Dejana Zlatanović
On the days of 16th and 17th December 2024, the Faculty of Economics of the University of Kragujevac will organize the eighth international scientific conference on Contemporary Issues in Economics, Business and Management (EBM 2024). Since 2010, the Conference has been held biannually and the same is dedicated to the current issues in the fields of economics, business and management.
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.
Nenad Tomić and Marija Mirić
Business models in the video game industry have shifted from physical to digital. With microtransactions, game producers have been provided with the ability to charge for extra in-game content. Loot boxes are one of the most controversial forms of microtransactions in video games. These are the prize packages that consist of one or multiple virtual items, whose specific content remains unknown to the player prior to opening. This study is aimed at identifying the combination of the factors that act as motivators for players in Serbia to engage themselves in monetary transactions for the purchase of loot boxes. To address the requirements of the study, modifications were made to the fundamental Technology Acceptance Model (TAM) so as to encompass the additional variables that had been perceived as significant for players’ decision-making processes. The findings of the study indicate the fact that the “perceived enjoyment, customization”, and “perceived ease of use” variables are the important factors that can predict the “perceived usefulness of loot boxes” variable. Additionally, the “perceived usefulness of loot boxes” and “propensity for gambling” variables are significant predictors of players’ intention to purchase. Furthermore, the “intention to purchase loot boxes” variable has a statistically significant impact on the “actual use of loot boxes” variable.
Jelena Erić Nielsen1, Ana Todorović Spasenić2 and Aleksandra Stevanović1
In the contemporary business environment characterized by risk and uncertainty, manufacturing companies need to focus on improving quality in every single aspect of their business model, with a focus on reaching the level of business excellence. As the central dimension of organizational design, organizational structure has the status of important support for achieving business excellence in the following areas: the success of the quality management system, process management, orientation towards employees (their satisfaction and motivation), the development of partnership relations with suppliers and customers, supply chain management, innovation, and social responsibility. The goal of the research is to identify the parameters of the organizational structure which have the highest influence on the success of manufacturing companies in terms of achieving business excellence. The results of the research conducted on a sample of 94 manufacturing companies in the territory of the Republic of Serbia showed the statistically significant influence of the organizational structure on each of the business excellence determinants, whereby the following parameters have the most important role: specialization, coordination (based on a combination of mechanisms) and formalization (based on compliance with QMS requirements – Quality Management System and the ISO 9001 standards).
Dejan Molnar1, Sonja Josipović2 and Bojan Baškot3
The paper presents different concepts of regional economic growth, according to which the educational structure of the working age population and entrepreneurial activity significantly contribute to the improvement of economic performance. It also analyzes the role of the entrepreneurial activity and the quality of human capital in regional economic growth in Serbia in the period from 2011 to 2020 using a sample of 25 NUTS 3 level sub-regions. The results of the evaluation of the three selected panel models indicate that entrepreneurial activities play a vital role in the growth of gross added value at the level of the sub-region. Given the fact that the main theoretical and numerous empirical findings suggest that bearers of regional development should be entrepreneurs who possess the appropriate knowledge, abilities, creativity and skills, the recommendation for the creators of public policies is to continuously work on improving the business climate and building a stimulating entrepreneurial environment. Such an environment can encourage highly educated individuals to become the key bearers of entrepreneurial activities.
Ivan D. Trofimov
This paper examines profitability disparities across the European economies using the aggregate and sectoral data for the period from 1995 to 2019 and applying a combination of panel unit root tests and the club convergence procedure. For most of the sectors, no convergence was identified at the aggregate level. Convergence within the clubs to multiple equilibrium levels, however, was identified. This convergence pattern was the most typical in the knowledge-intensive service sectors. The exogenous shocks had temporary effects on the economies’ profit rates (thus contributing to convergence), whereas the country- and sector-specific profitability components were characterized by stochastic behavior (attesting to nonconvergence). Overall, the persistence of profitability disparities was demonstrated. The findings suggest the importance of the firm-specific and local profitability drivers and the limited effects of the macroeconomic and competition policies on profit rates.
Milena Jakšić
It is our pleasure to inform the academic community that the scientific journal Economic Horizons has been included in the List of the Categorized Scientific Journals Published by Domestic Publishers for the year 2023 in the Category M24 – A national journal of international significance.