Zora Arsovski
The implementation of Information and Communication Technologies (ICT) in enterprises organized as part of a cluster has its own specifications according to the level and type of relations between enterprises in the cluster. The purpose of this paper is to define determinants for the quality of the ICT implementation in clusters, the research goal being to define and validate the quality models of the implementation of ICT in clusters. Based on the theoretical research of clusters, the quality model for the ICT implementation has been developed and tested to the influences of the determinants of the implementation of ICT, which refer to the level of investments in ICT, quality management, the quality of processes and the level of the implementation of the ICT strategy at the level of the quality of the ICT implementation, with the confirmation of the significance of the stated hypothesis. The results of the research indicate the fact that the level of the quality of the ICT implementation could be predicted with a high accuracy, as well as the influence of the performances of enterprises and the cluster as a whole.
Violeta Domanović
The effective performance measurement systems are inevitably becoming the condition of companies’ existence in terms of thecontemporary dynamic and very turbulent environment.The effective performance measurement system enables a company to measure and control its performance in accordance with the defined strategy. In thedesigning of the performance measurement system in the contemporary environment, both financial and non-financial indicators reflecting the effects of the key activitiesadding the value of any company should be respected. The introduction of the diversified strategically aligned performance indicators should improve the organizational outcomes by increasing the quantity of the information relevant for making adecision, which is at the manager’s disposal, which makes easierstrategically consistent decisionmaking. The effectiveness of the performance measurement system is influenced by numerous factors, some of which are the subject of the paper research. The aim of the paper is to highlight the significance of the use of multidimensional measures as well as of the specific organizational factors in the process of thecontemporary performance measurement systems implementation.
Aleksandra Praščević
The paper deals with the extent to which the economic policy in Serbia has managed to respond to the economic problems imposed by the global economic crisis and how the restrictions in the form of political instability and political influence, also present before the crisis, influenced the economic policy formulated to combat the crisis. Globally, the economic crisis has resulted in the fact that, instead of the rules in economic policy making, with the key objective of maintaining price stability, now discretion and fiscal policies are being promoted, with the aim of overcoming the problem of unemployment. The significant use of discretion in the economic policy generally imposes the problem of the competence and possible political motives of economic policy makers. It is the limitations of underdeveloped institutions and a wrong model of growth that have contributed to the fact that the results of the economic policy in Serbia have not been significant. Serbia is facing the negative consequences of the measures implemented in the form of high budget deficits, public debt and inflation, while the effects on the economic activity and employment have failed, causing the present choice between rules and discretion.
Jacek Barburski
One of the modes of the measurement of banks’ and their branches’ economic efficiency is constituted by an econometric approach based on stochastic frontier functions. In this approach, the following three basic goal functions can be considered: the cost, revenue and profit functions. This paper aims to present alternative (relative to the standard formula) concepts of the measurement of revenue and profit efficiency constituting an important assessment criterion of banks’ operations. The paper also presents the results of the empirical studies of revenue and profit efficiency, as exemplified by the selected commercial bank. The theoretical part of the paper proceeds from an introduction to present the premises of an alternative efficiency assessment, then the formulas of the frontier functions of revenue and a profit. These are formulas that can exclusively be used under the conditions of imperfect competition between banks. The empirical part focuses on the application of the above models to assess the efficiency of a Polish bank’s branches. The calculations returned the indicators of revenue and profit efficiency and the rankings of the studied sample of branches in three different quarters. Due to the use of an excessively simple assessment method (Corrected Least Squares Method), the efficiency indicators obtained are understated and not accurate enough to lend themselves to further analysis. On the other hand, the rankings prepared on its basis are reliable and can be used for further assessments and comparisons, which should be considered as a meaningful research benefit.
