Analiza profitabilnosti logističkih kompanija u zemljama Balkana

The main purpose of this paper is to research the factors that have an impact on the company profitability in the logistics industry during a five-year period (2013-2017). The sample includes 748 active companies operating in the logistics industry in the Balkan countries. Bearing in mind that logistics is an essential instrument of competitiveness and profitability of the company operations and that logistics is one of the most profitable industries, this paper used the panel data model with fixed effect in order to analyse profitability. The obtained results showed that four out of the six studied variables (company size, tangibility of assets, liquidity, and asset turnover ratio) have a statistically significant impact on profitability. The results provide guidelines for increasing profitability and improving the performance of logistics companies, given that an efficient planning system, managing and controlling the logistics system are key determinants of profitable business operations.Glavni cilj ovog rada je da istraži faktore koji utiču na profitabilnost kompanija u sektoru logistike tokom petogodišnjeg perioda (2013-2017). Uzorak obuhvata sve aktivne kompanije ili 748 kompanija koje posluju u sektoru logistike u zemljama Balkana. Imajući u vidu da je logistika bitan instrument konkurentnosti i profitabilnosti poslovanja kompanija i da je logistička industrija jedna od najprofitabilnijih, u radu je korišten panelni model podataka sa fiksnim efektom kako bi se razmotrila profitabilnost. Dobijeni rezultati su pokazali da četiri od šest posmatranih varijabli (veličina preduzeća, opipljivost imovine, likvidnost i koeficijent obrtanja aktive) imaju statistički značajan uticaj na profitabilnost. Rezultati daju smjernice za povećanje profitabilnosti i poboljšanje performansi logističkih kompanija, imajući u vidu da je efikasan sistem planiranja, upravljanja i kontrole logističkog sistema ključna odrednica profitabilnog poslovanja.</p

TRENDOVI I PERSPEKTIVE U PRIZNAVANJU KRIPTOVALUTA PREMA MEĐUNARODNOJ RAČUNOVODSTVENOJ REGULATIVI

In this paper, the topic of accounting treatment of cryptocurrencies is examined through the lens of International Financial Reporting Standards (hereinafter: IFRS). An overview of the current body of research in this area is presented, along with recommendations for further improvements in cryptocurrency accounting records. This paper is based on a systematic review of scientific and professional literature as well as the current IFRS framework. Specifically, the systematic review is designed to investigate the issue of recognizing cryptocurrency and evaluate its confirmation and evidence in the available literature and IFRS framework. While crypto markets grew rapidly initially, they have enjoyed great investor interest over the past decade, despite the high risk and volatility of earnings, which raised the issue of institutional regulation of cryptocurrencies. The paper attempts to identify the most appropriate accounting treatment of cryptocurrency transactions under existing IFRS, as there is no specific regulation in place.Rad obrađuje temu računovodstvenog tretmana kriptovaluta prema Međunarodnim standardima finansijskog izveštavanja. U radu je prikazan trenutni korpus istraživanja u ovoj oblasti i rezimirane su najvažnije preporuke za dalja unapređenja računovodstvenog tretmana kriptovaluta. Rad prati proces sistematskog pregleda naučne i stručne literature i trenutno važećeg okvira za finansijsko izveštavanje. Glavna svrha pomenutog sistematskog pregleda jeste da se pozabavi pitanjem priznavanja kriptovaluta tražeći potvrdu i dokaze u dostupnoj literaturi i aktuelnom okviru za finansijsko izveštavanje. Nakon početne faze nagle ekspanzije, na kripto tržištu već celu jednu deceniju vlada veliko interesovanje investitora i pored velikog rizika i oscilacija u zaradi, što je pokrenulo pitanje regulacije kriptovaluta na institucionalnom nivou. Istraživačka namera rada ogleda se u izboru najprikladnijeg računovodstvenog tretmana priznavanja transakcija u kojima učestvuju kriptovalute u odnosu na postojeće Međunarodne standarde finansijskog izveštavanja, a u odsustvu namenske računovodstvene regulative

Supervision of financial reporting through the prism of the regulatory framework and practice in the Republic of Serbia

The paper presents the research in the field of internal supervision in financial reporting in the private sector of the Republic of Serbia. In the first part of the paper, legal regulations and current international regulations are compared. The aim of this study was to evaluate the achieved level of harmonization between the national and international regulatory framework in the field of financial reporting. The second part of the paper presents the analysis of the effect of the internal supervision in financial reporting on comparability of financial statements in terms of consistent application of the regulatory framework. The study aimed at examining whether internal supervision affects the comparability of financial statements. The methodology of the research that was used in the processing of data obtained through the questionnaire consisted of One-Factor Analysis of Variance, Pearson's correlation coefficient, and Spearman's and Kendall's rank correlation coefficient. The sample included 297 employees working on accounting and/or audit positions of the private sector of the Republic of Serbia. The results showed a (partial) non-compliance of domicile regulations with EU regulations, i.e. that the national regulatory framework is not harmonized with international regulatory framework. In addition, the results indicated that the internal supervision, defined both in domicile and EU regulations, contributes to the comparability of financial statements in terms of consistent application of the regulatory framework

