Generisanje vrednosti za zainteresovane subjekte kao cilj savremenog korporativnog preduzeća

The goal of this paper is to present a comparative analysis of two value creation concepts applied in most developed countries: Anglo-American concept of shareholder value creation and the Continental model of stakeholder value creation. In shareholder systems, also known as Anglo-American model, shareholders exert dominant influence. In major stakeholder systems, marked as Continental model, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze the impact of globalization and economic crisis on the goals of corporate enterprises, which have largely led to convergence of two opposing value creation concepts.Predmet rada je uporedna analiza dva koncepta generisanja vrednosti koja se primenjuju u najrazvijenijim državama: angloamerički koncept generisanja vrednosti za akcionare i kontinentalni model generisanja vrednosti za zainteresovane subjekte (interesente ili stejkholdere /stakeholders/). Generisanje vrednosti za akcionare, koje se označava kao angloamerički model, podrazumeva dominantan uticaj akcionara. Generisanje vrednosti za ključne zainteresovane subjekte, označeno kao kontinentalni model, podrazumeva raspodelu uticaja između većinskih akcionara, potrošača i zaposlenih. Cilj rada je analiza uticaja globalnih promena i ekonomske krize na ciljeve korporativnih preduzeća, koje u značajnoj meri dovode do približavanja nekada suprotstavljenih koncepata generisanja vrednosti

Mogućnosti primene hedžing strategija na inostranim robnim berzama

The aim of the paper is to determine the possibilities of implementing hedging strategies of Serbian agricultural producers on foreign commodity exchanges. Considerable fluctuations in prices of agricultural products in Serbia create the need for the use of futures in commodity exchanges in order to protect against unfavourable change in prices of agricultural products in the future period. Due to the fact that Serbia has not established the trading in commodity derivatives, Serbian producers are having to use developed commodity exchanges abroad. The paper analyses the possibilities of using the Chicago Mercantile Exchange in the USA and the MATIF commodity exchange in Paris, looking at two aspects of the activities. First, the correlation of corn prices on domestic and foreign commodity exchanges was investigated, given that it is the basic prerequisite for the application of successful hedging strategies and, secondly, legal requirements, primarily tax policies related to trade of futures contracts. This paper has found that there is a high correlation between the crops price in the foreign commodity markets and spot market in Serbia, which provides a solid basis for the implementation of hedging strategies for underlying assets in foreign commodity markets. However, it has been found that inadequate taxation policy is an aggravating factor for the implementation of hedging strategies.Cilj rada je utvrđivanje mogućnosti za primenu hedžing strategija srpskih poljoprivrednih proizvođača na inostranim robnim berzama. Visoka fluktacija cena poljoprivrednih proizvoda u Srbiji uslovljava potrebu za korišćenjem terminskih robnih berzi, u cilju zaštite od nepovoljnog kretanja cena poljoprivrednih proizvoda u budućem periodu. S obzirom na to da u Srbiji nije uspostavljeno terminsko trgovanje robnim derivatima, srpski proizvođači su upućeni na korišćenje razvijenih robnih berzi u inostranstvu. U radu su analizirane mogućnosti korišćenja Čikaške robne berze u SAD i MATIF robne berze u Parizu. Izvršena je analiza sa dva aspekta: prvi, korelisanost cena kukuruza sa domaće berze i inostranih berzi, s obzirom na to da je ona osnovni preduslov za primenu uspešnih hedžing strategija i drugi, zakonski uslovi, prevashodno poreske politike u vezi sa trgovinom terminskim ugovorima. U radu je utvrđen visok stepen povezanosti cena žitarica na inostranim robnim berzama i spot tržištu u Srbiji, što daje dobru osnovu za primenu hedžing strategija na ovu baznu aktivu na inostranim robnim berzama. Ipak, neadekvatni poreski propisi otežavaju primenu ovih strategija

International experiences in cooperative audit and lessons for Serbia

Basic characteristics of cooperative audit, its role in preservation of cooperative nature and promotion of cooperatives are analyzed in the paper. The aim of this paper is to propose measures to improve cooperative audit in Serbia based on the review of good practice in European countries. The development stages of cooperative audit, from the creation of first cooperatives in Europe until today, have been examined using the historical method, with particular emphasis on the legislative framework that regulated this field. The comparative method was used to determine the differences between individual solutions, emphasizing their advantages and disadvantages, as well as the potential impact on the development of cooperatives. The research suggests that there are different solutions, from the absence of cooperative audit, to its inclusion in the cooperative life cycle, starting from its establishment. Although legislative framework in Serbia foresee cooperative audit, this process needs to be significantly improved

Uloga klirinških kuća u razvoju trgovanja izvedenim hartijama od vrednosti u Srbiji

