rss_2.0Naše gospodarstvo/Our economy FeedSciendo RSS Feed for Naše gospodarstvo/Our economyše gospodarstvo/Our economy Feed Theory to Practice: Incentives for Managers and Professionals<abstract><title style='display:none'>Abstract</title> <p>Although, in theory, a considerable amount of literature emphasizes the significance of employee incentive pay, there is not much empirical research indicating their dispersion in practice. The primary purpose of this study is to explore the level of implementation of various incentives in three countries: Slovenia, Serbia, Bosnia and Herzegovina. The research was conducted on a sample of 321 companies. Data for this study were extracted from the CRANET dataset. The latest data collection cycle was conducted in 2021-2022. In addition to descriptive statistics, the Pearson Chi-Square Test and Cramer’s V test were used to test hypotheses. The research results indicate a statistically significant difference in using most observed compensation elements among the observed countries. The study contributes to compensation management literature by presenting empirical data regarding the degree of implementation of various compensation instruments in three observed countries.</p> </abstract>ARTICLEtrue Function Estimation of Estonia and Latvia<abstract><title style='display:none'>Abstract</title> <p>The study of wage determinants goes back to the beginning of economic science, with theoretical and empirical foundations providing the basis for the specification of a model of the wage function. Using the OLS method, we study the determinants of real wages for Estonia between 2006Q3 and 2022Q3 and Latvia between 2004Q1 and 2022Q3. The lagged dependent variable exerts the most considerable impact on real wages, i.e., real wages in the preceding quarter. We find that unemployment has a relatively larger impact on real wage dynamics than real productivity in the Latvian than in Estonian model. In the Estonian model, real productivity has a relatively stronger impact than unemployment in explaining real wages. In both countries, changes in real productivity impact real wages with a one-quarter lag. The findings on the relative influence of real wage determinants guide economic policymakers in targeting measures that could increase real wages in both countries.</p> </abstract>ARTICLEtrue Health Union: Legal Aspects and Digital Health<abstract><title style='display:none'>Abstract</title> <p>Recurrent health crises and outbreaks of infectious diseases of international concern have created a specific EU public health policy. Its role was further strengthened by the COVID-19 pandemic, which triggered the next stage in the integration process of the Member States: the European Health Union. The research is carried out using a literature review method (a review of literature and documents in the field of public health policy and the European Health Union) and a comparative-legal method for comparing EU legal acts on which the Health Union is based (endogenous comparison) and the legal acts of EU and the Republic of Slovenia (exogenous comparison). The findings are examined using a qualitative content analysis method, which allows for meaningful aggregation and use of the data under study to answer the research questions. The European Health Union builds on and extends existing areas of public health and requires greater integration between Member States. One of its most essential pillars is a single information system with a single database to improve the health of individuals, resilience to cross-border health crises, patient mobility, and joint research on the most severe diseases. Member States, including Slovenia, must follow EU public health commitments. As the Slovenian legislative proposal analysis on the digitalization of healthcare shows, this challenging task will also require respect for the institute (safeguards) of other areas of law.</p> </abstract>ARTICLEtrue Leading and Competencies of Global Leaders<abstract><title style='display:none'>Abstract</title> <p>Global leading and leadership are two of the most relevant topics in contemporary management literature, as shown by the scientific interest and the number of papers that reflect this topic from several different points of view. This paper’s purpose was to review the current research and papers published in this field in the last decade. For this purpose, visualization was done in the VOSviewer application. Findings show that the frequency of publication had doubled in the analyzed period, with the following competencies considered the most important ones for global leaders: a global mindset, emotional intelligence, high ethical standards, fairness, empowering individuals in the team, and caring for your team. The paper provides insight into general trends in research and key research conclusions that have implications and applications in the real sector. It proposes directions for future research based on detected research gaps.</p> </abstract>ARTICLEtrue Credits and Crude Oil: An Investigation of the Price Returns Interaction in the International Market<abstract><title style='display:none'>Abstract</title> <p>This paper aims to verify the relationship between the international markets for crude oil and carbon credits. We studied the returns of prices practiced in these markets, focusing on the transmission of shocks between oil prices and carbon credit prices. The methodological approach used financial econometrics to study these variables’ risk and return relationships. Besides causality and cointegration hypothesis tests, the VECM and GARCH models were estimates. There is a short- and long-term interaction between these variables. The volatility models show a significant association between the volatilities of the two variables of interest. Fossil fuels, mainly crude oil, generate energy that has substantial restrictions. At the same time, the carbon credits market has shown significant growth that can contribute to the use of energy from fossil fuels with parsimony and responsibility. Studying these variables and their interactions contributes to understanding the importance of the carbon market.