rss_2.0Naše gospodarstvo/Our economy FeedSciendo RSS Feed for Naše gospodarstvo/Our economyše gospodarstvo/Our economy Feed of Corporate Governance in Public Relations Literature: A Systematic Review<abstract> <title style='display:none'>Abstract</title> <p>This article aims to uncover the dimensions or characteristics of corporate governance in the literature of public relations that are also related to communication. We employed a methodological approach based on a systematic review of scientific articles in the field of public relations using the PRISMA method, along with content analysis through axial coding, the use of the Atlas.ti tool, and meta-analysis. After reviewing two major online research databases, Science Direct and Emerald, we narrowed our search to Public Relations Review as the fundamental scientific journal in the field of public relations. We identified 19 communication dimensions of corporate governance, consolidating related concepts into ten. The originality of this research lies in identifying key communication dimensions of corporate governance as an institutional framework for public relations. The research results reinforce the significant role of communication even in the processes of institutionalizing corporate governance.</p> </abstract>ARTICLEtrue the Issue: Understanding and Combating Medical Brain Drain in Bosnia and Herzegovina<abstract> <title style='display:none'>Abstract</title> <p>This study investigates emigration patterns among healthcare professionals in Bosnia and Herzegovina, examining the underlying reasons for emigration and proposing actionable solutions to curb this trend. A mixed-methods approach is employed, combining quantitative data from surveys administered to medical and health studies students with qualitative insights from interviews with governmental officials, language educators, and statistical agencies. The findings reveal significant dissatisfaction with socio-economic and political conditions, prompting healthcare professionals to seek opportunities abroad. Major reasons for going abroad include political instability, low wages, and poor working conditions, while better pay and career opportunities are attracting factors. While the study is limited by the lack of comprehensive official statistics on emigration, the implications of this research emphasize the need for policy interventions aiming to improve local working conditions and reform educational systems. The study provides valuable insights for policymakers and stakeholders to effectively address the issue of brain drain.</p> </abstract>ARTICLEtrue Preferences and Reactions to Brand Expansion<abstract> <title style='display:none'>Abstract</title> <p>Consumer purchasing power is one of the key determinants of consumer behavior, among other factors. Acceptance of new brands or product line extensions of existing brands is influenced by perceived value. New products can be added to existing product lines by introducing new products within them, or brands can expand horizontally by entering entirely new categories or product lines. Any vertical expansion, whether to a higher or lower level, comes after a price shift and a product quality achievement relative to its base product. While survey-based research provides valuable insights that support the growth of the Premium brand, building a strong relationship with customers, quickly identifying preferences, personalizing the offer and fostering a climate of trust remain its main sources of value. The purpose of the paper is to show the positive relationship that exists between the vertical growth of the brand and the increase in customer loyalty, as shown by the research conducted on a deliberate sample.</p> </abstract>ARTICLEtrue Impact of Structural Transformation on Global Value Chains in the MENA Countries<abstract> <title style='display:none'>Abstract</title> <p>Several studies on economic transition propose that structural change in developing countries, that involves reallocating from less productive to more productive sectors, might enhance participation in global value chains (GVCs). However, there is a lack of empirical work on this claim. This study explores the factors affecting global value chain (GVC) participation in the Middle East and North Africa (MENA) region while considering structural transformation from 2000 to 2018. By applying the system GMM empirical research method, we found that structural change significantly contributes to facilitating the position of MENA economies under consideration. Specifically, the service and industry sectors play pivotal roles in these countries. This study also postulates that if we want to strengthen the participation of companies in GVCs, access to the internet, and a high level of education tertiary are necessary Also, environment and policies conducive to investment and direct investment abroad are important. The study posits positive commercial and financial links, and population size as important factors in promoting this position.</p> </abstract>ARTICLEtrue of Workers’ Perception and Demographic Factors - An Insight Into the Slovenian Gig Economy<abstract> <title style='display:none'>Abstract</title> <p>This study examines the gig economy in Slovenia, with a particular emphasis on the perceived benefits and challenges for gig workers within this emerging labour model. The research aims to capture the implications of flexible, project-based employment in a smaller European context, as this trend becomes increasingly prevalent globally. A quantitative approach was employed to survey 34 gig workers in Slovenia. The survey analysed their demographic characteristics, reasons for engaging in gig work, and the benefits and challenges they experience. In the findings, 64% of respondents specifically identified schedule flexibility as a predominant benefit of gig work. However, it also uncovers substantial challenges, including increased market competition and a lack of social benefits. Moreover, the research suggests that perceptions of the gig work benefits are widely acknowledged across various age groups and educational levels, with no significant variation. Nevertheless, the findings indicate a gender disparity in gig work perceptions, with males perceiving higher levels of financial freedom and professional development than women. This research suggests the need for policies aimed at ensuring equity and further research into harmonizing gig work with supportive labour market policies.</p> </abstract>ARTICLEtrue of Digital Tools Assessing Information Risk in the Control Activity<abstract> <title style='display:none'>Abstract</title> <p>The paper discusses digitising the leading information flows in control activities. The focus is on applying technology and its integration in implementing forms of control. The aim is to argue for practical approaches to minimise information risk in pre-ongoing and post-control to ensure the accuracy and veracity of financial and non-financial information. Evaluating the effectiveness of data ensures integrity, consistency, validity, completeness and timeliness - applying digital risk assessment tools to control activities. To prove the hypotheses, the cross-tabulation method is applied, focusing on the relationship between the use of verification, inspection, audit, revision and supervision, and the digital tools applied in the control institutions implementing financial control in the public sector of the Republic of Bulgaria. The study evaluates the effectiveness of data management practices, emphasizing the importance of maintaining integrity, consistency, validity, completeness, and timeliness. The study acknowledges that the use of advanced digital risk assessment tools could improve the effectiveness of control activities in various areas. The approach supports the sustainability of financial control and is in line with modern management standards, promoting a culture of accountability and precision in the management of public finances.</p> </abstract>ARTICLEtrue 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