rss_2.0Economic Themes FeedSciendo RSS Feed for Economic Themeshttps://sciendo.com/journal/ETHEMEShttps://www.sciendo.comEconomic Themes 's Coverhttps://sciendo-parsed-data-feed.s3.eu-central-1.amazonaws.com/600a98de213ad608733d20af/cover-image.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20221205T085317Z&X-Amz-SignedHeaders=host&X-Amz-Expires=604800&X-Amz-Credential=AKIA6AP2G7AKP25APDM2%2F20221205%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Signature=b9ee73c0e19163f9029cd334fd8a242f207cc39cdfc7fa1ef8de77d265fd5de0200300Development of the Multi-Criteria Model for the Quality of Life Assessment in Local Governmentshttps://sciendo.com/article/10.2478/ethemes-2022-0015<abstract> <title style='display:none'>Abstract</title> <p>The perception of satisfaction with the quality of life by an individual in urban and rural areas includes a number of objective and subjective indicators, based on the analysis that could be performed. Measuring the preferences of individuals living in different environments, in terms of life goals, needs, moods, expectations, as well as personal satisfaction with the quality of life, requires more criteria to be included for its evaluation. The research was conducted on the basis of twenty indicators for measuring the quality of life in local governments depending on the preferences of individuals, and of different age, gender, education, social status, and satisfaction motives. The subject of this paper is the selection of criteria in a multi-criteria model for assessing the quality of life in local governments, using adequate statistical tools. In addition to descriptive statistics and testing the significance of differences, the authors of the paper used a modified PROMETHEE multi-criteria method for ranking local governments.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00Specific Aspects of the Economic Policy in the Conditions of the Covid-19 Pandemichttps://sciendo.com/article/10.2478/ethemes-2022-0012<abstract> <title style='display:none'>Abstract</title> <p>Covid-19 has hit the world intensely. From the medical point of view it seems that we have found the way to fight it, and the new task is to recover the economies. First of all, we need to assess the impact and specify the industries that suffered the most in order to create support packages. It is, as well, crutial to define the engines that are still able to drive the economies towards the recovery. The main aim for economic policy makers should be to flatten the curve of the recession that will occur, no doubts. During this process, it is of highest importance to balance the extent of the support government will provide for the economy. Namely, what we want is to lower the intensity of the impact by prolonging the effects of the crisis, however without increasing the debt too high. Specific action plans have to be created individually, with regards to particular economies and their determinants. For that reason, there is no pattern that policy makers could follow.</p> <p>Having in mind that Serbian public debt is already high, it is essential to carefully design the support packages, without jeopardizing future income.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00Effects of Customer Relationship Management on Organizational Performancehttps://sciendo.com/article/10.2478/ethemes-2022-0014<abstract> <title style='display:none'>Abstract</title> <p>Customer Relationship Management (CRM) is a process that focuses on initiating, maintaining, and retention of long-term customer relationships with the help of information technology, to achieve better economic performance. Therefore, the paper examines the effects of CRM dimensions on financial and marketing performance, and moderates the role of an image on these relationships. The analysis included 106 organizations on the territory of the Republic of Serbia. The paper uses descriptive statistical analysis, correlation analysis, multiple regression analysis, and moderation regression analysis. The obtained results show that there is a negative statistically significant impact of CRM technology on financial and marketing performance. On the other hand, the existence of a positive statistically significant impact of consumer knowledge management on financial and marketing performance was found, as well as the fact that the image has negative moderating effects on these two relationships. The contribution of this paper is reflected in the unique structure of the research model, in the multidimensional observation of CRM, and measuring the impact of CRM dimensions on financial and marketing performance. Given that previous research has focused more on testing the main effects, rather than the interaction effects, the originality of the work is also contributed by testing the moderator role of the image on the relationship between CRM dimensions and organizational performance.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00Analysis of Insurance Market Development Based on the S-Curve - The Case of the Western Balkan Countrieshttps://sciendo.com/article/10.2478/ethemes-2022-0013<abstract> <title style='display:none'>Abstract</title> <p>One of the most commonly used measures of insurance market development is insurance penetration rate, as ratio of gross written premiums to the country’s gross domestic product (GDP). Its important shortcoming is that it neglects the level of economic development of the country. The S-curve is a theoretical model describing the relationship between insurance penetration rate and GDP per capita and allowing a comparison of insurance development between countries at different stages of economic development. The paper analyzes the development level of insurance markets in the Western Balkan countries, in relation to the world average using the S-curve. The world S-curve is derived by estimating a non-linear regression model using data on insurance penetration and GDP per capita for 90 countries from 2006 to 2020. The insurance markets of the Western Balkan countries are below the world S-curve. In order to quantify insurance development gap, we calculated Benchmark Ratio of Insurance Penetration (BRIP) for each country using the world S-curve penetration level as a reference. The results show that the insurance development gap is growing in all countries of the region, except in Albania, where it is the largest. Insurance industry policy for the Western Balkans should focus on improving institutional factors in order to enable sustainable insurance growth in the long run.