</p> </abstract>ARTICLEtrue of the Use of Eye-Tracking Technology for Monitoring Consumer Views<abstract><title style='display:none'>Abstract</title> <p>Eye-tracking technology has become increasingly popular in studying consumer behavior and decision-making as a part of the marketing research area. The paper highlights the importance of eye tracking in the study of consumer behavior including the use of eye tracking in virtual reality environments, the integration of eye tracking with other physiological measures, and the development of more sophisticated analytical techniques. By observing eye movements and fixations researchers can gain insight into the visual and cognitive processes underlying consumer choices. For this reason, a literature review of relevant studies provides a detailed synthesis of the development of eye-tracking experiments. This paper contributes to the latest findings on consumer behavior in the field of eye-tracking technology.</p> </abstract>ARTICLEtrue’ Entrepreneurial Work and Intention to Become Independent Entrepreneurs: A Comparison of India and Slovenia<abstract> <title style='display:none'>Abstract</title> <p>Employees’ different levels of entrepreneurial work are likely to be associated with varying levels of knowledge and intentions in a country. This leads the current paper to argue how entrepreneurial work by employees influences employees’ approach to running their businesses in India and Slovenia. Random samples of employees in India and Slovenia were surveyed from 2012 to 2019 by Global Entrepreneurship Monitor. The current study emphasized the significant role of entrepreneurial work by employees in their potential to become independent entrepreneurs, albeit with differences between India and Slovenia. Our main theoretical contribution is bridging the gap between dynamic capability and entrepreneurial work by employees at the macro level in India and Slovenia. Additionally, the study provides practical suggestions for Indian policymakers and Slovenian owners/managers.</p> </abstract>ARTICLEtrue and Artificial Intelligence Adoption: Small vs. Large Enterprises<abstract> <title style='display:none'>Abstract</title> <p>This article presents the findings of a survey conducted in Slovenia, encompassing a random sample of 275 enterprises, to analyze the factors influencing the transition to an agile approach, the AI-supported organizational culture, AI-enabled workload reduction, and AI-enabled performance enhancement in small and large enterprises. The study investigates whether there are statistically significant differences between small and large enterprises in Slovenia regarding these aspects. These findings provide valuable insights into the distinct perspectives and priorities of small and large enterprises in Slovenia regarding agility and the adoption of AI technologies. The results highlight areas where small businesses may need additional support or targeted strategies to fully leverage the benefits of agility and AI. Policymakers and industry leaders can utilize these findings to promote tailored approaches that enhance agility and facilitate effective AI integration in both small and large enterprises, ultimately contributing to the growth and competitiveness of the Slovenian business landscape.</p> </abstract>ARTICLEtrue the Education Level of Consumers Influence Their Recycling and Environmental Protection Attitudes? Evidence From Croatia<abstract> <title style='display:none'>Abstract</title> <p>The empirical link between education and consumption varies depending on contextual factors. Some studies have sought to find out the relationship between education and environmental concerns. Evidence shows that education levels might significantly impact environmental actions. Still, some research indicates that the influence of education might not considerably affect green attitudes or depend on various contextual factors. This study explores whether the education level of Croatian consumers influences their attitudes toward environmental care, recycling, and waste disposal. It aims to determine whether there exists a statistically significant difference in attitudes among consumers with varying levels of education. By exploring this relationship, the article aims to shed light on the potential role of education in shaping consumers’ environmentally friendly behaviours. By addressing this research gap and examining the specific case of Croatia, the article aims to contribute to the broader understanding of how education influences environmental consciousness and action, ultimately contributing to global efforts for a more sustainable future.</p> </abstract>ARTICLEtrue and Income Impacts of a Liberal Migration Policy: An Experimental Study<abstract> <title style='display:none'>Abstract</title> <p>This article investigates the impact of a liberal migration policy that increases labour quotas by 5% on wages and income of residents, native migrants, and new migrants. The article focuses on the impact of migration in 21 areas, with particular attention given to Slovakia and Germany. It is based on data collected from the Global Trade Analysis Project database and the experimental design by Walmsley, Ahmed, and Parsons, with adjustments to capture current global migration flows. The findings indicate that the immigration of new unskilled workers negatively impacts the real wages of unskilled residents, decreasing them by almost 3%, while the arrival of skilled workers increases them by 0.73%. Similarly, the real wages of skilled residents decrease by 2.62% due to the arrival of new skilled migrants, while unskilled migration results in its increase by 0.53%. These findings can aid policymakers in developing policies that maximize the benefits of migration. This research provides new insights into the wage effects of migration in different areas, focusing on Germany and Slovakia.