Unapređenje poslovnog okruženja u funkciji dinamiziranja privrednog razvoja zemalja u tranziciji

Od početka procesa tranzicije, bivše centralno-planske privrede su bile suočene sa brojnim razvojnim problemima. Jedan od svakako najvažnijih jeste uspostavljanje podsticajnog poslovnog ambijenta, koji bi ovim privredama omogućio dinamiziranje privrednog razvoja. Međutim, to nije nimalo jednostavan zadatak imajući u vidu da je poslovno okruženje multidimenzionalni koncept, i da su reforme u različitim segmentima koji ga sačinjavaju međusobno uslovljene i povezane. Zato bi implementacija strategije unapređenja poslovnog okruženja u zemljama u tranziciji trebalo da bude dosledna i kontinuirana, jer odlaganje određenih reformi negativno utiče na stanje u ostalim segmentima, što privredu dovodi u „začarani krug reformi“ iz koga je vrlo teško izaći. U cilju unapređenja poslovnog okruženja i njegovog usklađivanja sa onim koje postoji u razvijenim tržišnim privredama, zemlje u tranziciji bi trebalo da okončaju započete tranzicione procese usmerene na privatizaciju i restrukturiranje realnog sektora, povećanje efikasnosti tržišta dobara i razvoja tržišno-orijentisanog finasijskog sektora, ali i da unaprede kvalitet javne vlasti, pojednostave obavljanje administrativnih procedura za pokretanje poslovanja, reformišu poreski sistem, sprovedu makroekonomsku stabilizaciju i unaprede kvalitet fizičke infrastrukture. Sprovođenje pomenutih procesa omogućiće zemljama u tranziciji da ubrzaju rast zaposlenosti i privredne aktivnosti i dostignu stepen razvijenosti tržišnih privreda. Imajući u vidu pomenuta svojstva poslovnog okruženja u radu je primenjena multikriterijumska analiza, kojom su posmatrani aspekti svedeni na jedinstveni pokazatelj kvaliteta poslovnog okruženja, čime je omogućena komparativna analiza razmatranih zemalja u tranziciji, ali i ispitivanje korelacionih odnosa između kvaliteta poslovnog okruženja i razvojnih performansi ovih zemalja, datih u vidu BDP-a per capita po paritetu kupovne moći, izvoznog koeficijenta i stoka SDI, kako bi se testirale postavljene hipoteze o značaju sprovođenja reformi usmerenih na unapređenje poslovnog okruženja na pomenute performanse tranzicionih privreda. Analizom dinamike i efekata implementiranih reformi u posmatranim zemljama u tranziciji stvoreni su uslovi da se koncipira odgovarajuća strategija unapređenja poslovnog okruženja u Srbiji, zasnovana na pozitivnim iskustvima zemalja koje su ostvarile značajna poboljšanja u posmatranim segmentima poslovnog okruženja, ali i ukazivanjem na zamke sprovođenja reformi sa kojima su se suočile zemlje koje su imale problema sa implementacijom neophodnih mera za unapređenje poslovnog okruženja.Since the beginning of the transition process, the former centrally-planned economies have been faced with numerous development challenges. Certainly, one of the most important is the establishment of an enabling business environment, which would allow these economies to dynamise the economic development. However, it is not a simple task given that the business environment is a multidimensional concept, and that reforms in various segments that constitute it are mutually dependent and connected. Therefore, the implementation of the strategy for improvement of business environment in the transition countries should be consistent and continuous, because delaying in implementation of certain reforms negatively affect the situation in other segments and leads the economy into a "vicious circle of reforms" from which it is very difficult to get out. In order to improve the business environment and to benchmark its characteristics from those in the developed market economies, transition countries should finalize started transitional process, focusing on the privatization and restructuring of the real sector, the increase of the goods market efficiency and the development of a market-oriented financial sector, as well as to improve the quality of public authority, simplify the administrative procedures for starting a business, reforming the tax system, implement macroeconomic stabilization and improve the quality of physical infrastructure. The implementation of these processes will enable transition countries to accelerate the growth of employment and economic activity, and to reach the level of development of market economies. Bearing in mind mentioned characteristics of the business environment in the thesis it was applied multi-criteria analysis, which synthesize of observed aspects of the business environment into a single indicator of the business environment quality, that enable the comparative analysis of the considered transition countries, as well as examination of correlations between the quality of the business environment and development performances of these countries, given in the form of GDP per capita at purchasing power parity, the export ratio and FDI stock, in order to test the hypotheses about the importance of implementation of reforms aimed at improving the business environment on the aforementioned performances in transition economies. The analysis of the dynamics and effects of implemented reforms in the observed transition countries created the conditions to formulate an appropriate strategy for improvement of business environment in Serbia, based on the positive experiences of countries that have achieved significant improvements in the observed segments of the business environment, as well as by pointing out the traps in implementation of reforms with which were faced the countries that had problems with the implementation of necessary measures to improve the business environment