The aim of the study was to analyze and suggest the optimal clearinghouse models in order to develop derivative contracts in the Serbia. One of the main characteristics of modern business is dynamics and increased degree of uncertainty. As a result of increased uncertainty, need for the development of trade with derivative securities on organized markets, as a risk management instruments, is increased. A necessary prerequisite for trading with these securities is a clearinghouse. The study shows that the developed derivative exchanges have beneficial and pronounced impact on the segment of risk management in the financial sector as well as in the commodity sector. The optimal model of clearing in Serbia is establishment of two clearinghouse models in the house clearinghouses and independent clearinghouses.Cilj rada je utvrđivanje optimalnog modela kliringa za razvoj tržišta derivatnih ugovora u Srbiji. Jedna od osnovnih karakteristika savremenog poslovanja je dinamičnost i povećanje stepena neizvesnosti. Kao posledica ovakvih pojava javila se potreba za razvojem trgovanja izvedenim hartijama od vrednosti na organizovanim tržištima, čime bi se poslovanje učinilo izvesnijim. Neophodan preduslov za trgovanje ovom vrstom hartija od vrednosti je uspostavljanje klirinške kuće. Rezultati rada pokazuju da bi tržište derivatnih ugovora imalo značajan povoljan uticaj na segment upravljanja rizikom u finansijskom sektoru kao i u robnom sektoru. Optimalan model kliringa u Srbiji bi bio omogućavanje osnivanja klirinške kuće na samoj berzi kao i nezavisne klirinške kuće

Politika dividendi akcionarskih preduzeća u Srbiji

The subject of this paper is to analyse the dividend policy of relevant joint stock companies in Serbia, from the aspect of the shares liquidity on the Belgrade Stock Exchange. It is indisputable that due to the economic crisis and underdeveloped shareholding in Serbia, most of the corporations do not pay dividends. The aim of this study is to determine the type of dividend policy for Serbian corporations and to provide specific guidelines for the formulation of effective dividend policy. In order to reach the relevant data, the paper discusses the potentially most successful companies grouped in BELEX15 index of the Belgrade Stock Exchange, which tracks the price movements of the most liquid shares. The research results indicate that in a group of twelve companies there are those that lead an active dividend policy, then those with residual dividend policy, and those that strive to pay dividends without conducting long-term plans. Also, the paper concluded that the ownership structure has a certain impact on the dividend policy of the selected companies.Predmet istraživanja u ovom radu je analiza politike dividendi relevantnih akcionarskih preduzeća u Srbiji, posmatrano sa aspekta likvidnosti njihovih akcija na Beogradskoj berzi. Nesporno je da usled ekonomske krize i nerazvijenog akcionarstva u Srbiji većina akcionarskih preduzeća ne isplaćuje dividende. Cilj ovog rada jeste da se utvrdi kakvu politiku dividendi vode ova akcionarska preduzeća i da pruži određene smernice za formulisanje efektivne politike dividendi. Da bi se došlo do relevantnih podataka, u radu se pošlo od potencijalno najuspešnijih preduzeća svrstanih u BELEX15 indeks Beogradske berze, koji prati kretanje cena najlikvidnijih akcija. Rezultati istraživanja ukazuju na to da se u grupi od dvanaest razmatranih preduzeća mogu izdvojiti ona koja vode aktivnu politiku dividendi, ona koja vode rezidualnu politiku dividendi i ona koja nastoje da plaćaju dividende bez vođenje dugoročne politike. Takođe, u radu se došlo do zaključka da koncentracija vlasništva ima određeni uticaj na politiku dividendi razmatranih preduzeća

Finansiranje gasovoda Južni tok u Srbiji

Financing projects in the energy sector is expensive, risky and time-consuming. Project finance leads to collecting funds, attracting investors and risk allocation. The aim of this paper is to present the funding of South Stream pipeline in the territory of Serbia. Project finance provides funding pipeline with equity capital, bank loans and project finance CDO issue. Structured financing allows SPV to use loans, gas transportation agreement and contractual obligations as collateral for the bond issue.Finansiranje projekata iz energetskog sektora jeste skupo, rizično i dugotrajno. Projektno finansiranje omogućava prikupljanje novčanih sredstava, privlačenje investitora i raspodelu rizika. Cilj rada jeste da se predstavi finansiranje gasovoda Južni tok na teritoriji Srbije. Projektno finansiranje omogućava finansiranje gasovoda pomoću akcijskog kapitala, bankarskih kredita i emisije CDO. Strukturirano finanisranje omogućava da SPV kao kolateral za emisiju obveznica koristi kredite, ugovore o transportu gasa i druge ugovore

Value Creation Concept In Stakeholder And Shareholder Economies

In the financial theory it is common to make distinction between two types of corporate value creation concept: shareholder value and stakeholder value. In shareholder systems, also known as Anglo-American concept, institutional investors, who usually own small percentages of companies' shares, exert significant influence over managers. In major stakeholder systems, marked as Continental concept, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze influence of globalization processes and economic crises on value creation theory and practice

