BH Economic Forum (E-Journal - Faculty of Economics University of Zenica)
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GOVERNMENT’S EXCESSIVE SPENDING AND PRIVATE SECTOR’S ACCESS TO BANK CREDIT: EVIDENCE FROM THE REPUBLIC OF NORTH MACEDONIA
Get PDFDue to the crucial role of credit in the economic activity of a country, there is agrowing empirical literature examining the determinants of domestic credit to theprivate sector, which may be demand-side or supply-side factors. It is commonlyheld that excessive domestic debt reduces private sector credit, raise bank lendingrates, and shrink output as the Government competes with the private sector forprivate savings. For this reason, the aim of this paper is to determine whether persistentbudget deficit in the Republic of North Macedonia negatively affects the privatesector’s access to bank credit, and hence slowing down the economic activity.The analysis considers both, short-run and long-run relationship between domesticcredit to private sector provided by banks and budget balance in North Macedonia,as endogenous variables, but also it takes into account the influence of several otherexogenous factors. The methodological approach is consisted of visual inspectionof the data, correlation analysis, co-integration and causality tests, as well as estimationof the impulse response function and variance decomposition. Based on theestimated VECM model, the results show statistically significant long-run relationshipbetween the endogenous variables, and no short-run causality in any direction
THE HISTORY OF PRIVATE EQUITY MARKET. THE STORY BASED ON USA, GREAT BRITAIN, GERMANY AND POLAND CASES
Get PDFoai:ojs.www.ef.unze.ba:article/2The objective of this article is to show the history of private equity investments,which is quite long and interesting. Despite its European roots, however, the private equity market grew fastest and most strongly in the United States. The need forcapital necessary to support innovation on a larger scale emerged in the nineteenthcentury together with the industrial revolution in Europe’s fastest developing countries like Great Britain or Germany. Later, in 1990, after the political and economictransformation, private equity funds appeared in Polish market and in other CEEcountries.The article is based mainly on British and American literature and the data usedfor its purposes come from annual reports and statistical materials of numerousnational private equity associations (e.g. Invest Europe, BVCA, NVCA, PSIK), international organisations’ publications (e.g. EBRD), reports and studies prepared byconsulting companies and online resources.Several research methods were used in the study: the descriptive method, the comparative analysis method, the critical analysis method and the synthesis of conclusionsmethod.Keywords: private equity investments, entrepreneurship development, sources ofcapital.JEL: G24, G32, O16
INTERNET MARKETING USAGE OF EXPORT COMPANIES IN BOSNIA AND HERZEGOVINA
Get PDFDuring the past decade, there have been significant changes in general communication, in which the Internet as a medium took over primacy of conventional media. Commercialization of the Internet as well as the development of the global economy contributed to the creation of a new concept in business. The integration of a large number of information systems and networks has led to the globalization of business through a computer network. This expanded the concept of a market as such, whereby market transactions can be carried out regardless of where the entities are located and regardless of the time in which the individual actions take place. By using multimedia content, hypertext and real-time interaction with users, the Internet has positioned itself as a superior marketing communication platform, which uses all the good sides of conventional media, but in a better way. This is especially true for export-oriented companies whose in-performance is more determined by adopting global trends in Internet marketing than in locally-oriented businesses. The aim of this paper is to explain the importance of Internet marketing for exporters, along with an analysis of usage of Internet marketing by Bosnian exporters. The paper presents a hypothesis that the biggest exporters in B&H have a higher quality Internet presence than companies that are engaged in export to a lesser extent. The statistical analysis of SEO activities was used in the work, which showed more ratings of the Internet marketing of the leading export companies. Also, the paper used a scientific method of content analysis.Keywords: Internet marketing, export companies, competitivenessJEL: M29, M31, M37, L8
ENVIRONMENTAL ACCOUNTING AS A SUSTAINABLE DEVELOPMENT STRATEGY IN CROATIAN COMPANIES
Get PDFSustainability has become a term that applies in all aspects of life. Ecology and sustainability are present today in all aspects of life, including in accounting for modern business organizations. The progress of society and industry leads to serious problems for the conservation of natural habitats and ecological conditions of life. Therefore, it raises the question of what companies, management and regulatory bodies can do to preserve the environment in the present but also in the future. The key role in such a way of monitoring the environment is to have systems of measurement and recording of adverse impacts on the environment. One of such systems of measurement and recording of environmental protection, indexing, organization and management of data, the provision of environmental information through physical or monetary indicators is an environmental accounting system. Environmental accounting is an indispensable tool for the application of the concept of sustainable development and is mandated as a means to measure environmental conservation and / or measurement of environmental impacts to increase company performance. That is, it is necessary to include environmental data and socially responsible business operations in the official reports of economic entities, as well as the implementation of such data in business plans. This paper wants to investigate the extent to which environmental accounting is carried out in Croatian companies and how much environmental accounting contributes to the creation of value-added enterprises and the achievement of profits.Key words: Environmental protection, environmental accounting, sustainable development strategyJEL: R11, Q5
WHAT HAS BEEN DRIVING THE RAPID GROWTH OF SERBIAN MANUFACTURING SINCE 2014 - WHY DOESTECHNOLOGY MATTER?
