Template-Type: ReDIF-Article 1.0 Author-Name: Vesna Pavković Author-Email: 06630ad4-01b6-11ef-aa03-5fb03ca87d88@opusjournal.com Author-Name: Dražena Gašpar Author-Email: 06639558-01b6-11ef-a2d8-5fb03ca87d88@opusjournal.com Author-Name: Dominik Jukić Author-Email: 066398fa-01b6-11ef-a692-5fb03ca87d88@opusjournal.com Title: Relationship between the quality of information from ERP systems and business performance: Controlling analysis using DuPont system Abstract: The aim of this paper is to determine the relationship between the quality of information from the Enterprise Resource Planning system (ERP system) and business performance. The quality of information from the ERP system is assessed using a survey questionnaire examining the end users of the ERP system, namely middle and top management because they use information from the ERP system to make business decisions. Business performance is monitored from a controlling point of view, using selected indicators from the DuPont system. Empirical research was conducted on medium and large enterprises in Bosnia and Herzegovina. The existence of a positive correlation between information quality and business performance was examined using regression analysis and correlation analysis. Regression analysis and correlation analysis indicate that return on sale (ROS) and return on assets (ROA) have a medium significant correlation with the quality of information, and total asset turnover ratio (TR) does not correlate with the quality of information. Based on the obtained results, a positive relationship between the quality of information from the ERP system and business performance was confirmed. This can be interpreted that information is becoming an increasingly important resource in supporting organizational activities, and information quality has been identified as one of the main determinants influencing the decision-making process. Keywords: quality of information; ERP system; business performance; DuPont system Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 111-129 DOI: 10.5937/bhekofor2201111p Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/1 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:1 Template-Type: ReDIF-Article 1.0 Author-Name: Kiril Postolov Author-Email: 07ab8812-01b6-11ef-8c9f-5fb03ca87d88@opusjournal.com Author-Name: Boris Postolov Author-Email: 07ab9ff0-01b6-11ef-9f12-5fb03ca87d88@opusjournal.com Title: The impact of non-financial motivation on job satisfaction: The case with physicians in the Republic of North Macedonia Abstract: Health organizations are increasingly trying to guide and motivate physicians in many ways. The current era is competitive and healthcare organizations, regardless of size, technology and market focus, are also facing retention of physicians. To achieve prosperity, healthcare organizations use different strategies to compete with competitors. Successful healthcare organizations view their physicians as a key development resource. Physicians are an essential part that contributes to the growth and development of the healthcare organization. The main theoretical goal of this paper is to find out how extent motivation affects the improvement of job satisfaction among physicians, especially in terms of non-financial motivation. Within this paper, empirical research will be conducted, with a total of 8 questions, in order to get an idea of how much and to what extent non-financial motivation affects the job satisfaction of physicians. The choice will be the Likert scale with which the respondents will express their agreement or disagreement through a five-point scale (1 = I do not agree at all, 2 = Partially disagree, 3 = Neutral (neither agree nor disagree, 4 = Partially I agree, 5 = I completely agree). The results of this research can be used for further research on a similar topic, but also as a useful recommendation for managers or the human resources department who would like to explore the degree of motivation and job satisfaction within their organization. Keywords: non-financial motivation; job satisfaction; factors; loyalty; security Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 11-24 DOI: 10.5937/bhekofor2102011x Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/2 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:2 Template-Type: ReDIF-Article 1.0 Author-Name: Suvad Isaković Author-Email: 0923a60c-01b6-11ef-8bd5-5fb03ca87d88@opusjournal.com Author-Name: Ajdin Isaković Author-Email: 0923b4ee-01b6-11ef-82b7-5fb03ca87d88@opusjournal.com Author-Name: Kanita Isaković Author-Email: 0923b840-01b6-11ef-bd64-5fb03ca87d88@opusjournal.com Title: The effect of materialistic and nonmaterialistic motivational factors to employees' commitment to work Abstract: The success of each business relies on the employees' commitment to work, i.e., how and in which way employees perform their work. When consumers are offered the same or similar products produced by different companies and at different prices, and when the company's business result greatly depends on the quality of the work done, company management is more interested in securing its employees' full dedication to work. The generally accepted phrase "you get what you pay for" encouraged this research, whose purpose is to determine the strength of the relationship between materialistic and nonmaterialistic motivational factors to employees' commitment to work. This research starts with the assumption that materialistic factors of motivation are more important motivational factors for employees when compared to nonmaterialistic ones. Listed indicators of motivational factors represent independent variables, while the dependent variable represents the indicator 'work satisfaction', which determines the level of employees' commitment to work. The research had 147 participants who work in companies from different industries and different sizes. According to the Likert scale, a structured questionnaire was used to measure the employees' attitudes. Various methods for data processing in Statistical Package for the Social Sciences (SPSS) and Smart PLS3 program were used: Descriptive statistics of the sample (SPSS); Exploratory factor analysis - PCA analysis of principal components (SPSS): Factor analysis - a test of validity and confidence of the instruments (SmartPLS3); Bootstrapping analysis - testing of the hypothesis (SmartPLS3). The conducted research shows that nonmaterialistic motivational factors, including Interpersonal relations and advancement, statistically significantly influence satisfaction at work, i.e., employees' commitment to the work. Keywords: Motivation; commitment to work; employees; materialistic factors; nonmaterialistic factors Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 97-112 DOI: 10.5937/bhekofor2102097i Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/3 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:3 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Mojsova-Kjoseva Author-Email: 0a9945aa-01b6-11ef-9371-5fb03ca87d88@opusjournal.com Author-Name: Martin Noveski Author-Email: 0a995310-01b6-11ef-a683-5fb03ca87d88@opusjournal.com Title: Government's excessive spending and private sector's access to bank credit: Evidence from the Republic of North Macedonia Abstract: Due to the crucial role of credit in the economic activity of a country, there is agrowing empirical literature examining the determinants of domestic credit to theprivate sector, which may be demand-side or supply-side factors. It is commonlyheld that excessive domestic debt reduces private sector credit, raise bank lendingrates, and shrink output as the Government competes with the private sector forprivate savings. For this reason, the aim of this paper is to determine whether persistent budget deficit in the Republic of North Macedonia negatively affects the privatesector’s access to bank credit, and hence slowing down the economic activity.The analysis considers both, short-run and long-run relationship between domesticcredit to private sector provided by banks and budget balance in North Macedonia,as endogenous variables, but also it takes into account the influence of several otherexogenous factors. The methodological approach is consisted of visual inspectionof the data, correlation analysis, co-integration and causality tests, as well as estimation of the impulse response function and variance decomposition. Based on theestimated VECM model, the results show statistically significant long-run relationship between the endogenous variables, and no short-run causality in any direction. Keywords: Budget balance; domestic credit to private sector; VECM model; co-integration; causality Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 41-52 DOI: 10.5937/bhekofor1901041m Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/4 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:4 Template-Type: ReDIF-Article 1.0 Author-Name: Suvad Isaković Author-Email: 0bbe8e86-01b6-11ef-9124-5fb03ca87d88@opusjournal.com Author-Name: Alaudin Brkić Author-Email: 0bbea01a-01b6-11ef-b64f-5fb03ca87d88@opusjournal.com Author-Name: Dženan Kulović Author-Email: 0bbea2cc-01b6-11ef-9054-5fb03ca87d88@opusjournal.com Title: The role and the importance of competencies for the employability of University graduates Abstract: The goal of this work is to explore the effects of various factors that affect the employment of graduates of the University of Zenica. Additional analysis of variables as well as the links between variables will offer the input information that can contribute to the decision-making process in the development of new curriculums. The survey was conducted in Zenica-Doboj Canton, which involved n = 47 respondents. To process data, the following programs were used: Microsoft Excel, SPSS and SmartPL S3 - SEM program. The verification of the validity and the reliability of the measuring scale was carried out by calculating the Cronbach's Alpha coefficient. The review of the set of the hypotheses was carried out by the Regression analysis. The findings revealed that three hypotheses were accepted and one of them was rejected. The set hypotheses confirmed that the adopted expertise of graduates, the level of acquired skills and cooperation of the University with companies has a statistically significant impact on the employability of graduates. The organizational skills of graduates do not have a statistically significant impact on the employability of the University of Zenica graduates. Keywords: competencies; employability; professional knowledge; skills; organizational skills Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 167-185 DOI: 10.5937/bhekofor2102167i Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/5 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:5 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina Vinšalek-Stipić Author-Email: 0e955086-01b6-11ef-9834-5fb03ca87d88@opusjournal.com Title: Corporate social responsibility of SMEs in the Republic of Croatia Abstract: From a long-term perspective, modern capitalism does not only require companiesto profit as much as possible, but is increasingly paying attention to the social andenvironmental problems of business. It refers to meeting the social and environmental needs of the wider community. Climate change affecting the extinction ofbiological species has a major impact on human life and the global economic crisis,which increasingly requires corporations to care about global environmental impactand bio-sustainability, which requires strengthening corporate responsibility withincreasing attention to social and environmental problem. The main objective of thispaper is to examine the representation of the CSR strategy in small and medium-sized enterprises in the Republic of Croatia, looking through the economic, socialand environmental dimensions. An analysis of the application of the existing levelof socially responsible business was made, as well as a comparison of the levels ofimplementation of the social and environmental dimension in the observed SMEs.The empirical research in this paper concludes that the sample SMEs are orientedtowards the operational and financial aspects of business, while at the same timeadopting business strategies across all three dimensions of CSR.  Keywords: : Corporate Social Responsibility; SMEs Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 75-90 DOI: 10.5937/bhekofor1902075v Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/6 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:6 Template-Type: ReDIF-Article 1.0 Author-Name: Snježana Brkić Author-Email: 0fcdd25c-01b6-11ef-a08f-5fb03ca87d88@opusjournal.com Author-Name: Amira Velić Author-Email: 0fcde29c-01b6-11ef-b566-5fb03ca87d88@opusjournal.com Title: Bilateral trade trends and patterns of Bosnia and Herzegovina: Case of trade with Turkey Abstract: A country's trade pattern reflects its supply (export) and demand (import) specialization indicating national performance and competitiveness in the foreign as well as in the domestic market. By applying two different concepts of trade specialization (one based on traditional trade theories of comparative advantages and the other based on modern trade theories), complemented with the analysis of export-import flows and relations, the paper aims to identify characteristics of the position of Bosnia and Herzegovina (B&H) in its bilateral trade. The paper investigates trends, patterns and variations in the trade of B&H with Turkey during the eleven-year time frame (2009-2019), with special regard to identifying industries with revealed comparative advantages and industries with dominancy of IIT. The analysis employs different indicators such as indices of export composition, sectoral diversification/concentration, IIT intensity and structure, quality of exports and imports based on relative unit values and classification of industries by technological intensity. The research results indicated an unfavourable position of B&H in trade with Turkey, with no prominent changes in the observed period. The trade deficit is constantly present, with low export-import coverage and a declining export trend. The analysis revealed a higher level of export product concentration primarily on low value added products, and comparative advantages of B&H in fewer industries, mainly resource-based or medium-technologically intensive. Trade with Turkey is extremely inter-industry trade, viewed both at an aggregate and industrial level, also pointing to B&H's low competitiveness in analyzed trade relations. Keywords: trade patterns; inter-industry trade specialization; intra-industry trade specialization; Bosnia and Herzegovina; Turkey Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 77-95 DOI: 10.5937/bhekofor2102077b Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/7 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:7 Template-Type: ReDIF-Article 1.0 Author-Name: Filip Peovski Author-Email: 118804be-01b6-11ef-9a38-5fb03ca87d88@opusjournal.com Author-Name: Gjorgji Gockov Author-Email: 11883920-01b6-11ef-bc47-5fb03ca87d88@opusjournal.com Title: Assessing the European Central Bank's unconventional measures: A recursive VAR approach Abstract: Unconventional monetary measures utilization has proven to be of great importance in maintaining monetary and economic stability after the Great Recession. However, we aim to test this conclusion through the impact of the quantitative easing implemented by the European Central Bank. Observed through generated shocks in the balance sheet of the Eurosystem as our main variable, we tested whether quantitative easing reestablished economic growth and rose price levels, mainly through lowering borrowing costs for banks, thus helping in the post-crisis recovery. To prove our hypotheses we construct a recursive VAR model estimated in levels using 2014M05-2018M12 data. The model incorporates variables such as the industrial production and the HICP, as output and price level proxies, and financial components such as the EONIA-MRO spread and the CISS index. The results show that the expansion shocks of the consolidated balance sheet have a positive temporary influence on industrial production and the HICP, but the reaction of the former seems to be 2.24 times greater. On the other hand, we find out that quantitative easing has an expected negative impact in widening the EONIA-MRO spread. Furthermore, we could not confirm the theoretically expected accommodative impact on financial stress. Keywords: Unconventional monetary measures; price stability; policy interest rates; recursive VAR model Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 11-27 DOI: 10.5937/bhekofor2102011p Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/8 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:8 Template-Type: ReDIF-Article 1.0 Author-Name: Almir Alihodžić Author-Email: 1309b0c6-01b6-11ef-b0d1-5fb03ca87d88@opusjournal.com Author-Name: Ilma Dedić-Grabus Author-Email: 1309e460-01b6-11ef-8648-5fb03ca87d88@opusjournal.com Title: Is it possible to improve bank performance? Evidence from banks in Bosnia and Herzegovina Abstract: This research was conducted to identify variables that affect the efficiency of banks in Bosnia and Herzegovina. The required data were collected from 30 respondents (banks directors and CEOs) and a targeted set of 20 questions. For the purposes of data analysis, the statistical technique of factor analysis was used with the help of principal components. In the process of implementing this technique, the general applicability of the model and each variable was tested in order to identify key indicators that affect the efficiency of bank operations. Therefore, the main objective of this research is to identify the factors that most affect the efficiency of banks in Bosnia and Herzegovina. The results of the research showed that the value of the Kaiser-Meyer-Olkin (KMO) is greater than 0.50, which certainly confirms the application of factor analysis, that is, the significance of certain variables for the efficiency and effectiveness of banks in Bosnia and Herzegovina. Also, the factor rotation matrix indicates that the following variables have the greatest impact on the efficiency and effectiveness of banks operations: the bank provides fast service (q8), communication between the bank and clients is good (q9), the higher amount of funds held by clients in bank influences banks to meet the needs of clients when approving loans (q19), banks provide different types of loans (q14) and banks offer moderate interest rates on credit placements (q15). Keywords: Efficiency and effectiveness of bank operations; banking industry; factor analysis; bank selection decision Journal: BH Ekonomski forum Volume: 12 Issue: 1 Year: 2020 Month: 01 Pages: 95-114 DOI: 10.5937/bhekofor2001095a Creation-Date: 2019-12-01 File-URL: https://bhef.unze.ba/article/9 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:9 Template-Type: ReDIF-Article 1.0 Author-Name: Dijana Husaković Author-Email: 1436cd94-01b6-11ef-9605-5fb03ca87d88@opusjournal.com Author-Name: Edis Mujčinović Author-Email: 1436d8ca-01b6-11ef-b76b-5fb03ca87d88@opusjournal.com Title: Application of EN ISO 9001:2008 and EN ISO 9004:2009 standards and business performances improvement of small and medium enterprises in Bosnia and Herzegovina Abstract: The system of quality management in accordance to standards of ISO 9000 series intoday’s dynamic environment is rapidly becoming the business imperative for companies, especially for small and medium enterprises which strive to increase competitiveness and improve their business performances. The link between standards andbusiness performances has been capturing a lot of attention of academic community,which mainly focuses on a different benefits that companies can achieve by adequately implementing these standards.The research presented in this paper focuses on small and medium entreprises inB&H which have an established system of quality management in accordance toISO 9000 series standards in order to determine whether companies apply thesestandards in a way to improve their business performances and increase their competitiveness.The research results show that the requirements of ISO 9001:2009 standard are notadequately implemented in small and medium companies in B&H, which furtherimplicates their indisposition for the application of ISO 9004:2009 standard. Therefore, full positive effects of these standards on business performance and competitiveness improvement of companies are not achieved.  