Pogostost izhajanja: 4 številke letno Odgovorna urednica: Darja Boršič Revija Naše gospodarstvo/Our Economy objavlja visokokakovostne izvirne in pregledne znanstvene članke o aktualnih temah iz ekonomije in poslovnih ved. Namen revije je nadgraditi obstoječe teoretične in empirične raziskave s področja ekonomije in poslovanja s sodobnimi teoretičnimi pogledi in spoznanji, ki temeljijo na celovitih raziskovalnih podlagah. Objavljeni članki prispevajo k boljšemu razumevanju številnih aktualnih izzivov v ekonomiji in poslovanju ter so zanimivi za raziskovalce, oblikovalce politik in strokovnjake. Indeksiranje: EconLit, ERIH PLUS, DOAJ, EBSCO, Ulrich's in druge baze. Licenca: CC BY
Development of Tourism in Local Communities: A Systematic Review of Literature on Tourism Development with Collaborative Management in Rural Areas
This integrative literature review explores the relationship between community-based tourism (CBT) development and local community involvement, focusing on collaborative management in rural areas. Following PRISMA 2020 guidelines, 27 peer-reviewed articles—24 empirical and 3 review papers—published in English between 2020 and 2024 were analysed using qualitative content analysis. Active engagement of local communities as co-creators enhances sustainability outcomes, fosters cultural preservation, and improves socio-economic well-being, while challenges include institutional weaknesses, demographic shifts, and limited financial resources. The review is restricted to recent English-language publications and secondary data, potentially omitting earlier or regional studies. Results offer actionable insights for policymakers, destination managers, and researchers to design inclusive governance models. By integrating empirical and review studies across diverse contexts, this review identifies governance gaps and proposes strategies, including comparative policy research, standardized evaluation frameworks, and digital engagement tools, to strengthen CBT in rural settings.
Avtorske pravice (c) 2026 Tjaša Glažar https://creativecommons.org/licenses/by-nc-nd/4.0
Strategic Alliances and Technological Innovation: Conditions and Mechanisms
This paper examines how strategic alliances enable firms to access new technologies and enhance innovation performance, and under which conditions such alliances succeed or fail. The study presents a structured conceptual synthesis of peer-reviewed literature on strategic alliances and technological innovation, integrating multiple theoretical perspectives and evidence from technology-intensive industries. It identifies key mechanisms – such as knowledge transfer, learning processes, and alliance governance – through which strategic alliances influence innovation outcomes. The analysis shows that strategic alliances can significantly enhance innovation outcomes when partners demonstrate strong technological complementarity, effective governance structures, and high absorptive capacity. Conversely, misaligned objectives, weak governance, and risks of knowledge leakage often undermine alliance performance. The study is conceptual and does not empirically test causal relationships. The findings provide guidance for managers designing technology-oriented alliances and for scholars developing more nuanced models of collaborative innovation. The paper contributes by synthesising fragmented literature into an integrated framework that highlights the conditions for success and failure in alliance-based innovation strategies.
Avtorske pravice (c) 2026 Darko Zupanc, Klavdij Logožar https://creativecommons.org/licenses/by-nc-nd/4.0
Does Greater Banking Inclusion Enhance or Undermine Banking Stability in Tunisia? Evidence from a Nonlinear Analysis
This paper employs a panel smooth transition regression approach to investigate the relationship between banking inclusion and banking stability in Tunisia over the period 2006–2022. Considering various dimensions of banking stability, our findings indicate an inverted U-shaped relationship between banking inclusion and stability. This indicates that banking inclusion is pivotal for strengthening banking stability up to a certain threshold. Nonetheless, once this threshold is reached, higher levels of banking inclusion lead to banking instability. This is primarily due to increased exposure to less financially experienced clients. Additionally, rapid credit expansion can strain banks’ internal risk management systems, even under strong regulatory oversight in Tunisia. This transition between regimes unfolds gradually. Our research provides essential policy implications and guidance for Tunisian financial regulators in designing strategies to balance banking inclusion and banking stability.