Get PDFBy the end of 2017 Serbia has reached the highest level of industrial production in the last quarter of the century. Rapid growth started in mid-2014. However, this paper argues that industrial dynamics are accompanied by a moderate technolo- gical upgrading, insufcient to signifcant increase of the gross added value of the economy. Furthermore, by means of a theoretical and empirical approach – dedu- ctive methods, statistical and mathematical evaluation, the authors have come to the conclusion that there are no uniform development solutions, nor it can be said exclusively that industrialization and its technological development are crucial for the pace of growth. It is a necessary, not a sufcient condition. Keywords: manufacturing, export, value added, technological change JEL: L60, O1
DA LI NIVO PODUZETNIČKE AKTIVNOSTI I INDEKS TEA PREDSTAVLJAJU POKAZATELJE EKONOMSKOG RASTA?
Get PDFCilj ovog rada predstavlja elaboriranje kompleksne veze koja postoji između nivoa poduzetničke aktivnosti i ekonomskog rasta iskazanog rastom BDP-a. Većina ekonomskih teoretičara koji se bave poduzetništvom u fokus stavlja rast i poboljšanje ekonomskih performansi pojedinačnih preduzeća. No, manji broj autora analizira efekte poduzetničke aktivnosti na ekonomski rast jedne zemlje i vrlo često pretpostavlja postojanje jasne i nedvosmislene veze među njima. Međutim, empirijska istraživanja su utvrdila da najznačajniji pokazatelj nivoa poduzetničke aktivnosti (indeks TEA) prikazuje broj poduzetnika, ali ne i prirodu poduzetništva i efekte istog na ekonomski rast. Autori ovog rada stoga analiziraju mnogobrojne i kompleksne faktore poduzetničke aktivnosti u cilju utvrđivanja stvarnog utjecaja (nivoa) poduzetničke aktivnosti na rast nacionalne ekonomije. 
LOGISTIČKO-INFORMACIJSKI SUSTAVI U FUNKCIJI PODRŠKE MENADŽMENTU ZA DONOŠENJE ODLUKA U SUVREMENOM PODUZETNIŠTVU
Get PDFSuvremeno društvo sve naglašenijih kontradiktornosti obilježeno je različitim dinamičnim promjenama koje su nastale kao rezultante određenih uzročno-posljedičnih sveza, implicirajući pri tome da su sve sfere i svi segmenti društvenog života obuhvaćeni tim promjenama. Sukladno tome, današnje se društvo veoma često naziva „društvom promjena“ koje je u velikoj mjeri ovisno o inventivnosti, kreativnosti, funkcionalnosti i efikasnosti „menadžmenta promjena“. Poduzetništvo, kao pojam stvaralaštva, veliki je inicijator, kreator i korektiv društvenih promjena, s osnovnim ciljem stvaranja pozitivnih društvenih odnosa, afirmativnih društvenih vrijednosti i vrednota, društvenog rasta i razvoja i društvenog boljitka. Za realiziranje poduzetničkih ideja i ostvarenje zacrtanih ciljeva unutar poslovnih subjekata i samih procesa potrebna je podrška logistike kao znanosti, ali i podrška logistike kao logističke aktivnosti, a unutar iste posebna podrška inzistira angažiranje logističko-informacijskih sustava. Osnovna premisa je (re)distribucija, odnosno (re)alokacija društvenih dobara i informacija posredstvom logističko-informacijskih sustava, čime se u bitnome olakšava proces odlučivanja u kontekstu zadovoljenja svih poslovnih funkcija menadžmenta i stvaranje preduvjeta kontinuiteta poslovanja, rasta i razvoja poslovnih subjekata, kao i održivog razvoja. U radu se nastoji fokusirati i istražiti značaj logistike, posebice logističko-informacijskih sustava kao podsustava, odnosno značajnog segmenta logistike, prevalentnog za pozicioniranje, ali i uravnoteženje menadžmenta u donošenju, realizaciji i kontroli poslovnih odluka unutar poslovnog subjekta.  