Keywords: Quality; competitiveness; small and medium enterprises; EN ISO 9001:2008; EN ISO 9004:2009 Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 91-106 DOI: 10.5937/bhekofor1901091h Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/10 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:10 Template-Type: ReDIF-Article 1.0 Author-Name: Kaya Abdulkadir Author-Email: 164d40e0-01b6-11ef-8b48-5fb03ca87d88@opusjournal.com Title: The effect of agricultural investments by governments on economic growth and financial markets: An application on developed and developing countries Abstract: In this study, Bound Test Analysis (ARDL) was applied for the 2001-2016 period in order to examine the effects of the Agricultural Orientation Indices (AOI) representing the agricultural investments of countries on the Stock Exchange Index (SE) and Gross Domestic Product (GDP) of developed and developing countries. The independent variables of the two ARDL models created are AOI and the dependent variables are SE and GDP. To estimate the relations between the variables, yearly panel date series belonging to the period of 2001 - 2016 are taken into account. According to the results of the analysis of border tests, Agriculture Orientation Index (AOI) and the Stock Exchange Index (SE) and Gross Domestic Products (GDP) variables are cointegrated in both developed and developing countries. AOI variable has no statistically significant effect on SE variable, GDP variable is negatively affected by the AOI variable in the long term both developed countries and developing countries. In developed countries, the AOI variable has a negative relationship with the SE variable. In addition, it was determined that the AOI variable has a negative effect on the GDP variable in the short term. AOI variable does not affect on both SE and GDP variables in the short term. Keywords: Developing and Developed Countries; Agricultural Investment; Economic Growth; Financial Markets; Agricultural Orientation Indices (AOI) Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 133-148 DOI: 10.5937/bhekofor2101133a Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/11 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:11 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir Grdinić Author-Email: 176a524c-01b6-11ef-85b3-5fb03ca87d88@opusjournal.com Author-Name: Jasmina Šmigić-Miladinović Author-Email: 17a0822c-01b6-11ef-a1fd-5fb03ca87d88@opusjournal.com Author-Name: Miloš Pavlović Author-Email: 17a08542-01b6-11ef-8e69-5fb03ca87d88@opusjournal.com Author-Name: Miloš Ranđelović Author-Email: 17a08740-01b6-11ef-95c6-5fb03ca87d88@opusjournal.com Title: Specificities of capital valuation of young companies by yield basis method Abstract: The capital valuation of young companies differs from the assessment of mature and developed companies. Namely, some of these companies achieve business results that are negative or at a low level. Even when they can generate a higher level of profit, the history of their existence is short, it depends on the possibility of borrowing capital, which makes the assessment through the yield method significantly more difficult than usual. Regardless of the industry in which they operate, the sector, the production, and sales arrangement, and the degree of innovation, these companies face not only the usual risk but also the risk of survival and uncertainty that the future brings. In estimating the value of the capital of young companies, standardized and traditional valuation methods can be used, and thus the yield basis method. Regardless of the chosen method of assessment, the assessor faces a lack of information about the history of "existence". For this reason, for the assessment, all parameters involved in the capital evaluation process must be adjusted. The subject of this paper is capital valuation. The aim of this paper is to show how it is possible to estimate the value of capital using the yield method and to point out the specifics of this procedure. The object of this research are young companies. In this paper, we will first present the characteristics of young companies, and then the possibilities of estimating their capital by discounting cash flows as a type of yield basis method of capital valuation. Keywords: capital valuation; young companies; yield basis method Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 73-88 DOI: 10.5937/bhekofor2101073g Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/12 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:12 Template-Type: ReDIF-Article 1.0 Author-Name: Emira Kozarević Author-Email: 18cc22d2-01b6-11ef-a2e1-5fb03ca87d88@opusjournal.com Author-Name: Dženita Pirić Author-Email: 18cc2be2-01b6-11ef-a486-5fb03ca87d88@opusjournal.com Title: Evaluation of the revised Z'-score model as a predictor of a company's financial failure Abstract: Under contemporary business conditions, there are numerous models used for the assessment of a company's financial situation and the prediction of the likelihood of its bankruptcy. These models have been mainly developed using the company's financial information. One of them is the Altman Z-score model. The model separates financially successful and stable companies from those having difficulties in business and headed for bankruptcy. This paper explains the importance of prudential information, basic financial statements and financial indicators and presents the research aimed at evaluating the applicability of the revised Altman Z'-score model in the Federation of Bosnia and Herzegovina (FBiH). Based on financial information, the paper analyzes the business activities of 50 large manufacturing companies in FBiH. The revised Z'-score model achieved a relatively good result in assessing the companies with business difficulties as it correctly classified 10 out of 20 companies; the other 10 companies were not incorrectly classified into the companies with the stable business but they were placed in the grey zone. The model proved completely reliable in the classification of all 30 companies with stable businesses. The research results indicate that the revised Altman Z'-score may be used as the predictor of the financial failure of manufacturing companies in FBiH. This model is definitely the tool that may assist while making business decisions. However, due to the specific business environment in FBiH, the model is recommended to be used as an additional rather than the basic indicator for predicting financial failure. Keywords: financial stability; financial failure; prediction; Altman Z-score model; revised Z’-score model Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 11-29 DOI: 10.5937/bhekofor2201011k Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/13 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:13 Template-Type: ReDIF-Article 1.0 Author-Name: Dženan Kulović Author-Email: 19f57cd0-01b6-11ef-9aab-5fb03ca87d88@opusjournal.com Author-Name: Dijana Husaković Author-Email: 19f58d60-01b6-11ef-ac2f-5fb03ca87d88@opusjournal.com Author-Name: Ilma Dedić-Grabus Author-Email: 19f59008-01b6-11ef-b425-5fb03ca87d88@opusjournal.com Title: Determination of organizational culture by the dominant leadership style Abstract: The paper investigates the influence of organizational culture on the leadership style in the company. Every company needs managers who will develop a certain leadership style in order to meet the preconditions for effective actions that will lead to the achievement of the company's goals. Organizational culture in accordance with established norms and rules determines how to understand and accept specific employee behavior, and which leadership style is fitting for managing employees by managers of company leaders. The paper uses a situational approach to leadership according to which the typology of leadership styles is based on two key criteria: concern for people and concern for performance. The classification of organizational culture according to the Edwards and Kleiner typology is based on four types of organizational culture: indifferent culture, caring culture, strict culture and integrative culture. Based on the agreement of the criteria for differentiating the types of organizational cultures and leadership styles, hypotheses about cause-and-effect relations between them are set in the paper. Keywords: leadership style; organizational culture; organizational behavior Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 49-62 DOI: 10.5937/bhekofor2201049k Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/14 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:14 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmina Džafić Author-Email: 1b4772be-01b6-11ef-ab69-5fb03ca87d88@opusjournal.com Author-Name: Nedžad Polić Author-Email: 1b4780a6-01b6-11ef-93e8-5fb03ca87d88@opusjournal.com Title: Overview of the internal firm growth and corporate finance principles: Theories, expectations and application outcomes Abstract: Throughout almost a century many theories of firm growth, investments, financial leverage and dividend policy have been developed aiming to capture decisive relations among the crucial firm internal potentials. The extensive literature reveals many determinants influencing firm growth. The expectations of the relations among investment activities, financial structures and dividend policy on one hand and firm growth indicators (value, sales volume, employment, return) on the other hand exhibit clear and simple relations. Though most of the theories excerpt all relations and represent state of the art in the internal growth potentials relation, we may find a bunch of counter-expectations findings in the related literature. Namely, affected by specific circumstances firms behave in different ways with suboptimal use of internal growth potentials. Among the specific circumstances that may affect the national economy, transition, post-recession and underdeveloped financial markets deserve particular research attention and focus. In this paper, we present the existing theories overview, potential challenges of the labelled circumstances and a review of the relations between selected corporate finance principles and firm growth indicators. The research reveals the findings based on the extensive firms' dataset related to Bosnia and Herzegovina. The findings of this paper might inspire further research efforts, vivid theoretical debate on the causes and consequences of the findings as well as a clear response from the related government bodies responsible for macro economic development. Keywords: Corporate Finance; Firm Growth; Capital Expenditure; Firm Financial Structure; Payout Policy; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 143-168 DOI: 10.5937/bhekofor2102143d Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/15 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:15 Template-Type: ReDIF-Article 1.0 Author-Name: Dragan Vojinović Author-Email: 1c921e08-01b6-11ef-a5d0-5fb03ca87d88@opusjournal.com Author-Name: Novo Plakalović Author-Email: 1c9227ea-01b6-11ef-a376-5fb03ca87d88@opusjournal.com Title: The structure of consumer loans, their beneficiaries and motivations for borrowing from banks in the Republic of Srpska Abstract: In the research, we started from the fact that consumer loans are the most common type of credits offered by the commercial banking sector to the public of Bosnia and Herzegovina (B&H). The initial goal of the research was to look at the current structure of loans taken by citizens from banks (loan size, loan maturity, use goal, etc.) and to look at the structure of credit users in terms of their educational, income and age status. We started from the assumption that citizens or households use bank consumer credits predominantly to finance current consumption and compensate for insufficient current income to finance basic living needs. We made such assumptions based on the fact of low general income per capita, low average wages and high unemployment rates in B&H. The research is based on a comprehensive survey that we conducted on a large number of participants, users of bank consumer loans. We concluded: relatively most of the credit beneficiaries are from the category of educated and highly educated citizens and the relatively largest number of beneficiaries are those with low-income status and young people. The loans used are mostly non-purpose cash credits. Longer loan maturities are reserved mainly for middle aged and older people with higher income status. Long-term loans were mostly used to finance the purchase and construction of apartments and houses. Average loan amounts per user are relatively low, which is to be expected given their income position. The motives, life requirements and expectations of the borrower usually move within a modest radius of providing basic living needs therefore, loans are mostly aimed at financing current consumption. For some users, there is a noticeable preference for higher consumption that goes beyond the actual borrowing potential of these households. Keywords: bank loans to households; household borrowing; consumer loans; use of loans; motives for household borrowing Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 119-142 DOI: 10.5937/bhekofor2102119v Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/16 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:16 Template-Type: ReDIF-Article 1.0 Author-Name: Snežana Ristevka-Jovanovska Author-Email: 1eab21ee-01b6-11ef-aeca-5fb03ca87d88@opusjournal.com Author-Name: Ana Dimovska Author-Email: 1eab2df6-01b6-11ef-a9dc-5fb03ca87d88@opusjournal.com Title: Marketing activities and sales of Macedonian wineries in a condition of pandemic Covid-19 Abstract: Covid-19 has implications on the overall operation of Macedonian wineries and directly affected the decline in domestic sales and export to international markets. The HORECA sector stopped working completely or partially in all countries. The crisis affected the partial or total cuts of marketing costs, by postponing or cancelling planned projects. The wineries failed to sell the planned quantities and were forced to make significantly lower purchases for the 2020 harvest than in previous years. The paper presents a large number of data received from the Association Wines of Macedonia, Customs Office of the Republic of North Macedonia, Ministry of Agriculture, Forestry and Water Economy of the Republic of North Macedonia, State Inspectorate for Agriculture, Internet articles containing topics relevant to the research. The additional data presented were collected from Macedonian wineries through a questionnaire on operations during the corona crisis. This paper provides an overview of the problems faced by Macedonian wineries during the corona crisis in terms of marketing and sales, primarily in international markets and analyzes the declined average price and reduced investment in marketing. Keywords: North Macedonia; Macedonian wineries; Covid-19; implications; marketing; wine Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 43-59 DOI: 10.5937/bhekofor2102043r Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/17 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:17 Template-Type: ReDIF-Article 1.0 Author-Name: Samira Dedić Author-Email: 1fde960e-01b6-11ef-986c-5fb03ca87d88@opusjournal.com Author-Name: Amra Nuhanović Author-Email: 1fdea22a-01b6-11ef-94a6-5fb03ca87d88@opusjournal.com Author-Name: Jasenka Đulić Author-Email: 1fdea3f6-01b6-11ef-8b9b-5fb03ca87d88@opusjournal.com Title: Research on the importance of performance of business excellence of hotel companies in the time of globalization and regionalization Abstract: The focal point of the research in this paper is based on examining and evaluating the role and importance of performance of business excellence in the hotel industry in the time of globalization and regionalization. The research conducted in this paper included the views of hotel managers related to each performance of business excellence in Bosnia and Herzegovina. The situation with the application of the concept of business excellence in the practice of hotel companies in B&H is not particularly favourable, since this issue has not been addressed at all. Although we can see progress in improving the quality of service provision in B&H hotels, the concept of business excellence has not been sufficiently researched, and therefore not represented in the field of hotel business. Taking into account the previous, the authors came to the conclusion that everything points to the need for adoption and business according to the concept of business excellence, and that its application is necessary to ensure good business results, and thus achieve competitive advantage of each hotel company. Within the elaboration of the theoretical starting points of the observed problem, the methods of analysis and synthesis, i.e. induction and deduction, were used, with the necessity of using a systematic approach in the research. In the empirical part of the research, statistical methods of univariate analysis (descriptive statistical analysis), bivariate analysis and multivariate analysis were used. The collected data were processed with the help of SPSS Statistics 20.0. Keywords: globalization; regionalization; performance; business excellence; hotel enterprises Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 61-75 DOI: 10.5937/bhekofor2102061d Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/18 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:18 Template-Type: ReDIF-Article 1.0 Author-Name: Nermana Mahmić-Muhić Author-Email: 21532fe0-01b6-11ef-b820-5fb03ca87d88@opusjournal.com Author-Name: Almir Klico Author-Email: 21534188-01b6-11ef-8aa2-5fb03ca87d88@opusjournal.com Title: The importance of content marketing for achieving customer brand engagement Abstract: In the last decade, with the development of information and communication technologies, content marketing has become one of the leading marketing techniques in marketing communication, which seeks to create a relationship with customers by creating and sharing interesting content. Activities related to content marketing are theoretically synthesized in different ways, but regardless of the chosen way of their theoretical definition, they should intuitively lead to building customer brand engagement. Customer brand engagement is characterized by different cognitive, emotional and behavioral brand-related responses caused by specific brand interactions. In the modern economy, where it is very difficult to attract and retain the attention of customers, building creative, consistent and accurate content is becoming one of the basic challenges for gaining customer engagement. The research subject focuses on the growing popularity of content marketing and customer brand engagement, and systematizes the existing findings on the importance of the effects that content marketing has on customer brand engagement. Therefore, the main goal is to review the literature on existing knowledge about customer brand engagement and content marketing, which is most often shared through social media, and critically analyze the findings of researchers and practitioners on the relationship between content marketing and customer brand engagement. Keywords: content marketing; digital content marketing; customer brand engagement; social media; fake news Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 131-150 DOI: 10.5937/bhekofor2201131m Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/19 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:19 Template-Type: ReDIF-Article 1.0 Author-Name: Ljube Jolevski Author-Email: 236c5928-01b6-11ef-ac46-5fb03ca87d88@opusjournal.com Author-Name: Pece Nedanovski Author-Email: 236c656c-01b6-11ef-a780-5fb03ca87d88@opusjournal.com Title: Profitability of the banks in the Republic of North Macedonia: Panel analysis for the 2010-2019 period Abstract: The purpose of this paper is to examine some of the significant factors that affect the profitability of the banks in the Macedonian banking industry. The profitability is shown through the ROA indicator. The analysis uses a