Finansijsko strukturne promene privrede Srbije i zaštita poverilaca u periodu finansijske krize

Ukorenjena finansijska neravnoteža je opšta karakteristika srpske privrede. Strukturna neuravnoteženost sredstava i njihovih izvora finansiranja praćena kontinuiranim kumuliranjem gubitaka, pogoršanjem likvidnosti i povećanjem zaduženosti oslikavaju finansijski položaj privrede u celini. Cilj rada je analiza finansijske strukture srpske privrede, uz poseban osvrt na identifikovanje privrednih segmenata u kojima su interesi poverilaca ugroženi. Narušena finansijska sigurnost se ogleda i u negativnom neto obrtnom kapitalu, tako da su stanje i razvoj finansijske strukture tokom petogodišnjeg perioda analizirani pomoću neto obrtnog kapitala. Dugogodišnje odlaganje rešavanja problema preduzeća sa izrazitom finansijskom neravnotežom, neodgovarajući zakonski okviri i neadekvatna primena zakona, osim što narušavaju finansijsku strukturu privrede u celini, ugrožavaju interese vlasnika kapitala i poverilaca pojedinih grupa preduzeća. Stoga su u posebnom delu rada analizirani faktori i segmenti preduzeća koji kvare sliku finansijske strukture srpske privrede

Performances of labour markets during recession in different labour market regimes

Objective of this paper was to analyze differences in labour market performance in various labour market regimes during and after the latest recession. Different labour market regimes had specific paths of adjustments to recessional macroeconomic shocks, which can be related to underlying labour market institutions, as well as other institutional characteristics. Reaction of European labour markets on economic crisis 2008‐2009 varied across the Member States. Classification of countries was primarily based on principal component analysis performed in order to capture two main labour market features: flexibility and security. These features are a basis of the “flexicurity” concept and they are mainly determined by labour market institutions. Key determinants of flexibility and security balance in the labour market are: employment protection legislation, unemployment benefits system and active labour market policies. Within the labour market regimes results have been rather uneven, but we might say that Nordic and Continental regime tend to have had better labour market performances compared to Anglo‐Saxon and Mediterranean. However, one must be careful with definite conclusions, since a lot of other factors, beside labour market institutions, influenced labour market performances

Računovodstveni aspekti zaštite životne sredine

Razvijanje svesti o prirodnim bogatstvima kao nasleđu koje treba čuvati i zaštititi, a ne kao komercijalnim proizvodima koji su besplatni i neiscrpni, doprinelo je shvatanju da su održivi razvoj i unapređenje životne sredine pitanja od nacionalnog interesa. U nastojanju da sačuva ravnotežu između profitnih interesa i odgovornosti prema društvenoj zajednici u pogledu odnosa prema životnoj sredini, menadžment savremenog preduzeća postavlja ekološke ciljeve i kroz ostvarene ekonomske i ekološke performanse pokazuje da ova dva interesa ne moraju biti u suprotnosti. Racionalnija upotreba i adekvatno upravljanje resursima i otpadom smanjuje operativne troškove i buduće obaveze, a istovremeno doprinosi povećanju imidža preduzeća kroz povećanu društvenu odgovornost prema životnoj sredini. Uzimajući u obzir relevantnost ekoloških informacija za proces poslovnog odlučivanja, autori ukazuju na važnost ekološkog računovodstva u čijoj osnovi je identifikacija i merenje troškova zaštite životne sredine i koristi povezanih sa njima. Izveštavanje o učinjenim ulaganjima i ekološkim efektima ima za cilj stvaranje kvalitetne informacione osnove za efikasno upravljanje prirodnim resursima. Poseban osvrt u radu je dat na stanje računovodstva zaštite životne sredine u Srbiji uz isticanje faktora koji stvaraju dobru osnovu za razvoj ekološkog računovodstva

Protection of investors as a factor of competitiveness of economy - Serbia vs Western Balkans countries

Effective investor protection acts as an incentive to the business environment of a country, contributing to the development of financial markets and improving the competitiveness of the economy as a whole. Investment security and greater inflow of capital into the national economy is largely dependent on the efficiency of corporate regulation and the quality of the institutional environment. A relevant factor in attracting investors by corporate responsible companies is self-regulation and voluntary adoption of good corporate governance practices. The aim of the paper is to analyze the competitiveness of the Serbian economy and the countries in the region in terms of protecting the rights of investors. In the first part of the paper the authors analyze the protection of investors' rights in Serbia at the macro and micro levels, with special attention to the protection of the rights of minority shareholders. After identifying the key internal and external mechanisms of protection, the paper highlights the problems and challenges facing investors in Serbia. In order to identify the international competitive position of Serbia, in a special part of the paper, a comparative analysis of the level of protection of the rights of investors in the Western Balkans countries has been carried out

Izazovi izbegličke krize u Srbiji

U radu su razmatrani ekonomski i pravni aspekti izbegličke krize nastale zbog rata u Siriji. Cilj rada jeste da pokaže kompleksnost problema izbegličke krize na teritoriji Republike Srbije. Početak istraživanja obuhvata analizu izbegličke krize u Srbiji koja se odnosi na broj izbeglica koji su izrazili nameru da traže azil i strukturu izbeglica prema zemlji porekla. Nakon toga, procenjen je deo direktnih troškova države kao i ukupna potrošnja izbeglica pri prolasku kroz Srbiju u 2015. godini. Identifikovani su troškovi koji se nalaze u operativnom planu Vlade Republike Srbije, troškovi prihvatnih i azilantskih centara, kao i izvori finansiranja direktnih troškova. Dodatno je analiziran Zakon o azilu u svim zemljama bivše Jugoslavije i utvrđene su tačke konvergencije i divergencije u ovim zakonima

