Ventsislav Vasilev and Radka Vasileva
The study explores some methods used to assess risk and determine optimal retention levels in motor casco insurance, specifically focusing on comparing the three statistical techniques: Chebyshev’s Inequality, the Monte Carlo Simulation, and Normal Distribution. By utilizing historical claims data from the Bulgarian insurance market published by the Financial Supervision Commission, the study investigates the probability of the claim exceeding retention thresholds and compares the accuracy and precision of each method. While Chebyshev’s inequality provides a conservative estimate, the Monte Carlo simulation offers a probabilistic approach that models various outcomes, whereas normal distribution assumes a symmetrical loss pattern. The research aims to identify which method offers the most reliable estimation for setting retention levels in motor casco insurance. By evaluating the accuracy of each technique against real claims data, the study aims to inform insurers about the approach which optimizes their risk management decisions best. The research shows that the Monte Carlo simulation offers the most accurate and reliable estimates for motor casco retention decisions due to its flexibility in modelling various loss scenarios.
Farial Faizi1, Mariam Sawas1, Dina Abohassan1, Ilija Stojanović1 and Marko Selaković2
The economic rivalry between the BRICS countries and the G7 nations has been a central theme in global development for decades. This study seeks to compare the GDP growth dynamics between the BRICS and G7 countries, while examining the differential impact of the key macroeconomic indicators on their economic trajectories. To achieve this, statistical methodologies, including independent t-tests and ANOVA, were utilized so as to compare the group-level differences, while the tests of between-subjects effects were applied to assess the variations in the effects of the regression coefficients for the macroeconomic factors influencing GDP growth. The study posits that the distinct economic structures of the BRICS countries and the G7 nations lead to varying macroeconomic conditions which shape their growth patterns in distinct ways. The findings of this research offer actionable insights into the strongest and weakest determinants of the GDP growth within these economic blocs. It contributes to a broader discourse on global economic competition, offering evidence-based recommendations for balanced growth strategies.
Paskal Zhelev1 and Olga Malashenkova2
This study investigates the Eurasian Economic Union (EAEU) as a regional economic integration bloc, analyzing its evolution, trade integration, and industrial policy framework amid shifting global dynamics. Established in 2015, the EAEU has encountered structural challenges, geopolitical upheavals, and intensifying sanctions, especially following the war in Ukraine. These pressures have disrupted trade flows, widened economic disparities among member states, and tested the bloc’s cohesion. The paper emphasizes the fact that enhancing competitiveness is critical for the resilience of the EAEU, with the industrial policy serving as the cornerstone of this effort. Employing trade indicators, such as intra-regional trade shares and the Revealed Comparative Advantage (RCA) index, the study highlights uneven integration and dependence on resource-based exports. It evaluates the institutional framework of the EAEU’s industrial policy, focusing on subsidy harmonization, value-added industry development, and coordination between national and regional priorities. Despite persistent institutional weaknesses and external pressures, the findings suggest that fostering industrial modernization and achieving better synergy between domestic policies and regional ambitions could strengthen the bloc’s resilience and global competitiveness.
Jelena Šiđanski
U digitalnom marketingu, sposobnost da se stvori angažujući i relevantan sadržaj predstavlja ključni faktor uspeha. Napredak tehnologije pruža nove mogućnosti, pri čemu veštačka inteligencija (AI) menja različite poslovne sektore. AI može asistirati ili potpuno upravljati procesom kreiranja sadržaja, pomažući marketinškim stručnjacima da poboljšaju radne procese i rezultate. Korišćenjem modela analize više kriterijuma, moguće je proceniti kriterijume i doneti odluke između alternativa za kreiranje sadržaja. Ovaj rad koristi metodu analitičkog hijerarhijskog procesa (AHP) za procenu alternativa, odnosno ljudi, AI i kombinacije ova dva pristupa, sa ciljem poboljšanja kreiranja sadržaja na osnovu kriterijuma kreativnosti, brzine, troškova, kvaliteta sadržaja, prilagodljivosti i konverzije. Rezultati rada su pokazali da marketing stručnjaci smatraju ljude najefikasnijima za kreiranje sadržaja, naročito u kreativnosti, kvalitetu sadržaja, prilagodljivosti i konverziji. Iako kombinacija ljudi i AI nudi prednosti u efikasnosti troškova i brzini, ona ne nadmašuje pristup koji je u potpunosti zasnovan na ljudima.
U ovom radu se koncept korporativnog preduzetništva dopunjuje doprinosima koje nude modeli planiranih organizacionih promena. Korporativno preduzetništvo, kao rezultat preduzetničkih poduhvata pojedinaca i grupa unutar postojećih organizacija, ima za rezultat inoviranje odnosno regenerisanje postojećih i kreiranje potpuno novih biznisa unutar postojećih kompanija. U literaturi, međutim, malo je istraživan proces promena putem kojih se preduzetnički poduhvati realizuju. Taj jaz ovaj rad nastoji da zatvori. U njemu se, posle predstavljanja korporativnog preduzetništva, vrši sinteza doprinosa najviše citiranih modela planiranih organizacionih promena što rezultira u aktivnostima ili koracima koje interni preduzetnik, kao agent promena, treba da preduzme kako bi realizovao projekat korporativnog preduzetništva. Zasnovane na Levinovom (Lewin) modelu (odmrzavanje – pokret – ponovno zamrzavanje), te aktivnosti su: kreiranje svesti o neophodnosti promena, kreiranje i komuniciranje vizije, priprema promena, implementiranje promena, olakšavanje promena, institucionalizacija i monitoring promena. Time se koncept korporativnog preduzetništva dopunjuje i čini realnijim u praksi.
