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Social Environment as a Factor of Capital Investment in Serbia
No full textThe main purpose of this paper is to investigate the impact of the social environment on foreign investment inflows in Serbia. It surveyed the largest 300 foreign investors over the period 2001–2019 and achieved a response rate of 29.3%. The obtained results show that the crime rate, skilled labor, and attitude toward foreigners are the most important for foreign investors in Serbia. The main contribution of this paper is that it represents a rare attempt to provide an empirical research on the attitudes of foreign investors, in the context of the transition economy in the region of Southeast Europe
Multiplicative effects of tourism on the economy of the Republic of Serbia
Get PDFIn modern times, the tourism sector plays a significant role in achieving important macroeconomic goals, namely: employment, positive impact on GDP, NI, and balance of payments of the country, development of less developed areas, as well as overall economic growth and development. Among the economic effects of tourism on the country's income, the impact of realized tourist consumption stands out. The multiplicative effects of tourism on the economy are exclusively related to the effects that are created as a result of the consumption of foreign tourists. The development of international tourism contributes to the so-called transfer of funds from one tax system to another and in this way positive economic effects are created in the destination visited by tourists. The subject of this research is the analysis of the multiplicative effects of tourism on the economy of the Republic of Serbia and the contribution of tourism to overall economic growth and development
Odnos konkurentnosti i priliva SDI u Srbiji i potpisnicama CEFTA 2006 sporazuma
Get PDFCilj ovog istraživanja je da analizira i utvrdi postojanje povezanosti
između dvanaest stubova konkurentnosti i priliva stranih direktnih investicija u
potpisnicima CEFTA 2006 sporazuma. Iako je naučna literatura veoma bogata
empirijskim studijama povezanim sa stranim direktnim investicijama, ipak,
postoji oskudan broj studija koje se bave ispitivanjem odnosa između stubova
konkurentnosti i priliva stranih direktnih investicija. Kako bi se sagledala veza
između posmatranih varijabli korišćeni su sekundarni podaci objavljeni od strane
međunarodnih organizacija Svetskog ekonomskog foruma za dvanaest stubova
konkurentnosti i Svetske banke za SDI. Primenom Pirsonovog koeficijenta
korelacije utvrđena je jačina odnosa izmeđa stubova konkurentnosti i priliva SDI za posmatrani vremenski period 2007-2019. godine za potpisnice CEFTA
2006 sporazuma, pri čemu je posebna pažnja posvećena analizi Republike Srbije.
Analizom korelacionih koeficijanata na nivou CEFTA 2006 sporazuma utvrđena
je značajna pozitivna veza između SDI i sledećih stubova konkurentnosti: razvoja
finansijskog tržišta i veličine tržišta, infrastrukture, visokog obrazovanja i obuka,
tehnološke spremnosti i veličine tržišta. Sa druge strane, negativni korelacioni
koeficijenti stubova konkurentnosti i stranih direktnih investicija su statistički
značajni kod stubova koji se odnose na makroekonomsko okruženje i institucije na
nivou CEFTA 2006 sporazuma. Pored toga, utvrđena je na nivou Republike Srbije
jaka pozitivna veza između SDI i stubova makroekonomsko okruženje, inovacije,
visoko obrazovanje i obuke i razvoj finansijskog tržišta. Dodatno, rezultati
regresione analize pokazali su da na priliv stranih direktnih investicija u periodu
2007-2016 godine na nivou CEFTA 2006 sporazuma statistički značajno utiču
sledeći stubovi konkurentnosti: 1. zdravlje i osnovno obrazovanje; 2. efikasnost
tržišta robe; 3. efikasnost tržišta rada; 4. veličina tržišta; 5. inovacije, dok je u
periodu 2017-2019. godine statistički značajna bila infrastruktura
Islamic approach to corporate social responsibility: an international model for Islamic banks
Get PDFPurpose – This study aims to present a corporate social responsibility (CSR) model that would apply to
Islamic banks, considering the international aspect of social responsibility because CSR is not applicable in
the same way in all types of societies.
