Frequency of publication: 4 issues per year Editor-in-Chief: Polona Tominc Journal of Contemporary Issues in Economics and Business Naše gospodarstvo/Our Economy publishes high-quality original scientific articles and scientific review articles on topical issues in economics and business. The aim of the journal is to build on existing theoretical and empirical research in the field of economics and business with contemporary theoretical perspectives and insights based on comprehensive research foundations. The articles published contribute to a better understanding of a number of current challenges in economics and business and are of interest to researchers, policymakers and practitioners. Indexing: EconLit, ERIH PLUS, DOAJ, EBSCO, Ulrich's and other databases. Licenca: CC BY
The Impact of IFRS on Strategic Decision-Making: Are Companies Indirectly Controlled From External?
Publicly listed companies in Europe are required to prepare consolidated financial reports in accordance with International Financial Reporting Standards (IFRS), providing a common framework that reduces the costs of international capital procurement. This study examines whether IFRS influence corporate strategic decisions or function as guiding frameworks rather than instruments of external control. A literature review identified five strategically relevant IFRS standards, complemented by structured interviews with six Austrian experts from the industrial and auditing sectors. Findings indicate that leading companies actively integrate IFRS into their strategic planning to guide financial reporting and stakeholder communication. At the same time, the standards are primarily regarded as recommendations that allow for interpretive flexibility and discretionary decision-making. The findings are not statistically representative of the Austrian market because the study aims to provide analytical and theoretical insights rather than generalisable results. The results highlight the influence of IFRS on strategy without constraining corporate autonomy, bridging accounting regulation and corporate decision-making.
Copyright (c) 2025 Nina Häck https://creativecommons.org/licenses/by-nc-nd/4.0
Job Satisfaction Among Auditors in Slovenia: An Empirical Study
This study examines job satisfaction among auditors (CPAs) in Slovenia, and its relationship with professional age, decision-making level, gender, and audit firm size. A modified Job Descriptive Index (JDI) questionnaire was administered to auditors in Slovenija. Data were analysed using ANOVA, Kruskal–Wallis H, and Mann–Whitney U tests. Overall, job satisfaction is high, about 75% all possible points on JDI measurement scale. No statistically significant differences were identified across professional age, decision-making level, gender, or audit firm size, indicating a homogeneous satisfaction pattern. Cross-sectional, self-reported data from a single country may limit generalisability. The results highlight the need for audit firms to support well-being, clarify career paths, and strengthen perceived autonomy to retain and attract young auditors. This is one of the first empirical studies of Slovenian auditors’ job satisfaction, using the JDI framework and several demographic and organisational variables.
Copyright (c) 2025 Ana Majcan, Iztok Kolar https://creativecommons.org/licenses/by-nc-nd/4.0
Workload, Social Support and Emotional Stability: A Comparative Study of Croatian and German Employees
The following article examines the question of whether factors such as workload and social support from colleagues and superiors have a significant positive or negative impact on the emotional well-being of employees. Additionally, it compares the results between Croatia and Germany in the context of the COVID-19 pandemic. For this purpose, a sample of 1,800 employees (900 per country) was used for statistical analysis, using data from the European Working Conditions Telephonic Survey. A descriptive analysis and an inferential analysis using the nonparametric Mann-Whitney U test were performed for variables such as work-life balance, high-speed work, work under time pressure, work autonomy, perceived well-being, disruptive emotions, presenteeism, and social support from colleagues and supervisors. The results show that Croatians exhibit a higher level of emotional stability than German employees, as they tend to be happier and in a better mood, have a lower workload, and receive more social support from coworkers and managers.