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00The Significance of ICT Services for the Balance of Payments in the Republic of Serbiahttps://sciendo.com/article/10.2478/ethemes-2022-0011<abstract> <title style='display:none'>Abstract</title> <p>The balance of payments deficit is the problem faced by numerous countries. To solve the problem of the balance of payment deficit, the creators of economic policy try to stimulate the sectors that secure the largest inflow of foreign currencies and have a beneficial impact on the reduction of deficit. The international trade in informational, computer and telecommunication services records enormously high growth rates in the 21st century. The specificity of ICT sector opens a perspective even to less developed economies to take part more significantly in the exports, which hold a large percentage of a value-added. The goal of this paper is to determine the significance of ICT services for the balance of trade and the current account adjustment, as well as the contribution to generating the surplus of the total balance of services. In the case of the Republic of Serbia, the surplus of ICT sector covers almost one-fifth of the balance of trade deficit, almost one-third of the current account deficit, while every fourth dollar achieved by the services’ exports is achieved by the exports of ICT services. If the same trend of ICT sector’s growth continues, the predictions say that the surplus of this sector will be enlarged by almost 60% till the year of 2024, when compared to the level in 2020. Finally, potentially the most significant advantage, which ICT sector brings with itself, is the reduced brain drain, which is the most destructive consequence brought to the less developed countries by the liberalization of workforce’s movement.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00Aristotle’s Determination of the Skill of Household Management in the – About the Original Dispute Between Economics and Politicshttps://sciendo.com/article/10.2478/ethemes-2022-0009<abstract> <title style='display:none'>Abstract</title> <p>The first systematic definition of economics in Western culture takes place in Aristotle’s Politics. In the first chapter of this writing, Aristotle analyzes in detail the skill of household management (economics). When he tries to see the same skill not only within the household, but also in the context of the political community (polis), Aristotle notices problems that arise with the development of the skill of acquiring property (κτητικὴ) and the skill of acquiring wealth (χρηματιστικήν). The application of the principle of household management to the political community leads to fundamental problems, fundamentally unsolvable, due to which the economy and politics in the political community (polis) remain in permanent tension.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00Inflation and Inflation Differentials in Core Eurozone Countrieshttps://sciendo.com/article/10.2478/ethemes-2022-0010<abstract> <title style='display:none'>Abstract</title> <p>The paper analyzes the convergence of inflation rates in the group of more developed members of the Eurozone (core countries). What are the characteristics and is the inflation process in these countries sufficiently homogeneous? Are the analysed inflation rates converging, so that there is an indication that these countries tend to form the optimal currency area. We used a unit root test to check the stationarity of a series of average inflationary differentials. They are calculated as the difference between inflation rate in a given country and the inflation rate in EMU. If the convergence process took place, the inflationary differentials will decrease and tend to zero. The variance of differentials will also decrease, so the series of average inflationary differentials will be stationary. The analysis showed that there is a unit root in the series, thus it is not stationary, and we cannot conclude that the process of convergence of inflation rates in the core countries happened. The paper also analyzes the autocorrelation functions of inflation rates, to determine the persistence of inflation, i.e. how long it takes for the shock that caused the inflation growth of 1%, to die off. The values of the first autocorrelation coefficients are high, while the next ones fall slowly, so it takes a long time for the impact of the inflation shock to disappear. In addition, the correlograms of inflation rates are quite heterogeneous, which indicates that inflationary processes differ.