Ownership concentration impact on financial performance : evidence from Serbia

Separation of ownership and management function in modern corporations resulted in the emergence of a conflict between principal (shareholders) and agent (top management). According to agency theory ownership concentration is a key mechanism that helps to mitigate principal-agent problem. As a result of the underdevelopment of the legal system and the corporate control market in transition economies and developing countries, the application of ownership concentration mechanism can lead to the emergence of a new conflict on the relationship between majority and minority shareholders. High ownership concentration allows the majority owner to use corporate resources in accordance with private goals, which negatively affects the value for minority shareholders and corporate performance. Accordingly, this research deals with the analysis of concentrated ownership impact on financial performance, measured by the Return on Asset (ROA) and Return on Equity (ROE). Empirical research was conducted for the period 2015-2017 on the sample of 70 non-financial companies, which shares are traded on the Belgrade Stock Exchange. The results of the applied statistical analysis methods show that ownership concentration greater than 55% has a negative impact on ROA and ROE

Nacionalna kultura kao determinanta stavova o stilovima liderstva

Nacionalna kultura predstavlja sistem vrednosti, pretpostavki, verovanja, normi i stavova koje pripadnici jedne nacije imaju prema ključnim pitanjima i problemima koji su specifični za istorijsku prošlost te nacije. Shodno tome, nacionalna kultura je bitna determinanta stilova liderstva, jer od pretpostavki, stavova i načina na koje pripadnici jedne nacije percipiraju lidere i njihovo ponašanje, zavisi i koji će se liderski stil pokazati kao najefikasniji. Osnovni cilj ovog rada je utvrđivanje značajnosti i vrste uticaja nacionalne kulture na stavove o tranformacionom i transakcionom liderstvu. Glavni instrument za sprovođenje istraživanja je upitnik, koji je putem mejla dostavljen na adrese 140 ispitanika. Rezultati višestruke regresione analize pokazuju da izbegavanje neizvesnosti ima signifikantan, negativan uticaj na stavove o transformacionom stilu liderstva. U regresionom modelu u kome su stavovi o transakcionom liderstvu zavisna varijabla, dimenzije kao što su kolektivizam i ženske vrednosti jedine imaju statistički značajne, negativne efekte. Preostale testirane varijable imaju statistički nesignifikantne efekte na stavove o stilovima liderstva

National culture as a determinant of attitudes about leadership styles

National culture represents a system of values, assumptions, beliefs, norms and attitudes that members of a nation have towards key issues and problems, which are a representative of the historical past of that nation. Consequently, national culture is an essential determinant of leadership styles, since the assumptions, attitudes and ways in which members of a nation perceive leaders and their behavior depends on which leadership style proves to be the most effective one. The aim of this paper is to determine the significance and type of influence of national culture on the attitudes on transformational and transactional leadership. The main instrument for conducting the research is a questionnaire, which was sent via e-mail to the address of 140 respondents. The results of the multiple regression analysis show that uncertainty avoidance has a significant, as well a negative impact on the attitude of the transformational style of leadership. In the regression model in which the views on transactional leadership depend on the variable, the dimension of collectivism and female values only have statistically significant, negative effects. The remaining tested variables have statistically insignificant effects on the attitudes on leadership styles

Povezanost investicija u istraživanje i razvoj i rezultata istraživačkorazvojnog procesa u Republici Srbiji-analiza vremenskih serija

Glavni cilj istraživanja odnosi se na ispitivanje uticaja investicija u istraživanje i razvoj na rezultate istraživačkorazvojnog procesa u Republici Srbiji u periodu 1982-2019. godine. Analiza je sprovedena primenom vektorskog autoregresionog metoda, funkcije impulsnog odziva i raščlanjivanja varijanse. Rezultati istraživanja ukazuju da istraživači imaju nešto izraženiji uticaj na broj patenata i naučnih publikacija u poređenju sa izdacima za istraživanje i razvoj, iako je u oba slučaja taj uticaj beznačajan

Obračun troškova po aktivnostima na primeru preduzeća koje se bavi sušenjem šljiva