</p> </abstract>ARTICLEtrue Relationship Between Oil Prices and Stock Prices of the European Renewable Energy Companies: A Vector Autoregressive Analysis<abstract> <title style='display:none'>Abstract</title> <p>This article aims to examine the potential relationship between Brent crude oil futures prices and the index of the European renewable energy companies. After the overview of the European legislation and the most recent literature review on the topic, the article deploys a method of the Vector Autoregressive Model (VAR). The analysis includes weekly data over eight years (2015-2022). Our results indicate a positive correlation between Brent crude oil futures prices and the value of the European Renewable Energy Total Return (ERIX) index. The estimated bivariate VAR model indicates a statistically significant relationship, meaning that past values of the ERIX Index may be used to predict future Brent crude oil prices in the long run. Considering the most recent systemic disturbance in the world’s commodity market, future research should consider longer time series and possible relationships of other macroeconomic factors.</p> </abstract>ARTICLEtrue a Scale for Innovation in Sustainable Water Management in the Manufacturing Sector: A Slovenian Study<abstract> <title style='display:none'>Abstract</title> <p>Based on the results of our research, we have developed a reliable and valid scale for assessing the innovation success of sustainable development practices, with a specific focus on reducing drinking water consumption in the production sector, where so-called industrial water is used (for production, cooling, or both). We found that the assessment of innovation success in sustainable development management practices, specifically aimed at reducing drinking water consumption in the production sector, comprises two dimensions: measuring success in water use innovations and innovative success in water treatment and conservation. The study also found that the assessment of innovation success in sustainable development management practices, particularly focused on reducing drinking water consumption in the production sector, is influenced by reporting on sustainable water management, innovations in organizational systems, innovations in materials and processes for sustainable water use, and analysis with goal setting in water use innovations. This comprehensive analysis provides organizations without established metrics with a tool to identify potential areas for improvement, thereby enhancing ecological methods and increasing production efficiency.</p> </abstract>ARTICLEtrue the Influence of Sensory Marketing on Brand Perception<abstract><title style='display:none'>Abstract</title> <p>The main purpose of this paper is to investigate how the number, perceived intensity, and frequency of sensory involvement in the consumer-brand relationship, impact brand perception. The research was conducted on a sample of 189 respondents from the Republic of Croatia. To test the hypotheses factor and regression analyses were used. The main findings of this research are: a) involvement of multiple senses in the consumer-brand relationship has a positive effect on brand perception; b) the greater the frequency of involving multiple senses in the consumer-brand relationship, the more positive effect it has on brand perception; and c) the higher intensity of sensory involvement in the consumer-brand relationship does not have a significant effect on brand perception. This research contributes to marketing and brand management literature by investigating importance of sensory marketing, more specifically number, perceived intensity, and frequency of sensory involvement on brand perception.</p> </abstract>ARTICLEtrue Role of Remittances in Financing the Current Account Deficit: The Case of Serbia<abstract><title style='display:none'>Abstract</title> <p>Migrations of the resident population in Serbia, with the Western European countries as the main destination, have influenced remittances becoming an important source of income from abroad. Relevant economic literature, as well as the influential views expressed in the international financial institutions’ reports, indicate that remittances are a more stable type of inflow of funds from abroad to developing countries compared to other types of capital movements. In addition to the positive economic effects of remittances, they also play a significant role in the balance of payments deficit reduction. The subject of this research refers to the examination of the role of remittances in financing the current account deficit in Serbia. The research goal is to explore whether the importance of remittances as a factor in the balance of payments deficit reduction in Serbia increased in the period 2007-2021. The results of the research show that remittances have become an important factor in current account deficit reduction in Serbia during the observed period.</p> </abstract>ARTICLEtrue is the Relationship Between Sales Growth and Insolvency Risk?<abstract><title style='display:none'>Abstract</title> <p>Sales growth is essential for an enterprise’s survival and financial growth. If an enterprise manages to achieve sales growth, its expansion can be accomplished. However, does sales growth always have only positive effects? If the enterprise is not collecting enough cash, it can miss a payment on its debt, triggering a series of events that can lead to its insolvency. The goal of the paper is to explore the relationship between an enterprise's sales growth and its insolvency. The relationship is tested empirically on the data set of 4271 SMEs in Croatia. The results confirmed that there is a relationship between sales growth and insolvency. Better indicators exist with solvent and growing SMEs than with insolvent and non-growing. Results have also shown that high growth can be at the same time a high risk. The paper contributes to a deeper understanding of the relationship between sales growth and insolvency and empirically demonstrates that sales growth over 200% per year induces the highest probability of insolvency compared to other lower levels of growth.