1,720,965 research outputs found
Key financial and nonfinancial measures for performance evaluation of foreign subsidiaries
Get PDFForeign subsidiaries, as organization units of a multinational company, are profoundly involved in the value creation process for and within the company. The performance evaluation of foreign subsidiaries is a crucial issue for globally-active companies not only in regard to value creation for the company but also in stimulating international expansion, as well as in steering resource allocation. Therefore, within each particular foreign subsidiary, the multinational company should implement a well-organized performance evaluation system which will serve as an integrative and cognitive mechanism for organizing business operations in the host country. The established performance evaluation system should assess the foreign subsidiary's performance within the particular local environment, as well as within the multinational company as a whole. Thus, the optimization of resource allocation is most effectively achieved by the multinational company. The effective performance evaluation system includes both financial and nonfinancial measures. The aim of this paper is to provide an understanding of both key financial and nonfinancial measures that multinational companies use for performance evaluation of their foreign subsidiaries. The methodology applied consists of qualitative research techniques, such as analysis, comparative analysis, and synthesis. On the basis of the results obtained, the contribution of this paper is reflected in the determination of relevant financial and nonfinancial performance measures that multinational companies should use in order to evaluate the real performance of their foreign subsidiaries
The importance of circular economy development strategies in the Western Balkan region
No full textFrom the beginning, the concept of circular economy has been exposed to a large number of criticisms in scientific literature and practice, which are related to the understanding of the term circular economy. Nevertheless, the term itself creates economic, environmental, and social
benefits, although the area of measurement of the circular economy still is not clearly defined. For now, the literature has defined two measurement areas, which on the one hand refer to the technical aspects of the circular economy concept, while the other refers to the sustainability and intensity of the impact of the circular economy implementation strategy and its application. The Eurostat methodology for measuring the development of the circular economy, which is of key importance for monitoring the sustainable development of the Western Balkan region, has recently been applied. This paper aims to point out the importance of a circular economy development strategy in the Western Balkan region. The paper consists of three parts. The first part of the paper indicates the analysis of the current strategy for the development of the circular economy in Europe. The second part of the paper analyzes the circular economy development strategy in the Western Balkans countries, while the third part of the paper shows progress in the circular economy strategy in the Western Balkans, by measuring the development of the circular economy with Eurostat indicators. Finally, the concluding considerations of the author are given.Urednici: prof. dr Andrea Andrejević Panić, prof. dr Jelena Ješić i prof. dr Simonida Vukadinović; tehnički urednici: prof. dr Simonida Vukadinović, prof. dr Jelena Ješić, prof. dr Andrea Andrejević Panić i doc. dr Zoran Brlja
Dynamics, scope and structure of external trade of the Republic of Serbia
No full textThe COVID-19 pandemic has changed global economic perspectives and led to a turning point in economic trends around the world, as well as in the Republic of Serbia. With a detailed analysis of key figures of external trade of goods, the main aim of this paper is to appraise the position and results of the Republic of Serbia in the field of foreign trade exchange, as one of the most important indicators of economic activity. The methodology covered in the paper includes qualitative research techniques, such as analysis, comparative analysis, and synthesis. The first part of the paper deals with the trend of external trade in the past three decades, with special reference to the effect of the crisis caused by the COVID-19 pandemic. The second thematic unit analyzes the structure of the Republic of Serbia's foreign trade, according to the economic purpose of goods and the classification of activities. The focus of the third part is the territorial distribution of foreign trade of the Republic of Serbia by main economic and geographical zones, ie countries of purpose and origin. Finally, concluding remarks are given. We found that the Republic of Serbia has many possibilities to improve external trade, which should primarily focus on increasing exports, in quantitative terms, but at the same time not to fail to raise the quality and value of our export products.Pandemija COVID-19 promenila je globalne ekonomske perspektive i dovela do prekretnice u privrednim kretanjima kako u svetu, tako iu Republici Srbiji. Osnovni cilj rada je da se detaljnom analizom ključnih pokazatelja spoljnorgovinske robne razmene sagleda pozicija i rezultati Republike Srbije u oblasti međunarodne trgovine, kako jednog od najznačajnijih indikatora
privredne aktivnosti zemlje. Metodologija obrađena u radu obuhvata kvalitativne istraživačke tehnike, kao što su analiza, komparativna analiza i sinteza. Prvi deo rada se bavi trendom kretanja obima spoljnotgovinske razmene u protekle tri decenije, sa posebnim osvrtom na efekat krize izazvane pandemijom COVID-19. Druga tematska celina analizira strukturu spoljne trgovine Srbije, prema ekonomskoj nameni robe i klasifikaciji delatnosti. U fokusu trećeg dela je analiza teritorijalne raspodele spoljnotrovinske razmene Srbije po glavnim ekonomskim i georgrafskim zonama odnosno zemljama namene i porekla. Na kraju su data zaključna razmatranja. Svakako da ima