Márton Gosztonyi
This study explores the socioeconomic dynamics between entrepreneurship and traditional employment within the framework of the semi-periphery of the European Union, specifically focusing on Hungary. A mix of the ridge, LASSO, elastic net, and polynomial regression techniques are used so as to analyze a representative 2022 dataset, examining how individual self-perceptions and local socioeconomic environments influence employment types. The analysis made in this study reveals that, while entrepreneurship and traditional employment often exist on a continuum, they are influenced by the distinct socioeconomic and perceptual factors that contribute to a fluid employment landscape. The key findings indicate significant variations in how entrepreneurs and traditional employees perceive local economies, trust in institutions, and view their personal roles within the economic system. The study reveals critical details in the interplay between personal aspirations and a broader socioeconomic context, suggesting a complex, intertwined relationship that challenges traditional dichotomies between employment types.
Marko Đogo1, Dragan Gligorić2 and Marianne Berecz3
With its nominal GDP USD 177.3 billion in 2022, the Hungarian economy is roughly equivalent to the economies of Serbia, Croatia and Slovenia, combined. Yet, these three countries are among the five most important Bosnia and Herzegovina’s (B&H) trading partners in exports and imports, while Hungary only ranks eighth among B&H’s most significant trading partners. By applying the gravity model, it was found that the basic gravity model (which takes into account only the size of the economy and the distance) is insufficient to explain the volume of trade between Bosnia and Herzegovina and Hungary. Actually, the fact that Bosnia and Herzegovina was once a member state of the Former Yugoslavia still has a significant impact on explaining the international trade of Bosnia and Herzegovina, simultaneously indicating the importance of historical, cultural, and political ties between the countries. The results obtained in this research study pertaining to the ten most significant trading partners of Bosnia and Herzegovina also suggest that the distance between the major cities more strongly influences exports than imports. Taking into consideration the size of the Hungarian economy and the distance, these results suggest that the trade volume between Bosnia and Herzegovina and Hungary is far below the expected level.
İbrahim Halil Ekşi1, Feyyaz Zeren2 and Samet Gürsoy3
In this paper, the effects of the Russia-Ukraine conflict on the stock markets of Turkey (BIST), which has strong economic relations with both countries, and Russia (MOEX), one of the parties to the conflict, are investigated. The relationship between the stock indices for the overlapping sectors of both stock markets (namely the consumption, electricity, financial, oil and telecom sectors) are examined using the Fourier volatility spillover and Fourier-Granger causality tests. The findings of the paper indicate that there is a bidirectional causality relationship between both countries in the electricity sector, and a causality relationship between BIST and MOEX in the telecom sector. In addition, there is a bidirectional volatility spillover in the electricity, finance and oil sectors between the stock markets of the two countries. However, there is also a volatility spillover from MOEX to BIST in the food sector. The COVID-19 epidemic and the Russia-Ukraine war can be quoted as the reasons for this situation. This volatility spillover between the countries seems likely to harm the Turkish economy in the case of possible negative developments during the war. The results obtained in this study provide valuable information for portfolio diversification to the investors who will invest in these sectors as long as the war conditions continue.
Predrag Trpeski, Kristijan Kozheski* and Gunter Merdzan
This study examines labor productivity in the Open Balkan initiative countries (Albania, Serbia, and North Macedonia) and Southeastern Europe’s latest EU entrants (Bulgaria, Romania, and Croatia). In the study, macroeconomic and institutional factors, including the Gross National Income (GNI) per capita, the unemployment rate, the statutory minimum wage, and the labor freedom index are analyzed in relation to labor productivity. The study used econometric methods to identify the labor productivity determinants and discern the labor market differences between the two groups of countries. The key findings emphasize the pivotal role of economic development in Southeastern Europe, especially among the last EU entrants, fostering additional increases in labor productivity. The study reveals the significant influence of the labor freedom index on productivity, with nuanced implications for both groups of countries. Additionally, it highlights the tangible impact of the statutory minimum wage policies on labor productivity in the Open Balkan initiative countries, indicating potential shifts in the wage structures and broader economic landscapes. The interplay of variations in the unemployment rate emerges as a substantial factor shaping efficiency and overall productivity in the labor market across both groups. These findings provide valuable insights into the labor market complexities faced by the Open Balkan countries, underscoring the need to bridge the gaps for economic development catch-up.
Vallari Chandna and Tarique Newaz
Most undergraduate and graduate business programs contain a culminating capstone experience as part of the standard curriculum. So far, business capstone courses have often strived to be uniform across modalities (i.e. either online or face-to-face, they were of uniform nature) and they have been rigorous and impactful courses. Additionally, many business programs have adopted simulations or other forms of game-based learning in their capstone courses. A sample of 122 students engaged in a simulation game as part of their capstone experience was used in this study in order to examine whether modality differences did affect the students’ experiences (their satisfaction with the course and performance) or not, and also whether it helped them to be on teams comprised of different business majors or not. While, on the one hand, a hypothesis that significant differences would be seen due to a different modality and group composition was initially set, the counterintuitive findings obtained during the research were indicative of the fact that students’ experiences could be positive across the modalities and the varying composition so long as the instructor’s efforts were directed towards rigor, engagement, and uniformity of experience in the courses.