The list contains the authors and titles of all contributions published in the Volume 26 of the Journal.
In this paper, the corporate entrepreneurship concept is complemented by the contributions from planned organizational change models. Resulting from entrepreneurial endeavors undertaken by both individuals and groups within established organizations, corporate entrepreneurship leads to innovation or the regeneration of the existing and the creation of new businesses within the existing companies. However, there is little research in the change process through which entrepreneurial endeavors are realized. This paper seeks to close this gap by synthesizing the contributions of the most cited planned organizational change models, resulting in the activities or steps that, as the change agent, the internal entrepreneur should undertake in order to implement a corporate entrepreneurship project. Based on Lewin’s model (unfreezing – move – refreezing), these activities include creating the awareness of the necessity of change, creating and communicating a vision, preparing for changes, implementing changes, facilitating changes, the institutionalizing and monitoring of changes. Thereby, the corporate entrepreneurship concept is complemented and made more realistic in practice.
Forecasting financial distress in companies is very significant bearing in mind the complexity and dynamics of the modern business environment. Accordingly, the subject matter of this research study is the determinants of the occurrence of the financial distress that may lead a company to bankruptcy. The study is aimed at determining the interdependence (correlation) between certain determinants of the occurrence of financial distress and the indicators of the probability of the occurrence of financial distress and considering the difference in the probability of the occurrence of financial distress before and after the onset of the COVID-19 pandemic in the Republic of Serbia. The research was conducted on a sample of 73 publicly traded companies, of which 22 belong to the group of big companies, and 51 to the group of medium-sized companies over the 2018-2022 period. The results have shown that there is a statistically significant negative correlation between the determinants of profitability, liquidity and solvency and the probability of financial distress. In addition, it was shown that there is a statistically significant positive correlation between leverage and the probability of financial distress, as well as between company growth and the Altman Z-score indicator. It is concluded that there is a statistically significant difference in the value of the Altman Z-score indicator before and after the onset of the pandemic caused by the COVID-19 virus.
The paper discusses market trends and analyzes the regularities that appear on the Serbian national housing market and regional submarkets. It is assumed that, apart from the common market driving forces, the market for newly constructed houses and the market for the existing housing stock behave like two separate segments of the housing market with the imperfect adjustment of prices. The prime focus of the analysis is on the divergence between the prices in those two segments, with a special interest in the process of mutual adjustments. Granger causality tests are employed in order to reveal whether there is a causal relationship between the price indices in those two segments and it has been found that there is a causality relation between the existing housing market and the newly constructed house market prevailing among the regional submarkets. The same methodology is applied to test if there is any such causality between the regional markets. The results have confirmed a likely influence of the Belgrade new construction market on the other regional markets. The findings will help understand the process of price adjustments between the two market segments and will lead to policy recommendations.
The purpose of this paper is to investigate the impact of financial technology (Fintech) on the inflation rate. The contribution reflects in the creation of a new index for Fintech, involving several indicators using principal component analysis. The data utilized belong to a panel dataset pertaining to the 10 provinces of the island of Sumatra, Indonesia, spanning from January 2020 to June 2023. The pooled mean group (PMG) estimation method is employed in order to test the relationship between Fintech and the inflation rate. The research findings of the study indicate that Fintech is capable of reducing inflation in the long run. Therefore, this research study implies the necessity to intensify the use of Fintech for the purpose of creating an efficient economic environment and promoting economic stability.
The Eastern Bloc had been dissolved by the end of the Cold War period, and the New World Order was established. The rapid liberalization process accelerated transition to the free market economy. In this transition period, however, numerous political tensions occurring between some countries also transformed into conflicts and wars. Therefore, countries allocate their scarce resources to their national security rather than their development objectives, simultaneously gradually increasing their defense expenditures. Accordingly, the present study aims to examine the existence of the dynamic relationship between defense burden and unemployment for the selected nine post-Soviet countries that emerged after the collapse of the Soviet Union. By incorporating the annual data set of the nine post-Soviet countries over the period between 1996 and 2021, the results revealed that defense burden had no influence on unemployment in the short run, but did have a positive effect in the long run.
This paper investigates the impact of various factors on the level of foreign direct investments in a country, with a special emphasis on the noneconomic, mostly institutional determinants. Using a broad sample of 124 countries and data for the period from 1996 to 2019, a dynamic panel GMM regression is applied. The regression results indicate that the relative share of FDI in the GDP depends positively on the development of the institutions in the country. To attract foreign investors, host countries should make considerable progress in the functioning of their legal system, the effectiveness of the government and fight against corruption, as well as creating an overall favorable investment climate. The same regression model applied to a subsample of European countries reinforced these findings, sending an important message to policymakers, who need to make decisive steps towards fixing systematic deficiencies rather than subsidizing foreign investors, which is a practice with suspicious cost-effectiveness at the macro level.