model of multiple regression with a data panel that includes 14 banks in the Republic of North Macedonia for the 2010 - 2019 period. The analysis shows that operating efficiency is a variable with a significant impact on profitability. The size of the bank cannot be argued to be a significant factor in the profitability of banks, but the share of loans in total assets shows a positive impact on profits. On the other hand, the share of deposits and the share of interest income in total income, they both have a weaker impact on profitability. The results of the research can help to determine the most important factors for the success (or failure) of the banking industry. Also, they could help make sound decisions of bank management in the future, especially in terms of improving banks profitability. Keywords: banking industry; profitability; Republic of North Macedonia Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 37-52 DOI: 10.5937/bhekofor2102037j Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/20 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:20 Template-Type: ReDIF-Article 1.0 Author-Name: Dragan Milovanović Author-Email: 24912c98-01b6-11ef-9b02-5fb03ca87d88@opusjournal.com Title: Strategic management in the function of enterprise survival and economic development of Bosnia and Herzegovina in conditions of COVID-19 Abstract: The focus of the paper is on the analysis of the importance and impact of strategic management and strategic decision-making on the survival, recovery and exit from the crisis of companies in Bosnia and Herzegovina, formed under the influence of coronavirus COVID 19. Many companies in Bosnia and Herzegovina were unprepared, not having a strategy at all. The aim of this paper is to point out the importance of strategic management and general strategic thinking in order to survive the companies of Bosnia and Herzegovina in crisis. The methodological concept of the research includes the method of estimating the proportion of the basic set on the basis of large samples, the method of comparative analysis, the method of deduction and the method of statistical analysis. The results of the research show that companies that have a strategy and manage strategically endured the crisis more easily. The results show a direct connection between strategic management - overcoming the crisis and recovery or growth and development of enterprises, which affects the economic development of Bosnia and Herzegovina. Such companies found a way out of the crisis more easily. Strategic management has not even led to the crisis some of them. Keywords: Strategy; management; survival; enterprise; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 25-35 DOI: 10.5937/bhekofor2102025m Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/21 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:21 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Baćović Author-Email: 2616d342-01b6-11ef-8671-5fb03ca87d88@opusjournal.com Title: Public debt and economic growth: Two public debt management scenarios in Montenegro Abstract: Growing public debt is one of the biggest challenges faced by both developing and developed economies. Available research indicates the negative impact of public debt growth on economic growth. Applying the OLS method to the panel data for the countries of the Western Balkans and the period from 1998 to 2019, we found that one percentage growth in public debt leads to a decrease in the GDP growth rate by 0.036 percentage points. In addition, an increase in public debt by one percentage point leads to a decrease in the productivity growth rate by 0.079 percentage points. The results of the research for Montenegro as a case (two scenarios of fiscal policy and the period 2021-2040), showed that, if expenditures remain intact, due to the small difference between the forecasted average GDP growth rate in the period 2021-2040 and interest rates (assumed constant), such a scenario will lead to a slower change in the public debt-to-GDP ratio (23% decrease in two decades). In addition, the cost of interest in public debt in this scenario over the entire period is higher than 2% of GDP. If the fiscal policy is changed toward a reduction in government spending, the short-term GDP growth rate would be slightly reduced, but both the expenditures for interest (less than 2% of GDP) and public debt (decrease of 63% in two decades) would be reduced significantly. Although reduced government spending will have a negative impact on GDP growth in the short run, the country will benefit in the long run as reduced public debt will have a positive impact on GDP and productivity growth. Keywords: Public debt; Government expenditures; Economic growth Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 89-115 DOI: 10.5937/bhekofor2101089b Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/22 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:22 Template-Type: ReDIF-Article 1.0 Author-Name: Đevad Šašić Author-Email: 277f41e2-01b6-11ef-a879-5fb03ca87d88@opusjournal.com Author-Name: Venan Hadžiselimović Author-Email: 277f5344-01b6-11ef-b23d-5fb03ca87d88@opusjournal.com Author-Name: Elvir Čizmić Author-Email: 277f5600-01b6-11ef-b15a-5fb03ca87d88@opusjournal.com Title: The role of top management in quality management according to BFC SEE standard Abstract: Business Friendly Certification South-East Europe (BFC SEE) is a unique program for improving the quality of services in municipalities in the region of South-East Europe, which is available to companies and potential investors. BFC SEE provides the top management of municipalities with a clear roadmap on how to create a favorable business environment and introduce internationally recognized standards of efficient and transparent local administration. For investors looking to invest or expand their business in Southeast Europe, BFC SEE serves as a standardized tool for assessing local business conditions, indicating which municipality in the region provides the best investment climate. The problem that will be addressed in the paper is focused on analyzing the effects of the introduction of standards and determining the justification of their application in local self-government units in order to improve the organization of business and quality of service provision. The goal of the research is to examine how quality management using the BFC SEE standard affects the creation of a favorable business environment and the increase in the number of business entities in local self-government units. In the framework of this research, important aspects related to the attitudes of the top management of local self-government units are questioned regarding their perception of the importance of standards and improvement of business processes that determine the attractiveness of the business environment. The research sample will include at least 50% of the local self-government units that have implemented the specified standard in the Federation of Bosnia and Herzegovina. Keywords: Quality management; local self-government; top management; BFC SEE Journal: BH Ekonomski forum Volume: 17 Issue: 2 Year: 2022 Month: 01 Pages: 79-92 DOI: 10.5937/bhekofor2202079q Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/23 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:23 Template-Type: ReDIF-Article 1.0 Author-Name: Faruk Unkić Author-Email: 28ae81a4-01b6-11ef-8a1c-5fb03ca87d88@opusjournal.com Title: Representation and development of electronic commerce in companies in Bosnia and Herzegovina Abstract: Development of the world’s information technology and their influence on all aspects of human life and work is largely reflected in the areas of Bosnia and Herzegovina. This is the time when most of the companies switch to the electronic way of doingbusiness. Today, without Internet and electronic business, it is virtually unthinkableto realize the online business objectives and the more efficient to spend businessprocesses.We made research in the purpose of knowing how the electronic trade is representedin the business world in Bosnia and Herzegovina, if it is accepted by companies,institutions and others, if they are used and what they think about electronic trade.The aim of the work is to explore the representation and development of electroniccommerce in companies in Bosnia and Herzegovina, as well as to examine the prerequisites that must be fulfilled for the successful development of electronic commerce.The research was based on conducting the survey with approx. 250 companies inBosnia and Herzegovina. Interviewing was carried out electronically. The limitations of research consist in the fact that the research was carried out in a developingcountry where the use of information technologies is on a lower level than in developed countries. Keywords: Electronic commerce; companies; Bosnia and Herzegovina; development of electronic commerce Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 53-77 DOI: 10.5937/bhekofor1901053u Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/24 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:24 Template-Type: ReDIF-Article 1.0 Author-Name: Almir Alihodžić Author-Email: 29ccbae2-01b6-11ef-9b0d-5fb03ca87d88@opusjournal.com Title: Does the oligopolistic position of banks affect the performance of the banking sector in the Federation of Bosnia and Herzegovina? Abstract: The level of banking concentration has increased significantly in the banking sector of Bosnia and Herzegovina as a result of the successful completion of privatization, the formation of new banks, the slow transition and rapid liberalization. Rapid liberalization has introduced strong competition in the domestic banking sector on the one hand, while there has been an increased concentration of some larger banks in the system. The main goal of this research will be to analyze the correlation between the basic measures of the oligopolistic position of banks and their impact on improving or deteriorating the performance of domestic banks, such as return on assets (ROA), return on equity (ROE) and net interest margin (NIM). The survey period covers the years from 2008: Q1 to 2020: Q4 on a quarterly basis. The following variables were used as independent variables in the model: HHI market concentration index in the context of loans, share of foreign banks in the total ownership structure of banks (FB), bank size (BS) and growth rate of total loans (GRTL).The interdependence of variables in this study was tested via the OLS regression model. The results showed that the foreign-owned Banks (FB) variable has a positive impact on the variable return on Assets (ROA), while the variables bank size (BS) and market concentration index for loans (HHI) have a negative impact. The result also showed that the two variables the growth rate of total loans (GRTL) as well as foreign-owned banks (FB) have a positive impact on the variable return on equity (ROE), while the variables market concentration index for loans (HHI) and bank size (BS) have a negative effect. The third result is that the variable net interest margin (NIM) has the strongest positive impact on the two variables foreign-owned banks (FB) and credit growth rate (GRTL), while concentrations for credit placements (HHI) and bank size (BS) have a negative effect. Keywords: Performance; privatization; concentration; banks in Federation of B&H Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 113-131 DOI: 10.5937/bhekofor2102113a Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/25 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:25 Template-Type: ReDIF-Article 1.0 Author-Name: Kemal Kozarić Author-Email: 2c03136a-01b6-11ef-bae7-5fb03ca87d88@opusjournal.com Author-Name: Emina Žunić-Dželihodžić Author-Email: 2c032292-01b6-11ef-9833-5fb03ca87d88@opusjournal.com Title: Relationship between non-perfmorming loans and financial stability: Evidence from Bosnia and Herzegovina banking sector Abstract: Latest financial crisis resulted in non-performing loans growth what causes a lot ofproblems to financial stability of banking systems all around world. Aim of this paperwas to examine the impulse response function of financial stability and non-performing loans in Bosnia and Herzegovina banking sector. For that purpose, non-performing loans were defined as dependent and financial stability was an independentvariable. Vector autoregression analysis was employed in order to explore how theBosnia and Herzegovina banking sector financial stability responds to the impulseof changes in non-performing loans. Data for financial stability and non-performingloans for the period 2000-2017 were used. Main goal of this research is analysis offinancial stability response on changes in non-performing loans. Therefore, the purpose of this paper is modelling relations between non-performing loans and financial stability. The study showed that financial stability of Bosnia and Herzegovinabanking sector negatively reacts to changes in non-performing loans. Regressionmodel showed that increase in non-performing loans leads to deterioration in financial stability of the banking sector. Results indicate long-term and short-termconnection between non-performing loans and financial stability. Furthermore, itwas disclosed that changes in financial stability have been caused by changes innon-performing loans. These results indicate the importance of non-performing loans monitoring as one of the main sources of systematic risk which could threatenbanking sector financial stability.  Keywords: non-performing loans; financial stability; impulse-response; banking Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 91-103 DOI: 10.5937/bhekofor1902091k Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/26 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:26 Template-Type: ReDIF-Article 1.0 Author-Name: Dijana Husaković Author-Email: 2d47be56-01b6-11ef-a7d8-5fb03ca87d88@opusjournal.com Author-Name: Anida Šabanović Author-Email: 2d47cb26-01b6-11ef-856d-5fb03ca87d88@opusjournal.com Title: The effect of Bosnian and Herzegovinian national culture on conflict resolution styles in foreign-owned companies Abstract: Conflicts are an integral part of doing business and companies cannot avoid them. In a globalized and dynamic environment, there is a need to manage conflicts that occur within the company, in a productive and effective way. Conflict management styles are influenced by a number of factors, including the national culture of employees, who will have certain preferences in resolving conflicts in accordance with their culture. When it comes to multicultural environment, the knowledge of the national culture of the country in which the business is being done, as well as the company's home country, national culture is extremely important for conflict management and creation of positive atmosphere in the company. Doing business in a foreign market additionally complicates the process of the creation of interpersonal conflicts. Thus, top management coming from the home country has a big task of understanding the values and customs which are the part of personality of each employee from another country, and at the same time, the understanding of the national culture of the country in which the business was internationalized. The aim of the research is to, based on theoretical and empirical research, examine the impact of Bosnian and Herzegovinian national culture on conflict resolution styles used in foreign companies doing business in Bosnia and Herzegovina. Research results show that the national culture is a significant factor in conflict management in a company, but also in conflicts in general. The level of harmonization of chosen styles and ways of managing them with the national culture of the employees will affect their business performance, positive atmosphere and communication, and more efficiency for achieving the company's business goals. Keywords: culture; conflict; conflict resolution styles Journal: BH Ekonomski forum Volume: 12 Issue: 1 Year: 2020 Month: 01 Pages: 71-94 DOI: 10.5937/bhekofor2001071h Creation-Date: 2019-12-01 File-URL: https://bhef.unze.ba/article/27 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:27 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmin Halebić Author-Email: 2e674496-01b6-11ef-b47e-5fb03ca87d88@opusjournal.com Title: Okun's law and assessment of stimulus to the economy of Bosnia and Herzegovina Abstract: The effects of coronavirus pandemics are omnipresent in the national economy of Bosnia and Herzegovina. Output and unemployment are probably the most important variables for measuring the negative effects of the pandemics from a macroeconomic perspective. Different organizations, both national and international, have announced their autumn and winter prognoses of these variables for 2020. None of them are optimistic. The Bosnian economy is in the worst situation in the last two decades. International Monetary Fund approved US$ 361 million in urgent support to B&H in 2020 to alleviate the COVID-19 negative economic consequences. This paper aims to investigate the potential economic impact of that financial support with the application of simple arithmetic. In the paper, Okun's law is used as a methodological framework to assessing the effects of the IMF's rapid financial instrument. The relationship between the real economic growth and change in the unemployment rate is estimated for the B&H economy. Findings of the paper show that the IMF financial support effect amounts to about 3.7% of GDP in B&H. Effects on the unemployment rate are estimated to 2.3 percentage points less than what it would otherwise have been. Since the early estimations of the GDP in B&H indicated a deep recession in 2020 this financial support proved to be an insufficient stimulus to the B&H economy. Decision-makers in the country should be aware of their responsibility for providing larger stimulus packages to avoid bad economic and social outcomes soon. Keywords: Okun’s law; economic growth; unemployment rate; IMF financial support; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 29-41 DOI: 10.5937/bhekofor2102029h Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/28 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:28 Template-Type: ReDIF-Article 1.0 Author-Name: Nino Serdarević Author-Email: 3086b388-01b6-11ef-a5de-5fb03ca87d88@opusjournal.com Author-Name: Ajla Muratović-Dedić Author-Email: 3086cb0c-01b6-11ef-8668-5fb03ca87d88@opusjournal.com Title: Financial reporting incentives: Taxation and external financing need Abstract: Earnings management literature extensively explores tax regime and debt contracting as possible incentives in financial reporting. Firms engage with aggressive financial reporting to bias earnings in periods when the need for external financing increases. Contrary to this, the tax burden represents incentive for more conservative reporting. We argue that the level of firm's financial reporting aggressiveness is not constant but rather floating from period to period, directly affecting the quality of financial reports. We assume that firm's management on its own discretion determines the level of conservatism, balancing between these two incentives. The prevailing of two incentives, the need for external financing and the tax burden, determines the level of conservatism in particular reporting period. We hypothesised that the reduction in tax burden incentive overcomes the debt contracting incentive in the years of decreasing external financing need, implying more conservative accounting to balance between economic and taxable income. The total accruals are used as a measure of earnings management reflected to working capital accruals. The data analysis conducted on financial reports of 297 firms in the time-series of five years shows a significant correlation between total accruals, external financing needs and difference between economic and taxable income. Keywords: Accounting conservatism; Discretionary accruals; Earnings management; External financing need; Tax burden Journal: BH Ekonomski forum Volume: 12 Issue: 1 Year: 2020 Month: 01 Pages: 57-69 DOI: 10.5937/bhekofor2001057s Creation-Date: 2019-12-01 File-URL: https://bhef.unze.ba/article/29 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:29 Template-Type: ReDIF-Article 1.0 Author-Name: Iva Klepić Author-Email: 34316fa0-01b6-11ef-9845-5fb03ca87d88@opusjournal.com Author-Name: Mirela Mabić Author-Email: 3431831e-01b6-11ef-b9f1-5fb03ca87d88@opusjournal.com Author-Name: Danijela Madžar Author-Email: 343186ac-01b6-11ef-9f9f-5fb03ca87d88@opusjournal.com Title: Recruitment and selection of human resources and organizational creativity in small and medium-sized enterprises Abstract: In modern business conditions, human resources have become the most important resource of enterprises, and many authors point out that this is especially true for SMEs, in which, due to their specificity, human resources create a competitive advantage of the company and affect its survival and development. SMEs are faced with a strong, global competition of large enterprises and in order to survive and grow in the market, they must find specific strengths within themselves, develop and use them. Creativity is one of the most powerful tools that enable SMEs competitiveness, survival and development in the market. The basic objective of this research is to determine whether there is a correlation between recruitment and selection of human resources and organizational creativity in SMEs. The survey was conducted in SMEs in the Federation of B&H in 2019. An original questionnaire was created for the research, which collected the opinion of top managers on the recruitment and selection of human resources and organizational creativity in small and medium-sized enterprises. Data have been analysed using IBM SPSS Statistic 25.0. From the statistical procedures, the following were used: Shapiro-Wilk's test, Pearson's coefficient of correlation, Mann-Whitney U test and t-test for independent samples. The results of the survey showed that there is a correlation between the recruitment and selection of human resources and organizational creativity in SMEs and that there are differences in the correlation between the recruitment and selection of human resources and organizational creativity in the enterprises in terms of their size. Keywords: creativity; human resources; recruiting; small and medium enterprises; selection Journal: BH Ekonomski forum Volume: 12 Issue: 1 Year: 2020 Month: 01 Pages: 11-34 DOI: 10.5937/bhekofor2001011k Creation-Date: 2019-12-01 File-URL: https://bhef.unze.ba/article/30 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:30 Template-Type: ReDIF-Article 1.0 Author-Name: Elvir Čizmić Author-Email: 3555c93a-01b6-11ef-98c9-5fb03ca87d88@opusjournal.com Author-Name: Elvir Karajbić Author-Email: 3555d3c6-01b6-11ef-93e6-5fb03ca87d88@opusjournal.com Author-Name: Đevad Šašić Author-Email: 3555d54c-01b6-11ef-bf07-5fb03ca87d88@opusjournal.com Title: Job standardization as a mediator of the using information technologies impact on employee efficiency Abstract: The content of work in all types of workplaces has been intensively changing in the last few decades, especially in the part of the way of doing work and increasing efficiency. The mentioned dynamic of changes is caused by alters in the technical system that is increasingly relying on information technology and automation systems, where today one person can perform in certain areas the same amount of work that was previously performed by dozens of employees. Standardization at the time of the fourth technological revolution, can be used to a certain extent to improve the efficiency of the work of employees in all areas and industries, whether it is production or service, but with different intensity. The aim of the paper is to test the mediating influence of job standardization on employee efficiency if the key outputs of the job analysis process are observed as predictors. The paper will test the impact of job analysis segments including information technology using intensity on employee efficiency in the context of the fourth technological revolution and digitalization, directly and indirectly through the mediation of job standardization construct. In the above way, we want to find out the answer to the question of how important the standardization of work is as a vehicle for the efficiency of employees in modern business conditions that require acceptance of the principle of deviating from the standard job description and procedures (dejobbing), which to a certain extent is in logical collision with the standardization of work. Keywords: Job description; technical system; job standardization; mediation effect; employee efficiency Journal: BH Ekonomski forum Volume: 17 Issue: 2 Year: 2022 Month: 01 Pages: 61-78 DOI: 10.5937/bhekofor2202061q Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/31 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:31 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina Vinšalek-Stipić Author-Email: 36bd35c4-01b6-11ef-a6e3-5fb03ca87d88@opusjournal.com Title: The concept and importance of social audit for sustainable community development Abstract: Social audit and social responsibility have become the focus of sustainable community development to address risk and sustainability challenges. Social audit involves an official review of the company's procedures and codes of conduct regarding social responsibility and community impact. Social audit involves assessing how many companies achieve sustainable development goals. In practice, an increasing number of accountants and auditors are faced with the notion of social auditing. It covers the analysis of non-financial aspects and business risks, both in the private and public sectors. This paper aims to highlight the importance and contribution of social audit through risk analysis, and environmental and social aspects for sustainable community development. The content and implementation of social audit have similar objectives as the financial audit of operations, but social audit is specifically and additionally focused on the performance and operation of organizations that are not necessarily financial in nature. Some elements of the implementation of the social audit process are increasingly present in the implementation of due diligence, but the social audit as a whole is still conducted separately. Social audit has an active and important role in achieving social responsibility and sustainable development. Keywords: Social Audit; Social Responsibility; Sustainable Development; Social Community Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 151-165 DOI: 10.5937/bhekofor2201151v Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/32 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:32 Template-Type: ReDIF-Article 1.0 Author-Name: Ljubica Janjić Author-Email: 37f3d9fc-01b6-11ef-a20e-5fb03ca87d88@opusjournal.com Author-Name: Bojana Čavić Author-Email: 37f3e56e-01b6-11ef-9a83-5fb03ca87d88@opusjournal.com Author-Name: Sonja Vujović Author-Email: 37f3e6ea-01b6-11ef-ad6f-5fb03ca87d88@opusjournal.com Author-Name: Miloš Pavlović Author-Email: 37f3e820-01b6-11ef-9ba2-5fb03ca87d88@opusjournal.com Title: Brand management challenges in the financial sector in crisis conditions Abstract: Financial institutions tend to the permanent identification of the financial services users needs and their satisfaction more efficiently than competitors through a certain differentiation. Due to the crisis caused by pandemic, financial sector is facing a number of challenges, which further complicate the brand management process. The process of digitalization is evident. Financial service providers have noticed rapid changes in consumer behavior, both due to health effects and social exclusion, and due to the physical closure of the branches themselves. In this paper, we research whether, and in what way, the current pandemic has imposed a threat or provided an opportunity to the financial sector. One part deals with the characteristics of brand management in the financial sector, with reference to specific circumstances during the crisis. Through the case study, we will process the most valuable global brands in the financial sector and analyze the ways in which institutions react to the crisis. We also provide an example of good practice of a financial institution, which has undertaken certain activities in order to strengthen its brand. The subject of the paper are the world's most famous financial institutions brands, and the purpose is to present their experiences in adapting brand management in the context of the pandemic. As some of the world's most valuable brands in the financial sector are facing a serious decline in brand value after the devastating effects of the pandemic, the aim of this research is to analyze the activities of these institutions and find ways to deal with this problem. Keywords: brand; financial sector; world crisis; digitalization Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 31-48 DOI: 10.5937/bhekofor2201031j Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/33 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:33 Template-Type: ReDIF-Article 1.0 Author-Name: Ševala Isaković-Kaplan Author-Email: 3969c5f8-01b6-11ef-9b88-5fb03ca87d88@opusjournal.com Author-Name: Senada Dupovac Author-Email: 3969dade-01b6-11ef-86f4-5fb03ca87d88@opusjournal.com Title: Earnings management and fraudulent financial reporting: Distinctive criteria of suspicious accounting practices Abstract: The financial reports, as the final product of the accounting information system, need to be accurate in order to maintain the main purpose of financial reporting. Applied methods and techniques of recognition and measurement of financial positions should be in the purpose of realistic and transparent presentation of the financial performances of the entity. However, creative accounting techniques are often used in the process of preparing and presenting financial statements in order to manage earnings and manipulate financial values. Manipulation of financial statements seems to be a generally present phenomenon, and the paper aims to identify the criteria used by members of the accounting profession in the Federation of Bosnia and Hercegovina (FBiH) to distinguish earnings management techniques from fraudulent financial reporting. The research reflects the perception of accountants and auditors in the FBiH regarding the possibility of recognizing suspicious accounting practices in business entities. The research is based on distinctive criteria used in developed economies of the world: measurement subjectivity, the materiality of financial item and compliance of financial reporting with generally accepted accounting principles, but identifies specific distinctive measures used by respondents, too. The results of the research reveal that the accounting professionals in the FBiH rely on distinctive criteria: materiality and compliance of reporting with International Financial Reporting Standards, including two additional measures: compliance of financial reporting with generally accepted practices and confidence of financial information. Respondents did not recognize subjectivity in assessment as a relevant measure of the distinction between earnings management and fraudulent financial reporting. Keywords: financial reporting; earnings management; creative accounting; fraudulent financial reporting; ethics of professional accountants Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 95-109 DOI: 10.5937/bhekofor2201095i Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/34 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:34 Template-Type: ReDIF-Article 1.0 Author-Name: Elman Nadžaković Author-Email: 3a8a0920-01b6-11ef-a3b2-5fb03ca87d88@opusjournal.com Author-Name: Azra Bajramović Author-Email: 3a8a15aa-01b6-11ef-8402-5fb03ca87d88@opusjournal.com Title: Development of controlling: A review of literature Abstract: As a business function that deals with the establishment of efficient and effective processes for planning and control of the company's operations, controlling has become a crucial function of any business organization. The global changes have forced companies to very intensively and quickly adapt their operations to new market conditions, and controlling bears the most significant burden of this adaptation to global changes. To expand the scope of knowledge about controlling, this paper provides a literature review of controlling development in modern businesses, focusing on selected developed and developing countries. According to the findings of various studies, controlling is used in the majority of firms in developed economies, and his role has expanded. Existing studies support the conclusion that controlling contributes to improved business performance. Based on the literature review, the paper presents an analysis of the current state of controlling function development in companies of selected developed and developing countries, with special emphasis on Bosnia and Herzegovina, where controlling is not fully implemented with limited practical use. Therefore, some recommendations for adequate development of controlling function in Bosnia and Herzegovina and developing countries are proposed. Keywords: Controlling; instruments; management control systems; framework; development Journal: BH Ekonomski forum Volume: 17 Issue: 2 Year: 2022 Month: 01 Pages: 9-26 DOI: 10.5937/bhekofor2202009n Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/35 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:35 Template-Type: ReDIF-Article 1.0 Author-Name: Dijana Husaković Author-Email: 3bc8ca74-01b6-11ef-9bd3-5fb03ca87d88@opusjournal.com Author-Name: Nermana Mahmić-Muhić Author-Email: 3bc8e37e-01b6-11ef-ae47-5fb03ca87d88@opusjournal.com Author-Name: Ilma Dedić-Grabus Author-Email: 3bc8e752-01b6-11ef-92fc-5fb03ca87d88@opusjournal.com Title: The connection between corporate social responsibility and the reputation of companies in the Federation of Bosnia and Herzegovina Abstract: It is undeniable that corporate social responsibility (CSR) occupies an important place in managerial practice, but also in academic circles. Due to the strengthening of competition between companies, and the constant need for companies to be sustainable in a market and innovative sense, it becomes clear that it is necessary to integrate social responsibility into the company's business. Corporate social responsibility activities, which will be the subject of analysis, are in theory synthesized in the form of economic, legal, ethical and philanthropic activities. These corporate social responsibility activities should intuitively lead to building a positive reputation for the company. Reputation is an intangible but long-term investment. In the modern economy, where due to the speed of information transfer, it is very difficult to hide something, building a reputation is seen as one of the basic challenges of any company. The research focuses on the connection between the activities of corporate social responsibility and the reputation of large companies in the Federation of Bosnia and Herzegovina. Therefore, the paper analyzes the perception of managers about the connection of corporate social responsibility activities with the reputation of large and medium companies in the Federation of Bosnia and Herzegovina. The main goal of this paper is to examine the perception of managers about the relationship between corporate social responsibility activities and the reputation of companies in the Federation of Bosnia and Herzegovina. Keywords: corporate social responsibility; reputation Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 69-86 DOI: 10.5937/bhekofor2102069h Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/36 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:36 Template-Type: ReDIF-Article 1.0 Author-Name: Almir Klico Author-Email: 3d8f0ea4-01b6-11ef-8438-5fb03ca87d88@opusjournal.com Author-Name: Nermana Mahmić-Muhić Author-Email: 3d8f2768-01b6-11ef-b619-5fb03ca87d88@opusjournal.com Title: The role of immersive technologies in value creation in marketing Abstract: Technological innovations and their potential as a tool for creating added value in marketing have long been underused, or insufficiently researched. This paper describes the use of immersive technologies and their potential for application in marketing. The use of immersive technologies in marketing has great potential and has attracted a lot of attention in the last few years. Incorporating the use of the concept of immersive technologies is increasingly becoming the subject of research in business and marketing. Initiating the use of immersive technologies in modern business is becoming the root of managing and creating a completely new customer experience. Reality can be shaped by using this type of technological innovation and as such immersive technologies with their role create an extraordinary position in communication with users. The use of immersive technologies, especially the use of Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR) has been used successfully in the entertainment sector for some time, but it becomes clear that there is a much greater need for immersive technologies in various fields and industries to recognize them as a huge potential for value creation in marketing. Keywords: Immersive technologies; Virtual reality (VR); augmented reality (AR); mixed reality (MR); marketing Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 79-93 DOI: 10.5937/bhekofor2201079k Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/37 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:37 Template-Type: ReDIF-Article 1.0 Author-Name: Dženan Kulović Author-Email: 3ed35d92-01b6-11ef-9bc0-5fb03ca87d88@opusjournal.com Author-Name: Dijana Husaković Author-Email: 3ed368c8-01b6-11ef-acf1-5fb03ca87d88@opusjournal.com Author-Name: Esmir Husetović Author-Email: 3ed36a8a-01b6-11ef-a74b-5fb03ca87d88@opusjournal.com Title: Relationship between organizational configurations and competing values culture model Abstract: Organizational configuration affects a number of management components, both hard and soft. Hard components include: organizational structure, strategy and control, and soft components are: organizational culture, organizational learning, leadership, motivation, organization power, organizational change, rewarding employees, evaluating performance and connection between individual and organization. Therefore, it can be said that organizational configuration affects organizational culture. The organizational configuration creates a framework in which a specific type of organizational culture is applied. For an organization to be successful in achieving its goals, there needs to be a high degree of agreement between the chosen model of organizational configuration and the type of organizational culture. Therefore, each model of organizational configuration corresponds with a precisely defined type of organizational culture, because only in that way organization will avoid problems in its functioning. This paper is an exploratory type, which means that it will create assumptions about the degree of agreement between specific models of organizational configurations and certain types of organizational cultures. In this paper, based on theoretical implications, assumptions are created about the degree of agreement of Mintzberg's models of organizational configurations, which are re cognized in the literature as Mintzberg's basic types of configurations and typologies of organizational cultures according to Cameron and Quinn, better known as the competing value model. Situational elements that form models of organizational configurations according to Mintzberg and the dimensions on the basis of which are performed the typology of organizational cultures according to Cameron and Quinn are taken into account. Keywords: organizational structure; models of organizational configurations; organizational culture; types of organizational cultures; management Journal: BH Ekonomski forum Volume: 16 Issue: 1 Year: 2022 Month: 01 Pages: 63-78 DOI: 10.5937/bhekofor2201063k Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/38 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:38 Template-Type: ReDIF-Article 1.0 Author-Name: Almir Klico Author-Email: 3ff3fda8-01b6-11ef-a837-5fb03ca87d88@opusjournal.com Title: How using virtual reality can improve B2B marketing Abstract: The possibilities of virtual reality in B2B marketing are increasingly recognized in scientific discussions