This paper examines the possibility of application of the activity-based costing in a company engaged in drying fruit. Activity Based Costing (ABC) was developed due to the shortcomings of traditional cost accounting systems, which was shown to have serious limitations, on one hand, and due to the need for more accurate cost price, on the other. This is of great importance for business decision making, which requires quality data and information, because the intense technical and technological progress has significantly altered the environment companies operate in. Along with this fact, major changes in cost structure occurred, which reflected through the increase of the indirect cost portion, and decrease of direct labor and material costs. Traditional cost accounting methods allocate indirect production costs using keys which are no longer appropriate for the new circumstances, and therefore typically allocate unreasonably high amount of indirect costs to those products which are produced in larger series. ABC cost accounting system firstly allocates indirect costs to pre-defined activities, and afterwards carries them to cost and profit drivers. The application of ABC costing in Serbia is at the very beginning. Having in mind that the privatization and the restructuring phase in the economy is followed by the establishment of a new management with fresh ideas, this can be a good timing for companies to introduce modern approach and modern methods of cost accounting. ABC method is very convenient for application in service companies, food processing industry, confectionery companies, driers, sugar refineries, breweries, dairies, mills etc.U ovom radu je ispitivana mogućnost primene obračuna troškova po aktivnostima (Activity Based Costing - ABC) na hipotetičkom primeru preduzeća tj. sušare u okviru koje se proizvode dva gotova proizvoda, suva šljiva sa košticom i suva šljiva bez koštice. Cilj ovakvog istraživanja je bio da se pokažu razlike i nedostaci u izračunavanju cene koštanja finalnih proizvoda kod tradicionalnog metoda i metode obračuna troškova po aktivnostima. Pomoću ove metode, pored toga što je izračunata cena koštanja, izračunati su i ukupni indirektni troškovi, koji su za ovu metodu od izuzetnog značaja, jer se dešavaju velike promene u strukturi troškova, a to se pre svega ogleda kroz porast učešća indirektnih troškova i smanjenje troškova direktnog rada i materijala. Primena metode obračuna troškova po aktivnostima (ABC) u Srbiji je na samom početku, a faza restrukturiranja i privatizacije preduzeća je praćena uspostavljanjem nekog novog menadžmenta sa svežim idejama, pa je ovo dobar trenutak da preduzeća uvedu moderne pristupe i moderne metode obračuna troškova. ABC metoda je veoma pogodna za primenu u onim preduzećima koja se bave uslužnim delatnostima, u prehrambenoj industriji, tehnologiji konditorskih proizvoda, sušarama, pivarama, šećeranama, mlekarama, mlinovima i sl

R&D Expenditures: comparative analysis between Serbia and selected countries

R&D expenditures are one of the key indicators of the success in innovation process. Successful transformation of R&D expenditures into some form of technological innovation creates a stable basis for sustainable profitability and competitive advantages of the company, which have a positive impact on the growth of the entire economy. Due to the role of R&D expenditures in achieving success at the country and firm level, the subject of research in this paper is a comparative analysis of R&D expenditures between Serbia and selected countries. The aim is to examine the situation in Serbian R&D area in the context of R&D expenditures, in comparison with, first of all, the countries from the environments of the Serbia, which are the EU members. The survey coveres the period 2008 – 2016. Results show that Serbia has a significantly higher GERD (%GDP) than all countries, except Slovenia and Hungary, while Croatia has insignificantly higher GERD then Serbia. All countries from the Serbian environment that are members of the EU have significantly higher BERD (%GDP) than Serbia, except Romania, which has insignificantly higher BERD than Serbia

Trends of business enterprise expenditure on R&D before and after global economic crisis: evidence from selected SEE countries

