Modeli predviđanja stečajnog postupka poljoprivrednih preduzeća u Republici Srbiji

The aim of this paper is to present different models for predicting the possibility of opening bankruptcy proceedings in companies in Serbia, as well as to research which models are most suitable for companies in the agricultural sector. In this paper, we have used and displayed three models: the Altman’s Z-score model, Kralicek’s DF model and Quick test. Many authors have dealt with this issue, but most of them have developed models for developed markets, which are different from market of Serbia. Striving towards improving the analysis and prediction of bankruptcy has led to comparison of the reference value, in order to obtain concrete models for the evaluation of difficulty in the functioning of the company. In this connection, on a sample of five companies operating on the territory of the Republic of Serbia, we have applied three models that used standard financial indicators to show the financial condition and stability of the company. Results suggest that Kralicek’s DF model indicates better financial state of the company than Altman’s Z-score model, considering the characteristics of the market in which the model is formed.Cilj ovog rada je prikazivanje različitih modela za predviđanje mogućnosti otvaranja stečajnog postupka u kompanijama u Srbiji, kao i istraživanje koji modeli su najpogodniji za kompanije iz sektora poljoprivrede. U radu su korišćena i prikazana tri modela: Altmanov Z-score model, Kralicekov DF model i Quick test. Ovom tematikom se bavilo dosta autora, međutim, većina njih je razvijala modele na razvijenim tržištima, koja se razlikuju od tržišta Srbije. Težnja ka unapređenju analize i predviđanja stečaja dovela je do upoređivanja referentnih vrednosti, da bi se na kraju došlo do konkretnih modela za procenu poteškoća u funkcionisanju preduzeća. S tim u vezi na uzorku od pet preduzeća koja posluju na teritoriji Republike Srbije, primenili smo tri modela koji koriste standardne finansijske pokazatelje za prikazivanje finansijskog stanja i stabilnosti preduzeća. Rezultati ukazuju da Kralicekov DF model ukazuje na bolje finansijsko stanje preduzeća nego što je ono prikazano Altmanovim Z-score modelom, upravo zbog karakteristika tržišta na kome je model formiran

Comparable Toxicity of Surface-Modified TiO2 Nanoparticles: An In Vivo Experimental Study on Reproductive Toxicity in Rats

Nanoparticles (NPs), a distinct class of particles ranging in size from 1 to 100 nm, are one of the most promising technologies of the 21st century, and titanium dioxide NPs (TiO2 NPs) are among the most widely produced and used NPs globally. The increased application of TiO2 NPs raises concerns regarding their global safety and risks of exposure. Many animal studies have reported the accumulation of TiO2 NPs in female reproductive organs; however, evidence of the resultant toxicity remains ambiguous. Since the surface area and chemical modifications of NPs can significantly change their cytotoxicity, we aimed to compare the toxic effects of pristine TiO2 powder with surface-modified TiO2 powders with salicylic acid (TiO2/SA) and 5-aminosalicylic acid (TiO2/5-ASA) on the ovaries, oviducts, and uterus on the 14th day following acute oral treatment. The results, based on alterations in food and water intake, body mass, organ-to-body mass ratio, hormonal status, histological features of tissues of interest, and antioxidant parameters, suggest that the modification with 5-ASA can mitigate some of the observed toxic effects of TiO2 powder and encourage future investigations to create NPs that can potentially reduce the harmful effects of TiO2 NPs while preserving their positive impacts

Security analysis and economic feasibility for virtualization usage in University datacenters

In this paper, authors have analyzed economic andsecurity aspects of server virtualization. The experimentalanalysis includes: the business value of virtualization and impactof virtual environments on computing and security parameters,with applying modern cryptographic systems for data protection.The experiment was designed simultaneously on the traditionalserver and virtual environment. The obtained results show thesignificant advantages of virtual environment in the form ofoptimal allocation and utilization of physical computing resources.Also, the results indicate a significant improvement of parametersin the information security, introducing of the virtual networkadapter which presents virtualized communication channelsconcept between the application server and database server

The Impact of Ownership Structure on Corporate Performance in Transitional Economies

The relationship between ownership structure and corporate performance might be remarkably strong and in formative within transition economies. In this research, we explore this relationship, referring to the example of the Republic of Serbia. For that purpose, appropriate linear models have been fitted to the panel dataset compiled from financial reports of 2101 non-financial companies actively operating during the period 2008-2013. The results indicate that, after controlling for size effect, companies characterised by state, dispersed or/and foreign ownership have significantly lower profitability in comparison to their counterparts. We would argue that an intensified agency problem and lack of entrepreneurial spirit might be the root of the profitability problem

Total Quality Management Implementation and Guest Satisfaction in Hospitality

Total quality management (TQM) has become a modern system of constant improvement of the quality of all company activities. The purpose of this study is to measure the expectations and satisfaction of the guests concerning the attribute quality of the hotel product. Furthermore obtained results were compared in such a way as to analyse particularly the reviews of hotels which have implemented TQM and have the ISO 9001 certificates with reviews from hotels which have not implemented TQM and do not have the ISO 9001 certificates. The conducted analysis included 55 hotels in Serbia belonging to the 4- and 5-star categories, i.e. 1308 guests who have stayed in them. The results show that between the observed groups of guests there are fewer differences in expectations than in perception, and that generally speaking guests who have stayed in the hotels that have implemented TQM are more satisfied. The biggest difference concerning the guest satisfaction with the quality of service in the observed hotels is noticeable in relation to the employees and the value-for-money

The impact of tourism on the economic growth in BiH

Tourism as socio-economic phenomenon reflectsdifferent influences (economic, social, political etc.), and in linewith it, it has an important role in the overall economic growth.The aim of this paper is to determine the contribution of tourismin the overall economic growth in Bosnia and Herzegovina (BiH)during the period of years 2006-2014. Using the methodologywhich used Čerović et al. (2015) for calculating the rate of realGDP growth and the contribution of tourism towards overalleconomic growth in countries in the region (Serbia, Macedonia,and Montenegro), in this paper we demonstrated that tourism, inthe observed period, had a modest direct contribution towardsoverall economic growth in Bosnia and Herzegovina