Dvb-t2 performance analysis in NLOS fading environment

Системи дигиталног земаљског видео емитовања (Terrestrial Digital Video Broadcasting Systems, DVB-T2) у реалним условима преноса често не врше пренос у окружењу где је присутна оптичка видљивост (LOS, line-of-sight) и где је висок ниво односа сигнал-шум константно присутан на пријему. Услед тога јавља се потреба за развојем стандарда DVB-T2 сервиса преноса у окружењу када није присутна оптичка видљивост и кад је ниво SNR на пријему испод предвиђеног прага. Приликом развоја DVB-T2 стандарда посебна пажња је посвећена реализацији технике преноса ортогоналног мултиплекса по фреквенцијама (OFDM) нарочито код сценарија пријема видео сигнала помоћу мобилних телефона и других паметних уређаја. Развој нових DVB-T2 сервиса такође захтева реализацију квалитетног преноса видео сигнала високе дефиниције (HD, high definition) и интеграције са разним сервисима 5G система видео преноса. Бежична комуникација између различитих уређаја у окружењу када није присутна оптичка видљивост (NLOS) се заснива на преносу вишеструких копија емитованог сигнала које стижу до пријемника посредством различитих путања. Услед тога сигнал на пријему је изложен утицају фединга и ко-каналне интерференцијe

Profitability analysis of Serbian economic sectors

This paper presents the analysis of profitability of the Serbian economy and its sectors. The research results indicate that the profitability of the Serbian economy is positive in the period 2009-2013 year and that the average rate of return on assets is 5.95%. Further, the results indicate that there are statistically significant differences in the level of profitability that achieve certain sectors in the Republic of Serbia. The lowest (negative) profitability achieved sectors D -Electricity, gas, steam and Q -Health care, while the most profitable sectors are G -Trade, J -Information and communication, N -Administrative and other services and M -Professional, scientific and technical activities. Between these two groups of sectors, 5 group of sectors, that have similar level of profitability, have been identified

PRAKSA REVIZIJE FINANCIJSKIH IZVJEŠTAJA U REPUBLICI SRBIJI – STANJE I PERSPEKTIVE

U radu je biti provedena analiza prakse revizije financijskih izvještaja kroz analizu performansi poslovanja revizorskih firmi. Istraživanjem su obuhvaćene sve revizorske firme koje posluju u periodu 2015-2017. godina u Republici Srbiji. U cilju ispitivanja performansi poslovanja revizorskih firmi analizirana je profitabilnost, zaduženost i broj zaposlenih prema veličini revizorske firme i pripadnosti međunarodnoj mreži. Rezultati istraživanja ukazuju kako mikro revizorske firme imaju problem sa profitabilnošću i prezaduženosti. Sa aspekta pripadnosti međunarodnoj mreži čak 80% zaposlenih se nalazi u ovim firmama, koje ostvaruju i bolju profitabilnost

The effect of working capital management on profitability: Evidence from southeast Europe

The research is designed to examine the effect of working capital management on company's profitability in the food industry in Southeast Europe, during the five years period (2010-2014). The sample included 9883 active companies. The influence of certain variables of working capital management (current liquidity, the ratio of current to total assets of companies, the ratio of current liabilities to total assets of companies, financial leverage and size of the company) was measured on the probability of higher profitability by applying probit regression analysis. The results of probit regression provide support to a hypothesis that most of the analyzed variables of working capital management have statistically significant impact on the probability of higher profitability. In this paper is also researched how the optimal level of working capital management can contribute to the growth of profitability and value of the company as a whole

Insolvency prediction model of the company: the case of the Republic of Serbia

In this article, the authors analyse the existing foreign insolvency prediction models of the company and on the basis of the sample of solvent and insolvent companies they aim to develop a new model to predict insolvency of a company by binomial logistic regression (LR), which will be suitable for the business environment in the Republic of Serbia. The research seeks to determine statistically most important financial ratios in predicting insolvency of Serbian companies. As a result of research, a model for the prediction of bankruptcy was created, which accurately classifies 82.9% of solvent (‘healthy’) Serbian companies and 93.3% of Serbian companies which have undergone bankruptcy proceedings (Serbian insolvent companies), while the average (total) accuracy of the prediction model is 88.4% of the cases

