rss_2.0Naše gospodarstvo/Our economy FeedSciendo RSS Feed for Naše gospodarstvo/Our economyhttps://sciendo.com/journal/NGOEhttps://www.sciendo.comNaše gospodarstvo/Our economy Feedhttps://sciendo-parsed.s3.eu-central-1.amazonaws.com/6472596f215d2f6c89dc4ff3/cover-image.jpghttps://sciendo.com/journal/NGOE140216Leveraging Communities of Practice to Cultivate Entrepreneurial Mindset: A Systematic Review and Practical Insightshttps://sciendo.com/article/10.2478/ngoe-2024-0024<abstract> <title style='display:none'>Abstract</title> <p>This paper explores the role of Communities of Practice (CoPs) as a potential teaching tool to better promote an entrepreneurial mindset, particularly in the context of higher education. Through a systematic review of existing learning theories and the concept of CoPs, this paper identifies the challenges of entrepreneurial education and proposes changes in higher education that focus on creating entrepreneurial awareness, enhancing entrepreneurial competencies and developing students' entrepreneurial identity to foster an entrepreneurial mindset by supporting formal higher education with informal educational practices such as CoPs. The originality of this paper lies in the presentation of the alternative concept of Accountable Entrepreneurial Education. By combining theoretical insights with practical examples, this paper serves as a valuable resource for educators, researchers and practitioners in the field of entrepreneurship education.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00242024-12-30T00:00:00.000+00:00Work-Related Factors Influencing Presenteeism in Croatia during COVID-19: A Logistic Regression Approachhttps://sciendo.com/article/10.2478/ngoe-2024-0021<abstract> <title style='display:none'>Abstract</title> <p>This article analyses the work-related factors that impact the occurrence of presenteeism in Croatia during the COVID-19 pandemic. The main objective is to examine the connection between key variables and the prevalence of presenteeism among employees in Croatia. The study used logistic regression analysis to examine data from the 2021 European Working Condition Telephone Survey (EWCTS), encompassing a sample of 491 employees from Croatia. The study investigated work-related factors such as job demands, working hours, supervisory responsibilities, telework, and cooperation with coworkers. The analysis also takes into account demographic control variables, including age, gender, and educational level. The findings suggest that there is a significant relationship between work stressors and presenteeism. Employees who lack good collaboration with colleagues are more prone to attending work even when they are unwell. Age was also determined to be a significant factor. The study indicates that work-related factors have an impact on presenteeism in Croatia. To mitigate the adverse effects of presenteeism, firms should adopt strategies to enhance working conditions and foster a conducive work atmosphere. The results offer valuable perspectives for future research and practical strategies to reduce presenteeism and improve employee wellbeing.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00212024-12-30T00:00:00.000+00:00Assessing the Consequences of Natural Disasters on Sustainability in Rural Municipalities: Evidence from Loška Dolinahttps://sciendo.com/article/10.2478/ngoe-2024-0023<abstract> <title style='display:none'>Abstract</title> <p>This study examines the impact of natural disasters on the sustainable development of the rural municipality of Loška Dolina, focusing on the 2014 ice storm and subsequent floods. Through semi-structured interviews with seven key stakeholders, including local government, civil protection, and affected individuals, the research analyzes the disasters' effects on the economic, social, and environmental pillars of sustainability. The ice storm damaged forests and infrastructure, while floods caused soil contamination and habitat disruption. Despite these challenges, the community showed resilience and increased climate awareness. The SWOT analysis highlights both opportunities in the timber industry and challenges in disaster preparedness. The study emphasizes integrating disaster risk reduction into sustainable development planning.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00232024-12-30T00:00:00.000+00:00Pull Factors and Capital Inflows: Empirical insights from Transformative Dynamics in Southeast Europehttps://sciendo.com/article/10.2478/ngoe-2024-0020<abstract> <title style='display:none'>Abstract</title> <p>This study seeks to examine pull factors of capital inflows, offering an empirical analysis based on a panel study of eleven Southeast European countries (Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, North Macedonia, Kosovo, Romania, Serbia, and Türkiye) over the period of 2004 – 2021. Methodologically, the study utilizes a fixed effects (FE) regression model with robust Driscoll-Kraay standard errors to address issues of heteroskedasticity, autocorrelation, and potential cross-country correlation. The study finds that several pull factors can be relevant in driving capital inflows as follows: market size, inflation, financial and trade openness. The empirical analysis confirms that the forces of trade liberalization, financial liberalization, market size, real interest rates and inflation stability are the elements that encourage capital inflows. On the other hand, the estimated effects of current account balance and real economic growth are not very convincing. Finally, we stress that more study is required to fully understand the pull variables' ultimate macroeconomic implications at the national level. The overall influence of these positive (or negative) inflows may be moderated by several characteristics, even if certain countries may be extremely susceptible to these factors.