Vendor Selection and Supply Quotas Determination by Using the Analytic Hierarchy Process and a New Multi-objective Programming Method

In this article, we propose a new methodology for solving the vendor selection and the supply quotas determination problem. The proposed methodology combines the Analytic Hierarchy Process (AHP) for determining the coefficients of the objective functions and a new multiple objective programming method based on the cooperative game theory for vendor selection and supply quotas determination. The proposed methodology is tested on the problem of flour purchase by a company that manufactures bakery products. For vendor selection and supply quotas determination we use three complex criteria: (1) purchasing costs, (2) product quality, and (3) vendor reliability

Modelling and forecasting GDP using factor model: An empirical study from Bosnia and Herzegovina

In the most developed countries the first estimations of Gross Domestic Product (GDP) are available 30 days after the end of the reference quarter. In this paper, possibilities of creating an econometric model for making short-term forecasts of GDP in B&H have been explored. The database consists of more than 100 daily, monthly and quarterly time series for the period 2006q1-2016q4. The aim of this study was to estimate and validate different factor models. Due to the length limit of the series, the factor analysis included 12 time series which had a correlation coefficient with a quarterly GDP at the absolute value greater than 0.8. The principal component analysis (PCA) and the orthogonal varimax rotation of the initial solution were applied. Three principal components are extracted from the set of the series, thus together accounting for 73.34% of the total variability of the given set of series. The final choice of the model for forecasting quarterly B&H GDP was selected based on a comparative analysis of the predictive efficiency of the analysed models for the in-sample period and for the out-of-sample period. The unbiasedness and efficiency of individual forecasts were tested using the Mincer-Zarnowitz regression, while a comparison of the accuracy of forecast of two models was tested by the Diebold-Mariano test. We have examined the justification of a combination of two forecasts using the Granger-Ramanathan regression. A factor model involving three factors has shown to be the most efficient factor model for forecasting quarterly B&H GDP

The Relationship between Capital Structure Choice and Firm\u27s Profitability: Evidence from Bosnia and Herzegovina

This research is designed to examine the relationship between the capital structure and profitability of non-financial firms in Bosnia and Herzegovina during the period of ten years, from 2003-2012. The goal is to prove the existence of the relationship between the firm\u27s capital structure choice and its profitability. The analysis is extended by including the debt structure and differentiating between the types of debt such as the long-term and the short-term ones. The results of the multivariate canonical correlation analysis provide support to a hypothesis that the capital structure and profitability have statistically significant relationships. Furthermore, the findings provide support that firms develop different patterns of profitability depending on the capital structure choice. We found that an increasing proportion of short-term debt and long-term debt in the overall liability of the firm reduces its profitability. This work is licensed under a&nbsp;Creative Commons Attribution-NonCommercial 4.0 International License.</p

Statistical analysis of causality between capital structure and firm profitability: Evidence from Bosnia and Herzegovina

This research is designed to examine the relationship between the capital structure and profitability of non-financial firms in Bosnia and Herzegovina during the ten years period, from 2003-2012. The goal is to prove the existence of the relationship between the firm\u27s capital structure choice and its profitability. The analysis is extended by including the debt structure and differentiating between the types of debt such as the long-term and the short-term ones. Canonical correlation and multiple regression analysis are used. The results of the multivariate canonical correlation analysis provide support to a hypothesis that the capital structure and profitability have statistically significant relationships. Furthermore, the findings provide support that firms develop different patterns of profitability depending on the capital structure choice. We found that an increasing proportion of short-term debt and long-term debt in the overall liability of the firm reduces its profitability

New multidimensional approaches to poverty measurement in Bosnia and Herzegovina

Unlike the standard unidimensional poverty indices, based mostly on monetary poverty measures, multidimensional poverty indices may include numerous non-monetary poverty indicators. This study utilized fuzzy and Alkire – Foster (AF) and fuzzy methodology to assess the poverty level in Bosnia and Herzegovina (B&H) and to compare the results with official poverty assessments. In addition to consumption as a monetary measure, we constructed AF and fuzzy indices by including numerous non-monetary measures that indicate housing quality, possession of durable goods and the household structure. AF multidimensional indices for B&H are calculated based on data from Household Budget Surveys (2004, 2007 and 2011) and fuzzy poverty indices are calculated based on data from HBS 2011. This research has found the differences in the values, direction and dynamics between unidimensional and multidimensional approaches to poverty measurement. Authors state that it is not sufficient to base the creation of more efficient social policies and poverty reduction strategies exclusively on unidimensional indices that address just one dimension of poverty