The latest economic crisis in 2008, with a source on the mortgage market of the USA, spilled, to a lesser or greater extent, over all European and non-European economies. One of the significant features of this crisis is reflected in the raising bank loans and tightening lending terms. State budget deficit in the conditions of the crisis imposes the need for fiscal consolidation, thus reducing the capacity of the state to provide financial support to the business sector. In this regard, these developments may have an adverse effect on the level of R&D expenditure of the business sector, which in turn leads to a decrease in quality or a complete suspension of R&D activities. Nevertheless, innovative companies willing to take the risk, as well as governments that have set the increase of expenditures on R&D as a strategic goal of their economic policies, can be taken as an explanation for unchanged or increased R&D expenditure in the time of crisis. Empirical research was conducted for the period 2004–2012 on a sample of 10 South-Eastern European (SEE) countries. The results of the survey show that the business sector had higher spending on R&D activities after the economic crisis, at the SEE region-level. At the country level, business sector in Austria, Bulgaria, Greece, Hungary, Serbia and Slovenia had higher R&D expenditures after 2008, while in Croatia, Romania, Slovakia and North Macedonia, there was no significant difference in the level of R&D expenditures before and after the crisis

Komparativna analiza nacionalnih inovacionih performansi: zemlje Zapadnog Balkana u kontekstu Evropske unije

Evropska unija je u svojim strateškim dokumentima prepoznala inovacije kao glavni pokretač ekonomskog rasta i kao sredstvo za prevazilaženje brojnih izazova sa kojima se suočavaju ekonomije i društvo. U ovom radu sprovedena je komparativna analiza inovacionih performansi između zemalja kandidata za članstvo u Evropskoj uniji iz regiona Zapadnog Balkana. Takođe, utvrđen je stepen zaostajanja kandidata za inovacionim učinkom ostvarenim na nivou Evropske unije. U te svrhe korišćen je Evropski semafor inovacija u okviru kojeg se inovacije posmatraju u četiri oblasti i dvanaest dimenzija. Rezultati istraživanja su pokazali da se sve zemlje Zapadnog Balkana nalaze u grupi Narastajući inovatori, pri čemu samo Srbija ostvaruje performanse koje su iznad proseka grupe, sa velikim izgledom da u dogledno vreme pređe u kategoriju Umereni inovatori. Rezultati istraživanja mogu da posluže kao osnov za usmeravanje budućih aktivnosti podrške podsticanju inovacija u zemljama Zapadnog Balkana

Komparativna analiza regionalnih inovacionih performansi u Srbiji

Polazeći od rastućeg značaja i uloge regionalnih inovacionih sistema, cilj rada je komparativna analiza regionalnih inovacionih performansi u Srbiji, te identifikovanje dispariteta u nivou ostvarenih inovacionih učinaka. Za potrebe analize korišćene su vrednosti indikatora inovacionih performansi za 2021. godinu dobijene primenom metodologije Evropske komisije ,,Regionalni semafor inovacija", u okviru koje se inovacije posmatraju u četiri oblasti i dvanaest dimenzija. Rezultati analize su pokazali da u Srbiji postoji izražena regionalna neujednačenost u pogledu ostvarenih inovacionih performansi, odnosno da Region Beograda, koji je svrstan u grupu Umereni inovatori, značajno prednjači u većini indikatora, odnosno posmatranih oblasti i dimenzija inovacija u odnosu na preostala tri regiona koja pripadaju grupi Narastajući inovatori +. Najizraženiji dispariteti identifikovani su u dimenzijama ljudski resursi, atraktivan istraživački sistem, ulaganja, finansije i podrška, digitalizacija, upotreba IKT, i veze i uticaj na zaposlene, dok su najmanje razlike između sva četiri posmatrana regiona utvrđene u dimenzijama uticaj na prodaju i intelektualna imovina

Indikatori odgovornog istraživanja i inovacija - mogućnost primene u Srbiji

Predmet istraživanja su indikatori odgovornog istraživanja i inovacija i moguünost njihove primene u Srbiji. Glavni ciljevi rada su prezentovanje indikatora odgovornog istraživanja i inovacija razvijenih u okviru MoRRI projekta i analiza dostupnosti sekundarnih podataka i moguünost prikupljanja primarnih podataka neophodnih za kreiranje indikatora kako bi se olakšao monitoring i evaluacija odgovornog istraživanja i inovacija u Srbiji. Na osnovu izvršene analize može se zakljuþiti da se indikatori razvijeni od strane Evropske komisije mogu uz izvesne modifikacije, tokom perioda do 2 godine, primeniti u Srbiji