UTJECAJ SPOLA SREDNJIH MENADŽERA NA UKLJUČENOST U PROCES DONOŠENJA STRATEŠKIH ODLUKA U SREDNJIM PREDUZEĆIMA U FEDERACIJI BOSNE I HERCEGOVINE
Get PDFSrednji menadžment pored top menadžmenta igra važnu ulogu u nekim fazama strateškogodlučivanja. Svrha istraživanja je testiranje teorijskog modela donošenjaodluka “engl. management science“, na srednjim preduzećima nerazvijenih tržištakao što je Federacija Bosne i Hercegovine. Cilj je istražiti utjecaj spola srednjihmenadžera na njihovu uključenost u faze strateškog odlučivanja. Za testiranje empirijskogmodela, ispitano je 135 srednjih i top menadžera u 30 srednjih preduzećau FBiH. U cilju testiranja postavljenih hipoteza, korištene su statističke metode korelacijai linearna regresija. Istraživanje je pokazalo da spol srednjih menadžera neutječe značajno na njihovu uključenost u faze strateškog odlučivanja
PROMJENA NIVOA STRANIH DIREKTNIH ULAGANJA I STRUKTURE KAPITALA ULAGAČA
Get PDFZa Bosnu i Hercegovinu (BiH) kao i sve zemlje u razvoju i tranziciji ostvarivanjesvih vlastitih razvojnih potencijala veoma je važno. S tim u vezi, strana direktnaulaganja (SDU) su među značajnim faktorima za održivi ekonomski rast, a obezbjeđenjeadekvatnog okruženja za privlačenje SDU postaje jedan od bitnih ciljeva ekonomskepolitike. Ukupnoj investicionoj klimi, između ostalog, doprinose straniulagači koji posluju u BiH. Istraživanja pokazuju da su finansijski izvještajipreduzeća stranih ulagača prisutnih u zemlji jedan od kriterija na osnovukojeg potencijalni strani ulagači odlučuju o svom ulaganju. Cilj ovog radaje istražiti odnos između promjena u vezivanju kapitala i agregatnih prilivaSDU. Rezultati istraživanja ukazuju na postojanje pozitivne korelacije izmeđurasta SDU u jednoj godini (2010) i stanja zaliha u prethodnoj (2009).Također, uočeno je da se u vrijeme recesije veza između varijabli koje supredmet istraživanja gubi
POKAZATELJI EFIKASNOSTI I UPRAVLJANJE EFIKASNOŠĆU JAVNOG SEKTORA U BIH
Get PDFUtrošak javnih sredstava predstavlja zadovoljenje javnih potreba zemalja, a u zavisnosti od socijalne osjetljivosti podržanih politika učešće javnog sektora u zemljama je različito. Učešće javnog sektora u tranzicijskim zemljama pa tako i u BiHpokazuje karakteristike socijalne osjetljivosti, naslijeđene iz prethodnog političkogsistema, ali pokazuje i nespremnost za uključivanje privatnog sektora u zadovoljenjeodređenih javnih potreba. Analizom strukture javnih rashoda jasno se dolazi do zaključka da je javni sektor i pored zadovoljenja određenih javnih potreba, to čini uzvisok stepen neefikasnosti.Pri kreiranju institucionalnog okruženja za poslovanje privatnog sektora,javni sektor, putem fiskalne politike utječe na visinu transakcionih troškovau privredi kroz ukupno fiskalno opterećenje. Zbog toga, javni sektor je stalnoizložen pritiscima za povećanje racionalnosti u trošenju budžetskih sredstava,unapređenje efikasnosti pružanja javnih dobara, kao i podizanje kvalitetajavnih usluga.Usvajajući Reformsku agendu vlasti Bosne i Hercegovine (BiH) opredjeljujuse za pristup koji će, između ostalog, povećanjem efikasnosti javnog sektora otvoriti prostor za jačanje privatnog sektora koristeći se utroškom javnihsredstava kao akceleratora profitnom sektoru.U radu je analiziran pristup mjerenju efikasnosti javnog sektora prihvaćenu međunarodnim naučnim krugovima i međunarodnim razvojnim institucijama koje podržavaju ovu vrstu reformi zemalja u tranziciji i komparacijaefikasnosti javnog sektora u zemljama okruženja. Cilj rada je da ukaže namogućnost mjerenja učinaka javnog sektora, a sa namjerom da upravljanjemrashodima za pružanje javnih usluga unaprijedi njegovu efikasnost i timeotvori prostor za podršku privrednim subjektima i ekonomskom razvoju Bi