ANALYSIS OF BUSINESS ENVIRONMENT USING THE MULTI-CRITERIA APPROACH – CASE OF BALKAN’S TRANSITION ECONOMIES

Due to the lack of their own financial resources, attracting the foreign direct investment (FDI) isthe main prerequisite for transitional economies in order to increase production and employment, sothat they can ensure the long term sustainable economic growth. In addition, the foreign directinvestment is an important instrument for the economy restructuring, based on market principles.However, achieving this goal is not simple at all. In order to attract foreign investors, it is necessaryto create a favorable business environment in transition countries, which requires a number ofeconomic, institutional, political and other reforms. The aim of this paper is to point out the mainfactors attracting foreign direct investment and, by using the multi-criteria approach, to rank theBalkan’s transition economies depending on the preferences of investors taking into account certaincomponents of the business environment

Ranking of EU national banking systems using multi-criteria analysis in the light of Brexit

In order to define and implement the most effective measures to overcome the difficulties of the post-crisis period, the policy-makers of ECB must identify not just main weaknesses of each banking system, but their strong points also. This requires the application of multi-criteria analysis, considering that policy-makers need to take into account a number of different aspects that, on the whole, indicate the quality of the banking system. Our aim is a comparative analysis of European banking systems right after the Brexit moment and within the framework of the tight new Basel III regulations. In this paper, we have ranked the banking systems of the 28 EU member states using multi-criteria analysis, specifically the PROMETHEE II method. The use of the PROMETHEE II method in combination with the entropy method offers a comprehensive insight into the banking system of each member state, given that the observed countries are ranked according to 9 conflicting criteria that are mostly used in banking system analysis. Our analysis shows that the banking systems in Central and Eastern Europe are the best performers, while the EMU’s developed banking systems such as the German, Italian, British, and French one are positioned among the last ranked. The Portuguese and Greek banking systems are, as expected, ranked in the last positions in our list. The obtained results also pointed out that the ECB should change its approach to the management and further development of a European Banking Union

