Aleksandra Praščević i Milutin Ješić
U radu se analizira uticaj cena energenata na makroekonomsku stabilnost. Cene energenata predstavljaju značajne šokove ponude, koji su se kroz ekonomsku istoriju pokazali kao jedan od vodećih generatora cikličnih fluktuacija. Analiza je obuhvatila države članice bivše SFRJ, kao i države članice Višegradske grupe. Posmatrani pokazatelji su, radi komparativne analize, prikazani i za EU27 kao celinu. Saglasno sa ekonomskom teorijom, glavni zaključak rada je da šokovi ovog tipa mogu biti značajan izvor cikličnih fluktuacija i okidač inflacije, te da kreatori ekonomske politike imaju kompleksan zadatak da minimiziraju efekte ovih šokova. U aktuelnom trenutku, kada na globalnim energetskim tržištima cene energenata dostižu istorijski visoke nivoe, naučni doprinos analize šokova sa strane ponude može se naći u dubinskoj analizi i utemeljenoj oceni uloge ovih šokova u očuvanju makroekonomske stabilnosti, kao i neophodnih mera ekonomske politike za minimiziranje njihovih negativnih efekata.
Mirjana Gligorić Matić i Biljana Jovanović Gavrilović
U radu se razmatraju kvantitativni aspekti privrednog rasta, odnosno, njegova dinamika. Mada je uobičajeno da se prilikom analize dinamike ekonomskog rasta zemalja posmatra stopa (intenzitet) rasta, pri čemu se varijabilnost rasta zanemaruje, pokazujemo da obuhvatanje fluktuacija u stopama rasta ima jasnu motivaciju i praktičan značaj. Na uzorku evropskih zemalja, uključujući i Republiku Srbiju, analiziran je intenzitet rasta i njegova stabilnost, da bi se, na osnovu ove dve komponente, konstruisao indikator dinamike rasta i prilagođena stopa rasta. Na bazi ova dva konstruisana indikatora, analiziran je položaj svake zemlje u uzorku, kao i u okviru regiona (Zapadne i Istočne Evrope) kome pripadaju. Analiza i rezultati ukazuju na važnost ovakvog pristupa prilikom analize i komparacije privrednog rasta pojedinačnih zemalja u srednjem i dugom roku, kao i procene efekata na budući privredni rast i blagostanje.
Henry Emife Monye-Emina1 and Edirin Jeroh2
This study essentially examines the audit effort as a possible determinant of the abnormal audit fees evinced in International Financial Reporting Standards-based financial statements. Therefore, the secondary data were sourced from the audited annual reports and the relevant financial statements of the Nigerian listed banks for the period of observation (2010-2019). An analysis was performed using the relevant techniques that include descriptive statistics, the correlation matrix and panel regression. The findings showed that the IFRS, the client complexity (CPX) and the client size (SIZ) were negatively correlated with abnormal audit fees (ABFEE), whereas joint audit (JAD) recorded a positive correlation with such abnormal audit fees. Lucidly, joint audit showed a stronger relationship with abnormal audit fees, whereas the client size showed a significant, but negative relationship with abnormal audit fees. Similarly, the fact that, with a probability value 0.9494, the relationship between ABFEE and the client complexity was not significant was noticed. Given these research outcomes, it can be concluded that abnormal audit fees are primarily motivated by extra or unexplained audit efforts and the costs associated with them. It is, therefore, recommended that, proportionately with the service(s) rendered, accounting professional bodies should review, harmonize and tactically institute a limit for professional charges through the enforcement of regulated benchmarks for audit fees payable by clients.
Snezana Nestic1, Aleksandar Aleksic1, Jaime Gil Lafuente2 and Nikolina Ljepava3
Enhancing production and sale has a very significant effect on the competitive advantage of any production enterprise. In practice, especially in companies with highly diversified production, products have a different impact on generating revenue. Therefore, operational management pay attention to the products of the utmost importance. The Pareto analysis is the most broadly used product classification method. It can be said that the results obtained by this analysis are still very burdened by decision-makers’ subjective attitudes. This paper proposes a model for selecting products with the biggest impact on generating revenue in an exact way. In the model’s first stage, whether there is a linear relationship between volume demand and a discounted amount is analyzed applying mathematical statistics methods. In the second stage, the Genetic Algorithm (GA) method is proposed so as to obtain a near-optimal set of the most important products. The proposed model is shown to be a useful and effective assessment tool for sales and operational management in a production enterprise.
Khushboo Gupta1, Venkata Ramana Thanikella2, Omkar Singh Deol3 and Kanishka Gupta4
The objective of the current paper is to study the relationship between company financial factors, macroeconomic factors and the market measures of risk of the Consumer Goods Sector of the Indian economy. Systematic, unsystematic and total risks are the measures of the risk used. Dynamic panel data regression techniques have been applied to the data of the companies comprising the S&P BSE FMCG index of the Bombay Stock Exchange (BSE) of India. The time frame established for the study is the period from 2011 to 2020. The results show that on average 89.6 percent of total risk is attributable to the unsystematic portion, whereas the rest is attributable to the systematic portion. Furthermore, both the financial variables and macroeconomic variables can be used to gauge the risk related to investments. Moreover, marketing personnel may justify their expenditure that builds their brand value as these efforts will reduce the risk for investors and increase their wealth. The results of this study are especially useful for business managers, as well as investors, helping them to understand risk and the factors contributing to it, which may provide useful insights regarding cost-of-capital and value-of-firm calculations.