Design/methodology/approach – Based on the extensive review of the existing literature, the authors
aim to present an Islamic CSR model applicable to Islamic banks. This study is based on the international
approach to CSR developed by Masoud (2017). Each responsibility has an equal share but with specific
changes regarding the order of priorities between them and the type of responsibility.
Findings – The findings show that the existing literature provides several Islamic CSR models. Most of these
models are general and offer guidelines to Islamic financial institutions, but no model applies exclusively to
Islamic banks. Using these models for Islamic banks is challenging because of their specific business activities,
especially in non-Muslim countries. This study proposes a model that could act as the main guideline for Islamic
banks with enough flexibility to meet different market and stakeholders’requirements.
Practical implications – The model was not tested on a sample, and not all Islamic principles were
considered. However, it is applicable for Islamic banks, especially considering internationalization in their
businesses and the further development of Islamic banking. At the same time, this model puts ethical norms
in the spotlight. This is particularly emphasized in the case of non-Muslim countries or in societies where a
particular law does not regulate Islamic bank activities.
Originality/value – Although there is a growing literature on this topic, existing studies primarily discuss the
Islamic approach to CSR from the overall perspective, not in a specific industry. While some authors developed their
own Islamic CSR models relying on the primary Shariah sources, others base their proposals on other classical CSR
ideas. To the best of the authors’ knowledge, this is the first study based on the CSR model developed by Masoud
(2017), considering the relationship between economics and religion and the implications of the Islamic moral economy
The relationship between CO2 emissions, economic growth, available energy, and employment in SEE countries
No full textAs a result of a greater worldwide aspiration for wealth and economic progress, increased use of natural resources for diverse
industries resulted in increased pollution emissions, mainly carbon dioxide. Energy security, economic stability, job security,
biodiversity loss, climate change, and global warming all require reconciliation and resolution now, more than ever before.
This paper explores the causal relationship between CO2 emissions, economic growth, available energy, and employment
for a panel of eight South-Eastern European countries from 1995 to 2019. We investigate the relationship using panel unit
root tests, panel cointegration methods, and panel causality tests. The results show a short-run bidirectional panel causality between CO2 emissions and employment and between available energy and employment. The results further indicate
a unidirectional causality from available energy and employment to GDP. The long-run causal relationship results show
that the estimated coefcients of the lagged ECT in the CO2 emissions, GDP, and employment equations are statistically
signifcant, implying that these variables could play a signifcant role in the system’s adjustment process as it departs from
long-run equilibrium. We also conducted a variance decomposition analysis, which allowed us to compare the extent of the
individual factors’ contributions to each other over the next 5 years
The Impact of the Covid-19 Pandemic on the Financial Performance of Innovative Enterprises in Serbia
Get PDFThe aim of the research is to analyze the impact of the COVID-19 pandemic on the
financial performance of innovative enterprises in the Republic of Serbia. The subject
of research is the financial performance of innovative enterprises in the period from
2018 to 2020. Data were collected from the annual financial reports of enterprises
publicly available on the Serbian Business Registers Agency website. Innovative
enterprises are those whose innovative projects are co-financed through the Mini-Grants Program in 2018. Financial performance was analyzed during the year the
project was being implemented and two years after its implementation. The research
starts from the hypothesis that the effects of the crisis caused by the COVID-19
pandemic did not exclusively negatively affect the value of the financial performance
of innovative enterprises. Qualitative and quantitative methods of financial analysis
were applied in the research. The research results confirm the hypothesis and point to
the fact that in the year of the introduction of restrictive measures, a significant number
of innovative enterprises recorded liquidity growth, justified debt growth, improved
profitability and position in the supply and sales market
Pandemics and Climate Change: Climate Black Swans
Get PDFAlthough there is no explicit confirmation that climate change is driving the spread of
COVID-19, we know that it affects how humans interact with other species on the
planet, which has implications on our health and infection risk. Therefore, one thing is
certain – the risk of a pandemic is elevated by some of the core causes of climate
change. This study aims to shed light on the links between climate change and
pandemics. People are especially vulnerable to diseases and other post-catastrophic
impacts. Therefore, the link between climate change and pandemics is significant.