The phenomenon of mission in Serbian companies

Izjava o misiji je personifikacija identiteta organizacije i služi kao osnova za sve zaposlene da se identifikuju sa organizacijom. Dobro definisana misija obezbeđuje stabilnost organizacije jer daje jasan pravac kretanja i predstavlja značajan kohezioni faktor. Ponašanje zaposlenih, koje ona proizvodi, značajno je za ostvarivanje krajnjih rezultata u poslovanju, pa je zato sa pravom smatraju moćnim alatom u upravljanju organizacijom. Cilj ovog rada je pokazati, kroz empirijsko istraživanje, u kojoj meri su zaposleni upoznati sa misijom kompanije u kojoj rade i uočavanje razlika u shvatanju misije između zaposlenih u javnim preduzećima i privatnim kompanijama. Za potrebe istraživanja pomenute teme formulisan je upitnik u skladu sa Denisonovim modelom i distribuiran je ispitanicima u direktnom kontaktu, kao i putem društvene mreže "Facebook". Prikupljeni podaci su analizirani i tumačeni korišćenjem deskriptivne statistike i t-testa za nezavisne uzorke. Rezultati ukazuju na to da kompanije u Srbiji treba da se trude da bolje upoznaju zaposlene sa misijom kompanije i da postoje značajne razlike između javnih i privatnih preduzeća u tom smislu.A mission statement is the personification of the organizational identity and serves as the central point for each employee to identify him-/herself with the organization. A well-defined mission ensures the stability of an organization's business as it provides a clear direction for actions and represents an important cohesion factor. Employees' behavior implied by mission is important for the achievement of the end business results; so, it is not surprising that it is considered to be a powerful tool in the management of an organization. This paper is aimed at showing the extent to which employees are familiar with the mission of the company they work for and at pointing out the differences in understanding mission between employees in public and privately-owned companies in Serbia through carrying out an empirical research study. For the purpose of this research, a questionnaire was defined according to the Denison model and distributed indirect contact with the respondents and via the Facebook social network. The collected data were analyzed and interpreted by using descriptive analysis and the independent sample t-test. The results revealed that companies in Serbia still need to work on familiarizing their employees with mission and that there is a significant difference between state and privately-owned companies in that respect

The phenomenon of mission in Serbian companies

Izjava o misiji je personifikacija identiteta organizacije i služi kao osnova za sve zaposlene da se identifikuju sa organizacijom. Dobro definisana misija obezbeđuje stabilnost organizacije jer daje jasan pravac kretanja i predstavlja značajan kohezioni faktor. Ponašanje zaposlenih, koje ona proizvodi, značajno je za ostvarivanje krajnjih rezultata u poslovanju, pa je zato sa pravom smatraju moćnim alatom u upravljanju organizacijom. Cilj ovog rada je pokazati, kroz empirijsko istraživanje, u kojoj meri su zaposleni upoznati sa misijom kompanije u kojoj rade i uočavanje razlika u shvatanju misije između zaposlenih u javnim preduzećima i privatnim kompanijama. Za potrebe istraživanja pomenute teme formulisan je upitnik u skladu sa Denisonovim modelom i distribuiran je ispitanicima u direktnom kontaktu, kao i putem društvene mreže "Facebook". Prikupljeni podaci su analizirani i tumačeni korišćenjem deskriptivne statistike i t-testa za nezavisne uzorke. Rezultati ukazuju na to da kompanije u Srbiji treba da se trude da bolje upoznaju zaposlene sa misijom kompanije i da postoje značajne razlike između javnih i privatnih preduzeća u tom smislu.A mission statement is the personification of the organizational identity and serves as the central point for each employee to identify him-/herself with the organization. A well-defined mission ensures the stability of an organization's business as it provides a clear direction for actions and represents an important cohesion factor. Employees' behavior implied by mission is important for the achievement of the end business results; so, it is not surprising that it is considered to be a powerful tool in the management of an organization. This paper is aimed at showing the extent to which employees are familiar with the mission of the company they work for and at pointing out the differences in understanding mission between employees in public and privately-owned companies in Serbia through carrying out an empirical research study. For the purpose of this research, a questionnaire was defined according to the Denison model and distributed indirect contact with the respondents and via the Facebook social network. The collected data were analyzed and interpreted by using descriptive analysis and the independent sample t-test. The results revealed that companies in Serbia still need to work on familiarizing their employees with mission and that there is a significant difference between state and privately-owned companies in that respect

Some aspects of business operations of Serbian economy in 2017

After a period of stagnation, caused by the global economic crisis, the Serbian economy has been transformed into a growing economy with a satisfactory level of price and currency stability. In order to maintain this trend in the future and to ensure further acceleration of economic activity, it is necessary to identify the key problems faced by companies in every economic segment. In this sense, the aim of this paper is to identify the segments of the economy with the most favourable and the disadvantageous business economy, as well as the advantages and limitations of each segment individually. To perform this comparative analysis, the ratio analysis was applied in combination with PROMETHEE and the entropy method. Research results suggested that medium enterprises and those operating in the sector of information and communication and in the region of Vojvodina had the most favourable business economics, while the micro enterprises, those who operate in the construction sector and in the region of Kosovo and Metohija were in the worst economic and financial situation. On the basis of the obtained results, appropriate recommendations and guidelines for improvement of the business economics in the worst ranked segments of the economy have been defined