dosta prostora za unapređenje spoljnotrgovinske razmene Srbije, koja pre svega treba da se fokusira na povećanje izvoza, u kvantitativnom smislu, ali da se istovremeno ne zamanje podizanje vrednosti kvaliteta i proizvoda naših proizvoda
Challenges in Circular Economy Implementation: Insights from North Macedonia and Serbia
No full textThe focus of the Green Deal is to position Europe as a global leader in the circular
economy. To implement the principles of the circular economy, the European
Commission adopted the "EU Action Plan for the Circular Economy" (2015) and the "New
Circular Economy Action Plan for a Cleaner and More Competitive Europe" (2020). In
2022, it published a set of two packages of proposals for encouraging the circular
economy in achieving the sustainable development goals by 2030. These proposals
include various practices such as industrial symbiosis, as a key enabling component of
the circular economy, which involves the exchange of resources, energy, and by-products
among industries, to improve efficiency and sustainability. The Western Balkans region
faces significant barriers, both technical and non-technical, in the implementation of the
circular economy. The aim of this paper is to identify the main obstacles in the practice of
implementing the circular economy, using examples from two Western Balkans
countries, namely North Macedonia and Serbia. The collected data is based on a
systematic review of theoretical frameworks and empirical verification of the results. In
addition to the introduction, the paper consists of three sections. The first section of the
paper presents the key barriers for the circular economy implementation in North
Macedonia, while the second section analyzes the same barriers in Serbia. The third
section analyzes the current state of circular economy implementation in the respective
countries based on Eurostat's data categories. Finally, the authors’ conclusions and
insights are given.The third international scientific conference GIRR 2025 “Global challenges through the prism of rural development in the sector of agriculture and tourism“, May 9th 2025, Šabac, Serbi
Growing public debt as a result of the COVID-19 pandemic in the Western Balkans region: the case of North Macedonia and Serbia
No full textJust before the start of the pandemic, the public debt of the Western Balkan countries averaged over 50% of GDP, with large fluctuations between countries, which narrowed the fiscal space for resolving the consequences of the COVID-19 crisis. Despite that, although partially stable to pandemic turbulence, the needs for borrowing in the countries of the Western Balkans are growing sharply, as a result of which future interest payments are increasing in the conditions of increased public debt. It is estimated that all countries in the region will record an increase in public debt, while Montenegro will have the highest level of growth. That is why the countries of the Western Balkans need to implement successful fiscal consolidation and more prudent fiscal management at the national level, but also to pay attention to higher government borrowing and increased public investment in pandemic conditions. The aim of this paper is to analyze the movement of public debt of the countries in the region in the crisis caused by the COVID-19 pandemic, with special emphasis on the case of North Macedonia and the Republic of Serbia. The paper consists of three parts. After the introduction, the first part of the paper presents an analysis of public debt in the Western Balkans region. The second part analyzes the public debt in the case of the Republic of Serbia, while the third part deals with the analysis of the public debt in the case of North Macedonia. Finally, concluding remarks are given
Circular economy as a concept of sustainable development - the case of North Macedonia and Serbia
No full textThe circular economy is the antithesis of the current, so-called linear model of the economy, which involves the uncontrolled exploitation of natural resources and the circular flow of materials from the factory through the users to the landfill. Unlike a linear economy that is based on the take-do-throw principle, a circular economy is based on the take-do-fix-reuse-recycle principle. The principle of the circular economy changes business models, habits, and ways of thinking, both of producers and consumers. Thus, the new eco-design of the product extends its lifespan through repair, renovation, and recycling. As recycling is a leading tool on the road to a circular economy, the need for a circular economy in the world is imperative. The purpose of this paper is to show that the circular economy is a driver for the sustainable development of North Macedonia and Serbia.
The paper is conceived in three parts. The first part of the paper analyzes the advantages of the circular economy on the example of the European Union. The second part of the paper analyzes the circular economy as a driver for sustainable development on the example of North Macedonia, while the third part covers the analyzed issues on the example of the Republic of Serbia. The methodology applied in the paper involves qualitative research techniques, such as analysis, comparative analysis, and synthesis. Based on the obtained results, we concluded the need to urgently establish a comprehensive model of circular economy and an appropriate legal framework in both countries following the example of successful practices from leading European countries
Economic Aspects of Smart City Development
No full textCities are the foundation of the civilized world, the incubator of human labor and economic growth. At the same time, cities as dynamic and complex systems due to the high concentration of activities and increasing urbanization may turn into a point of convergence of many economic,
demographic, social and environmental risks. Further development of cities is certainly unsustainable without innovative solutions and this is the main reason why smart city concept are becoming increasingly important. Smart cities are focused on people, sustainable development and quality of life, including technology which is a key instrument for their implementation.