Before going deeper into the nexus between climate change and pandemics, we
overview different Swan events, particularly Black and Climate Black (Green) Swan
events. Then, we look into different interactions between the pandemics and
environmental degradation, air pollution, climate/metrological factors, and
temperature. Even though we still lack quantifiable information on the climate
influence on pandemics, this issue requires interdisciplinary efforts because the
probability of extreme and unusual events cannot be ignored, and understanding the
deeper linkages between climate change and the pandemic is vital
Assessment of Electricity Market Liberalization in CEE Economies: A Multicriteria Approach
No full textModern societies are becoming increasingly reliant on stable and secure energy sources to enable economic development. Electricity is inherently tied to economic growth and development, as it is a key determinant of the size and progress of an economy. Electricity markets in CEE economies have been liberalized and deregulated, and these processes are still ongoing. The primary goal of this study is to examine the liberalization and deregulation of the electricity markets in eleven Central and Eastern European EU Member Countries. The PROMETHEE II and Entropy methods are used to analyze five indicators (number of producers, cumulative market share generation, cumulative market share capacity, retailers to final consumers, and cumulative market share in the eleven countries (Bulgaria, The Czech Republic, Estonia, Croatia, Latvia, Lithuania, Hungary, Poland, Romania, Slovenia, and The Slovak Republic), and the results are compared between 2007 and 2019, allowing for an assessment of overall changes in the electricity markets. The results show that Poland performed best in both analyzed years, while the Czech Republic maintained its second place. Further examination of the structure of CEE electricity markets indicated that supply and demand conditions remain notably different across the majority of the observed countries, signaling that more effort is necessary to integrate these markets into the single EU power market
Child penalty in Russia: evidence from an event study
Get PDFIn this paper, we investigate the child penalty in Russia using data from the Russian
Longitudinal Monitoring Survey (RLMS) and the methodological framework of
event studies. We find that five years after childbirth, women suffer an earnings
penalty, while no effect is observed for men. The mothers’ penalty stems exclusively
from lower employment after childbirth. Contrary to similar studies on Western
Europe and the US, we do not find penalties in terms of working hours or hourly
wage rates for women who remain in the labour force. We further find that mothers’
employment penalty is strongly driven by household characteristics and by their
spouses’ beliefs. Finally, we find that parenthood decreases the probability of
working in supervisory positions for mothers and in the public sector for fathers
How do prices of manufactured cigarettes and roll-your-own tobacco affect demand for these products? Tobacco price elasticity in Western Balkan countries
Get PDFBackground and objective
Numerous studies have
indicated that tobacco taxation is one of the most
important policies to reduce tobacco consumption.
However, its effectiveness crucially depends on consumer
responses to price increases, that is, tobacco price
elasticities. This paper analyses tobacco price elasticity in
six Western Balkan countries.
Data and methods We estimate own-price and crossprice elasticities of manufactured cigarettes (MCs) and
roll-your-own (RYO) tobacco by using the methodological
framework of the two-part model, regional variation
in prices and 2019 Survey on Tobacco Consumption in
Southeastern European countries (STC-SEE). STC-SEE
provides a uniquely comparable nationally representative
data on smoking behaviour for adult (18–85 years old)
population for each country.
Results Results suggest that higher prices of MCs
are associated with lower prevalence of MC use, while
higher prices of RYO are associated with lower intensity
of RYO use. Furthermore, regions with higher MC
prices have a higher likelihood of using RYO over MC,
suggesting that RYO is used as a cheaper alternative to
MC. Lastly, lower smoking prevalence and intensity are
associated with more smoking restrictions and support
for tobacco price increases.
Conclusion Results suggest that, aiming to decrease
smoking prevalence and intensity, governments should
increase excises on all tobacco products. Since RYO is
a cheaper alternative to MC, the increase of excises on
RYO should be higher, so that after excise increase, the
prices of the two products are approximately the same.
To further reduce tobacco consumption, governments
should combine increasing taxes on tobacco products
with non-price measures, such as stricter smoking
restrictions and smoke-free regulations