Copyright (c) 2025 Andreas Huth https://creativecommons.org/licenses/by-nc-nd/4.0
Digital Disruption and Author Strategy: A Qualitative Study of Self-Publishing in the US Science Fiction and Fantasy Market as a Source of Intangible Assets
This paper examines how self-published authors in the U.S. science fiction and fantasy (SFF) market strategically respond to digital disruption in the publishing industry. Drawing on fifteen expert interviews analyzed through Mayring’s qualitative content analysis, the study integrates four theoretical perspectives: disruptive innovation, diffusion of innovations, the resource-based view, and actor-network theory. The results show that independent authors act as entrepreneurial micro-firms, leveraging intangible assets such as brand identity, digital marketing skills, and reader communities to navigate platform-based markets. Authors adopt funnel marketing, hybrid publishing, and platform-specific strategies to enhance visibility and monetise creative output. The sample is limited to one genre and national context, and findings are therefore exploratory. The study advances our understanding of cultural entrepreneurship and platform economies by demonstrating how digitalisation reconfigures authorial agency within sociotechnical networks of platforms, algorithms, and digital tools.
Copyright (c) 2025 Vito Bobek, Jacob Elliot, Tatjana Horvat https://creativecommons.org/licenses/by-nc-nd/4.0
Encouraging Eco-Entrepreneurship: The Impact of University Entrepreneurial Support on Developing Students’ Green Entrepreneurial Intentions in Skikda University
This study examines the effect of university support mechanisms on students’ green entrepreneurial intentions at Université 20 Août 1955, Skikda. The research methodically assesses how educational initiatives, institutional policies, and physical infrastructure shape students’ commitment to developing environmentally responsible ventures. Descriptive and analytical survey methods are systematically applied to investigate these relationships. The results indicate that university support significantly enhances students’ green entrepreneurial intentions. These findings highlight the importance of integrating sustainability into entrepreneurship education and institutional strategies. Nonetheless, the research is limited by its focus on a single university and reliance on self-reported data, which may affect the generalizability of results. This study addresses a gap in Arabic academic literature by examining institutional support as a central factor in sustainable entrepreneurship. The findings indicate that universities and policymakers should enhance entrepreneurial ecosystems to promote green entrepreneurship and strengthen graduates’ contributions to sustainable development.
Copyright (c) 2025 Rayene Benkhaoua, Ayoub Messikh https://creativecommons.org/licenses/by-nc-nd/4.0
Perceptions of Corporate Social Responsibility in the Pharmaceutical Industry after COVID-19 and Implications for Health-Conscious Tourism
The paper examines the perception of Generation Z regarding the social corporate responsibility (CSR) of pharmaceutical companies after the COVID-19 pandemic, which increased health awareness. Using a structured online questionnaire conducted among students, the study sheds light on generational attitudes towards economic, social, and environmental dimensions of CSR in the pharmaceutical industry. The results show that the social dimensions, in particular good working conditions, are generally rated most favourably. CSR activities need to be supported by appropriate communication with stakeholders, with online information proving to be particularly influential for Generation Z. Furthermore, some CSR activities of the pharmaceutical industry go beyond this sector and could be reflected in health-conscious tourism.
Copyright (c) 2025 Helena Nemec Rudež, Lana Rudež https://creativecommons.org/licenses/by-nc-nd/4.0
Bank Guarantee as a Means of Securing Contract Performance under the Law of the Republic of Serbia
Bank guarantees are the most widely used instrument to secure contract performance in commercial law, both nationally and internationally. They are commonly employed in sales contracts and during the execution of foreign investment projects. Establishing a bank guarantee is prompt and effective falling under neutral banking operations. As the number of business entities has grown significantly, there has been a corresponding increase in commercial contracts requiring secured performance. Despite the advantages of swift transactions at both levels, business entities face economic and legal risks that drive them to secure contracts most effectively to protect their interests and achieve their business goals. In this context, the bank is essential in fostering successful business collaborations. Given the importance and complex nature of bank guarantees in today’s legal transactions, this paper examines current issues and challenges related to the key aspects of bank guarantees as a means to secure contract performance, including their efficiency and speed in enforcement, along with their advantages and disadvantages, with particular reference to judicial decisions and electronic bank guarantees in light of innovative technologies. It reviews existing statutory provisions and provides a comparative analysis across various levels. The paper focuses on eliminating uncertainties surrounding the bank guarantee institution to promote more secure business practices.
