Nemanja Lojanica
Milan Čupić
The paper presents a theoretical framework for assessing the impact of risk management on corporate value. As the relevant factors that determine this impact, the paper analyzes market imperfections and investors’ risk aversion. The results of the present research indicate that risk management contributes to an increase in corporate value if, under the influence of market imperfections, corporate risk exposure is concave. As an expression of market imperfections, the paper analyzes the costs of financial distress, agency costs, and taxation. The results of the research also indicate that the risk management policy should not aim to minimize, but rather optimize risk exposure, by taking into account the costs of risk management, investors’ risk aversion and the competitive advantage a corporation has on the relevant market.
Jelena Erić Nielsen
The main research purpose in this paper is to perform an in-depth analysis of the relationships between corporate entrepreneurship, organizational learning and knowledge, the topic mostly neglected by academicians so far. The main research objective is to conduct a comprehensive analysis and make a step forward in understanding the nature of interdependencies, expand the knowledge base and offer a more profound answer to the dilemma of how to make an organization more innovative and flexible, by using the internal cognitive potential. Qualitative research incorporates a descriptive study, a comparison and an innovative interpretation of the relevant scientific achievements. The main result indicates that the knowledge implementation results in various forms of corporate entrepreneurship, more specifically the application of technical knowledge, lead to product lines extension, the integrative initiating of a new platform development and the exploitative creating of a new business venture. Knowledge is not only a result of organizational learning and corporate entrepreneurship, but also the trigger of future entrepreneurial activities. The research implications refer to the improved contemplation of the corporate entrepreneurship concept from a theoretical standpoint, while the practical contribution lies in providing recommendations to managers on how to stimulate specific types of entrepreneurial initiatives through corresponding approaches to organizational learning and knowledge. Finally, the potential avenue of research is indicated in relation to entrepreneurship as a learning process.
Maryna Nikonova
The development and implementation of any policy require the creation of preconditions for ensuring the independence of such a policy. In order to provide such preconditions, it is necessary to build up an institutional framework and regulate the key principles of development and implementation of an appropriate policy. the macroprudential policy is no exception, either. The macroprudential policy is a new policy area, which aims to identify, analyze and counter risks to the financial system as a whole, as opposed to traditional microprudential regulation and supervision, whose focus is exclusively on the risks of individual institutions. In many countries, the processes of appropriate legislation and building an institutional framework are ongoing. The article is focused on a comparative analysis of the Serbian and the Ukrainian approaches to macroprudential policymaking. The differences and the similarities between the Ukrainian and the Serbian macroprudential policymaking models are generalized.
Nataša Golubović and Marija Džunić
The design and implementation of the measures aimed at incorporating informal economic activities into the existing formal regulatory framework assume the knowledge of the causes and structure of the informal activity. The influence of the institutional factors that encourage the development of the shadow economy (the tax burden, the degree of the regulation of the economy, the capacity of the state administration) were the subject of extensive theoretical and empirical research. In contrast, the impact of social capital, i.e. the characteristics of social ties and relations, on the shadow economy has been investigated to a much lesser extent. Starting from the fact that the informal sector of the Serbian economy is so widespread that it represents a serious obstacle to the business activities of Serbian enterprises, the aim of this study is to investigate whether the characteristics of social ties and relations, or social capital in the Republic of Serbia (RS), represent a fertile ground for the growth of the shadow economy. In this context, the characteristics and frequency of social contacts, particularized trust and institutional trust will be separately analyzed as the determinants of the shadow economy in RS.
Slavica P. Petrović
In addition to the endeavors of the Journal Editorial Board aimed at improving the quality of the published contributions, as well as at increasing the visibility of the Journal through its inclusion in the referent bases of the academic journals EconLit, EBSCO, DOAJ, Cabell’s Directories, ProQuest ABI/INFORM, Index Copernicus, Ulrich’s Web, we point out – particularly in relation to the openness of the Journal for scientific contributions from abroad – that the five scientific papers written by the authors from abroad (China, India, Ukraine) (33.33% of the total number of the published scientific papers in the Journal, in 2015) have been published in Volume 17 of the Economic Horizons after the double blind review process and revisions.