The investment policy and regional development of Serbia in the transition period

Our country can compensate the lagging in the economic development in relation to the EU countries as well as to the countries of the region only by increasing the economy's competitiveness, depending to a great extent on the possibilities of the economic entities investment in improving the attributes of the existing and development of new products and services, as well as on introducing modern technology and technological procedures. The transition program conducted by former socialist countries was highly based on foreign direct investments (FDI) enabling these countries the successful inclusion into global flows of international production and overall economy. In this paper the possibilities and sources of our economy investing will be analyzed and the influence on enhancement of the overall and regional competitiveness of the companies as a necessary condition for increasing the export and the overall economic development of the country

Application of international accounting standard-16 in a public company with predominantly agricultural activities

This work suggests the existence of a number of advantages for companies that have opted for the application of International Accounting Standards. Their application allows fair reporting, which is extremely important for countries in transition, as well as for those countries that have not applied IAS. The authors carried a study related to full application of IAS 16 to 114 companies, of which 10 are public and 104 other companies are from the wider area of Novi Sad, in the period 2010–2015. In addition, the study of the case of public companies is done in order to demonstrate the situation before and after the valuation of assets and equipment as at 30 June 2012. The state after 3 years is fairly shown on 30 June 2015, all in order to make valid conclusions regarding fair reporting of the public enterprises. It can be concluded that the application of IAS 16 has multiple benefits by companies that fully apply fair reporting in its operations

Национална економија

Serbian. У овом одељку разматрају се опште карактеристике националне економије. У првом делу приказан је њен историјски развој, који је обухватио привреду у средњовековној српској држави Немањића, преко развоја у оквирима турске феудалне државе, изградње самосталне српске државе након српских устанака и ослобођења од Турске, па до развоја у савременим условима 20. и 21. века. Тај вишевековни развој протицао је у сталним напорима да се превазиђе наслеђена економска заосталост, да се унапреди и модернизује привреда, односно да се претежно аграрна земља претвори у земљу с модерном индустријском привредом, али и уз отпоре изражене у супротној тенденцији да се одржи аграрни, односно сељачки карактер земље. Ипак, био је то процес који се уз мање или више осцилација, али у целини успешно одвијао све до пред крај 20. века. Међутим, почев од последње деценије претходног века земља је током процеса транзиције била деиндустријализована, тако да је сада на нивоу развоја од пре неколико деценија, и стоји пред поновним захтевима за (ре)индустријализацијом. У другом делу разматрају се актуелне карактеристике привреде Србије, подељене у четири сектора. English. In this chapter the main characteristics of the national economy will be considered. In the first part there is explored its historical development. It involves the economy of the middle century Nemanjićs’ Serbian state, through the development in the framework of Turkish feudal state, the building of independent Serbian state after the Serbian uprisings and liberation from Turkey, up to development in modern circumstances of 20th and 21st centuries. This many centuries development characterize constant efforts to overcome the inherited economic backwardness, to move up and modernize the economy, i.e. to transform the predominantly agrarian state to the state with modern manufacturing economy, but also with resistances represented in opposite tendency to keep agrarian, i.e. peasant character of the state. Although, it was the process, that successfully carried out until to last decade of 20th century. But, since this decade the state was deindustrialized through the transition process, so it is now on the level of some decade before, and state is confronted with the repeated need for reindustrialization. In the second part of this chapter the actual characteristics of the Serbian economy are considered, divided in four sectors

FINANCIAL AND MARKETING PERSPECTIVE OF A COMPANY ACCORDING TO THE CONCEPT OF STRATEGIC BALANCE SCORECARD

Balance scorecard was created in the 1990’s and it represents one of the most significant management ideas with the possibility of application in private, public and non-profit sector. It was created in need to respond to demands of intangible assets measurements which participate with more than a half of many great companies’ value in last decades. Balance scorecard ensures insight into business possibilities and fulfillment of strategic goals from four perspectives: financial, marketing, internal and perspective of learning and growth. Balance scorecard measures and monitors human, information and organizational capital of a company with the aim of establishing to what extent this elements of intangible assets contribute to company’s strategy realization. Standpoint for creation of this concept was an evident gap between corporate top strategy and understanding that strategy at lower levels of management and levels of translating strategies into actual business activities