as well as articles on interesting examples of early adopters such as IKEA and Airbus. However, while there is a growing recognition of its potential, the specific impact of virtual reality on B2B marketing remains part of the unexplored research area. From a business point of view, virtual reality technologies are already largely attracting investments that encourage research in the field hoping to discover the full potential of this technological innovation in optimizing business operations and processes. The great interest in virtual reality in marketing is not limited to the needs of the market but also comes from the gap in academic research and literature. Therefore, this research aims to bridge the gap between managerial and academic understanding and to improve knowledge of the influence of immersive reality technologies, namely virtual reality, on B2B sales and marketing. The basic method of work in this article is desk research. This paper draws upon reliable sources such as academic journals, published books, and case studies. Following an exploratory approach, the theoretical background provides a starting point for future empirical studies. This paper gives a realistic theoretical consideration of the topic by developing a framework and providing suggestions describing the impact of virtual reality on the perception of B2B customers, also providing B2B marketers and experts with several directions for future research and provides recommendations for B2B marketers who are interested in using the vast array of opportunities offered by virtual reality. Keywords: Marketing; immersive technologies; virtual reality; B2B Marketing Journal: BH Ekonomski forum Volume: 17 Issue: 2 Year: 2022 Month: 01 Pages: 27-40 DOI: 10.5937/bhekofor2202027k Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/39 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:39 Template-Type: ReDIF-Article 1.0 Author-Name: Bojan Krstić Author-Email: 41113354-01b6-11ef-b364-5fb03ca87d88@opusjournal.com Author-Name: Ivana Janjić Author-Email: 4148c8e6-01b6-11ef-819b-5fb03ca87d88@opusjournal.com Author-Name: Milica Jovanović Author-Email: 4148cbb6-01b6-11ef-bcb5-5fb03ca87d88@opusjournal.com Author-Name: Sandra Milanović Author-Email: 4148ce4a-01b6-11ef-9cb4-5fb03ca87d88@opusjournal.com Title: The significance of R&D activities for managing intellectual capital of enterprises Abstract: Enterprises are developing, increasing their profits, value and competitiveness based on successful synergies of human, structural and relational intellectual capital. In addition, R&D (Research and Development) has been acknowledged as a crucial contributor to the competitive advantage in today's competitive market. By performing R&D activities, companies create, develop and use intellectual resources (the knowledge of employees and managers, the knowledge contained in technology and processes), which are valorized on the market and converted into a certain value. R&D is the primary source of knowledge stored within individuals in the enterprise. The most generally used indicators of R&D outputs are patents and innovations, and very important components of structural intellectual capital. Both of these indicators are used to evaluate a company's technological strength and capabilities. The purpose of this paper is to investigate the relationships and connections between investment in R&D, the components of the intellectual capital of enterprises and the efficiency of intangible assets as visible intellectual capital and the efficiency of the total intellectual capital. This paper aims to point out the importance of performing R&D activities for managing the intellectual capital of the enterprises. Correlation and regression analysis were used for that purpose. The results of the analysis show that R&D investments are positively correlated with visible and invisible intellectual capital, and the efficiency of intangible assets, while R&D investments have a positive influence on visible and invisible intellectual capital. Keywords: R&D activities; intellectual capital management; efficiency of intangible assets; efficiency of the total intellectual capital Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 117-132 DOI: 10.5937/bhekofor2101117k Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/40 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:40 Template-Type: ReDIF-Article 1.0 Author-Name: Vasva Klopić Author-Email: 425d07b0-01b6-11ef-b74d-5fb03ca87d88@opusjournal.com Author-Name: Amer Klopić Author-Email: 425d1606-01b6-11ef-8807-5fb03ca87d88@opusjournal.com Author-Name: Adi Alić Author-Email: 425d17c8-01b6-11ef-a032-5fb03ca87d88@opusjournal.com Title: Impact of key account management orientation on company's non-financial performance Abstract: Key account management (KAM) in theory is described as a strategic approach distinguishable from account management or key account selling that should be used to endure long-term development and retention of strategic customers. This article presents the importance of key account management orientation in today's business and how it affects the non-financial performance of companies in Bosnia and Herzegovina. Also, we will present the results of ongoing research that aims to identify the influence of key account management orientation on company non-financial performance in different industry sectors. Data were collected from several companies in different industries considering a company as a unit of analysis. Research instrument - questionnaire compromised scales that had been validated and found reliable in previous research. Item total reliability and confirmatory factor analysis will be used to test the reliability and validity of the constructs. Furthermore, the structural equation modelling (SEM) technique will be employed to analyze the effects of key account management orientation on a company's non-financial performance. It is to be expected that the results of the conducted research show a statistically significant impact of key account management orientation on a company's non-financial performance in Bosnia and Herzegovina. Keywords: key account management; non-financial performance; relationship marketing; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 55-71 DOI: 10.5937/bhekofor2101055k Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/41 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:41 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina Vinšalek-Stipić Author-Email: 43a079ea-01b6-11ef-b40e-5fb03ca87d88@opusjournal.com Title: Interaction of strategic management processes and achieved corporate profitability: Evidence from Croatia Abstract: Strategic management can be said to have evolved over time and will continue to evolve. In order for companies to be more successful in their operations, they need a methodological approach to developing a strategic plan. Strategy implementation is a complex process because it is a consequence of complex relationships. In accordance with the above, an empirical study was conducted on a sample of 53 companies in the Republic of Croatia. The subject and goal of the research was to scientifically determine the importance of adopting and implementing long-term strategic plans. The main results of the research are that the degree of implementation of the strategy is not significantly related to the indicators of net profit margin (ROS 0.164) and return on equity (ROE 0.216), while it is partially related to the indicator of earnings strength (TSZ 0.304) but is significant for a successful business. The implementation of the research revealed that strategic planning is an extremely important and significant factor for stable growth and development of the company. The implementation of the strategy has an important contribution to the successful operation of the company. Keywords: Strategic planning; profit; company profitability Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 133-149 DOI: 10.5937/bhekofor2102133v Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/42 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:42 Template-Type: ReDIF-Article 1.0 Author-Name: Faruk Hadžić Author-Email: 455878dc-01b6-11ef-ac0a-5fb03ca87d88@opusjournal.com Title: The importance of technological progress in measuring economic growth in Bosnia and Herzegovina Abstract: Economic growth is one of the most important concepts in the world economy. Although some authors critically believe that the level and rates of economic growth do not necessarily reflect the actual standard of living, it still remains the main way to measure a country's well-being. Different views on the topic of economic growth, as well as the factors that influence it, have been present throughout the history of economic thought from the very beginning. Unlike many theories of economic growth, which believe that in the long run there will be diminishing returns on factors of production such as labor and capital, Paul Romer in his theory of endogenous growth believes that technological progress, through knowledge accumulation, idea creation and innovation, leads to increasing returns, and thus contributes more to long-term economic growth, unlike other factors. In this paper, on the example of economic growth in B&H, the hypothesis that the activities of knowledge-based services contribute more to the gross domestic product, compared to other sectors was tested. To prove the hypothesis, a multiple linear regression model was made based on a time series of 48 consecutive quarterly values of B&H gross domestic product and sectoral gross value added according to the income and production approach. In the model, activities were grouped into those that are predominantly labor-intensive, knowledge-based services, personal and social services, and other activities. The results showed that the average value of gross value added per worker employed in the sectors of knowledge-based services has a 2.5 higher contribution compared to a worker in the labour-intensive sectors and a 2.47 higher contribution compared to one worker in the personal and social services segment. Also, tests of the implemented model show that additional employment in the sectors of knowledge-based services leads to accelerated economic growth in B&H. Keywords: Economic Growth; Technological progress; GDP; Romer model; Endogenous growth theory Journal: BH Ekonomski forum Volume: 12 Issue: 1 Year: 2020 Month: 01 Pages: 35-55 DOI: 10.5937/bhekofor2001035h Creation-Date: 2019-12-01 File-URL: https://bhef.unze.ba/article/43 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:43 Template-Type: ReDIF-Article 1.0 Author-Name: Elman Nadžaković Author-Email: 4677c34e-01b6-11ef-a256-5fb03ca87d88@opusjournal.com Author-Name: Senada Dupovac Author-Email: 4677ce66-01b6-11ef-b092-5fb03ca87d88@opusjournal.com Author-Name: Bedrija Hromić Author-Email: 4677cfec-01b6-11ef-8561-5fb03ca87d88@opusjournal.com Title: Sensitivity of banks' capital in the Federation of Bosnia and Herzegovina to changes in exogenous and endogenous factors Abstract: In order to ensure that risky assets are covered by the bank's capital, the regulator has prescribed a minimum capital adequacy ratio (CAR). The prescribed CAR, which in the Federation of Bosnia and Herzegovina is 12%, represents the ability of banks to absorb losses caused by bad placements, expressed as the ratio of capital and risk assets of the bank. The sample of this research was performed at the level of the whole banking system of the Federation of Bosnia and Herzegovina. The primary goal of this paper is to try to identify exogenous and endogenous factors that affect the capital sensitivity of banks operating in the Federation of Bosnia and Herzegovina. The research is focused on the period from 2014-2020, every quarter, and the research will explain descriptive statistics, correlation analysis and regression analysis. The research estimated two regression models, assumptions were checked and the obtained results were interpreted. The results of the first model showed that there is a statistically significant positive correlation between the leverage rate and the capital adequacy ratio, and a statistically significant negative correlation between the GDP growth rate and the capital adequacy ratio. The second model confirmed that there is a negative statistically significant correlation between the variables return on average assets (ROAA), total income / average assets (UPPA), net interest income / average assets (NIM) with the capital adequacy ratio. Keywords: capital adequacy ratio; GDP; leverage; banks; non - performing loans Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 53-68 DOI: 10.5937/bhekofor2102053n Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/44 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:44 Template-Type: ReDIF-Article 1.0 Author-Name: Ljupcho Eftimov Author-Email: 4796769e-01b6-11ef-8bd3-5fb03ca87d88@opusjournal.com Author-Name: Tihona Bozhinovska Author-Email: 4796812a-01b6-11ef-87fb-5fb03ca87d88@opusjournal.com Title: Adjustments of board composition during Covid-19 crisis: Analysis of the Macedonian companies Abstract: The aim of this paper is to make an analysis of the reported changes in the boards' composition of the Macedonian stock exchange -listed companies during the Covid-19 crisis. In order to achieve this objective, secondary data of the companies reports published on the Macedonian stock exchange website were used. The sample consists of 80 companies, and firstly we performed qualitative analysis on the companies' reports regarding boards' composition changes (over 30 companies reported changes). Afterwards, in order to increase the understanding of the factors that determine boards' composition in Macedonian joint-stock companies, we designed a model to examine the relation of company characteristics, industry characteristics and market perception of company value with board size, board independence and board diversity. The results from our analyses show that during the Covid-19 period a substantial number of companies from the sample have made changes in board composition and only 9.38% of the companies that reported change (over 30) decided to reappoint the same members. However, this does not mean that the Covid-19 crisis has been the only factor influencing the changes. Furthermore, one of our conclusions from the presented results in the study is that most of the variations in board/boards size can be explained by the differences in firm characteristics (in particular operating revenues and chosen boards structure), while the variations in board independence can be explained by firm characteristics (in particular operating revenues and chosen board structure) and industry characteristics. Keywords: board composition; board size; board diversity; Covid-19 crisis; listed companies Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 31-53 DOI: 10.5937/bhekofor2101031e Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/45 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:45 Template-Type: ReDIF-Article 1.0 Author-Name: Dijana Husaković Author-Email: 49e70558-01b6-11ef-9569-5fb03ca87d88@opusjournal.com Author-Name: Ilma Dedić-Grabus Author-Email: 49e71048-01b6-11ef-9fb0-5fb03ca87d88@opusjournal.com Author-Name: Esmir Husetović Author-Email: 49e711ce-01b6-11ef-b764-5fb03ca87d88@opusjournal.com Title: Corporate social responsibility in the function of employee motivation Abstract: Corporate social responsibility implies the company's commitment to create and implement business strategies and activities in harmony with the environment and ethical behaviour towards stakeholders. Employees belong to the important interest groups and resources of every company, because their actions directly affect business results. The paper presents activities of corporate social responsibility towards employees. Employee motivation is important because it directly affects the productivity of workers , which further has consequences on the business results of the company. Employee motivation changes in the action of various factors from the employee's environment , inside and outside the work environment. In this paper, corporate social responsibility will be presented as a factor related to employee motivation. The main goal of this paper is to examine the relationship between corporate social responsibility and employee motivation and the possible connection between socially responsible activities toward employees and their motivation. The research will be conducted by examining the attitudes of managers about the connection between socially responsible business and motivation, because managers make decisions about employees within their work activities. The sample includes managers of large Bosnian companies. Keywords: corporate social responsibility; employee motivation; stakeholder theory Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 87-100 DOI: 10.5937/bhekofor2102087h Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/46 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:46 Template-Type: ReDIF-Article 1.0 Author-Name: Ševala Isaković-Kaplan Author-Email: 51049d96-01b6-11ef-994e-5fb03ca87d88@opusjournal.com Author-Name: Lejla Demirović Author-Email: 5104b25e-01b6-11ef-a826-5fb03ca87d88@opusjournal.com Author-Name: Mahir Proho Author-Email: 5104b588-01b6-11ef-8fbb-5fb03ca87d88@opusjournal.com Title: Financial reporting of business entities and ethical dilemmas of students in Bosnia and Herzegovina Abstract: The fair and reliable financial reporting of business entities is extremely important for strengthening the confidence among business entities, acting positively on the scope of business activities and achieved results. On the otherhand, individuals, businesses and the entire society, suffered huge losses, dueto the frauds in financial reports, by dropping the confidence in the accounting profession. The public’s expectations from the accounting profession arethat its professionals consciously reject participation in any fraud activities,and be real fighters for the real financial reporting of the entities. In the lightof specified expectations, this paper tries to consider the ability of studentsof economic specialization in Bosnia and Herzegovina in recognizing casesof false financial reporting among different situations that can(not) includefraud characteristics, and their readiness to take active participation in thefight against frauds in business entities and economic crimes, in general.The results of the research showed that research participants clearly recognize cases of false financial reporting among various fraudulent activities, thatthey have a high level of awareness regarding the seriousness of the fraudtype and its negative consequences for entities, and that they express theirunreserved readiness to report these cases to the competent authorities withthe purpose of prosecution. Keywords: financial reports; fraud; accounting profession; ethics Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 9-23 DOI: 10.5937/bhekofor1902009i Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/47 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:47 Template-Type: ReDIF-Article 1.0 Author-Name: Zlatko Lagumdžija Author-Email: 539ab00e-01b6-11ef-ae71-5fb03ca87d88@opusjournal.com Author-Name: Lamija Krndžija Author-Email: 539ac29c-01b6-11ef-864e-5fb03ca87d88@opusjournal.com Author-Name: Lejla Turulja Author-Email: 539ac5a8-01b6-11ef-b2db-5fb03ca87d88@opusjournal.com Title: Innovation in public sector institutions in the Federation of Bosnia and Herzegovina Abstract: Innovation has become a necessity in order to overcome some challenging timesin the rapid changing world. The world’s paradigm is shifting towards sustainabledevelopment and shared values. Even though numerous benefits of innovating thepublic sector (PS) have been recognised worldwide, the concept of public sectorinnovation (PSI) is still new for Bosnia and Herzegovina. The complex and stratifiedstructure of the Federation of Bosnia and Herzegovina (FBiH) and its PS has beenforever standing in the way of any larger progress. The purpose of this paper is tocontribute to the development of PSI in FBiH as an opportunity to enhance the performance of public services, increase their efficiency, and decrease the costs.The research was completed by using a mixed-method approach in order to analysethe concept of innovation in the PS. The primary data was collected through semi-structured interviews with the management and a survey with close-ended questions which was completed by the employees of the public sector institutions in FBiH.The method of structural equation modelling was used in order to test the researchhypotheses.A part of this paper is analysing the main PSI drivers and challenges. The resultsshow that the main obstacles to PSI are the institutional system and the regulationsin the FBiH. On the other side, the manager and employees are considered to bethe largest drivers of public sector innovation in FBiH. The paper concludes withseveral recommendations on how to overcome the main barriers of public sectorinnovation in FBiH.  