Copyright (c) 2025 Tanja Varađanin, Marko Stanković, Nenad Stefanović https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Impact of Point-of-Sale Beer Brand Ads Through Consumer Neuroscience Research
This study employs EEG and eye-tracking to assess how brand equity, creative complexity, and spatial layout influence implicit consumer responses to point-of-sale (POS) beer advertisements. Through the theoretical lens of predictive coding and processing fluency, laboratory testing with Serbian beer consumers (N = 20) revealed that simpler designs yielded superior attention performance across TFD and TTFF (d up to 2.62), independent of brand strength. Spatial repositioning reduced packshot detection time by 0.89s (p<0.001, d=1.78) in horizontal versus vertical layouts. EEG showed no significant brand differences (valence d=0.07, p=0.765), offering a theoretical interpretation consistent with predictive coding, wherein expected stimuli elicit reduced neural activation, with brand strength operating solely through attentional pathways. Eye-tracking revealed strong brands' automatic attentional capture of iconic elements (e.g., letter 'J'; TTFF=0.47s), theoretically reconciled via processing fluency as effortless decoding. We derive actionable POS benchmarks: packshot detection < 0.5s, slogan engagement > 1.0s, emotional valence > 5.0, cognitive load < 5.0. This advances GDPR/NDA-compliant methodology while offering practical guidelines grounded in neurocognitive theory.
Copyright (c) 2025 Darko Lukić, Slađana Starčević, Goran Pitić https://creativecommons.org/licenses/by-nc-nd/4.0
The Influence of Visual Elements of Social Media on the Behavior of Generation Z Tourists
In today's online world, where all information is available to users with just one click, it is challenging to determine their credibility. Given the fact that there are almost 5 billion social media users, it is safe to say that social media has become an essential part of everyday life for many users, especially members of Generation Z. When filtering the pool of information, visual elements play a significant role in the decision-making process for users. Generation Z is composed of young people born between 1995 and 2005. They are considered the originators of social media and the virtual world, and spend the most time analysing content in the form of photographs or videos. The main reason why Generation Z members prioritise visual elements more than textual ones stems from the higher degree of reliability and trust that this type of content displays. To analyse how photos and videos influence the trust of members of Generation Z in online recommendations, a survey was conducted in the territory of the Republic of Serbia, in which the Pearson correlation test was applied. The research lasted from February to March 2024. Moreover, a study was conducted on a sample of 305 respondents, where the sample was convenience, and the obtained data were tested using the IBM SPSS Statistics platform. The main findings indicate how visual elements of social media, such as photos and videos, influence a greater degree of trust in credibility among Generation Z.
Copyright (c) 2025 Dražen Marić, Ksenija Leković, Sanja Džever, Dunja Kostić, Aleksandar Vasiljević https://creativecommons.org/licenses/by-nc-nd/4.0
Relationship between Employer Branding, CSR and Social Media Communication
This research aims to examine whether employer branding (EB) activities are related to the ranking of the Most Desirable Employer in Bosnia and Herzegovina (BiH), and to explore the correlation between EB, corporate social responsibility (CSR), and organisational representation on social media. The research was conducted among employees of 15 organisations ranked as the Most Desirable Employers, potential employees, and final-year university students from various academic fields. While in developed countries, specialised companies focus on talent attraction and recruitment as part of EB strategies, employers in BiH have yet to reach that level of long-term workforce planning and fully recognise the strategic benefits EB can offer. The findings indicate that EB significantly influences employer’s desirability among current and potential employees, and that organisations perceived as socially responsible tend to enjoy a stronger employer brand and are considered more desirable. Moreover, the analysis revealed no significant differences in the perception of the relationship between socially responsible business practices and organisational representation on social media between current and potential employees. The study’s key contributions include the finding that EB correlates positively with employer desirability; and that the impact of perceived dimensions of EB attractiveness is evident from the perspectives of both current and potential employees.
