IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-19215
Miroslav Bjegović, Mirjana Radovanovic, Goran Ž. Župac
{"title":"National and energy security in terms of human development","authors":"Miroslav Bjegović, Mirjana Radovanovic, Goran Ž. Župac","doi":"10.5937/INDUSTRIJA46-19215","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-19215","url":null,"abstract":"Governing energy is one of the main challenges for the secure global future. Energy security is integral part of national security system, characterized by strong causal relationship with economic, social and geopolitical movements as a whole. Regardless of the high significance, there are major challenges in defining methodologies for control of the governance in this area. In addition, results of control measurements could be (miss)interpreted and/or intentionally created for certain geopolitical purposes. Methodology analysis, which will be presented in this paper, is Energy Trilemma Index, developed by distinguished World Energy Council. Main objective of this paper is assessment of reliability of this Index, which is done by testing of its methodological concept itself on the sample of 33 countries. Analysis is conducted by review of available reports, general descriptive statistics and data processing. Spearman's rank-order correlation test has been applied to four main variables: three variables constituents of Energy Trilemma Index and Human Development Index as control variable. Results of this research point to the significant shortcomings of Index itself, because of which it is recommended for all the regulation, strategies and assessments done and/or supported by use of Energy Trilemma Index to be taken with certain level of caution.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"109-125"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-19529
Vule Mizdraković, Marija Kostić, J. Stanković
{"title":"Succeeding in bioeconomy: Serbian universities' blueprint","authors":"Vule Mizdraković, Marija Kostić, J. Stanković","doi":"10.5937/INDUSTRIJA46-19529","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-19529","url":null,"abstract":"The purpose of this paper is to provide insight into the level of integration of the bioeconomy concept in the study programmes and modules at Serbian higher education institutions. Bioeconomy is based on multidisciplinary approach, which consists of research, education and innovation. Bioeconomy must be initiated by the government, developed by research institutions, universities and cluster, and thoroughly implemented into existing and emerging industries. As educators, Serbian universities should play a key role in developing future professionals. Research has been conducted to determine if Serbian universities educate students in the fields relevant to the concept of bioeconomy. All accredited study programmes in academic year of 2017/2018, at all universities in the Republic of Serbia, have been analysed. The research included 17 universities, 152 departments, 481 study programmes, 705 modules and 43,360 courses. The modules within the study programmes were categorised as bioeconomy-based modules, nonbioeconomy-based modules with at least one bioeconomy-based course, and non-bioeconomy-based modules. The research shows that of the total number of modules, 43% include one or more bioeconomy-based courses. The share of such courses within modules ranges from 1% to 21% and differs among groups of scientific fields.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"171-184"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-19735
Saša Krstić, Aleksandra Fedajev, Radmilo Nikolić
{"title":"Some aspects of business operations of Serbian economy in 2017","authors":"Saša Krstić, Aleksandra Fedajev, Radmilo Nikolić","doi":"10.5937/INDUSTRIJA46-19735","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-19735","url":null,"abstract":"After a period of stagnation, caused by the global economic crisis, the Serbian economy has been transformed into a growing economy with a satisfactory level of price and currency stability. In order to maintain this trend in the future and to ensure further acceleration of economic activity, it is necessary to identify the key problems faced by companies in every economic segment. In this sense, the aim of this paper is to identify the segments of the economy with the most favourable and the disadvantageous business economy, as well as the advantages and limitations of each segment individually. To perform this comparative analysis, the ratio analysis was applied in combination with PROMETHEE and the entropy method. Research results suggested that medium enterprises and those operating in the sector of information and communication and in the region of Vojvodina had the most favourable business economics, while the micro enterprises, those who operate in the construction sector and in the region of Kosovo and Metohija were in the worst economic and financial situation. On the basis of the obtained results, appropriate recommendations and guidelines for improvement of the business economics in the worst ranked segments of the economy have been defined.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"48 1","pages":"185-206"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-14975
Jelena Andrašić, V. Mirović, N. Milenković, M. Pjanić, Branimir Kalaš
{"title":"The characteristics of takeover targets: Evidence from food industry in Serbia","authors":"Jelena Andrašić, V. Mirović, N. Milenković, M. Pjanić, Branimir Kalaš","doi":"10.5937/INDUSTRIJA46-14975","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-14975","url":null,"abstract":"This study analyses the characteristics of target companies from food industry that were taken over by foreign investors in the Serbian market. The aim of the study is to determine: Can future target companies be predicted based on the characteristics of target companies that have already been taken over in the Serbian market? The study compares the indicators of profitability, liquidity, leverage and efficiency of 30 target companies from the food industry with the industry' average. The study includes multivariate analysis of variance (Manova) and Discriminant analysis in order to identify the difference between observed indicators. The liquidity and leverage indicator showed a statistically significant difference compared to average values. Group classification is 95% and sample homogeneity is 90% which leads to a conclusion that target companies can be predicted with extremely high reliability.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"7-22"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-15271
Snežana Milošević-Avdalović