Keywords: Innovation management; R&D; Innovation incentives; e-Government; Institutional culture Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 57-73 DOI: 10.5937/bhekofor1902057l Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/48 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:48 Template-Type: ReDIF-Article 1.0 Author-Name: Dijana Husaković Author-Email: 54c86d7c-01b6-11ef-975c-5fb03ca87d88@opusjournal.com Author-Name: Esmir Husetović Author-Email: 54c8812c-01b6-11ef-ba3a-5fb03ca87d88@opusjournal.com Author-Name: Nermana Mahmić-Muhić Author-Email: 54c88456-01b6-11ef-8095-5fb03ca87d88@opusjournal.com Title: Relationship between the type of managers and socially responsible business: Evidence from companies in Federation of Bosnia and Herzegovina Abstract: In today's dynamic business environment conditions, the socially responsible business occupies a special place. Socially responsible companies are more sensitive to the needs and expectations of the most important stakeholder groups: shareholders, employees, customers and the community. In addition to socially responsible companies working in accordance with the needs and expectations of mentioned groups, they can achieve many other benefits from corporate social responsibility: gain a better reputation and image in the market, attract quality human resources, attract many investors, etc. Application of socially responsible business in companies requires from managers proactive approach, stakeholders orientation and ethical behavior in making business decisions. When we talk about socially responsible business, in theory, there are three types of managers: immoral, amoral and moral type. Immoral type of managers actively opposes what is considered correct or ethical. The amoral type of managers is neither immoral nor moral. Their main characteristic is that they are not too sensitive to the fact that their business decisions can affect others. The moral type of managers uses ethical norms and adhere to high standards of good behavior. This paper researched the dominant type of managers, from the aspect of socially responsible business, in large private companies in the Federation of Bosnia and Herzegovina. The research determined that managers, who are not too sensitive to the fact that their business decisions can have harmful consequences for others, are the dominant type of managers in large private companies in the Federation of Bosnia and Herzegovina. The research was proven on 63 large private companies in the Federation of Bosnia and Herzegovina. Keywords: Corporate Social Responsibility; stakeholders; type of managers Journal: BH Ekonomski forum Volume: 15 Issue: 2 Year: 2021 Month: 01 Pages: 101-118 DOI: 10.5937/bhekofor2102101h Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/49 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:49 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmina Mangafić Author-Email: 561db9de-01b6-11ef-b32d-5fb03ca87d88@opusjournal.com Author-Name: Danijela Martinović Author-Email: 561dc690-01b6-11ef-a7c3-5fb03ca87d88@opusjournal.com Author-Name: Senita Mašić Author-Email: 561dc85c-01b6-11ef-89b6-5fb03ca87d88@opusjournal.com Title: The limitations of entrepreneurship development in Bosnia and Herzegovina with special emphasis on tax regulations and procedures Abstract: Small and medium-sized enterprises account for over 99% of active businesses in Bosnia and Herzegovina, and face a number of limitations when performing their business activities. A number of those limitations relate to the nature of small and medium-sized enterprises, but most are due to the inadequate legal and regulatory framework for doing business. A disincentivised business environment and lack of a unified economic policy and sector strategies further complicate the position of small and medium-sized enterprises. The aim of this paper is to show the limitations faced by these companies. To this end, an investigation involving 119 small and medium-sized enterprises in Bosnia and Herzegovina was conducted. Convenience sampling was used in the research. Based on the survey, it is evident that respondents rated the tax burden factor (the tax structure and taxation process) the most problematic. This finding corresponds with Doing Business’ 2019 survey results. A section of this paper is devoted to the fiscal aspect of doing business: tax regulations and the overall tax burden and taxation procedures. It shows that the magnitude of the fiscal burden, the complexity of tax regulations and the inconsistency and complexity of the taxation system are a significant burden on small and medium-sized enterprises. The paper concludes with recommendations for more efficient and simpler tax regulation.  Keywords: Small and medium-sized enterprises; barriers to business success; tax regulations Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 21-40 DOI: 10.5937/bhekofor1901021m Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/50 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:50 Template-Type: ReDIF-Article 1.0 Author-Name: Zlatko Lagumdžija Author-Email: 5844c978-01b6-11ef-8372-5fb03ca87d88@opusjournal.com Author-Name: Amra Kapo Author-Email: 5844d54e-01b6-11ef-89b9-5fb03ca87d88@opusjournal.com Author-Name: Lejla Turulja Author-Email: 5844d706-01b6-11ef-8a5b-5fb03ca87d88@opusjournal.com Title: From competitiveness to sustainability: Is the innovativeness the answer? Abstract: We live in a rapidly changing global society, where no one can predict the outcome of the economic, social, and political structures of the world. Changes in science, technology, and economics are particularly noticeable and are closely linked to human life. These changes create new opportunities but also challenges in new areas of everyday activity in order to achieve sustainable development. For countries to compete with each other, they must be creative and innovative in all fields to cope with domestic, national, and global issues. Current economic competitiveness is based on the capabilities of a country and their respective companies to be and stay innovative. This is the main reason why many governments place innovativeness at the center of their growth strategies so that they can foster economic progress and global competitiveness in general. The recognition and need for identification of innovation as a driver of change are evident on a company level as well. This study will use secondary data collected this year from the World Economic Forum to identify critical challenges and opportunities for B&H competitiveness. Also, the results of this research identified enabling environment and markets impact on the innovation ecosystem. Practical contribution relates to concrete implications and recommendations that can be used for the improvement of Bosnia and Herzegovina innovativeness. Keywords: innovation policy; innovation ecosystem; competitiveness; sustainable development; innovativeness Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 25-38 DOI: 10.5937/bhekofor1902025l Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/51 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:51 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmin Halebić Author-Email: 596189fe-01b6-11ef-bf63-5fb03ca87d88@opusjournal.com Author-Name: Alem Merdić Author-Email: 59619b4c-01b6-11ef-89d9-5fb03ca87d88@opusjournal.com Title: Shift-share employment analysis of cantons in the Federation of Bosnia and Herzegovina Abstract: Structure of each economy, especially those in transition, is in constant change.Shift-share analysis is widely used for studying of regional economic change. Themodel in which the present analysis is conducted has three components: (i) the national growth component (in this paper the entity level of Federation of BH is usedas reference level), (ii) the industry mix component, and (iii) the competitive component. Each of them is measured on the basis of employment. The analysis enablesassessment of economic performance of a region (here cantons) in comparison to areference level (here the Federation of Bosnia and Herzegovina).In this paper authors aimed at capturing economic change at regional level. Authorshave compared the economic change in two time periods, 2006-2011 and 2012-2018.Changes in employment are expected in a small transitional and open economy suchas Bosnia and Herzegovina. Obtained results indicate that regional economy wentthrough considerable transformation. Some policy recommendations for policy decision-makers in the fields of education and labor market are also given in the paper Keywords: Shift-share analysis; regional economics; employment growth Journal: BH Ekonomski forum Volume: 11 Issue: 2 Year: 2019 Month: 01 Pages: 79-90 DOI: 10.5937/bhekofor1901079h Creation-Date: 2018-12-01 File-URL: https://bhef.unze.ba/article/52 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:52 Template-Type: ReDIF-Article 1.0 Author-Name: Kiril Jovanovski Author-Email: 5a8d5d62-01b6-11ef-9eed-5fb03ca87d88@opusjournal.com Author-Name: Milanovikj Chkalovska Author-Email: 5a8d7130-01b6-11ef-a46a-5fb03ca87d88@opusjournal.com Title: Evaluating the bank profitability in euroized economies Abstract: Financial euroization is a significant phenomenon in developing countries. The key financial institutions for macroeconomic stability in these countries are the banks. Conversion of most of the financial assets and liabilities into foreign currency creates a currency mismatch between the assets and liabilities in domestic and foreign currency. Banks in the role of intermediaries between depositors and borrowers face the risks of accepting foreign currency deposits and placing foreign currency loans. With this, financial euroization can impact the performance of banks. The paper's main objective is to analyze the impacts of euroization on the performance of banks in North Macedonia, Serbia, and Bosnia and Herzegovina for the period from 2010 to 2020. For performance measure, we use bank profitability. The paper uses a pre-set empirical model, in which the dependent variable is ROA (annual data for the return on assets - as a variable for measuring the profitability of banks) and a set of independent variables, including the degree of euroization. The results suggest that the model is robust, and the variables are statistically significant. In conclusion, this outcome can be ascribed to the segmentation of the bank credit portfolio in credit denominated in domestic versus foreign currency credit denomination. Moreover, the degree of euroization proved to be statistically significant for predicting the performance of banks, hence is high bank management decision-making information. Keywords: Euroization; Bank Performance; Deposit Euroization; Credit Euroization; Regression Analysis Journal: BH Ekonomski forum Volume: 17 Issue: 2 Year: 2022 Month: 01 Pages: 41-59 DOI: 10.5937/bhekofor2202041j Creation-Date: 2021-12-01 File-URL: https://bhef.unze.ba/article/53 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:53 Template-Type: ReDIF-Article 1.0 Author-Name: Vernesa Lavić Author-Email: 5bf500ec-01b6-11ef-a4bb-5fb03ca87d88@opusjournal.com Author-Name: Azra Hadžiahmetović Author-Email: 5bf51f0a-01b6-11ef-b8e8-5fb03ca87d88@opusjournal.com Title: Corporate income tax burden for SMEs: The case of Bosnia and Herzegovina Abstract: Small and medium enterprises (SMEs) play a significant role in the economic development of both advanced and developing countries. Some earlier research showed that taxation and compliance costs have a significant effect on economic growth, development and performance of the business sector. For this reason, our research focuses on tax compliance costs imposed on the SMEs in Bosnia and Herzegovina (B&H), which is a transition and post-conflict country with a complex tax system structure. This complexity is particularly highlighted in the direct taxation system, hence the focus of this research is on corporate income tax (CIT) compliance costs. Our methodology is based on simulation of tax compliance costs between different entities in B&H - Federation of B&H (FB&H) and the Republika Srpska (RS), as well as measuring the effective tax burden for SMEs in B&H and the region. Our simulation of the CIT return of a company "X "in line with the entity law suggests that the effective tax burden is higher in RS than in FB&H entity. This is further confirmed with the effective tax rate formula applied in the second part of the research using data from the AMADEUS database. This result has an important policy implication for the fiscal authorities in B&H, as very often public discourse goes in the opposite direction to our finding. Keywords: SME; corporate income tax; tax burden; tax compliance costs Journal: BH Ekonomski forum Volume: 14 Issue: 1 Year: 2021 Month: 01 Pages: 151-165 DOI: 10.5937/bhekofor2102151l Creation-Date: 2020-12-01 File-URL: https://bhef.unze.ba/article/54 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:54 Template-Type: ReDIF-Article 1.0 Author-Name: Dženita Mustafić Author-Email: dzenita.mustafic@efsa.unsa.ba Author-Workplace-Name: Frigošped International Transport, finance director, MBA Author-Name: Ljiljan Veselinović Author-Email: ljiljan.veselinovic@efsa.unsa.ba Author-Workplace-Name: School of Economics and Business, University of Sarajevo, associate professor Author-Name: Jasmina Mangafić Author-Email: jasmina.mangafic@efsa.unsa.ba Author-Workplace-Name: School of Economics and Business, University of Sarajevo, associate professor Author-Name: Danijela Martinović Author-Email: danijela.martinovic@efsa.unsa.ba Author-Workplace-Name: School of Economics and Business, University of Sarajevo, associate professor Author-Name: Ermin Cero Author-Email: ermin.cero@ibu.edu.ba Author-Workplace-Name: International Burch University, Sarajevo, associate professor Title: GAZELLES: HOW DIFFERENT DEFINITIONS AND CRITERIA AFFECT THE CATEGORIZATION AND UNDERSTANDING OF FAST-GROWING COMPANIES Abstract: Gazelles represent fast-growing companies that significantly contribute to company growth and creation of new jobs. Different definitions of gazelles and criteria for their categorization are mentioned in the literature. The aim of this paper is to demonstrate that definitional differences and conceptual understanding of gazelles, as well as the criteria for classifying them, significantly affect the number of companies that can be categorized as "fast-growing". This paper analyses companies from Bosnia and Herzegovina and reveals significant deviations in the number and sector of companies that may be considered fast-growing. The deviations depend on the period of company observation (three-year vs. five-year period), as well as the applied criteria (income growth vs. increase in the number of employees). Likewise, the application of different definitions of growth, different criteria for measuring company growth, different indicators (relative vs. absolute) as well as different time frames significantly affect the interpretation of growth. The argument argues that such instances significantly affect the categorization and registration of companies that may or may not be considered fast-growing. Our research also confirms that workplace generators are precisely those firms whose expansive growth lasts beyond the initial three years but once they operate beyond four or more years, their power to generate jobs decreases significantly. The results of this analysis also indicate that in Bosnia and Herzegovina, fast-growing companies are, to a certain extent, new job generators. JEL: M13, M21, L25 Keywords: fast-growing companies; criteria for measuring company growth; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 19 Issue: 2 Year: 2023 Month: 12 DOI: 10.62900/BHEF231902005 Creation-Date: 2023-12-15 File-URL: https://bhef.unze.ba/article/59 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:59 Template-Type: ReDIF-Article 1.0 Author-Name: Adi Alić Author-Email: adi.alic@efsa.unsa.ba Author-Name: Arijana Dedić Author-Email: arijana.dedic94@outlook.com Title: THE INFLUENCE OF THE COMPANY'S CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS ETHICS ON THE CONSUMERS’ ATTITUDE AND LOVE TOWARDS THE BRAND Abstract: This study investigates the direct effect of the perception of social responsibility and business ethics on love and attitude towards a drug brand that can be obtained without a prescription, within Bosnia and Herzegovina. The data was collected through an online survey. In order to validate the suggested conceptual model, we used structural equation modeling (PLS-SEM). The results of the research underscore the crucial role of the perception of social responsibility in creating a positive brand attitude and brand love, while the perception of business ethics may prove to be less influential, particularly in the specific context of the pharmaceutical industry. This research expands the knowledge about consumer behavior and branding strategies in the context of the pharmaceutical industry, providing a better understanding of the complex relationships between social responsibility, business ethics, brand attitudes, and brand love. In this way it can contribute to the development of guidelines for improving practices within the pharmaceutical industry in Bosnia and Herzegovina. Keywords: Corporate social responsibility; business ethics; brand love; brand attitude; pharmaceutical industry Journal: BH Ekonomski forum Volume: 20 Issue: 1 Year: 2024 Month: 09 DOI: 10.62900/BHEF242001001 Creation-Date: 2024-09-30 File-URL: https://bhef.unze.ba/article/61 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:61 Template-Type: ReDIF-Article 1.0 Author-Name: Amra Babajić Author-Email: amra.babajic@untz.ba Author-Name: Mirza Suljić Author-Email: mirza.suljic@untz.ba Title: PUBLIC DEBT AND ECONOMIC GROWTH NEXUS: DYNAMICS IN BOSNIA AND HERZEGOVINA Abstract: It is well known that the economic growth of the country is a complex phenomenon and that it is influenced by a large number of different factors. The intensity of the influence of each factor is important, as well as their mutual relationship. Almost every decision concerning economic growth is long-term, that is, it has long-term effects on the citizens of a certain country. The main goal of this research is to investigate determinants of economic growth in Bosnia and Herzegovina with an emphasis on the effects of public debt. In order to determine the mutual influence of these two phenomena, correlation and partial correlation coefficients will be used on the available data for public debt, gross domestic product (hereinafter referred to as GDP) and gross national income (hereinafter referred to as GNI) of Bosnia and Herzegovina. The research results suggest to a positive correlation between public debt and gross national income of Bosnia and Herzegovina, and to an inversely proportional relationship between public debt and gross domestic product. Research findings may help decision-makers when designing policies and strategies, that is, when making decisions regarding future internal and external borrowing and directing the economic growth of Bosnia and Herzegovina. Policy implication in BiH should accentuate growth-oriented policy measures with care regarding future public borrowing. Keywords: economic growth; gross national product; public debt; Bosnia and Hercegovina Journal: BH Ekonomski forum Volume: 20 Issue: 1 Year: 2024 Month: 09 DOI: 10.62900/BHEF242001002 File-URL: https://bhef.unze.ba/article/62 