</p> </abstract>ARTICLE2022-11-10T00:00:00.000+00:00Implementation of the Game as a Service Research Model: Microperspectivehttps://sciendo.com/article/10.2478/ethemes-2022-0004<abstract> <title style='display:none'>Abstract</title> <p>From a negligible market niche in the entertainment industry, video game publishing has become extremely profitable. The emergence of the video game digital distribution platforms has established a permanent connection between the player and the publisher, making it possible to expand the offer. This led to emergance of the game as a service model, based on a continuous flow of revenue from the sale of additional content in an already distributed game. Revenues generated from the sale of virtual goods within the game are called microtransactions. The subject of this paper is the attitudes of video game players in Serbia and Poland towards different types of microtransactions. The paper has two key objectives: first, to determine whether there are differences in attitudes towards different types of microtransactions, and, second, to determine whether there are differences in attitudes of gamers from Serbia and Poland. In order to achieve these objectives, gamers are given a questionnaire to express their views regarding microtransactions. The existence of statistically significant differences in the attitudes of gamers classified in these two samples is determined for all observed forms of microtransactions, using the t-test.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00Measuring the Impact of the Coviid-19 Crisis on the Foreign Tourist Receiptshttps://sciendo.com/article/10.2478/ethemes-2022-0001<abstract> <title style='display:none'>Abstract</title> <p>Tourism is a significant economic activity for developing any national economy and the world economy as well. Revenues generated through tourism services affect GDP and directly stimulate economic growth. The revenues are important for the national economies, i.e. the foreign exchange inflow, generated through tourist services export. However, many factors directly impact on the volume of foreign tourist arrivals, and thus directly affect both foreign exchange inflows and GDP. Government measures taken for various reasons that have a straight impact on the movement of people significantly reduce tourist travels. It can cause numerous and robust adverse effects on the national economy. The health crisis caused by the pandemic COVID – 19 has led to restrictive governmental measures that had a negative impact on tourist travels, and thus on the revenues generated from the export of tourist services. The paper aims to measure the effect of the COVID - 19 crises on the income generated by the foreign tourists’ arrivals in Ohrid, as a case study destination in North Macedonia. The research results will show the losses this economic sector has suffered from the “lockdown” caused by the pandemic.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00Do Audit and Accounting Practices Matter for Greenfield FDI Inflows?https://sciendo.com/article/10.2478/ethemes-2022-0003<abstract> <title style='display:none'>Abstract</title> <p>The study examines how the strength of the application of audit and accounting standards, as a component of the institutional infrastructure, affects the greenfield FDI in the four countries of the former Socialist Federal Republic of Yugoslavia over a twelve-year period (2006-2017). Using standard panel data econometric techniques, we conclude that stronger application of audit and accounting standards has a positive impact on attracting greenfield FDI, and that the strength of the application seems to be more important in stable business conditions. Our results are relevant to policy makers, as they point to the need for constant improvement in the accounting and audit system, thus encouraging better transparency and lower transaction costs for investors.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00Analysis of Motivation Factors: Dependance on Personal and Professional Characteristics of Employeeshttps://sciendo.com/article/10.2478/ethemes-2022-0005<abstract> <title style='display:none'>Abstract</title> <p>Organizations invest in different types of resources, which enable them to achieve and maintain their market position and remain competitive. With global competition and changing market environment, one of the key resources, which considerably contributes to improvement of organizations’ competitive posture, are human resources, i.e. employees. The subject of research presented in this paper are factors of employees’ motivation. The aim of the research is to determine the impact of certain factors on employee motivation, based on the importance that different motivation factors have, depending on certain personal and professional characteristics of employees. Based on the results of the survey, the most important factors of motivation are financial factors, specifically the “salary” and “financial rewards”, as well as “job security” as non-financial factor. The variance of repeated measurements showed that there is statistically significant influence of financial motivation factors on employee motivation. However, the results of the analysis of the variance indicate that it is necessary to find the appropriate combination of financial and non-financial motivators, having in mind different characteristics and needs of employees, in order for the employee motivation system to show the expected results.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00Factors Affecting Digital Transformation of Insurance in the Republic of Serbiahttps://sciendo.com/article/10.2478/ethemes-2022-0008<abstract> <title style='display:none'>Abstract</title> <p>Implementation of IT innovations in insurance industry enhances actual business models and creates new ones. E-insurance refers to creating and providing insurance and connected financial services through digital solutions. In this paper the impact of IT usage and digitalization on insurance sector in the Republic of Serbia is analysed. The aim of the proposed analysis is to reveal the determinants of the adoption of innovative technological solutions in insurance in the Republic of Serbia. Relying on the TOE framework, three groups of factors influencing the adoption of IT in e-insurance are identified: technological, organizational and environmental. Panel data approach and logistic regression are used to examine the effects of proposed factors on e-insurance adoption. The obtained results indicate that organizational and environmental factors have statistically significant influence on the achieved level of e-insurance adoption, while only the market share of the insurance company positively influences the odds of e-insurance adoption. Therefore, it can be concluded that e-insurance in the Republic of Serbia is the matter of reputation and tendency of insurers to achieve short-term gains and a competitive advantage through innovation.