Copyright (c) 2025 Ilarija Bašić, Nino Ćorić, Nenad Brkić https://creativecommons.org/licenses/by-nc-nd/4.0
Artificial Intelligence in ERP Quality Management Modules: A Comparative Analysis of SAP and Infor
Enterprise Resource Planning (ERP) systems are widely recognised as strategic enablers of digital transformation, integrating core business functions and supporting operational efficiency. Quality Management (QM) is a pivotal component of their curriculum, critical in ensuring compliance, sustaining competitiveness, and driving continuous improvement. Recent advancements in artificial intelligence (AI) have further augmented the potential of ERP systems by facilitating predictive analytics, anomaly detection, and intelligent process automation. However, the integration of AI into ERP-based QM has not yet been systematically examined in academic research. The present article addresses this gap by comparing two leading ERP vendors, SAP and Infor, focusing on their AI-enabled QM modules. The study utilises academic literature, industry reports, and vendor documentation to demonstrate that SAP emphasises horizontal breadth and positions its QM functionalities as part of a global digital core. Concurrently, Infor prioritises vertical specialisation, customising its QM functionalities to meet the distinct needs of specific industries and augmenting them with advancements in AI and generative AI. The findings contribute to theory and practice by demonstrating how ERP vendors differentiate their approaches to AI integration in QM. The present study contributes to the extant literature on ERP and Total Quality Management (TQM) by extending the current body of knowledge in this area. It highlights the strategic role of AI in shaping ERP value creation. It provides managerial guidance for organisations evaluating ERP systems in the context of quality assurance, sustainability, and digital transformation.
Copyright (c) 2025 Staš Heric, Samo Bobek, Simona Sternad Zabukovšek https://creativecommons.org/licenses/by-nc-nd/4.0
Comparative Study on Job Security and Stability among German and Spanish Workers and Their Ability to Work from Home
This research article analyses the situation in the labour markets in Germany and Spain using a comparative study to identify differences in job security and stability and the possibility of working from home. The study is based on data from statistical sources provided by Eurofound (2024) with a sample of 907 employees in Germany and Spain. A binary logistic regression was performed, where the dependent variable was the binary variable country (Germany and Spain) and the independent variables are related to job security and stability (job loss, employment opportunities, recognition, performance expectations, employment contract). In addition, a Chi-square independence test was performed to determine the difference between countries regarding working conditions and teleworking. The analysis in this study reveals a clear difference between the labour markets in Spain and Germany. German workers are in a significantly more favourable position than Spanish workers. For this reason, Germany must continue to improve the quality of its labour market to ensure the sustainability of employment.
Adoption of Social Media for Products Marketing in Algerian Traditional and Handicraft Firms: Evidence from Setif Province
Social media provides opportunities for traditional and handicraft industries to promote products and stimulate sales. Therefore, this study investigates the extent of social media adoption for product marketing among a sample of Algerian traditional and handicraft industries. For that, a questionnaire was administered to 123 randomly selected industries in Setif province. The results revealed moderate social media use for product marketing, along with low awareness of its benefits. The level of usage is strongly associated with awareness but was negligibly affected by age. Experience with social media did not predict usage for marketing. The findings suggest that this sector can further capitalise on social media by increasing managers’ awareness of its advantages and developing strategies to enhance its adoption. Further research should identify specific actions that traditional and handicraft firms can take to fully leverage social media for product promotion and sales growth.
Copyright (c) 2025 Ilyes Charchafa, Bilal Kimouche https://creativecommons.org/licenses/by-nc-nd/4.0
Inflation, Inflation Uncertainty and Economic Growth in Tunisia: Nonlinear Modelling Framework
Inflation uncertainty is a critical factor influencing not only the market mechanisms but also the economic activity efficiency. In this paper, we investigated the relationship between inflation and growth to capture the impact of inflation uncertainty in Tunisia. The study relied on a dataset covering the period 1984.01-2018.08 and was characterized by a nonlinear specification. We used Hansen’s (2001) Threshold Regression (TR) analysis to determine one threshold effect of inflation on growth while explaining the role of inflation uncertainty in the whole process. This study concluded that an optimal inflation rate does exist. Under this rate, a little rise in inflation may enhance economic growth, allowing an adverse impact of inflation uncertainty. Above the critical threshold of 3%, it was revealed that inflation and inflation uncertainty play opposite roles: while the former harms growth, the latter benefits it. Thus, we cannot sustain the Friedman-Ball hypothesis for the two regimes. To the best of the authors’ knowledge, this is the first study that aimed to investigate the simultaneous effects of inflation and inflation uncertainty on growth in Tunisia using a non-linear methodology. This study aims to fulfil the knowledge gap of such studies for developing countries.