Nataša Milenković
The main driver of growth in virtually all economies that have achieved rapid growth in recent decades, especially Asian economies, were investment and exports. There is a general agreement that export expansion represents the most eff ective way for Serbia’s economic recovery. The experience of Asian countries, those with rapid growth, can provide guidelines on how the precarious condition of the Serbian economy can be improved to a certain extent. The exchange rate is an instrument of the economic policy that simultaneously aff ects both the investment and exports of a country, and is the one easier to run than many other factors of growth and development. Several indicators indicate the importance of the exchange rate as an instrument of the economic policy in increasing exports and investments in Serbia. These are, fi rst, the extremely positive experiences of Eastern Asia economies, whose exchange rate policies are the opposite to that of Serbia, the weakness of the domestic market, indicating the necessity of an increase in exports, and thirdly, the extremely low competitiveness of the Serbian enterprises and its economy.
Edvard Jakopin
The global recession has once again confi rmed the economic principle stating that economic growth is not a” ainable unless there are continuous structural changes. The transition models of the reallocation of growth factors have demonstrated how ineffi cient they were when the recession struck. A research into the transitional growth of productivity has shown that productivity has primarily been based on an “intrasectoral profit”, not on the so-called “reallocation effect”. The entire area of SEE is faced with systemic macroeconomic imbalances primarily of a structural character. On the other hand, a comparative analysis of the reform experiences shows that transitional scores depend both on the speed of the undertaken reforms and the starting position. Studies have clearly demonstrated that sustainable economic growth was higher in those transition economies in which reforms were pursued faster than in those that pursued the strategy of incremental development. The crisis brought to the fore the signifi cance of industrial policies that had been sidelined both in theoretical and practical terms. The focus of the post-crisis reallocation of growth factors in the new model of economic growth should be on structural changes steered towards the productive export sectors of the manufacturing industry.
Vlastimir Leković
Trust, as an important traditional informal institution of a society, has in recent decades come into focus of many social sciences and the economic science as well. Namely, trust is one of the key factors that determine the character of both human and social relations. There is a growing realization that, among other key factors of the market system eff ectiveness and effi ciency, economic impacts are also determined by the appropriate level of trust that exists between economic actors. This paper analyzes the role of trust as a facilitating factor that enables a more successful development of economic activities in such an environment where economic actors deal with the problems of information asymmetry, incomplete contracts, an underdeveloped institutional framework, uncertainty etc. It is suggested that trust, both personal and institutional one, is a significant factor in economic success and development. At the same time, trust plays an important role in the successful implementation of a socio-economic transformation, which is especially relevant in transition countries.
Veljko Marinković and Vladimir Senić
Customer orientation in the last couple of years has been experiencing an expansion in many service-based organizations including banks. The needs of financial services users are dynamically changing, making it necessary for banks to be oriented towards developing long-term relationships with their clients in order to become and remain profitable. The main objective of this research is aimed at studying attitudes of corporate clients – small and medium enterprises – on different elements of the service quality delivered by a banking institution. The results of the conducted study emphasize three key elements of a service offer in corporate banking, including, respecting and understanding a bank’s clients, professionalism and image. Such findings additionally confirm the necessity for modern banking institutions to embrace the concept of tight cooperation with clients, only possible if they are truly committed to the marketing orientation in their everyday business.
Nenad Stanišić
There are various benefits which countries could derive from the renouncement of a national currency hallmarked by unstable external and internal values. The most evident one is the reduction of a long-term inflation rate. The objective of this paper is to test the hypothesis of the positive influence which monetary integration exerts on monetary stability and economic growth. On the other hand, monetary integration can also cause certain economic problems to countries’ economies, such as the one of the balance-of-payments adjustment. Hence this paper surveys its infl uence on the current account balance of national economies. The hypotheses are tested empirically by examining the sample of 42 countries from different regions and of different development levels. The results suggest that the monetary integration influences the inflation reduction in developing countries, but not the achieved economic growth rates. At the same time, the results indicate that monetary integration contributes to an increase in the current account deficit of developing countries, but not of developed ones.