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00National Competitiveness and Foreign Direct Investment in Emerging Europehttps://sciendo.com/article/10.2478/ethemes-2022-0002<abstract> <title style='display:none'>Abstract</title> <p>The paper evaluates the relationship between the indicators of competitiveness of national economies (real unit labour costs and Global Competitiveness Index) and the flow of FDI in Central and Eastern Europe (CEE) over the last two decades. Our results show that from 2000 to 2020, CEE economies had an average annual inflow of FDI of 3.9% of GDP, with significant variation across the region. We have found out that the relationship between the net inflow of FDI and the real unit labour costs was strongly negative, while the results on the link with the Global Competitiveness Index was less conclusive. In 2020, due to pandemic global flow of FDI, shrank by around 40%, while the net inflow of FDI to CEE countries declined on average by 15%. These trends and results of survey-based analyses from other studies suggest that CEE region, and especially the Western Balkans countries, may benefit from the nearshoring process in the future. To exploit that opportunity, they may need to put focus of their policies on efficiency-enhancing tax reforms (that would reduce the unit labour costs) and other structural reforms that would result in improvement of the stock and quality of their physical and human capital.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00The Impact of Working Capital Management on Profitability: Evidence from Serbian Listed Manufacturing Companieshttps://sciendo.com/article/10.2478/ethemes-2022-0007<abstract> <title style='display:none'>Abstract</title> <p>Working capital management (WCM) plays a significant role in company’s operations. The aim of this research is to explain how working capital management affects profitability of Serbian companies measured by ROA indicator. In order to answer the question, a quantitative analysis of working capital management was performed on a sample of 79 companies in the field of manufacturing industry from the territory of the Republic of Serbia. All the companies were listed on the Belgrade Stock Exchange in business year 2019. Analysis was performed via Spearman’s correlation coefficient and multiple linear regression. The results of the research show that there is a negative and statistically significant correlation between profitability and accounts receivable turnover in days (ART), accounts payable turnover in days (APT) and inventory turnover in days (IT). On the other hand, it was found that there is no statistically significant correlation between cash conversion cycle in days (CCC) and profitability. The issue of working capital management has not been sufficiently examined in the territory of the Republic of Serbia and it is difficult to determine which theoretical knowledge about working capital is true, which emphasizes the importance of research on this subject.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00The Impact of the Exchange Rate on Balance of Payments in Algeria: An ARDL Model Approachhttps://sciendo.com/article/10.2478/ethemes-2022-0006<abstract> <title style='display:none'>Abstract</title> <p>This study aims at examining the extent to which the exchange rate impacts on balance of payments in Algeria (BoP) during the period 1980-2019, using the Auto-Regressive Distributed Lag (ARDL) model and the Error Correction Model (ECM). This approach tests the presence of a long-run relationship between the variables.A set of relevant variables, in addition to exchange rate, were used to include real interest rate, oil price, GDP per capita, Government expenditure, and inflation rate, based on previous studies of the subject. The results indicate the existance of a long-run equilibrium relationship between the dependent and independent variables. The exchange rate has a negative impact on the balance of payments in the short-run.</p> </abstract>ARTICLE2022-08-05T00:00:00.000+00:00Competitiveness of the Southeast European Countries in the Conditions of the Globalizationhttps://sciendo.com/article/10.2478/ethemes-2021-0027<abstract> <title style='display:none'>Abstract</title> <p>Globalization is a process often identified with the economic integration of countries, the creation of a single market while neglecting other aspects of globalization. Besides its economic dimension, The KOF index of globalization includes the social and political dimensions. One of the questions is how the countries manage to strengthen their competitive position in the international market in the age of globalization. Is it challenging to maintain a stable competitive position in the conditions of greater connection of countries and in what form? For this reason, the paper deals with the change of the Global Competitiveness Index, a renowned measure of the competitiveness of national economies according to the methodology of the World Economic Forum, under the influence of increased economic globalization of Southeast European countries. It also estimates the impact of globalization, or its economic, social and political dimension on the economic growth of Southeast European countries, which is one of the requirements for successful positioning on the international economic scene.