Together with the digital transformation, a process that fully follows and enables the development of smart works, together they are gaining more and more economic significance. Worldwide, investment in smart urban technologies is estimated at over a hundred billion dollars per year,
building a brand new "smart city industry " that brings large investments directed to sustainable urban development. The main goal of this paper is to analyze smart cities from an economic point of view, in order to answer the question: whether and to what extent development of smart cities is
economically important? Research results shows that the economic impact is a very important aspect of smart city development, which can be multiplied if its outcomes are used wisely and be a powerful booster of economic growth.The Ninth International Scientific Conference on Climate Change, Economic Development Environment and People (CCEDEP), November 18th 2021, Shkoder, Albania, University of Shkodra “Luigj Gurakuqi”, Shkoder, Albania (2022
Energy Crisis as an Opportunity to Accelerate the Green Transition and Sustainable Economic Development: Evidence from the Western Balkans
No full textWar in Ukraine caused unusual disruptions to the energy market in Europe. Energy prices, primarily natural gas and coal have reached historic highs caused by post-pandemic economic development, insufficient natural gas supplies, and a lack of wind power generation. The governments of the Western Balkans (WB) region countries agreed that energy should be given a central role as a driver of development in the establishment of a stronger, more persistent, and more integrated region. That is why the European Union's proposal is to continue efforts to mitigate climate change, especially by introducing energy production from renewable sources. This will certainly require strong and coordinated action by the governments in the region, with the strong support of the European Union. The aim of the paper is to analyze the implications of the energy crisis in the countries of the Western Balkans, with a special focus on the opportunities arising from the acceleration of the green transition. Consequently, the paper is divided into three separate parts. The first part analyzes the energy crisis in the countries of the WB, the second part focuses on government response and fiscal measures in WB region, while the third part is about how the Western Balkan region can benefit from this crisis and accelerate the green transition and sustainable economic development. The methodology used in the paper consists of several qualitative research techniques, such as analysis, synthesis, and comparative analyses
Energy crisis in Serbia: causes, effects, government response and potential for sustainable development
No full textThe world is facing the global energy crisis, which caused unusual disruptions to the energy market in Europe and inevitably consequences did not bypass Serbia. Russian invasion of Ukraine and geopolitical tension raised energy prices, availability, and affordability of energy have a high level of impact on the economy, especially in many developing countries such as Serbia. The aim of this paper is to analyse the effects of the global energy crisis in Serbia, with special emphasis in this research on the opportunities arising from the acceleration of the green transition. Consequently, the paper is divided into three thematic parts. The first part refers a to genesis, specifics, and implications of the global energy crisis in Serbia. Second part analyses the national fiscal policy due to energy crises and response measures in terms of structure of public expenditure, while the third part is about how the Serbia can benefit from this crisis and accelerate the green transition
and sustainable development. In conclusion, final remarks are given. From a methodological point of view, this work presents a quantitative analysis and synthesis of data from representative national databases, with the aim of a detailed presentation and drawing conclusions about the subject. The research results contribute to the understanding and perception of this topic
in several different aspects.Urednici: prof. dr Andrea Andrejević Panić, prof. dr Jelena Ješić, prof. dr Simonida Vukadinović i prof. dr Gordana Racić; tehnički urednici: prof. dr Simonida Vukadinović, prof. dr Jelena Ješić, prof. dr Andrea Andrejević Panić i doc. dr Zoran Brlja
National fiscal policy response to the global energy crisis in Western Balkans countries: the case of Serbia and North Macedonia
No full textFiscal policy is a crucial stabilization policy of governments around the world and has a
major role in suppressing the adverse impacts of unfolding crises. Its applicability is measured
through the process of taxation and collection of public revenues to create funds for financing
public expenditures. Therefore, fiscal policy implies the use of public revenues and expenditures
that should be aligned with the main objectives of macroeconomic policy. Consequently, since the
Western Balkans region, identical to other countries around the world, is in a period of the global
energy crisis, the response of the national fiscal policy is of major importance. The subject of the
paper is the analysis of the national fiscal policy response of Western Balkans countries to the
global energy crisis with a focus on the Republic of Serbia and the Republic of North Macedonia.
Using the available official data, the paper analyzes and compares the distribution impacts of the
global energy crisis in selected Western Balkans countries in terms of public expenditure (percent of GDP). Furthermore, a comparison of the results of the selected Western Balkans countries with
the average of the Western Balkans countries and the average of the EU countries was carried out.
Eventually, the paper analyzes the national fiscal policy response of the selected countries in terms
of wage bills (percent of GDP), social benefits (percent of GDP), and capital expenditures (percent
of GDP) during the global energy crisis with those during the COVID-19 pandemic crisis. The
applied methodology consists of qualitative research techniques, such as analysis, comparative
analyses, and syntheses. Based on the obtained results, the paper's contribution is reflected in the
determination of the importance of timely fiscal response of national governments and taking
appropriate measures to mitigate the adverse impact effectively in the forthcoming period.Сборник с доклади, представени на международна научна конференция на тема „Икономика на бъдещето“, организирана от Висшето училище по застраховане и финанси (ВУЗФ) и Балканската асоциация на икономическите университети 19-21 април 2023 г
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