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00202024-12-30T00:00:00.000+00:00Economic Inequality and the Size of Government Expenditure Shocks: An Empirical Exercisehttps://sciendo.com/article/10.2478/ngoe-2024-0019<abstract> <title style='display:none'>Abstract</title> <p>Empirical literature explains the heterogeneity of fiscal multiplier estimates through the analysis of various cyclical and structural determinants of economies, with economic inequality, as one of the key structural characteristics, receiving relatively little attention so far. In this study, using a wide sample of countries and applying the vector autoregression methodology, we first estimated fiscal multipliers and the impact of fiscal stimuli on the dynamics of the price level. The findings indicate that the estimated fiscal multipliers are mostly positive, and fiscal stimuli tend to produce an inflationary effect. Subsequently, we examined the variability in the size of fiscal multipliers in relation to various indicators of income and wealth inequality. The key findings of this study reveal that as economic inequality increases, particularly in the context of income disparities, the size of fiscal multipliers also rises. This insight is particularly important for policymakers in designing appropriate fiscal measures in an evolving macroeconomic environment.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00192024-12-30T00:00:00.000+00:00Exogenous Variables and their Influence on Domestic Credit Provision in Nigeria: Evidence from Quantile Regressionhttps://sciendo.com/article/10.2478/ngoe-2024-0022<abstract> <title style='display:none'>Abstract</title> <p>The relevance of domestic credit to an economy has spurred interest in studies that seek to examine the factors that determine it. In this study, the focus is to evaluate the role of exogenous factors in influencing domestic credit provision in Nigeria. The study used a monthly dataset that covered the period from 2007M12 to 2024M5 under the framework of quantile regression. The findings of the study reveal that oil price had a positive and significant impact on domestic credit provision at all the quantiles, while world interest rate had a negative and significant impact on domestic credit provision at the 25<sup>th</sup> quintile. The exchange rate and bank reserves exerted a positive and significant impact on domestic credit provision at all the quantiles, while the impact of the Treasury bills rate was positive and significant only at the 25<sup>th</sup> and 50<sup>th</sup> quantiles. The study suggests that, in regulating credit provision in Nigeria, monetary authorities should closely monitor these exogenous variables as well as exchange rate movement.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00222024-12-30T00:00:00.000+00:00Omissions by Design in a Survey: Is This a Good Choice when using Structural Equation Models?https://sciendo.com/article/10.2478/ngoe-2024-0018<abstract> <title style='display:none'>Abstract</title> <p>Missing observations can arise due to the effort required to answer many questions in long surveys and the cost required to obtain some responses. Implementing a planned missing design in surveys helps reduce the number of questions each respondent needs to answer, thereby lowering survey fatigue and cutting down on implementation costs. The three-form and the two-method design are two different types of planned missing designs. An important consideration when designing a study with omissions by design is to know how it will affect statistical results. In this work, a simulation study is conducted to analyze how the usual fit measures, root mean square error of approximation (RMSEA), standardized root mean square residual (SRMR), comparative fit index (CFI), and Tucker-Lewis index (TLI) perform in the adjustment of a Structural Equation Model. The results revealed that the CFI, TLI, and SRMR indices exhibit sensitivity to omissions with small samples, low factor loadings and large models. Overall, this study contributes to our understanding of the importance of considering omissions by design in market research.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00182024-10-06T00:00:00.000+00:00Artificial Intelligence in Employee Learning Process: Insights from Generation Zhttps://sciendo.com/article/10.2478/ngoe-2024-0014<abstract> <title style='display:none'>Abstract</title> <p>Artificial intelligence, as a field of computer science focused on developing technologies that simulate intelligent behaviours and human cognitive functions, undoubtedly has huge potential to transform all business activities, including the process of employee learning. However, different generations have varying attitudes toward the rapid advancement of technology and the increasing possibilities offered by artificial intelligence. The general purpose of this research is to gain insights into the attitudes of Generation Z regarding the use of AI in the context of the employee learning process. Empirical research was conducted on a sample of 264 respondents from Slovenia and Bosnia and Herzegovina. In addition to descriptive statistics, Cronbach's alpha, Shapiro-Wilk, and Mann-Whitney tests were used to test hypotheses. Generally, the research findings indicate that the upcoming generation of the workforce considers artificial intelligence a significant factor in improving the employee learning process. The study contributes to human resource management literature because it brings new insights into Generation Z attitudes, whose participation in the active workforce will significantly increase in the coming years.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00142024-10-06T00:00:00.000+00:00Is There a Relationship between Macroeconomic Variables and Stock Market Indices in Bosnia and Herzegovina?https://sciendo.com/article/10.2478/ngoe-2024-0016<abstract> <title style='display:none'>Abstract</title> <p>The economic growth and development of a country are reflected in many aspects, one of them being the stock market indices. The purpose of the article is to examine and determine the relationship between selected macroeconomic variables and stock market indices in Bosnia and Herzegovina (BiH). Using quarterly data over the 2010q1-2019q4 period, a cointegration analysis was applied to model this relationship. The Vector Error Correction Model (VECM) was used to explore the short-run relationship as well as the long-run relationship. The article examined the predictive ability among variables of interest by applying the Granger causality test. The results indicate a stable long-run relationship between the analysed macroeconomic variables and stock market indices in BiH, while no short-run relationship was found. The results contribute to the scientific discussions about the relationship between selected macroeconomic variables and representative stock market indices in BiH which considers their direction and strength.