Exploring the Economy – Environment Interactions in the Western Balkans: A Panel Data Analysis

In order to balance economic growth with environmental preservation, the implementation of sustainable policies is necessary. As such, it is imperative to have a comprehensive understanding of the intricate relationship between the economy and the environment. This study examines the relationship between CO2 emissions and GDP per capita in five WB countries during 1960-2018, using a methodological framework that includes panel unit root testing, cointegration testing, and a V ector Error Correction Model. The study provides robust evidence of a long-term cointegration between CO2emissions and GDP per capita. Furthermore, the study also reveals a short-run bidirectional causal relationship between CO2 emissions and GDP per capita. In the long run, no statistically significant causality exists from GDP per capita to CO2 emissions, but it is statistically significant from CO2emissions to GDP per capita. These findings offer valuable insights for policymakers to develop comprehensive policies that promote economic growth and environmental sustainability, such as investing in clean energy, implementing stronger environmental regulations, and encouraging environmentally sound management practices

Hybrid critic-topsis model for prioritizing digitally developed countries in the light of energy indicators

Digital progress of the society is associated with trends in energetic sector. The top ten digitally developed European countries, according to the most recent ICT development index report in 2017, were chosen as testing countries to conduct a deeper investigation on the issue of energy production and consumption in the digital era. Data on (1, 2) coal and oil-fired electricity generation, (3) share of GHG emissions from energy production, (4) final electricity consumption in industry, (5) final electricity consumption in households, and (6) energy intensity were included in the initial database. For determining criteria weights and final ranking of alternatives, a hybrid CRITIC-TOPSIS MCDM model was utilized. The CRITIC approach was used to calculate objective weights of criteria by employing standard deviation to measure the contrast strength of each criterion. The findings highlight the dominance of three criteria in comparison to others: energy intensity (wei = 0.200), share of GHG emissions in total energy production (weGHG = 0.198), and ultimate energy consumption in households (wfch = 0.194). The TOPSIS approach was used to complete the final ranking. Switzerland, Luxembourg, and Sweden were ranked first, second, and third, respectively, in terms of advanced digitalization performance and awareness of the need of providing green energy for economic activity

Investment projects evaluation in a fuzzy environment using the simplified WISP method

This paper examines the importance of investment activity for companies and the challenges they face when evaluating investment projects in a fuzzy environment, that is when decisions have to be made based on some predictions and uncertain or imprecise data. The study focuses on the usage of a new extension of the Simplified WISP (Weighted Sum Product) method, which allows the use of triangular fuzzy numbers, as a tool for evaluating investment projects and minimizing the risk associated with such decisions. Investment projects were evaluated based on the following criteria: Net Present Value, Internal Rate of Return, Profitability Index, Payback Period, and Risk of project failure. The proposed extension of the Simplified WISP method can be used to solve other complex decision problems associated with predictions and uncertainties.The paper highlights the benefits of using this MCDM technique in investment project evaluation and the potential to improve decision-making processes. The study also discusses the challenges associated with applying MCDM techniques in a fuzzy environment and proposes solutions to overcome them. It also provides valuable insights for academics, practitioners, and policymakers interested in investment evaluation and decision-making processes

Is capital structure important for the value of agro-food corporations in Serbia?

The research aims to consider the nature of the influence of capital structure on the value of the corporations from the agro-food sector in Serbia. A panel regression analysis was used to test the hypotheses. The research covered the period from 2011 to 2018, and the sample consisted of 14 agro-food corporations whose shares are on the regulated market of the Belgrade Stock Exchange. The obtained results indicate that the capital structure has a statistically significant impact on the value of agro-food corporations and that the profitability of investment projects determines the nature of that impact. Consequently, the financial managers of agro-food corporations must consider the decision on the choice of capital structure as one of the key issues in the process of generating and increasing the corporation value.Publishe