Copyright (c) 2025 Thouraya Boujelbène, Khoutem Ben Jedidia https://creativecommons.org/licenses/by-nc-nd/4.0
Perspectives on Corporate Governance in State-Owned Enterprises: Evidence from Bosnia and Herzegovina, Croatia and Serbia
This paper examines the key aspects of corporate governance of state-owned enterprises (SOEs) through a comparative survey conducted in Bosnia and Herzegovina, Croatia, and Serbia. The research explores two distinct perspectives: the state's view on the necessity and governance of SOEs, and the perspective of SOE boards on operational and strategic challenges. From the state’s perspective, the survey addresses issues such as the protection of national economic interests, state ownership in key industries, equitable service provision, and the reinvestment of SOE profits into public projects. Findings suggest a strong alignment among respondents across all three countries, supporting the idea that state ownership ensures economic sovereignty and guarantees fair access to essential services. On the other hand, the board perspective highlights concern about the bureaucratic barriers faced by SOEs, the influence of political interference on financial performance, and the limitations of public ownership in enhancing global competitiveness. Board respondents expressed the need for greater autonomy in decision-making and stressed the importance of partnerships with the private sector to optimise SOE efficiency and market position. The article synthesises these findings to address the broader question: Are SOEs essential in modern economies, or do they require reform to meet contemporary challenges? The results indicate that while SOEs hold strategic importance, reforms focused on reducing bureaucracy, enhancing governance, and promoting public-private partnerships are crucial for their future viability.
Copyright (c) 2025 Emir Sudžuka, Dženan Kulović, Domagoj Hruška, Jelena Nikolić https://creativecommons.org/licenses/by-nc-nd/4.0
Establishing a Digital Participation Bank in North Macedonia: Opportunities and Challenges in Interest-Free Finance
This paper aims to explore the feasibility of establishing a digital participation bank in North Macedonia based on the principles of interest-free finance. This system has been part of ethical and equitable financial systems in the major Abrahamic religions. Thus, as interest-free finance becomes more popular worldwide, digital banking presents a new approach to incorporating these principles into the Macedonian banking system. Here, the purpose of the paper is to discuss the applicability of establishing a digital participation bank in North Macedonia based on interest-free finance principles, by drawing on global best practices. In that sense, this paper provides an analysis of the interest–free finance and intends to describe the banking environment in North Macedonia and the necessary regulatory and market changes. Furthermore, it offers recommendations for integrating ethical, interest-free finance into the Macedonian digital banking sector. Findings indicate that the country has strong potential, due to its diverse population, growing SMEs sector and demand for ethical financial services, but at the core, significant legal and institutional changes are required. Finally, the paper concludes with the opportunities that digital interest-free finance has in financial inclusion, investment attractiveness, and integration with the digital transformation strategy; while detected challenges refer to regulatory changes, consumer and institutional education.
Copyright (c) 2025 Ahmet Lokce, Andrijana Bojadzievska Danevska https://creativecommons.org/licenses/by-nc-nd/4.0
Analysis of the Citizen’s Attitudes About the Economic Measures to Eliminate the Consequences of the COVID-19 Pandemic in the Republic of Serbia
The pandemic caused by the COVID-19 virus has led to negative economic consequences in all countries. The COVID-19 pandemic created problems in the functioning of the economy, and economic state measures were necessary to reduce the negative impact of the pandemic. Every country in the world has tried to find the best economic measures to help its citizens overcome the negative effects of the pandemic as easily as possible. After 5 years since the pandemic began, the real effects of these state measures, which were also implemented by the Government of the Republic of Serbia, can now be seen much more objectively, which is analysed in this paper. The primary objective of this paper is to evaluate citizens' opinions on the effectiveness of the state economic measures implemented by the Government of the Republic of Serbia to mitigate the impact of pandemics on both citizens' lives and companies' operations.