Nada Trivić1 i Bojana Todić2
Teorijski model tržišta savršene konkurencije dovodi do efikasne alokacije resursa, a jedna od pretpostavki tog modela je potpuna informisanost tržišnih subjekata. Međutim, u stvarnosti tržišni subjekti su najčešće asimetrično informisani. Cilj ove analize je da ukaže da je asimetrična informisanost gotovo sveprisutna, ali i da se ukaže na posledice asimetrične informisanosti i mogućnosti njihovog otklanjanja ili ublažavanja. Pored toga, cilj istraživanja je i teorijska potvrda prisustva asimetrične informisanosti i njenih posledica i na tržištu rada, kao i pokušaj matematičke formalizacije takvih tržišta, posebno formalizacija tržišta rada modeliranjem načina obračuna zarada radnika i ciljne funkcije poslodavaca, kao mogućnost prevazilaženja problema principal-agent. Definisani ciljevi istraživanja odredili su strukturu ovog rada, kao i metodološki instrumentarijum. Da bi bile testirane i dokazale definisane hipoteze u istraživanju i realizovani definisani ciljevi istraživanja, koriste se metode teorijske analize, apstrakcije, komparacije, konkretizacije, generalizacije i kritičkog vrednovanja i upotrebe.
Vallari Chandna
Temporary organizations take on numerous forms and can be found within and across traditional organizational forms. With the rise of remote work, born-global organizations and collaborative work, temporary organizations are becoming more prevalent. They are playing critical roles in a host of situations and organizational leaders need to better understand the phenomena so as to be able to navigate and utilize them correctly. In this paper, a conceptual model intended to understand how temporary organizations partially embedded in multiple parent organizations are being faced with unique identity issues is proposed. The individuals involved with such boundary spanning temporary organizations have identity issues due to their multiple identities being at odds with each other. Using the theories of temporary organizational forms and the social identity, the given conceptual framework shows that the dilemmas related to multiple identities can be resolved by: buffering and ordering identities, self-selecting into temporary organizational forms, and acknowledging such multiple identities and allowing them to simultaneously be salient. Additionally, the consequences of a lack of resolution are explored, including reduced group cohesion, lower performance and the unethical behavior on the part of the pro-parent organization.
Maria Rio Rita, Yeterina Widi Nugrahanti and Ari Budi Kristanto
This study aims to examine whether Peer-to-Peer (P2P) lending, financial bootstrapping and government support affect the performance of Micro, Small, and Medium-sized Enterprises (MSMEs) by adding a mediating variable in the form of innovation. Innovation mediation is expected to be able to optimize the influence of government funding and incentives towards improving business performance. This study used an SEM-PLS analysis technique. The study samples were the MSMEs located in the city of Salatiga – Central Java, Indonesia. The results showed that P2P lending and financial bootstrapping had a positive effect on business performance and innovation. While government support had a positive effect on innovation, on the one hand, it had no effect on business performance, on the other. Innovation itself is proven to have an influence on business performance. This study also finds that innovation mediates the effect of P2P lending on business performance, facilitates the effect of financial bootstrapping on business performance and reconciles the effect of government support on business performance.
Aleksandra Bošković
U eri digitalizacije, tradicionalni faktori uspeha preduzeća dovedeni su u pitanje, pa je potrebno preispitati ustaljene obrasce rada i ispitati nove načine za stvaranje održive vrednosti. Obzirom da ljudi, kao nosioci znanja, predstavljaju ključne pokretače vrednosti, neophodno je istražiti načine za unapređenje njihovog potencijala. Cilj istraživanja u radu jeste da se pokaže da autonomija doprinosi unapređenju angažovanosti zaposlenih u digitalnom okruženju, a posebno u uslovima rada na daljinu. U tom smislu, objašnjen je koncept angažovanosti zaposlenih, kao stanja visoke energije, posvećenosti i okupiranosti poslom i ukazano je na moguće načine za unapređenje angažovanosti, kroz povećanje autonomije. Empirijskim istraživanjem je potvrđeno da autonomija pozitivno utiče na energiju i posvećenost, kao dimenzije angažovanosti, kao i da je uticaj na energiju jači kod zaposlenih koji rade na daljinu.
Lich Khac Hoang1, Binh Tan Cao2, Kim My Le2 and Dung Thi Thuy Nguyen2
This paper examines the impact of taxes on the economic growth based on classifying countries by GDP per capita and a tax burden. The Partitioning Around Medoids (PAM) technique is used because it is not too sensitive to outliers. Through this multicriteria classification technique, the Generalized Method of Moments (GMM) is employed to analyze the data of the three groups consisting of 63 countries from 2003 to 2017. The results show that most taxes have a positive impact on economic growth in poor countries (Group 1). Interestingly, taxes on goods and services promote economic growth in rich countries (Group 3), rather than having a negative effect, as is concluded by some previous studies. Specially, while the property tax has a negative effect on economic growth in rich countries, its impact is significantly positive in poor countries.