</p> </abstract>ARTICLEtrue Impact of Debt Financing on the Value of a Company: the Case of North Macedonian Companies<abstract><title style='display:none'>Abstract</title> <p>The purpose of this paper is to determine the relation between a company’s indebtedness and its value. We used a sample of 20 North Macedonian companies, listed on the Macedonian Stock Exchange (MSE) mandatory listing, and the data for 6 years’ time span. In the paper, we use Panel Data models (Pooled OLS regression, Fixed and Random Effects models) to estimate the relation between debt financing and the company’s value measured by return on assets (ROA) and Tobin’s Q. According to the results of short-term debt has a statistically significant and negative impact, while the return on investments in human capital (HCROI), company’s size and current ratio have a positive and statistically significant impact on the ROA. When investigating the impact of indebtedness on a company’s value measured by Tobin’s Q, short-term and long-term debt have positive and statistically significant effects. Our research suggests that while debt increases a company’s indicators for market performance, it also decreases the company’s accounting operating performance. Therefore, when analyzing a company’s value, investors should be considering not only Tobin’s Q, which can be sometimes regarded as a market-to-book value ratio, but also to look at the fundamental ratios, such as ROA, ROE (return on equity) and EPS (earnings per share).</p> </abstract>ARTICLEtrue of the 2022 War in Ukraine on the Travel Habits of Ukrainian Tourists<abstract> <title style='display:none'>Abstract</title> <p>The purpose of this paper is to explore how the travel habits of Ukrainian tourists changed after the beginning of the 2022 war in Ukraine in comparison to the year 2021. The theoretical part of the paper discusses the impacts of war on tourism; in the empirical part, the secondary and the primary research on the Ukrainians’ travel habits before and during the war is performed. The research gives an insight into the frequency of travelling, planned spending on travel, ethnic dilemmas on travelling, and travel destinations. The research is essential in the context of war and post-war periods for understanding the psychological and behavioral effects, assessing economic consequences, addressing destination marketing and recovery efforts, and facilitating reconciliation and social integration. Research limitations include the scope and generalizability of the findings, self-reporting biases, causality and temporal issues, and limited timeframe and context.</p> </abstract>ARTICLEtrue Development Goals and Higher Education: An Efficiency Analysis<abstract><title style='display:none'>Abstract</title> <p>Higher education (HE) is a significant factor in a country’s economic prosperity and plays a vital role in addressing sustainability issues and actively promoting sustainable development. While many EU member countries have well-developed education systems in terms of rankings and SDGs’ attainment, little is known about the progress of other European countries. The goal of this research is to estimate the efficiency of higher education in the attainment of Sustainable Development Goals (SDGs) in 40 European countries. The method used to estimate efficiency is Data Envelopment Analysis (DEA) with output-orientation and variable returns to scale approach. In the final model specification, two input variables and one output variable are used. Results indicate that the average technical efficiency of the 40 European countries is relatively high and equal to 0.94. Nine countries emerge as fully efficient in achieving SDG 4 with a coefficient equal to 1. The four largest higher education systems achieved an above-average efficiency score of 0.97 or higher. Six countries are recognized as the worst performing. However, more analysis is necessary to examine the sources of inefficiency in the worst-performing countries. Due to specific data limitations indicated in this research, it remains a challenge to evaluate the precise impact of higher education and its contribution to SDGs.</p> </abstract>ARTICLEtrue Tendencies of Non-fungible Tokens<abstract> <title style='display:none'>Abstract</title> <p>Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do not represent electronic money but a digital certificate of ownership of an asset. They effectively behave like tokens whose total supply is one, and it is immutable. Considering their technical and conceptual basis, NFTs can be defined as digital certificates of ownership based on blockchain technology, the possession of which proves the indisputable ownership of the purchased digital asset. The subject of this paper is the conceptual basis of NFTs and the scope of their application in digital business. It aims to determine the value factors of NFTs and whether an expansion of their use can be expected in the future. The results of our research show that the essential advantage that NFTs bring to digital business is authentication. NFTs also enable the continuous collection of royalties by the author. The last, but potentially most powerful value generator of NFTs, is the creation of an ecosystem, where an online community is formed based on the initial forms of digital assets. Without standardization and regulation by states, NFTs will remain in the market niche of intensive Internet users.</p> </abstract>ARTICLEtrue Influence of Organizational Factors on the Adoption of Energy Efficiency Measures in Companies<abstract> <title style='display:none'>Abstract</title> <p>This paper aims to research the organizational factors influencing the implementation of energy efficiency measures in companies. The analysis was performed on a sample of companies from Serbia included in the World Bank Enterprise Survey. The raw data collected by the World Bank were utilized to analyze the correlation between various organizational factors and the adoption of energy efficiency measures. The analysis revealed a statistically significant correlation between management maturity and the implementation of energy efficiency measures in companies. These findings suggest that improving energy efficiency is not an isolated process but rather closely related to the maturity of management practices, highlighting the importance of comprehensive organizational development for achieving optimal energy management.</p> </abstract>ARTICLEtrue