Predžetveno finansiranje u poljoprivredi

This paper's goal is to determine the significance of pre-harvest financing system for agricultural sector. The system of pre-harvest financing was introduced successfully for the first time in Brazil in 1994. Pre-harvest financing was implemented as a pilot project for Serbia and Ukraine, with great support of the European Bank for Reconstruction and Development (EBRD). A comparative analysis of Brazilian, Serbian and Ukrainian system of pre-harvest financing was carried out in this paper. Its results show that the system of pre-harvest financing is of great significance for the agricultural production financing. The analysis shows that a basic difference among these three systems was in issuing a contract for pre-harvest financing. Therefore, the Brazilian contract has a specific standardization level and ensures the secondary trading with these contracts.Cilj rada je utvrđivanje značaja predžetvenog finansiranja za poljoprivredni sektor. Sistem predžetvenog finansiranja je prvi put uveden u Brazilu 1994. godine. Ovaj sistem je uveden kao pilot projekat u Srbiji i Ukrajini od strane Evropske banke za obnovu i razvoj (EBRD). U ovom radu je sprovedena komparativna analiza brazilskog, ukrajinskog i srpskog sistema predžetvenog finansiranja. Rezultati su pokazali da je sistem predžetvenog finansiranja od velikog značaja za finansiranje poljoprivre-dne proizvodnje. Prema rezultatima u ovom radu osnovna razlika između tri sistema je u izdavanju samog ugovora o predžetvenom finansiranju. U bra-zilskom sistemu ugovor je u potpunosti standa-rdizovan što omogućuje sekjuritizaciju i sekundarno trgovanje ovim ugovorima

Značaj finansijske pismenosti za poljoprivredna gazdinstva u Srbiji

The aim of this paper is to analyse the level and the significance of farmers' financial knowledge or literacy, as well to propose measures for the improvement of financial skills in agricultural holdings. According to the paper's results, the level of farmers' financial knowledge is low; at the state level there hasn't been established satisfying financial education of farmers. It is necessary to establish continuous education programs in this field through agricultural extension services; at the state level, it is important to improve the coordination between different state bodies that conduct an educational program in agricultural sector, as well as the science research results and to make an educational material available to farmers. When considering the significance of financial literacy, it is usually analyzed from the perspective of adult people. However, recent studies indicate the importance of increasing financial literacy already at the level of youth or children. This theoretical concept is currently being accepted in the activities of the Government of the Republic of Serbia. In this regard, the Ministry of Economy has decided to introduce entrepreneurship to primary school through numerous projects.Cilj rada je analiza značaja posedovanja finansijskih znanja, nivoa finansijskih znanja poljoprivrednika, kao i analiza sa predlogom mera za unapređenje finansijskih znanja na poljoprivrednim gazdinstvima. Prema rezultatima rada nivo finansijskih znanja poljoprivrednika je nizak, a na državnom nivou nije uspostavljena zadovoljavajuća edukacija poljoprivrednika u ovoj oblasti. Neophodno je uspostaviti kontinuirane programe edukacije u ovoj oblasti preko poljoprivrednih stručnih službi; na državnom nivou neophodno je unaprediti koordinaciju različitih državnih organa koji sprovode program edukacije u poljoprivrednom sektoru, kao i rezultate nauke i edukacioni materijal učiniti dostupnim poljoprivrednicima. Kada se razmatra značaj finansijske pismenosti, ona se obično analizira iz perspektive odraslih ljudi. Međutim, nedavna istraživanja ukazuju na značaj povećanja finansijske pismenosti već na nivou mladih i dece. Ovaj teorijski koncept je trenutno prihvaćen u aktivnostima Vlade Republike Srbije. U tom smislu, Ministarstvo privrede je odlučilo da kroz brojne projekte otpočne promociju preduzetništva u osnovnim školama

Mogućnosti unapređenja regulative i metodologije zadružne revizije u Srbiji

The specificity of the cooperative is reflected in the goals of the business, whereby the primary goal of the cooperative is to satisfy the different needs of members, and not to gain profit. Therefore, the cooperative audit should be aimed at checking whether the general objectives have been achieved, and whether the management decisions are in line with these objectives. In this way, the process of managing a cooperative is also examined to determine whether the social objectives of the members are realized along with the financial or economic objectives. By adopting the new Law on Cooperatives in Serbia at the end of 2015, only frameworks for the establishment of a modern system of cooperative audit are set, which must be supplemented by appropriate changes to the regulations and by adopting a unique methodology for conducting this audit.Specifičnost zadruga ogleda se u ciljevima poslovanja, pri čemu je primarni cilj zadruge zadovoljenje različitih potreba članova, a ne sticanje profita. Usled toga i zadružna revizija treba da bude usmerena ka proveri ostvarenja opštih ciljeva poslovanja, kao i da li su odluke menadžmenta u skladu sa ovim ciljevima. Time se ispituje i proces upravljanja zadrugom radi provere da li se uporedo sa finansijskim ili ekonomskim ciljevima ostvaruju i socijalni ciljevi članova. Usvajanjem novog Zakona o zadrugama u Srbiji krajem 2015. godine postavljeni su samo okviri uspostavljanja savremenog sistema zadružne revizije, koji moraju biti dopunjeni odgovarajućim izmenama regulative i prihvatanjem jedinstvene metodologije vršenja ove revizije.