economic activities to incorporate ecological principles and standards, with the objective of reducing environmental pollution. Green (environmental) taxes, as instruments of economic-environmental policy, are of considerable importance in the pursuit of sustainable development. They serve to incentivize environmentally responsible behavior by internalizing ecological costs into product pricing. Nonetheless, the reform of environmental taxation and the introduction of green taxes commenced only in the late 1980s and early 1990s. Prior to this, most countries primarily sought to address environmental challenges through legal regulations and the imposition of environmental protection fees. However, the growing magnitude of pollution highlighted the inadequacy of existing instruments and underscored the need for additional economic-environmental mechanisms, thereby prompting the introduction of green taxes.
  • Price: 10.00 €
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