</p> </abstract>ARTICLE2022-05-09T00:00:00.000+00:00An Analysis of Concentration and Competition in the Banking Sector of the Republic of Serbiahttps://sciendo.com/article/10.2478/ethemes-2021-0024<abstract> <title style='display:none'>Abstract</title> <p>The degree of the banking sector concentration is a structural variable and refers to the number of banks in the system and the degree of their market power. The importance of measuring concentration in the banking sector stems from the causal relationship between the market structure and the competitive behaviour of market participants. Traditional models measuring the banking sector competition proceed from the market structure and concentration measures. In contrast, modern approaches to measuring competition rely on non-structural models and analysis of the behaviour of market participants. The paper analyzes the degree of concentration and competition in the banking sector of the Republic of Serbia. The traditional and most frequently used indices, the concentration ratio and the Herfindahl-Hirschman index, are used to measure concentration. The values of these indices show low banking sector concentration but a rise in the observed period. The values of the comprehensive industrial concentration index and the entropy coefficient confirm the concentration absence in the banking sector of the Republic of Serbia. In addition to the usual banking sector concentration measures, the authors use the Linda index to assess the banking sector concentration and competitiveness, to show the absence of an oligopolistic structure in terms of total balance sheet assets, lending and deposit activity of banks.</p> </abstract>ARTICLE2022-05-09T00:00:00.000+00:00The Influence of Internal Communication on Employees Motivation in Organizations in Serbiahttps://sciendo.com/article/10.2478/ethemes-2021-0029<abstract> <title style='display:none'>Abstract</title> <p>Extremely motivated and satisfied employees lead an organization towards the desired results. One of the strategies for motivating people is communication. The condition for functioning of the organization and achieving the individual goals of employees as well as those of the organization a good communication between managers and employees. The bearers of good communication are managers and their commitment to employees, readiness to find out about problems of employees, and solving them. The aim of this paper is, based on systematization and analysis of a) relevant theoretical sources and b) results of research on the impact of communication on development of employees’ motivation in the organization, to examine the existing differences in managers’ and employees’ attitudes about the influence of communication on the increase of motivation. Therefore, the paper analyzes: the nature of employees’ motivation; the importance of communication among employees for development of motivation; the influence of employees’ position in the organization on the evaluation of certain communication factors of motivation, and the influence of appropriate communication in organization on the increase of motivation for work.</p> </abstract>ARTICLE2022-05-09T00:00:00.000+00:00Employees’ Satisfaction with Supervisor Communication and Personal Feedbackhttps://sciendo.com/article/10.2478/ethemes-2021-0030<abstract> <title style='display:none'>Abstract</title> <p>The subject of the research in this paper was the examination of satisfaction with the internal communication dimensions that have the strongest correlations with job satisfaction, which are: supervisor communication and personal feedback. Therefore, if employees are satisfied with these communication dimensions, their job satisfaction will be at a satisfactory level. The goal of the research was to determine satisfaction with the observed communication dimensions based on the employees’ attitudes. Managers’ and non-managerial employees’ attitudes towards the observed communication dimensions are presented, also. On the sample of 72 respondents, using descriptive statistics, the results have shown that the employees are not satisfied with the observed dimensions, also, the non-managerial employees are less satisfied than the managerial ones. The results are useful since they provide a description of the observed dimensions and findings of the previous studies, especially the ones which investigated the relationship between satisfaction with the observed communication dimensions and job satisfaction. The results may be useful for (Serbian) managers in the process of managing the observed communication dimensions. The sample size limits the generalizability of the result.</p> </abstract>ARTICLE2022-05-09T00:00:00.000+00:00Impact of Debt Management on Profitability of Large Non-Financial Firms in Serbiahttps://sciendo.com/article/10.2478/ethemes-2021-0026<abstract> <title style='display:none'>Abstract</title> <p>Profitability is substantial for any firm to maintain business and enable long-term sustainability. Firms’ decision on indebtedness and capital structure have influence on potentials for prosperity, growth, and development. This study aims to find a new empirical evidence on the influence of debt (debt ratio and debt to equity ratio) on firm profitability (ROA), with application to 50 non-financial firms with highest revenues in Serbia in 2019 during 2016-2019 using multiple ordinary least squares regression model. After control for size, liquidity and tangibility of assets, the results find statistically significant correlation and negative influence of debt ratio and capital structure on firm profitability.</p> </abstract>ARTICLE2022-05-09T00:00:00.000+00:00en-us-1