DEVELOPING BONUS PLANS FOR MANAGERS IN ORDER TO MAXIMIZE VALUE FOR OWNERS

Rewarding managers in the corporate enterprise means that they receive profit for achieving planned performance and for achieving above the planned level they receive various types of stimulation. Bonuses are the most common form of incentives for managers which are paid in proportion to their contribution to the success of the business. In the corporate enterprise it is necessary to develop such a system of rewarding managers which will motivate them to act in accordance with the interests of owners and encourage them to undertake those risky business activities that will contribute to the maximizing of the value for owners.In order to ensure guidance for managers towards continuous improvement of companies' performances, developed bonus plans should be based on performance measures important to the owners (measures are based on: concept of accounting result, concept of economic results and cash flow concept). For rewarding top managers, the application of measures based on the concept of the accounting result that directly correspond to the price of shares is the most appropriate for the calculation and payment of bonuses (yield rate implied by the price of shares, yield rate provided by the manager in the strategic plan, as well as the price of the capital). For managers of business units it is not always possible to establish a direct link between rewarding and the movement of share prices, therefore the most suitable criteria for the calculation of bonuses are the criteria based on the concept of economic result (most suitable is EVA) and criteria based on the cash flow (most suitable is SVA). Rewarding managers of the operational level of management is linked to performance, which in essence represent macro or micro value drivers, which can be directly linked to the performance of these managers.Rewarding managers also implies that short-term and long-term incentives are balanced in their compensatory package, which would apply to the bonuses. Efficient compensatory system should contribute to the harmonization of the individual goals of the managers and the objectives of the owners, in the short and long term, and to ensure fair distribution of bonuses in the management structure. Rewarding managers by bonus disbursement should ensure readiness and loyalty of the management to achieve the expected yields for the owners not only in short, but in the long run as well

Firm value determinants: Panel evidence from European listed companies

Background: To manage growth opportunities effectively and to make a significant impact on superior longterm performance, it is necessary to analyze firm value and diagnose its determinants. Increasing profit, providing prosperity to the company's stakeholders, and improving company value are the goals of every company's business. Purpose: The paper aims to build a model of the company's optimal value by assessing company performance based on financial statement analysis of European companies over the period 2015-2020. Study design/methodology/approach: The impact of financial indicators such as financial leverage, profitability, size, liquidity, growth, and asset tangibility on company value was thoroughly considered. The empirical research was founded on a sample of 158 Eastern and Western European companies, generating 948 observations. Panel regression analysis was conducted. Findings/conclusions: The obtained results revealed that debt-to-assets ratio, return on equity, and assets tangibility have a significant adverse effect on company value, whereas the return on assets and firm size have a significant favorable effect. The obtained conclusions should serve as a beneficial tool for the strategy of reaching the targeted market company's value and ensuring the company's future viability by the market. Hence, stakeholders could assess the perspective of the future company's development and strengthen the importance and influence of financial variables on the company's value. Limitations/future research: The research limitations, which are also opportunities for future research, are aimed at the investigation of company value indicators at the level of individual European economies or industries. One should look at the company's value factors before and after the Covid-19 pandemic and consider a longer time in the company's business. Other financial determinants that affect the value of the company could be considered, and the company value could be measured by some other indicators. Also, the influence of nonfinancial determinants on the company value could be researched

Ethical perceptions of future participants in the process of financial reporting

This study explores the ethical perceptions of participants in the financial reporting process in order to comprehend the attitudes and evaluation of the acceptability of different approaches to earning manipulations. The paper presents different scenarios for income smoothing, earnings management and big bath. The scenarios include various motives and methods for earning manipulations. The study was carried out on 105 students, 58 in the role of creators of financial reports and 47 in the role of users of financial statements. The results show that there are significant differences in ethical acceptability of various scenarios for earning manipulations, as well as in various methods and motives of manipulation. On the other hand, research has not demonstrated the existence of significant differences in ethical perceptions between the creators and users of financial statements

The impact of the audit market saturation on the new audit firms success in the Republic of Serbia

This paper presents the analysis of the possibilities of successful business of newly established audit firms in the Republic of Serbia. In order to conduct the analysis, audit firms were divided, according to the date of establishment, into two groups: the old and new audit firms. Research of business performance of audit firms is based on data from the financial statements of audit firms, such as operating revenue, net income, retained earnings, capital, total assets, number of employees and number of certified auditors. The results show a statistically significant difference in the performance indicators of audit firms in the Republic of Serbia, so that the old audit firms achieve significantly better business performance at the audit market

Integrated vs. non-integrated audit firms

This paper presents a comparative analysis of the performance of audit firms from the perspective of their connection with the international audit networks. Audit firm's performance was analyzed in terms of market share, its size and profitability. The results suggest that audit firms that are members of international networks have a dominant position on the audit market of the Republic of Serbia, measured by operating income and a number of employees, but the profitability of these companies was below average