Atraktivnost stimulacija zaposlenih u savremenom društvu

Nagrađivanje predstavlja efikasan instrument usklađivanja interesa zaposlenih i vlasnika kapitala preduzeća, tako da potpuno angažovanje i posvećenost vlasnici mogu očekivati samo od zaposlenih koji su dovoljno motivisani. Istaknut značaj podsticaja zaposlenih da preduzimaju poslovne, investicione i finansijske aktivnosti u skladu sa interesima vlasnika kapitala, za rezultat ima uvođenje stimulacionih planova kojima se definišu mogućnosti i uslovi pod kojima zaposleni mogu biti nagrađivani. Kako efektivnost stimulacija zavisi od merila na bazi kojih se obračunavaju, važno je identifikovati moguće indikatore i analizirati njihovu konzistentnost sa vrednošću stvorenom za vlasnike kompanije. Cilj rada je isticanje atraktivnosti stimulacija zaposlenih u savremenom društvu i njihovog uticaja na efikasnost sistema korporativnog upravljanja. U radu nastojimo izložiti određene aspekte stimulacija zaposlenih kroz isticanje potrebe davanja stimulacija, prikaz njihovih vrsta i analizu odnosa datih stimulacija i performansi kompanije. U nastavku rada se identifikuju kriterijumi za ostvarenje prava na podsticaje, uz poseban osvrt na finansijske indikatore uspeha koji se koriste kao kriterijum za ostvarenje stimulacija zaposlenih i značaj novčanih tokova prilikom merenja doprinosa zaposlenih uspehu kompanije

Importance of management incentives for the improvement of company's activities

In this paper we have emphasized on the importance of the management incentives and their impact on company’s efficiency and effectiveness of corporate governance. Company owners, who regard managerial incentives as an investment rather than as a financial outlay, could expect a commitment of the managers to the interests of the company, achievement of desired results and business prosperity. At the same time, the potential conflict of interests between company’s shareholders and management could be solved by allocation of appropriate management incentives. As the effectiveness of management incentives depends on their good evaluation, it is important to identify potential indicators and to measure their consistency with the value created to business owners. Moreover we have identified financial measures for manager’s contribution to the company operations, used as a criterion for entitlement to managers’ incentives. Paper ends by assessing the need to adjust the company to changing global financial environment, with a special reference to the changes of incentives’ policy in Serbian companies, and the most important motivational factors affecting Romanian employees during the current period of global financial crisis

Illiquidity risk of polluting enterprises in Serbia

The aim of this paper is to analyze the liquidity risk of selected polluting enterprises in Serbia. The specific objective of the paper relates on the comparison of polluting medium enterprises liquidity risk with liquidity of medium enterprises sector and Serbian economy. Illiquidity risk assessment is determined by liquidity indicators, net working capital and cash flow statement. The research is conducted on the group of 48 polluting mediumsized enterprises whose plants are the major sources of environmental pollution in Serbia. Selected liquidity indicators are determined by financial statements information disclosed by Serbian Business Registers Agency. The quantitative and qualitative analysis covers the period from 2010 to 2015. The values and trends of liquidity indicators of the polluting medium enterprises group represent an unfavourable assumption for their short-term financial stability. Positive net working capital shows that polluting medium enterprises have sufficient long-term fund to cover long-term assets and the part of their inventories

The importance of required reserves for banks liquidity maintenanc

The basic principles of banking performance are principle of safety, of liquidity and of profitability. The application of these principles is obligatory for the banks in relation to their influence for stable and efficient banking performance. The primary and secondary banks’ reserves serve for liquidity maintenance, as one of the conditions for successful bank performing. One of the main indicators of banks liquidity are compulsory reserves deposited at central bank. The reserve requirement rate are differential and determined by central bank in dependence of the bases on which they are calculated. The required reserve on banks deposit potential represents the important foothold of monetary politics with remarkable influence on financial flows through banks

Strengthening Economic Subjects' Internal Capacities : improvement of decision-making process

Corporate restructuring is the essential of many economic subjects in the modern society. By choosing the appropriate strategies and techniques for company restructuring, the performance could be improved, and additional value for the shareholders could be created. Adverse changes in the capital and product markets, competition strengthening and insufficiently successful management, are common reasons for undertaking numerous activities aimed to basic changes in corporate structure. Changes in management structure, and the forming of a competent leading team impact on decision-making process improvement, and consequently, on strengthening the quality of corporate governance. The aim of this chapter is to analyse the managers' competence and modern information systems, as tools to improve decision-making process. This chapter emphasize the importance of professional and ethical values to improve the effectiveness of decision-making process, giving special attention to the mechanisms of managers’ control. Mechanisms of professional and independent supervision, along with ethic codex and proper motivation system allows the creation of partnership environment where managers, conducting business in the interests of company owners and other stakeholders, keep working in their favour. The rest of the chapter highlights the need for information system that provide promptly respond to the managers’\ud requirements with relevant information, giving particular reference to the decision support system and BSC system. The separate part of the chapter presents a contribution of cash flow analysis to improving decision-making process, by analysing cash flow performance measures and cash flow analysis in function of individual decision-making