Copyright (c) 2025 Dragomir Dimitrijević, Milan Kostić, Marija Radulović https://creativecommons.org/licenses/by-nc-nd/4.0
(De)Globalisation and the New Industrial Policy
The processes of economic and political cooperation since the Second World War have stimulated economic growth and improved living standards and prosperity, while intensified economic integration and contributed to a better response to global challenges. Following the 2008 global financial crisis, there is a trend towards deglobalisation or slowbalisation. The article provides a comprehensive literature review and examines data sources on the situation and trends related to the globalisation of the world economy and the rise of industrial policy measures in advanced economies. It was found that the world economy is facing several challenges, including the reshaping of global supply chains, mitigating the effects of economic inequality and climate change, and the rise of economic populism and nationalism. This article consequently provides a comprehensive overview of the literature on globalisation and industrial policy, examining the interplay between deglobalisation processes and industrial policy measures and their increasing prominence in advanced economies.
Copyright (c) 2025 Peter Vuk https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Impact of Accounting Perceptions on Accounting Major Choice Based on Students' Personal Characteristics
In the paper, the impact of selected popular perceptions about accounting and the accounting major on the accounting major choice was assessed for the sample of undergraduate business school freshmen. Rather than observing differences between accounting majors' and non-accounting majors' perceptions themselves, a novel approach was used, focused on the observation of differences between accounting majors' and non-accounting majors' personal characteristics, deemed as relevant for their fit with selected popular accounting perceptions. Regression coefficients obtained from regressing these personal characteristics on the accounting major choice variable were used as evidence for the impact of observed accounting perceptions on accounting major choice. Results suggest an important impact of some of the popular accounting perceptions on students' decision whether to major in accounting or not.
Copyright (c) 2025 Robert Horvat, Nika Pučko https://creativecommons.org/licenses/by-nc-nd/4.0
Neobanks’ Footprint on the Transformative Path of the Austrian and the Slovenian Banking Market
The digital transformation in banking, which is supported by the European regulatory framework, has enabled new business models for banking. One example of these changes is the emergence of neobanks. We examine the presence of neobanks in two national markets, Austria and Slovenia. Despite the geographical proximity and rich history of banking integration between the two markets, our findings reveal significant differences in this perspective between the two markets. In the analytical part, we use available indirect and descriptive data. We have identified two historical periods. In the first, domestic neobanks appeared. Unlike in Austria, where there is a rich history of domestic neobanks, there were none in Slovenia. In the second identified period, the most propulsive European neobanks are similarly active in both markets, which increases competition in the banking markets. In the future, the neobanks could contribute to the increase in the mobility of deposits outside the national banking markets.
Copyright (c) 2025 Christian Cech, Martin Wirth, Timotej Jagrič, Vita Jagrič https://creativecommons.org/licenses/by-nc-nd/4.0
Analysis of the Use of Social Media Components on Serbian Hotels' Websites
The research presented in this paper aims to determine to what extent hotels in Serbia use social media components on their websites. A total of 378 hotel websites in the Republic of Serbia were analysed. For each analysed hotel, the following attributes were observed: region, category, type, and size of the establishment, while the presence of valid links to social networks, the presence of a blog, Google Map, or a link to it, and the number of versions of the site in a foreign language were analysed on their websites. Descriptive statistics and the chi-square test were applied in data processing. The research has shown that hotels in Serbia insufficiently use social media components on their websites. These findings can be useful for hotels as they may indicate ways to improve their websites.
Copyright (c) 2025 Dragana Ćamilović, Snežana Konjikušić https://creativecommons.org/licenses/by-nc-nd/4.0
Opportunities and Challenges of Supply Chain Sustainability Reporting: The Case of Slovenian Multinational Manufacturing Companies
This article explores reporting on supply chain sustainability from the perspective of opportunities and challenges for multinational manufacturing companies, considering the evolved European Union (EU) regulations and the scope and complexity of international supply chains. In the theoretical part, we examine corporate sustainability reporting, focusing on EU regulatory framework, sustainability in international supply chain management, and reporting on supply chain sustainability. The empirical analysis is based on the secondary and primary data gathered from a non-random sample of Slovenian multinational manufacturing companies from B2B industry. The analysis shows that the companies discussed included information on supply chain sustainability in their sustainability reports; however, they weren't very well-prepared for the requirements of the new EU sustainability reporting directives. We found they perceived opportunities and challenges in supply chain sustainability reporting similarly. Our research findings have several implications for corporate sustainability management and national institutional business support.