Avtorske pravice (c) 2026 Meriem Sebai, Omar Talbi https://creativecommons.org/licenses/by-nc-nd/4.0
Organisational Climate as a Driver of Employee Performance: The Case of Naftal Company Tlemcen⁠ in Algeria
This study aims to highlight the impact of organisational climate, with its dimensions represented by organisational structure, leadership style, communication pattern, teamwork, and incentive system, on employee performance ⁠ at Naftal Tlemcen Branch. To achieve its objectives⁠, the study adopted a descriptive-analytical approach based on a questionnaire with a sample of 200 valid responses, and the data were analysed using SPSS. The results revealed a strong and statistically significant relationship between the dimensions of organisational climate and employee performance, indicating that improving the organisational climate directly contributes to enhancing performance efficiency and strengthening human resource effectiveness. Furthermore, the findings emphasized that a clear organisational structure, a participatory leadership style, the development of communication channels, the promotion of teamwork culture, and a⁠ fair incentive system are fundamental elements for creating a positive work⁠ environment capable of achieving the institution’s goals and improving employee productivity.
Avtorske pravice (c) 2026 Wafa Ahmed Belbachir, Assia Brahimi https://creativecommons.org/licenses/by-nc-nd/4.0
Legislative Shifts and Tax Compliance: The Impact of Receipt Issuance Requirements on Fiscal Verification in Slovenia
This article investigates the behavioural impact of a 2022 legislative change in Slovenia that temporarily suspended the mandatory issuance of customer receipts while retaining the obligation to verify transactions with the tax authority (FURS) fiscally. Based on administrative data at the level of six economic sectors for 2019-2023, the study utilises t-tests and correlations to analyse the changes in the number of verified receipts during and after the legal change. Results show a significant reduction in the volume of receipts in some cash-based sectors, such as hospitality and retail, for which there is evidence of a decline in the perceived level of enforcement visibility based on our payment data. The impact was reversed in the year 2023 after the reimplementation of the policy. This study contributes to the tax morale and fiscal enforcement literature by demonstrating that even minimal procedural changes can yield substantial behavioural responses. Its implications are relevant for tax administrations seeking to balance simplification with deterrence.
Avtorske pravice (c) 2026 Vito Bobek, Monika Zver, Tatjana Horvat https://creativecommons.org/licenses/by-nc-nd/4.0
Do Masculine CEOs in High-ESG-Rated Companies Avoid Committing Fraud? Evidence from European Countries
Globally, fraud cases and financial losses remain substantial across European countries. This research offers a novel perspective on the determinants of fraud by examining biological factors, specifically, masculine behavior influenced by the testosterone hormone. CEOs’ masculine tendencies may drive riskier and potentially fraudulent behavior. Notably, masculine traits in males are often reflected in facial structure and can be objectively measured using the facial width-to-height ratio (fWHR). Conversely, robust internal controls and sound corporate governance are critical in preventing fraudulent activities. As global business practices evolve, sustainability has emerged as an urgent concern. In response, companies are increasingly adopting Environmental, Social, and Governance (ESG) principles to promote sustainable operations and mitigate fraud risks. This study investigates whether ESG practices moderate the relationship between CEO masculinity and the likelihood of financial statement fraud. The sample comprises high-ESG-rated firms from 2022 to 2024, as ranked by S&P Global, focusing on publicly listed companies on European stock exchanges. Data were analyzed using the STATA software, employing Fixed Effects Model regression. The results reveal that masculine CEOs in high-ESG-rated companies are less likely to engage in financial misreporting. This finding underscores the importance of balanced ESG implementation in reducing opportunities for misconduct. Furthermore, to enrich future research, the scope of this research could be expanded to include countries in other regions with varying ESG ratings.
Avtorske pravice (c) 2026 Frandy Efraim Fritz Karundeng, Zsuzsanna Szelés https://creativecommons.org/licenses/by-nc-nd/4.0
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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (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.
Avtorske pravice (c) 2025 Marko Senekovič https://creativecommons.org/licenses/by-nc-nd/4.0