ОДРЖИВИ РАСТ И РЕГИОНАЛНА КОНКУРЕНТНОСТ ПРИВРЕДЕ СРБИЈЕ

Backwardness in economic development in comparison with EU and countries from region, expressed especially after big crisis from 2008, demands a change of country’s economic policy in order to create assumptions for a long-term sustainable development and competitiveness’ increase in regional and world contexts. Having in mind results realized so far, there is a real danger that current economic policy will stabilize country on a low level of GDP, high unemployment rate, with low wages and bad working conditions in a large number of enterprises, in domestic or foreign ownership. Such situation is a result of non-existence of adequate strategy of economic development in transitional period. The goal of paper is to point that new economic policy should be based on support to sectors which most of its added value create through internationalization of business and which have faster growth of revenues on foreign than on domestic markets, such as IT sector, agro-business, medium-tech developed industries

BRAND IMPACT ON THE COMPANY’S FINANCIAL PERFORMANCE

There has been a major change in the company’s assets structure after the year 2000, which is reflected in the massive decline of fixed assets participation and the increase in the intangible assets participation. This change was not appropriately accompanied by accounting standards and principles that are still adjusted to the capital assets value. Hence the accounting value of the many companies’ assets is far from its market value, which is negatively reflected on rendering business and investment decisions, and, ultimately, on the business activity results. Special attention is devoted to branding products and services in the contemporary businesses, as a model for long-term competitive market advantage acquisition and business and financial performances improvement

Trends in Development of Serbian Agriculture after the Economic Crisis in 2008

In this paper, the authors analyse the trend of agricultural production, at the agricultural holdings and enterprises active within the mentioned sector, in the period after the economic crisis in 2008., based on the submitted financial reports. The fact is that Serbia has favourable natural resources, but the achieved results are significantly below the average of EU member states. This indicates low labour productivity, as well as low competitiveness of legal entities involved in the agricultural sector. The analysis points out to the basic factors that influenced this state of the sector, but also to the possibilities of its dynamic and sustainable development. There is believe that participants in the production and trade of agricultural products can make a significantly greater contribution to overall economic growth, employment, exports and the creation of new value, but they need an adequate business environment and support of agricultural policy

THE IMPORTANCE OF CONSULTING IN CONTEMPORARY BUSINESS MANAGEMENT

Modern business is characterized by risk and uncertainty, and such an environment is reflected in the decisions taken by managers. On the other hand, management consulting is one of the most important management techniques developed over the last fifty years. The secondary effect of this invention is the rapid development of new frameworks, tools, and techniques improving the operations in a number of companies. Exposure of consulting organizations to varying combinations of business circumstances and experiences of different companies have allowed for the accumulation of valuable knowledge and business experience. From this coupling, or interaction of knowledge and experience of consulting companies, on the one hand and the needs of management companies to recognize their role and hire consultants, on the other hand, developed the importance of financial consulting and auditing. Rational management processes cannot be imagined without reliable information provided by the audit, especially as the strategic management includes the control phase. The importance and relationship between consulting and management in companies that do business according to modern principles is a central topic of consideration in this paper

Extent and types of management consulting services to SMEs in Vojvodina

<p><em>Growth and development of small and medium enterprises depends on many external and internal factors, as well as the volume, type and quality of support available to them. This paper highlights the importance of management knowledge and skills in small business, and the importance of management consulting in their acquisition and development. We have researched and analyzed the extent to management consulting (MC) services, separately in the micro, small and medium enterprises. In addition, we learn which types of MC services are most commonly used by companies of different sizes. In that way, we provided qualitative and quantitative data for each group of enterprises, both in the type and volume of services used. It is observed that micro-enterprises use a small amount  MC services, and those of more general type. With the growth of the enterprises, comes an increase in scope, and sophistication of services used. The results may be useful both for small and medium enterprises, as well as for institutional and private providers of management consulting services.</em></p