Copyright (c) 2025 Sergeja Juhart, Romana Korez Vide https://creativecommons.org/licenses/by-nc-nd/4.0
Development of Slovenian Macroeconomic Imbalances and their Synchronization with EU Countries
Slovenia and other EU member states are subject to the Macroeconomic Imbalances Procedure. This article aims to evaluate the macroeconomic imbalances of the Slovenian economy and its synchronisation with other EU countries from 2013 to 2022. Eleven Scoreboard indicators are used to monitor external and internal macroeconomic imbalances. The originality of the paper relates to the use of cluster analysis to determine Slovenia's position among other EU countries in terms of imbalance indicators by dividing EU countries into clusters based on their similarity. The process used the standardized squared Euclidean distance as the basic metric, the furthest neighbour method was used to cluster the objects, which are represented graphically by a dendrogram. Slovenia exhibited relative stability in both external and internal macroeconomic imbalances between 2013 and 2022. However, in the last three years, it showed threshold values for the nominal unit labour cost index, general government gross debt, and there was a risk associated with the development of the house price index. The cluster analysis revealed that Slovenia's external macroeconomic imbalances were significantly synchronized with core EU countries in 2014 and 2022. In 2017 and 2020, macroeconomic imbalances exhibited similarities with the Baltic and Central European countries. The internal macroeconomic balance remained stable in the monitored period, and it developed in sync with the core EU countries and Central European countries.
Copyright (c) 2025 Vladimíra Hovorková Valentová, Pavla Bednářová https://creativecommons.org/licenses/by-nc-nd/4.0
Countries' Structural Characteristics and the Magnitude of Fiscal Shock
The transmission channels of stabilizing fiscal policy remain partially unexplored, which presents a challenge for the effective management of economic policy. Using a broad dataset and vector autoregression methodology, this paper examines the relationship between selected structural characteristics of economies and the magnitude of fiscal multipliers. The results indicate that fiscal multipliers tend to be smaller in more developed economies, in business-friendly environments, and in EU and EMU member states. Additionally, findings on public and private debt, as well as savings levels, suggest that fiscal multipliers are higher in countries where a larger share of economic agents faces liquidity constraints. Consequently, increased public spending, driven by households' higher marginal propensity to consume, produces a stronger impact on output through the multiplier effect. Our results provide a foundation for fiscal policymakers to design appropriate measures tailored to the specific characteristics of individual economies, aiming to enhance the effectiveness of stabilization policies. Consequently, fiscal stimulus can achieve a greater impact while ensuring the efficient allocation of taxpayer resources.
Copyright (c) 2025 Marko Senekovič https://creativecommons.org/licenses/by-nc-nd/4.0
Leveraging Communities of Practice to Cultivate Entrepreneurial Mindset: A Systematic Review and Practical Insights
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.
Copyright (c) 2024 Ljerka Sedlan Kőnig https://creativecommons.org/licenses/by-nc-nd/4.0
Exogenous Variables and their Influence on Domestic Credit Provision in Nigeria: Evidence from Quantile Regression
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 25th 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 25th and 50th 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.
Copyright (c) 2024 Sabina Veršič https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Consequences of Natural Disasters on Sustainability in Rural Municipalities: Evidence from Loška Dolina
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.
Copyright (c) 2024 Vito Bobek, Blanka Lipovac, Tatjana Horvat https://creativecommons.org/licenses/by-nc-nd/4.0
Pull Factors and Capital Inflows: Empirical Insights from Transformative Dynamics in Southeast Europe
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.
Copyright (c) 2024 Mehmed Ganić, Nedim Gavranović https://creativecommons.org/licenses/by-nc-nd/4.0
Work-Related Factors Influencing Presenteeism in Croatia during COVID-19: A Logistic Regression Approach
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.
Economic Inequality and the Size of Government Expenditure Shocks: An Empirical Exercise
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.
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