{"title":"The impact of firm specific factors on the stock prices: Empirical evidence from Belgrade stock exchange","authors":"Snežana Milošević-Avdalović","doi":"10.5937/INDUSTRIJA46-15271","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-15271","url":null,"abstract":"This study aims to examine the impact of certain determinants of stock prices on the capital market in development, with a special focus on companies in the Financial and Insurance Activities Sector whose shares are listed on the Belgrade Stock Exchange. The study uses data from individual companies from 2008 to 2014 and employed ordinary least squares method. Generally speaking, the study found that accounting information, in particular, return on assets, book value per share, trust rate and company size measured by market capitalization, are relevant for explaining the stocks prices in Serbia. This study contributes to the current discussion of specific factors affecting the price of stocks in the emerging market with a special focus on the Belgrade Stock Exchange. Cluster analysis of companies according to key determinants of share prices suggests to investors that there is the possibility of portfolio diversification. The reliability in the study is ensured by including nearly 95% of the companies listed on the Belgrade Stock Exchange, ie shares of companies classified in K Financial and Insurance Activities Sector on the Belgrade Stock Exchange.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"7-20"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-15888
N. Stanojević, Slobodan Kotlica
{"title":"Globalization and methodology of researches in international trade","authors":"N. Stanojević, Slobodan Kotlica","doi":"10.5937/INDUSTRIJA46-15888","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-15888","url":null,"abstract":"The intensive globalization of production at the end of the 20th and the beginning of the 21st century led to a significant distortion of statistical data of the volume of international trade. The usage of these data in quantitative research does not provide reliable information regarding the development potential of a particular export route (orientation) or products. The specific methodological procedure has been proposed in order to correct these data, prior to their application in known econometric models. It includes standard procedures for separation of inter-industry from intra-industry trade, and then the differentiation of horizontal and vertical form of intra-industry exchange. In the last step, the disputed value of exports is identified by marking unusual situation of higher export price of undeveloped economies to the developed ones. This is a result of the multiple crossing of the border of the same products. The obtained corrected value of statistical data can be successfully applied in existing econometric models. The methodological procedure was applied to the selected Serbian export groups of products and several of its key export partner countries. The results show that the statistical value of export is 10% to 40% higher than the real one.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"21-38"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-18975
Bojan Leković, Renata Amidžić, Nikola Milićević
{"title":"Determinants of internationalization: Earlystage entrepreneurs from Southeast Europe","authors":"Bojan Leković, Renata Amidžić, Nikola Milićević","doi":"10.5937/INDUSTRIJA46-18975","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-18975","url":null,"abstract":"Research area of this study includes determinants that have an influence on international ventures of early-stage entrepreneurs, nascent and new business owners. The research implies determinants such as: entrepreneurial motivation, innovation activity, use of new technology and demographic factors gender and age. Data for the research was provided by the Global Entrepreneurship Monitor database; the sample covers data of early-stage entrepreneurs who settled their business in Southeast Europe. The methodology of empirical research provides a presentation of statistical research by using Probit regression and concept of marginal effects. According to the aim of this paper, the model was created by setting the determinants that influenced the internationalization activity. The research results show that increase-wealth opportunity motivated early-stage entrepreneurs, internationalize more than the necessity entrepreneurs or early-stage entrepreneurs driven by the motive of independence. Early-stage entrepreneurs, who use new technology and prefer radical innovations, are more oriented on foreign markets and customers. Also, there is a significant influence of demographic factors such as entrepreneurial gender and age on internationalization activity. Analysis of entrepreneur’s internationalization at the country level shows the differences between the countries of Southeast Europe.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"19 1","pages":"85-107"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/industrija46-14956
Zorana Agić, Z. Jeremic
{"title":"Macroeconomic and specific banking determinants of nonperforming loans in Bosnia and Herzegovina","authors":"Zorana Agić, Z. Jeremic","doi":"10.5937/industrija46-14956","DOIUrl":"https://doi.org/10.5937/industrija46-14956","url":null,"abstract":"The aim of the research is to identify the macroeconomic and specific banking factors affecting the rate of nonperforming loans in the banking sector of Bosnia and Herzegovina (BiH). The authors assume that the three macroeconomic and five specific banking factors influence the quality of the loan portfolio. Aggregate data were used, which are taken from the Central Bank of BiH, Agency for Statistics of BiH and Labour and Employment Agency of BiH, and analyzed by descriptive statistics, correlation and regression analysis in the period from the first quarter of 2006 to the end of the fourth quarter of 2016. The empirical results show that there is a correlation between nonperforming loans and unemployment rate, inflation rates measured by the growth rate of consumer prices, return on assets and credit growth rates, while the impact of the growth rate of real gross domestic product, capital adequacy ratio, return on equity and active interest rates is not statistically significant.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"45-60"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IndustrijaPub Date : 2018-01-01DOI: 10.5937/INDUSTRIJA46-15164
I. Simeunović, Mladenka Balaban, D. Bodroža
{"title":"Pricing automobile insurance using mixed Poisson distributions","authors":"I. Simeunović, Mladenka Balaban, D. Bodroža","doi":"10.5937/INDUSTRIJA46-15164","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA46-15164","url":null,"abstract":"Automobile insurance, particularly motor third liability insurance covers dominant share in the portfolio of non-life insurance in almost all countries of the world. The aim of this paper is to analyze the process of determining premium rates in automobile liability insurance using the bonus-malus system as one of the key instruments to increase traffic safety. The paper presents a brief analysis of the automobile liability insurance market in Serbia, with special reference to the bonus-malus system introduced in practice. Using a sample from the year 2015 provided by one of the biggest Serbian automobile liability insurer it has been proved that the mixed Poisson distibutions are appropriate choice in the process of modeling of the afore mentioned tariff system. The main result of the study is the construction of bonus - malus system based on mixed Poisson models, where expected value principle is used to determine the net premium. According to the analysis, it has been concluded that during the creation of a bonus-malus system in practice it is important to use certain mathematical and statistical models, as well as that the existing tariff system of automobile liabilit","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"46 1","pages":"61-78"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71229589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}