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00162024-10-06T00:00:00.000+00:00Transformative Dynamics of the Economy of Kosovo: A Perspective on History and Development of Foreign Direct Investmenthttps://sciendo.com/article/10.2478/ngoe-2024-0015<abstract> <title style='display:none'>Abstract</title> <p>This paper presents an in-depth overview of foreign direct investments (FDI) in Kosovo's economy over more than twenty years. FDI has played a central role, proving indispensable to the development of Kosovo's economy. Thus, FDI is primarily directed towards economic activities like real estate, finance, manufacturing, construction, etc. In terms of the legal framework, Kosovo has approved a range of regulations and laws with the primary goal of protecting, attracting and encouraging foreign investors to invest. However, obstacles such as political instability, energy insecurity, delayed EU integration, and regional political tensions are recognized as the main barriers affecting FDI in Kosovo. Finally, Kosovo should develop suitable policies to boost its investment competitiveness, attract multinational enterprises for investment opportunities, and prioritize less attractive economic sectors for investment of FDI.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00152024-10-06T00:00:00.000+00:00Assessing Fiscal Sustainability with Panel Unit Root, Cointegration, and Granger Causality Tests: Evidence from the Broader Groups of Countrieshttps://sciendo.com/article/10.2478/ngoe-2024-0013<abstract> <title style='display:none'>Abstract</title> <p>The question of fiscal sustainability of countries has become one of the central topics in economic policy, especially in times of increasing public debts. One way to assess fiscal sustainability is to examine compliance with the intertemporal budget constraint, which involves testing the stationarity of government revenues and expenditures, the primary budget balance, and the first differences of public debt. Part of this approach includes testing cointegration and causality among different pairs of variables. Under this approach, the paper is focused on both first- and second-generation panel unit root tests, cointegration, and Granger causality test. This paper focuses on assessing the fiscal sustainability of four panels of countries divided by continents: Europe, Asia and Oceania, Africa, and Latin America, the Caribbean, and North America. It has been found that fiscal sustainability is present in all the broader groups of countries considered but in a weak form. Fiscal sustainability was confirmed when considering a constant in calculations, while deviations were observed among groups of countries when both a constant and trend were considered. The study serves as a starting point for a more extensive analysis of fiscal sustainability. For more accurate findings, it would be necessary to categorize countries into smaller and economically more homogeneous groups and analyze them using other fiscal sustainability methods as well.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00132024-10-06T00:00:00.000+00:00Transformative Economic Challenges: The Impact of COVID-19 and the War in Ukraine on the European Unionhttps://sciendo.com/article/10.2478/ngoe-2024-0017<abstract> <title style='display:none'>Abstract</title> <p>This paper aims to explore the economic effects of the COVID-19 pandemic and the war in Ukraine on the twenty-seven European Union (EU) member states, known as the EU-27. A vector autoregression (VAR) of quarterly data for the period 2020–2022 was employed to study the impact of the coronavirus and the Russian invasion of Ukraine on growth, unemployment and inflation in the EU-27. The results from the empirical analysis indicated that the war in Ukraine lowered growth and raised inflation and unemployment, while the COVID-19 pandemic did not affect growth, increased unemployment and decreased inflation in the EU-27. It may be concluded that the war in Ukraine shifted the EU aggregate supply curve to the left, whereas the coronavirus pandemic resulted in inflation-unemployment trade-off in the EU.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00172024-10-06T00:00:00.000+00:00Dimensions of Corporate Governance in Public Relations Literature: A Systematic Reviewhttps://sciendo.com/article/10.2478/ngoe-2024-0012<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00122024-07-03T00:00:00.000+00:00Diagnosing the Issue: Understanding and Combating Medical Brain Drain in Bosnia and Herzegovinahttps://sciendo.com/article/10.2478/ngoe-2024-0008<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00082024-07-03T00:00:00.000+00:00Consumer Preferences and Reactions to Brand Expansionhttps://sciendo.com/article/10.2478/ngoe-2024-0011<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00112024-07-03T00:00:00.000+00:00The Impact of Structural Transformation on Global Value Chains in the MENA Countrieshttps://sciendo.com/article/10.2478/ngoe-2024-0007<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00072024-07-03T00:00:00.000+00:00Analysis of Workers’ Perception and Demographic Factors - An Insight Into the Slovenian Gig Economyhttps://sciendo.com/article/10.2478/ngoe-2024-0010<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00102024-07-03T00:00:00.000+00:00Application of Digital Tools Assessing Information Risk in the Control Activityhttps://sciendo.com/article/10.2478/ngoe-2024-0009<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00092024-07-03T00:00:00.000+00:00From Theory to Practice: Incentives for Managers and Professionalshttps://sciendo.com/article/10.2478/ngoe-2024-0002<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00022024-04-03T00:00:00.000+00:00Wage Function Estimation of Estonia and Latviahttps://sciendo.com/article/10.2478/ngoe-2024-0004<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>ARTICLEtruehttps://sciendo.com/article/10.2478/ngoe-2024-00042024-04-03T00:00:00.000+00:00en-us-1