KLJUČNI PREDIKTORI INTERNOG NADZORA FINANSIJSKIH IZVEŠTAJA

Investors and other external stakeholders have more confidence in the reliability and quality of financial statements if they have information that entities continuously carry out preventive and comprehensive internal supervision of financial statements. The research was carried out with the aim of identifying factors that have a direct impact on the internal supervision of financial statements. As the key predictors of the internal supervision of financial statements in the Republic of Serbia, the category of entity, the internal supervision of the compliance of financial statements with the regulations, and the internal supervision of the preparation of financial statements have been identified. Two regression models are also defined that best describe the relationship between the observed phenomena.Investitori i ostali eksterni stejkholderi imaju više poverenja u pouzdanost i kvalitet finansijskih izveštaja ukoliko raspolažu informacijama da se u pravnom licu kontinuirano obavlja preventivni i sveobuhvatni interni nadzor finansijskih izveštaja. Istraživanje je izvršeno s ciljem da se prepoznaju faktori koji imaju direktni uticaj na odvijanje internog nadzora finansijskih izveštaja. Kao ključni prediktori internog nadzora finansijskih izveštaja u Republici Srbiji identifikovani su kategorija pravnog lica, sprovođenje internog nadzora usklađenosti finansijskih izveštaja sa regulativom i sprovođenje internog nadzora pripreme finansijskih izveštaja. Definisana su i dva regresiona modela koja najbolje opisuju vezu između posmatranih pojava

Micro-specific profitability factors of the Serbian insurance industry: a panel data estimation

The paper investigates the main micro-specific profitability determinants of the insurance industry in Serbia, covering the period 2008–2016. Data set includes accounting ratios for 19 universal insurers, officially reported by the National Bank of Serbia (NBS). We have estimated the fixed effects model using the OLS and GLM estimation procedures, with return on asset (ROA), return on equity (ROE) and return on total premium (ROTP) as the response variables. The estimated results from different models are quite consistent, with some minor deviations related mainly to the magnitude of the effects. Specifically, there is a trade-off between liquidity and profitability, and the insurance companies exploit economies of scale extensively. Loss and risk exposure have significant adverse effect on profitability, while productivity proved to be not significant. In addition, the relative market power (market position) and size have significant positive impact on profitability, while business specialization favors insurance over reinsurance, particularly the life-insurance business, as well as the business specialization dummies (insurance vs. reinsurance, life vs. nonlife insurance). Consequently, an optimal profitability strategy should be based on mergers and acquisitions, appropriate risk-taking and risk-management practices, and business sophistication through specialization. In addition, the companies should weight costs and benefits of keeping an excess of liquid reserves. The results also indicate further market concentration due to the size effects, and it could result in higher prices and lower quality of the services. This in turn imposes the new regulatory challenges in terms of the optimal antitrust strategy and appropriate quality control. The implications of these findings are applicable to other Western Balkan countries, especially to Bosnia and Herzegovina and Macedonia

Determinants of Sustainable Profitability of the Serbian Insurance Industry: Panel Data Investigation

This paper aims to investigate the main drivers of sustainable profitability trends in the Serbian insurance industry over the years 2008&ndash;2019 (inclusive). Our study is motivated by the fact that insurance companies contribute to economic growth, and thus it is essential to understand the factors that contribute to their financial strength and stability. We use a set of standard panel regression models, including the mixed-effects model, followed by a more robust GMM estimation to uncover the linkage between selected micro-specific, macroeconomic, and institutional factors, and return of assets (ROA) and return on total premiums (ROTP). The present paper constitutes a significant contribution to the existing literature on the account of its comprehensiveness both in terms of the institutional datasets that we use, and in terms of the methodologies we apply (in particular, mixed effects and the generalized method of moments (GMM)). The estimated parameters are model-specific, and we find that firm size, GDP, the population growth rates, political stability, and the degree of specialization (in some empirical models) all lead to higher profitability. On the other hand, we observe that excessive risk-taking and inflation (in some specifications) are inversely related to profitability. Finally, we note that regulatory quality, average wage, and life expectancies are found to be not statistically significant. Accordingly, we argue that a profitability-centric managerial strategy should be based on expanded market share and stringent risk management protocols. At the macro level, we conclude that pro-growth and pro-population policies, combined with a well-oiled institutional setting that ensures political stability, constitute the best possible prescription for strong operational performance and profit sustainability in the Serbian insurance industry

Lower Serum Paraoxonase-1 Activity Is Related to Linoleic and Docosahexanoic Fatty Acids in Type 2 Diabetic Patients

Background. Serum paraoxonase-1(PON-1) activity is decreased in clinical conditions associated with low high-density lipoprotein cholesterol (HDL-C), increased lipid peroxidation and low-grade chronic inflammation, as in type 2 diabetes mellitus (T2DM). Until now there are no data about the association of any fatty acid (FA) with PON-1 activity in T2DM. Methods. Twenty patients with T2DM and 16 healthy controls were included in this cross-sectional study. Serum PON-1 activity, superoxide dismutase (SOD), and glutathione peroxidase (GSH-Px) activity as well as plasma glucose, HbA1c, lipids, high-sensitivity C-reactive protein (hs-CRP) and insulin resistance, homeostasis model assessment (HOMA-IR) were measured. The preparation of FA methyl esters and their gas chromatography (GC) analysis were also performed. Results. HbA1c, plasma insulin, HOMA-IR and triglycerides were higher in patients with T2DM, whereas HDL-C was lower in those subjects. Levels of pro-oxidative enzyme malondialdehyde (MDA) and hs-CRP were significantly higher, and antioxidative enzymes SOD and PON-1 activity were decreased in T2DM patients. N-6 PUFAs were higher in T2DM patients, particularly linoleic acid (LA, 18:2 n-6) and arachidonic acid (AA, 20:4 n-6), whereas n-3 PUFA, docosahexaenoic acid (DHA, 22:6 n-3) was lower in T2DM patients. Using regression analysis, we have shown that only LA and DHA independently predicted PON-1 activity of all participants, particularly in patients with T2DM. Conclusions. Decreased serum PON-1 activity may, in part, be influenced by higher levels of LA and lower levels of DHA in patients with 12DM. Prospective, randomized studies are necessary to confirm these preliminary findings