MODEL POVJERENJA U E-TRANSAKCIJE

Besides significant benefits, the trend of e-commerce development gives rise to a lot of challenges in terms of developing trust between the company and the consumer. A lack of trust leads to withdrawal from e-transactions. The paper is thus aimed at identifying and explaining the most important factors that affect the increase in users\u27 trust in e-transactions. Besides an analysis of available papers in this area, a field research was conducted on a sample of 512 respondents in Bosnia and Herzegovina in order to develop a structural model of users\u27 trust in e-transactions. Research findings confirm that the basic factors of an online trust model are: website usability, privacy, security, expected product performance, loyalty, and electronic management of customer relations (e-CRM).Trend razvoja e-trgovine osim značajnih koristi kreira i dosta izazova u smislu razvoja povjerenja između kompanije i potrošača. Nedostatak povjerenja vodi ka neobavljanju e-transakcija. Cilj ovog rada jeste identifikacija i objašnjenje najvažnijih faktora modela koji utiču na povećanje povjerenja korisnika u e-transakcije. Osim analize dostupnih radova iz ove oblasti provedeno je i terensko istraživanje na uzorku od 512 ispitanika uz pomoć online ankete. Nalazi istraživanja potvrđuju da su osnovni faktori modela online povjerenja: upotrebljivost web stranice, privatnost, sigurnost, očekivane performanse proizvoda, lojalnost i elektronsko upravljanje odnosom s klijentima (e-CRM)

Editorial for the special issue: “Advances and Trends in Post-transition Countries: Statistical Modelling Approach”

This special issue of Business Systems Research is highlights recent advances and trends in post-transition countries, taking into account statistical modelling approach. Nine papers that have been selected for this special issue present improvements and new techniques (methodology) in statistical modelling and their use in various aspects of development in post-transition countries

The Relationship between Capital Structure Choice and Firm\u27s Profitability: Evidence from Bosnia and Herzegovina

This research is designed to examine the relationship between the capital structure and profitability of non-financial firms in Bosnia and Herzegovina during the period of ten years, from 2003-2012. The goal is to prove the existence of the relationship between the firm\u27s capital structure choice and its profitability. The analysis is extended by including the debt structure and differentiating between the types of debt such as the long-term and the short-term ones. The results of the multivariate canonical correlation analysis provide support to a hypothesis that the capital structure and profitability have statistically significant relationships. Furthermore, the findings provide support that firms develop different patterns of profitability depending on the capital structure choice. We found that an increasing proportion of short-term debt and long-term debt in the overall liability of the firm reduces its profitability. This work is licensed under a&nbsp;Creative Commons Attribution-NonCommercial 4.0 International License.</p

Positive correlation between uric acid and C-reactive protein serum level in healthy individuals and patients with acute coronary syndrome

Aim To assess serum levels and correlation between uric acid (UA) and C-reactive protein (CRP) in acute coronary syndrome (ACS) and apparently healthy individuals. Methods The cross-sectional study included 116 examinees of age 44 to 83 years, distributed in two groups: 80 ACS patients including 40 with acute myocardial infarction (AMI), and 40 with unstable angina pectoris (UAP), and 36 apparently healthy (control group) individuals. Patients with ACS were hospitalized at the Cardiology Clinic, Clinical Centre Sarajevo in the period October- December 2012. Laboratory analyses were conducted by standard methods. The accepted statistical significance level was p<0.05. Results Serum levels of CRP and UA were higher in patients with ACS as compared to control group (p0.05). Conclusion The correlation between CRP and UA in the patients with ACS indicates the association of oxidative stress and inflammation intensity in damaged cardiomyocytes. Correlation between UA and CRP in apparently healthy individuals indicates a possible role of UA as a marker of low-grade inflammation and its potential in risk assessment in cardiovascular diseases

Editorial for the special issue: “Advances and Trends in Post-transition Countries: Statistical Modelling Approach”

This special issue of Business Systems Research is highlights recent advances and trends in post-transition countries, taking into account statistical modelling approach. Nine papers that have been selected for this special issue present improvements and new techniques (methodology) in statistical modelling and their use in various aspects of development in post-transition countrie