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:62 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno Bošnjak Author-Email: bosnjak.bruno.94@gmail.com Author-Name: Ševala Isaković-Kaplan Author-Email: sevala.isakovic-kaplan@efsa.unsa.ba Author-Name: Lejla Demirović Author-Email: lejla.demirovic@efsa.unsa.ba Title: GOING CONCERN – KEY AUDITOR CONSIDERATIONS Abstract: The principle going concern is a fundamental assumption in the preparation and presentation of financial statements. It is a sensitive assessment in audit arrangement that, in the case of an auditor's mistake, can leave multiple negative consequences for the business of the audited entity and its stakeholders, but also for entire accounting profession, and because of that, auditors with caution to access this issue i.e. its emphasis in the audit opinion. There are many factors that affect the auditor's assessment of the assumption of going concern of the audited entity, and in the first row are the items and indicators from the financial statements as a general tool for assessing the financial health of the company. The aim of this paper is to research the positions and indicators of financial statements that auditors can use for the going concern assessment of business entities in Bosnia and Herzegovina, given the lack of research of this nature. On a sample of 148 audit reports for 2020 and 2021, the influence of the total assets, financial result of the period, liquidity coefficients, debt and current ratio, as well as the two-year trend of indicators on the auditor's assessment of the going concern of the audited entity were tested. The research showed that a negative business result, a higher debt ratio, a lower liquidity ratio, a lower current ratio and a decline in 3 of the 4 listed indicators increase the probability of emphasizing the issue of going concern in the audit report. Keywords: going concern; financial statements; auditor’s reports; financial positions; financial indicators Journal: BH Ekonomski forum Volume: 20 Issue: 1 Year: 2024 Month: 09 DOI: 10.62900/BHEF242001003 File-URL: https://bhef.unze.ba/article/63 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:63 Template-Type: ReDIF-Article 1.0 Author-Name: Bobana Velaga Lipić Author-Email: velaga.bobana@gmail.com Title: INFLUENCE OF MACROECONOMIC FACTORS ON CAPITAL STRUCTURE Abstract: An adequate analysis of the cyclical movement of the economy must be based on the movement of many key economic variables, not solely on the movement of social output. Numerous theories have been developed about the causes of cyclical fluctuations in the real economy, primarily based on the notion that cyclical movements can stem from exogenous or endogenous disturbances and shocks. During the expansion phase, companies typically experience improved resultsand higher profitability, whereas during the contraction phase, they may face declining sales, reduced revenue, and business challenges. Macroeconomic factors interact with each other and can have complex and varied impacts on business cycles, their impact can be complex, so understanding and monitoring macroeconomic factors is key to predicting and adapting to business cycles and making informed decisions in business. In addition, business cycles are a natural part of economic development and are subject to fluctuations, often resulting from a combination of various macroeconomic factors. It is important to note that the use of leverage largely depends on the specific conditions and strategy of each company. Borrowing and leverage levels should be carefully measured taking into account the current economic situation, as well as risk and return on investment opportunities. Keywords: macroeconomic factors; capital structure; business cycles; cyclical fluctuation; financial leverage Journal: BH Ekonomski forum Volume: 20 Issue: 1 Year: 2024 Month: 09 DOI: 10.62900/BHEF242001004 File-URL: https://bhef.unze.ba/article/64 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:64 Template-Type: ReDIF-Article 1.0 Author-Name: Sejfudin Zahirovic Author-Email: sejfudin.zahirovic@untz.ba Title: MULTIPRODUCT COST-VOLUME-PROFIT ANALYSIS: MATHEMATICAL REPRESENTATION OF CLASSICAL LINEAR MODELS Abstract: The subject of research in the paper is classical multiproduct Cost-Volume-Profit (MCVP) analysis models. Methods of mathematical representation and proof, as well as empirical verification on a selected specific case from practice, were used. It has been mathematically shown that the known linear relational MCVP model, which starts from the equation of operating income, and the model that considers the average unit margin, results in identical solutions that can be substituted with one general solution. This way, the determined general solution can be used also for the financial calculation of the multiproduct break-even point. Regarding the use of contribution coefficients of individual products, the derived general MCVP models can cover absolute or relative relations in such a way that a defined structure (historical or target) of the production volume relations of individual products is maintained, that no product is declared as the base or that any product is declared as the base product. Also, the obtained general MCVP models provide solutions in one step, so they are simpler to understand and implement compared to classical approaches, which can improve the efficiency of their use. Keywords: multiproduct Cost-Volume-Profit analysis; break-even point; linear model Journal: BH Ekonomski forum Volume: 20 Issue: 1 Year: 2024 Month: 09 DOI: 10.62900/BHEF242001005 File-URL: https://bhef.unze.ba/article/65 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:65 Template-Type: ReDIF-Article 1.0 Author-Name: Emina Resić Author-Email: emina.resic@efsa.unsa.ba Author-Workplace-Name: University of Sarajevo Author-Name: Edita Hebibović - Čagalj Author-Email: editah87@hotmail.com Author-Workplace-Name: Bosna Bank International DD Sarajevo Title: CLUSTERIZATION OF BANKS IN THE FEDERATION OF B&H BASED ON DIFFERENT CRITERIA Abstract: The evaluation of customers of banking services should be seen as an additional tool for analyzing the performance of banks in addition to the analysis of financial indicators. Considering the impact that customer satisfaction and trust can have on the stability of the banking system, it is desirable to include them in reports on the banking sector. The evaluation of customer satisfaction can also anticipate certain market trends and is a useful tool for the management of banking institutions to take corrective measures before the negative expectations of customers reflect on the financial statements. The evaluation of customers of banking services and the analysis of financial indicators must be placed in the context of the size of the banksso that the results can be properly interpreted. Cluster analysis is a method that can be used to perform clustering based on these three criteria. The results of the research for the Federation of B&H banks show the importance of bank clusters based on customer evaluation, financial indicators and the size of banks.  Keywords: cluster; bank; indicators; customer evaluation Journal: BH Ekonomski forum Volume: 18 Issue: 1 Year: 2023 Month: 12 Pages: 53-67 Creation-Date: 2023-12-22 File-URL: https://bhef.unze.ba/article/69 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:69 Template-Type: ReDIF-Article 1.0 Author-Name: Nenad Brkić Author-Email: nenad.brkic@efsa.unsa.ba Author-Workplace-Name: School of Economics and Business Author-Name: Esmeralda Marić Author-Email: esmeralda.maric@efsa.unsa.ba Author-Workplace-Name: School of Economics and Business Title: DIFFERENCES IN THE BRAND NAMING PROCESS BETWEEN B2B AND B2C COMPANIES IN BOSNIA AND HERZEGOVINA Abstract: The literature suggests potential differences in brand naming approaches between business-to-business (B2B) and business-to-consumer (B2C) markets. Therefore, using the model of the brand naming process proposed by a group of authors, this study aims to determine the differences in the brand naming process between companies operating in the business and the consumer markets in an unexplored research context of Bosnia and Herzegovina (B&H). The research was conducted on 50 companies from B&H using an online survey. The results indicate that B2B companies are more likely to use the company (family) brand name and that B2C companies test ideas more often than B2B companies. Furthermore, the results show differences between B2B and B2C companies regarding branding objectives and brand name criteria. The limitation of this research is primarily the lack of an updated register of contacts of companies at the moment of the data collection. Keywords: Brand; Brand identity; Brand name; Brand naming process; B2B and B2C companies Journal: BH Ekonomski forum Volume: 18 Issue: 1 Year: 2023 Month: 12 Pages: 87-100 Creation-Date: 2023-12-22 File-URL: https://bhef.unze.ba/article/70 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:70 Template-Type: ReDIF-Article 1.0 Author-Name: Nedžla Maktouf Author-Email: nedzla.maktouf@gmail.com Author-Workplace-Name: University of Sarajevo Author-Name: Adi Alić Author-Email: adi.alic@efsa.unsa.ba Author-Workplace-Name: University of Sarajevo Title: INFLUENCE OF CUSTOMER-BASED BRAND EQUITY ON NEOLUXURY BRAND PURCHASE INTENTIONS: ARE THERE DISTINCTIONS AMONG INCOME GROUPS? Abstract: This study investigates the direct effect of brand market value on consumer purchase intentions of neo-luxury brands. Additionally, this study examines how the consumer's income affects the established relationship in the conceptual research model, i.e. how the market value of the brand affects consumer purchase intentions. The data was collected through an online survey of a representative group of evenly distributed respondents, observed by different income categories. In order to validate the suggested conceptual model, we used structural equation modeling. The results show that, for neo-luxury brands, consumer purchase intentions are positively impacted by the brand's market value. Furthermore, our results show that the level of customer income is not statistically significant, leading us to draw the conclusion that there are no significant differences between how customers from various income groups perceive various brand value components or how these components affect their intentions to purchase neo-luxury brands. This research expands the knowledge about consumer purchase intentions of neo-luxury brands. Keywords: Neo-luxury brands; brand equity; purchase intention; income groups Journal: BH Ekonomski forum Volume: 18 Issue: 1 Year: 2023 Month: 12 Pages: 33-51 Creation-Date: 2023-12-22 File-URL: https://bhef.unze.ba/article/71 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:71 Template-Type: ReDIF-Article 1.0 Author-Name: Radojko Lukić Author-Email: radojko.lukic@ekof.bg.ac.rs Author-Workplace-Name: University of Belgrade Title: ECONOMIC PERFORMANCE OF THE ECONOMY OF BOSNIA AND HERZEGOVINA Abstract: The issue of analyzing factors of the dynamics of the economic performance of every economy, which means Bosnia and Herzegovina as well, is continuously very current, challenging, significant, and complex. Adequate control of key factors can significantly influence the achievement of the target economic performance of the economy of Bosnia and Herzegovina. The application of multi-criteria decisionmaking methods enables adequate control of the key factors of the economic performance of the economy of Bosnia and Herzegovina. Bearing that in mind, this paper analyzes the dynamics of the economic performance of the economy of Bosnia and Herzegovina in the period 2013 - 2022 based on the LMAW-DNMA method. The top five years according to the economic performance of the economy of Bosnia and Herzegovina according to the LMAW-DNMA method are in order: 2018, 2019, 2017, 2016, and 2015. The worst economic performance of the economy of Bosnia and Herzegovina was achieved in 2020. Lately, in general, it has significantly improved the economic performance of the economy of Bosnia and Herzegovina. This was influenced by adequate management of the analyzed statistical variables (gross domestic product, inflation, agriculture, industry, export, import, capital, income, taxes, time required to start business - days, and domestic loans provided by the financial sector). Likewise, the geopolitical situation, the economic climate, foreign direct investments, the COVID-19 pandemic, the energy crisis, the digitalization of the company's entire operations, and other factors. In any case, their adequate control can greatly influence the achievement of the target economic performance of the economy of Bosnia and Herzegovina. Keywords: performance; economy; Bosnia and Herzegovina; LMAW-DNMA method Journal: BH Ekonomski forum Volume: 18 Issue: 1 Year: 2023 Month: 12 Pages: 11-31 Creation-Date: 2023-12-22 File-URL: https://bhef.unze.ba/article/72 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:72 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir Šimić Author-Email: vsimic@efst.hr Author-Workplace-Name: University of Split Title: THE IMPACT OF GOVERNMENT CONSUMPTION ON GROWTH – GLOBAL EVIDENCE Abstract: The effects of government consumption on economic growth are investigated in this study in a panel of world economies. Renewed attention has been recently paid to exploring this important relationship, especially in the aftermath of the global economic and financial crisis which resulted in unprecedented fiscal interventions globally. Despite the numerous attempts at investigating it, the literature still seems lacking in providing a unison answer to the question on the appropriate role of government in an economy. Theoretically the effects of government consumption on growth may be both positive and negative, with a lot of ambiguity also present in empirical studies. Given this uncertainty supplementary evidence is needed to further investigate the link between government consumption and economic growth. To tackle this important question this paper applies panel data techniques in a broad sample of as many as 178 world economies covering the period since 1990 until 2020. Overall, this study reports consistent and robust evidence on the negative impact of government consumption and tax revenues on economic growth. Keywords: government consumption; economic growth; panel data Journal: BH Ekonomski forum Volume: 18 Issue: 1 Year: 2023 Month: 12 Pages: 69-85 Creation-Date: 2023-12-22 File-URL: https://bhef.unze.ba/article/73 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:73 Template-Type: ReDIF-Article 1.0 Author-Name: Filip Peovski Author-Email: peovski@eccf.ukim.edu.mk Author-Workplace-Name: Saints Cyril and Methodius University of Skopje Author-Name: Gjorgji Gockov Author-Email: gockovg@eccf.ukim.edu.mk Author-Workplace-Name: Saints Cyril and Methodius University of Skopje Title: ASSESSING THE EUROPEAN CENTRAL BANK’S UNCONVENTIONAL MEASURES - A RECURSIVE VAR APPROACH Abstract: Unconventional monetary measures utilization has proven to be of great importance in maintaining monetary and economic stability after the Great Recession. However, we aim to test this conclusion through the impact of the quantitative easing imple- mented by the European Central Bank. Observed through generated shocks in the balance sheet of the Eurosystem as our main variable, we tested whether quantitati- ve easing reestablished economic growth and rose price levels, mainly through lowe- ring borrowing costs for banks, thus helping in the post-crisis recovery. To prove our hypotheses we construct a recursive VAR model estimated in levels using 2014M05- 2018M12 data. The model incorporates variables such as the industrial production and the HICP, as output and price level proxies, and financial components such as the EONIA-MRO spread and the CISS index. The results show that the expansion shocks of the consolidated balance sheet have a positive temporary influence on industrial production and the HICP, but the reaction of the former seems to be 2.24 times greater. On the other hand, we find out that quantitative easing has an expected negative impact in widening the EONIA-MRO spread. Furthermore, we could not confirm the theoretically expected accommodative impact on financial stress. Keywords: Unconventional monetary measures; price stability; policy interest rates; recursive VAR model Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 11-27 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/74 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:74 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmin Halebic Author-Email: jasmin.halebic@unze.ba Author-Workplace-Name: University of Zenica Title: OKUN’S LAW AND ASSESSMENT OF STIMULUS TO THE ECONOMY OF BOSNIA AND HERZEGOVINA Abstract: The effects of coronavirus pandemics are omnipresent in the national economy of Bosnia and Herzegovina. Output and unemployment are probably the most impor- tant variables for measuring the negative effects of the pandemics from a macroe- conomic perspective. Different organizations, both national and international, have announced their autumn and winter prognoses of these variables for 2020. None of them are optimistic. The Bosnian economy is in the worst situation in the last two decades.International Monetary Fund approved US$ 361 million in urgent support to B&H in 2020 to alleviate the COVID-19 negative economic consequences. This paper aims to investigate the potential economic impact of that financial support with the application of simple arithmetic. In the paper, Okun’s law is used as a methodologi- cal framework to assessing the effects of the IMF's rapid financial instrument. The relationship between the real economic growth and change in the unemployment rate is estimated for the B&H economy.Findings of the paper show that the IMF financial support effect amounts to about 3.7% of GDP in B&H. Effects on the unemployment rate are estimated to 2.3 percen- tage points less than what it would otherwise have been. Since the early estimations of the GDP in B&H indicated a deep recession in 2020 this financial support proved to be an insufficient stimulus to the B&H economy. Decision-makers in the country should be aware of their responsibility for providing larger stimulus packages to avoid bad economic and social outcomes soon. Keywords: Okun’s law; economic growth; unemployment rate; IMF financial support; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 29-41 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/75 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:75 Template-Type: ReDIF-Article 1.0 Author-Name: Snezana Ristevka-Jovanovska Author-Email: Snezana.ristevska-jovanovska@eccf.ukim.edu.mk Author-Workplace-Name: Saints Cyril and Methodius University of Skopje Author-Name: Ana Dimovska Author-Email: stankovska_ana@yahoo.com Author-Workplace-Name: Saints Cyril and Methodius University of Skopje Title: MARKETING ACTIVITIES AND SALES OF MACEDONIAN WINERIES IN A CONDITION OF PANDEMIC COVID-19 Abstract: Covid-19 has implications on the overall operation of Macedonian wineries and di- rectly affected the decline in domestic sales and export to international markets. The HORECA sector stopped working completely or partially in all countries. The crisis affected the partial or total cuts of marketing costs, by postponing or cancelling planned projects. The wineries failed to sell the planned quantities and were forced to make significantly lower purchases for the 2020 harvest than in previous years. The paper presents a large number of data received from the Association Wines of Macedonia, Customs Office of the Republic of North Macedonia, Ministry of Agri- culture, Forestry and Water Economy of the Republic of North Macedonia, State In- spectorate for Agriculture, Internet articles containing topics relevant to the resear- ch. The additional data presented were collected from Macedonian wineries through a questionnaire on operations during the corona crisis. This paper provides an overview of the problems faced by Macedonian wineries during the corona crisis in terms of marketing and sales, primarily in international markets and analyzes the declined average price and reduced investment in marke- ting. Keywords: North Macedonia; Macedonian wineries; Covid-19; implications; marketing; wine Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 43-59 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/76 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:76 Template-Type: ReDIF-Article 1.0 Author-Name: Samira Dedić Author-Email: samira.dedic@untz.ba Author-Workplace-Name: University of Tuzla Author-Name: Amra Nuhanović Author-Email: amra.nuhanovic@untz.ba Author-Workplace-Name: University of Tuzla Author-Name: Jasenka Đulić Author-Email: jasenka.djulic@hotmail.com Author-Workplace-Name: Postgraduate student Rudnička Title: RESEARCH ON THE IMPORTANCE OF PERFORMANCE OF BUSINESS EXCELLENCE OF HOTEL COMPANIES IN THE TIME OF GLOBALIZATION AND REGIONALIZATION Abstract: The focal point of the research in this paper is based on examining and evaluating the role and importance of performance of business excellence in the hotel indu- stry in the time of globalization and regionalization. The research conducted in this paper included the views of hotel managers related to each performance of busi- ness excellence in Bosnia and Herzegovina. The situation with the application of the concept of business excellence in the practice of hotel companies in B&H is not particularly favourable, since this issue has not been addressed at all. Although we can see progress in improving the quality of service provision in B&H hotels, the concept of business excellence has not been sufficiently researched, and therefore not represented in the field of hotel business. Taking into account the previous, the authors came to the conclusion that everything points to the need for adoption and business according to the concept of business excellence, and that its application is necessary to ensure good business results, and thus achieve competitive advantage of each hotel company. Within the elaboration of the theoretical starting points of the observed problem, the methods of analysis and synthesis, i.e. induction and dedu- ction, were used, with the necessity of using a systematic approach in the research. In the empirical part of the research, statistical methods of univariate analysis (des- criptive statistical analysis), bivariate analysis and multivariate analysis were used. The collected data were processed with the help of SPSS Statistics 20.0 Keywords: globalization; regionalization; performance; business excellence; hotel enterprises Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 61-75 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/77 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:77 Template-Type: ReDIF-Article 1.0 Author-Name: Snježana Brkić Author-Email: brkic@efsa.unsa.ba Author-Workplace-Name: University of Sarajevo Author-Name: Amira Velić Author-Workplace-Name: University of Sarajevo Title: BILATERAL TRADE TRENDS AND PATTERNS OF BOSNIA AND HERZEGOVINA: CASE OF TRADE WITH TURKEY Abstract: A country’s trade pattern reflects its supply (export) and demand (import) specializa- tion indicating national performance and competitiveness in the foreign as well as in the domestic market. By applying two different concepts of trade specialization (one based on traditional trade theories of comparative advantages and the other based on modern trade theories), complemented with the analysis of export-import flows and relations, the paper aims to identify characteristics of the position of Bosnia and Herzegovina (B&H) in its bilateral trade. The paper investigates trends, patterns and variations in the trade of B&H with Turkey during the eleven-year time frame (2009-2019), with special regard to identifying industries with revealed comparative advantages and industries with dominancy of IIT. The analysis employs different indicators such as indices of export composition, sectoral diversification/concen- tration, IIT intensity and structure, quality of exports and imports based on relative unit values and classification of industries by technological intensity. The research results indicated an unfavourable position of B&H in trade with Turkey, with no pro- minent changes in the observed period. The trade deficit is constantly present, with low export-import coverage and a declining export trend. The analysis revealed a higher level of export product concentration primarily on low value added products, and comparative advantages of B&H in fewer industries, mainly resource-based or medium-technologically intensive. Trade with Turkey is extremely inter-industry trade, viewed both at an aggregate and industrial level, also pointing to B&H's low competitiveness in analyzed trade relations. Keywords: trade patterns; inter-industry trade specialization; intra-industry trade specialization; Bosnia and Herzegovina; Turkey Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 77-95 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/78 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:78 Template-Type: ReDIF-Article 1.0 Author-Name: Suvad Isaković Author-Email: suvad@itc.ba Author-Workplace-Name: University of Zenica Author-Name: Ajdin Isaković Author-Email: ajdin@itc.ba Author-Workplace-Name: Master of Economics Author-Name: Kanita Isaković Author-Email: kanita.isakovic@gmail.com Author-Workplace-Name: University of Sarajevo Title: THE EFFECT OF MATERIALISTIC AND NONMATERIALISTIC MOTIVATIONAL FACTORS TO EMPLOYEES' COMMITMENT TO WORK Abstract: The success of each business relies on the employees' commitment to work, i.e., how and in which way employees perform their work. When consumers are offe- red the same or similar products produced by different companies and at different prices, and when the company's business result greatly depends on the quality of the work done, company management is more interested in securing its employees' full dedication to work. The generally accepted phrase "you get what you pay for" encouraged this research, whose purpose is to determine the strength of the relation- ship between materialistic and nonmaterialistic motivational factors to employees' commitment to work. This research starts with the assumption that materialistic factors of motivation are more important motivational factors for employees when compared to nonmateriali- stic ones. Listed indicators of motivational factors represent independent variables, while the dependent variable represents the indicator 'work satisfaction', which de- termines the level of employees' commitment to work. The research had 147 participants who work in companies from different industries and different sizes. According to the Likert scale, a structured questionnaire was used to measure the employees' attitudes. Various methods for data processing in Statistical Package for the Social Sciences (SPSS) and Smart PLS3 program were used: Descriptive statistics of the sample (SPSS); Exploratory factor analysis - PCA analysis of principal components (SPSS): Factor analysis - a test of validity and confidence of the instruments (SmartPLS3); Bootstrapping analysis - testing of the hypothesis (SmartPLS3).  The conducted research shows that nonmaterialistic motivational factors, including Interpersonal relations and advancement, statistically significantly influence satisfa- ction at work, i.e., employees' commitment to the work. Keywords: Motivation; commitment to work; employees; materialistic factors; nonmaterialistic factors. Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 97-112 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/79 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:79 Template-Type: ReDIF-Article 1.0 Author-Name: Almir Alihodžić Author-Email: almir.dr2@gmail.com Author-Workplace-Name: University of Zenica Title: DOES THE OLIGOPOLISTIC POSITION OF BANKS AFFECT THE PERFORMANCE OF THE BANKING SECTOR IN THE FEDERATION OF BOSNIA AND HERZEGOVINA? Abstract: The level of banking concentration has increased significantly in the banking sector of Bosnia and Herzegovina as a result of the successful completion of privatization, the formation of new banks, the slow transition and rapid liberalization. Rapid libe- ralization has introduced strong competition in the domestic banking sector on the one hand, while there has been an increased concentration of some larger banks in the system. The main goal of this research will be to analyze the correlation between the basic measures of the oligopolistic position of banks and their impact on impro- ving or deteriorating the performance of domestic banks, such as return on assets (ROA), return on equity (ROE) and net interest margin (NIM). The survey period covers the years from 2008: Q1 to 2020: Q4 on a quarterly basis. The following va-riables were used as independent variables in the model: HHI market concentration index in the context of loans, share of foreign banks in the total ownership structure of banks (FB), bank size (BS) and growth rate of total loans (GRTL).The interde- pendence of variables in this study was tested via the OLS regression model. The results showed that the foreign-owned Banks (FB) variable has a positive impact on the variable return on Assets (ROA), while the variables bank size (BS) and market concentration index for loans (HHI) have a negative impact. The result also showed that the two variables the growth rate of total loans (GRTL) as well as foreign-ow- ned banks (FB) have a positive impact on the variable return on equity (ROE), while the variables market concentration index for loans (HHI) and bank size (BS) have a negative effect. The third result is that the variable net interest margin (NIM) has the strongest positive impact on the two variables foreign-owned banks (FB) and credit growth rate (GRTL), while concentrations for credit placements (HHI) and bank size (BS) have a negative effect. Keywords: Performance; privatization; concentration; banks in Federation of B&H Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 113-131 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/80 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:80 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina Vinšalek Stipić Author-Email: valentinavinsalek@gmail.com Author-Workplace-Name: Veleučilište „Nikola Tesla“ u Gospiću Title: INTERACTION OF STRATEGIC MANAGEMENT PROCESSES AND ACHIEVED CORPORATE PROFITABILITY: EVIDENCE FROM CROATIA Abstract: Strategic management can be said to have evolved over time and will continue to evolve. In order for companies to be more successful in their operations, they need a methodological approach to developing a strategic plan. Strategy implementati-on is a complex process because it is a consequence of complex relationships. In accordance with the above, an empirical study was conducted on a sample of 53 companies in the Republic of Croatia. The subject and goal of the research was to scientifically determine the importance of adopting and implementing long-term strategic plans. The main results of the research are that the degree of implementa- tion of the strategy is not significantly related to the indicators of net profit margin (ROS 0.164) and return on equity (ROE 0.216), while it is partially related to the in- dicator of earnings strength (TSZ 0.304) but is significant for a successful business. The implementation of the research revealed that strategic planning is an extremely important and significant factor for stable growth and development of the company. The implementation of the strategy has an important contribution to the successful operation of the company. Keywords: Strategic planning; profit; company profitability Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 133-149 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/81 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:81 Template-Type: ReDIF-Article 1.0 Author-Name: Vernesa Lavić Author-Email: dipv@tcd.ie Author-Workplace-Name: University of Sarajevo Author-Name: Azra Hadžiahmetović Author-Email: azra.hadziahmeto-vic@efsa.unsa.ba Author-Workplace-Name: University of Sarajevo Title: CORPORATE INCOME TAX BURDEN FOR SMES - THE CASE OF BOSNIA AND HERZEGOVINA Abstract: Small and medium enterprises (SMEs) play a significant role in the economic deve- lopment of both advanced and developing countries. Some earlier research showed that taxation and compliance costs have a significant effect on economic growth, development and performance of the business sector. For this reason, our research focuses on tax compliance costs imposed on the SMEs in Bosnia and Herzegovina (B&H), which is a transition and post-conflict country with a complex tax system structure. This complexity is particularly highlighted in the direct taxation system, hence the focus of this research is on corporate income tax (CIT) compliance costs. Our methodology is based on simulation of tax compliance costs between different entities in B&H - Federation of B&H (FB&H) and the Republika Srpska (RS), as well as measuring the effective tax burden for SMEs in B&H and the region. Our simulation of the CIT return of a company „X “in line with the entity law suggests that the effective tax burden is higher in RS than in FB&H entity. This is further confirmed with the effective tax rate formula applied in the second part of the rese- arch using data from the AMADEUS database. This result has an important policy implication for the fiscal authorities in B&H, as very often public discourse goes in the opposite direction to our finding. Keywords: SME; corporate income tax; tax burden; tax compliance costs Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 151-165 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/82 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:82 Template-Type: ReDIF-Article 1.0 Author-Name: Suvad Isaković Author-Email: suvad@itc.ba Author-Workplace-Name: University of Zenica Author-Name: Alaudin Brkić Author-Email: alaudin.brkic@unze.ba Author-Workplace-Name: University of Zenica Author-Name: Dženan Kulović Author-Email: dzenan.kulovic@unze.com Author-Workplace-Name: University of Zenica Title: THE ROLE AND THE IMPORTANCE OF COMPETENCIES FOR THE EMPLOYABILITY OF UNIVERSITY GRADUATES Abstract: The goal of this work is to explore the effects of various factors that affect the em- ployment of graduates of the University of Zenica. Additional analysis of variables as well as the links between variables will offer the input information that can contri- bute to the decision-making process in the development of new curriculums. The sur- vey was conducted in Zenica-Doboj Canton, which involved n = 47 respondents. To process data, the following programs were used: Microsoft Excel, SPSS and Smar- tPL S3 - SEM program. The verification of the validity and the reliability of the me- asuring scale was carried out by calculating the Cronbach's Alpha coefficient. The review of the set of the hypotheses was carried out by the Regression analysis. The findings revealed that three hypotheses were accepted and one of them was rejected. The set hypotheses confirmed that the adopted expertise of graduates, the level of acquired skills and cooperation of the University with companies has a statistically significant impact on the employability of graduates. The organizational skills of graduates do not have a statistically significant impact on the employability of the University of Zenica graduates. Keywords: competencies; employability; professional knowledge; skills; organizational skills Journal: BH Ekonomski forum Volume: 13 Issue: 2 Year: 2020 Month: 04 Pages: 167-185 Creation-Date: 2021-04-22 File-URL: https://bhef.unze.ba/article/83 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:83 Template-Type: ReDIF-Article 1.0 Author-Name: Éva Karai Author-Email: karai@gtk.elte.hu Author-Workplace-Name: Faculty of Economics, Eötvös Loránd University Author-Name: Gábor Zsolt Dragonya Author-Email: dragonya.gabor@gtk.elte.hu Author-Workplace-Name: Faculty of Economics, Eötvös Loránd University Title: Expected effects of the CSRD on the non-financial reports of transportation companies Abstract: The Corporate Sustainability Reporting Directive (CSRD) is effective from the 2023 business year for a defined group of large companies. The new directive aims to track the achievement of climate-neutrality goals through non-financial reports. Companies involved in transportation leave a significant environmental footprint.   This paper uses content analysis to answer the following questions: To what extent do the sustainability reports of ten corporate groups operating in Central and Eastern Europe, published before the entry into force, meet the new requirements, and in which areas can the report users expect additional information?   The research found the most publication deficiencies in the non-financial reports in the areas of the resilience of the business model and the financial and investment plans of the measures. With the directive’s entry into force, we expect the publications to develop in aligning the companies’ sustainability goals with deadlines, leaders’ competencies, incentive systems and the main risks affecting the companies. Keywords: CSRD; Transportation; Non-financial reporting Journal: BH Ekonomski forum Volume: 2 Issue: 20 Year: 2024 Month: 12 DOI: 10.62900/BHEF242002001 Creation-Date: 2024-12-31 File-URL: https://bhef.unze.ba/article/84 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:84 Template-Type: ReDIF-Article 1.0 Author-Name: Tünde Pattay-Palánkai Author-Email: pattaypalankai.tunde@edu.bme.hu Author-Workplace-Name: Budapest University of Technology and Economics, Faculty of Economic and Social Sciences Author-Name: Beatrix Séllei Author-Email: sellei.beatrix@gtk.bme.hu Author-Workplace-Name: University of Technology and Economics, Faculty of Economic and Social Sciences Title: THE IMPORTANCE OF PURPOSE AS A MOTIVATIONAL FACTOR IN NONPROFIT ORGANIZATIONS Abstract: This article shows a possible solution for employee motivational issues in the nonprofit sector. The research was conducted in a Hungarian nonprofit organization, a social service institution for people with disabilities. The authors show how purpose can be transformed into a concrete performance-enhancement tool. The purpose-driven direction can be most compatible with a nonprofit organization’s own goals to increase performance and employee satisfaction. Change in the attitude of managers is necessary. First, the social goals must be determined, and then the opportunity to identify with the goals must be created. Job crafting is a suitable process for this. The added value of purpose-driven work, which could also include economic value, is beginning to be recognized in the for-profit sector. For this reason, it may be essential to use the experience of the nonprofit sector, too. Keywords: Purpose; Nonprofit sector; Motivation; Job crafting Journal: BH Ekonomski forum Volume: 2 Issue: 20 Year: 2024 Month: 12 DOI: 10.62900/BHEF242002002 Creation-Date: 2024-12-31 File-URL: https://bhef.unze.ba/article/85 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:85 Template-Type: ReDIF-Article 1.0 Author-Name: Arif Çilek Author-Email: arif.cilek@giresun.edu.tr Author-Workplace-Name: Bulancak Kadir Karabaş School of Applied Sciences Author-Name: Onur Şeyranlıoğlu Author-Email: onurseyranlioglu@gmail.com Author-Workplace-Name: Giresun University, Faculty of Economics and Administrative Sciences Author-Name: Samet Gürsoy Author-Email: sametgursoy@mehmetakif.edu.tr Author-Workplace-Name: Burdur Mehmet Akif Ersoy University, Bucak Zeliha Tolunay School of Applied Business and Technology Author-Name: Melek Nur Osanmaz Author-Email: meleknurosanmaz@gmail.com Author-Workplace-Name: Gaziantep University, Faculty of Economics and Administrative Sciences Title: THE CAUSAL RELATIONSHIP BETWEEN GLOBAL ECONOMIC POLICY UNCERTAINTY (GEPU) AND STOCK MARKETS: EVIDENCE FROM MIKTA COUNTRIES Abstract: The purpose of this study is to investigate the causality relationship among the GEPU (Global Economic Political Uncertainty) index and the stock market index of the MIKTA countries. Accordingly, Hatemi-J (2012) asymmetric causality test was applied to investigate the existence of a relationship between the stock markets of the MIKTA countries and the GEPU index. In the study using monthly data, the period between 1999 and 2022, which is the widest data range for all variables, was taken into consideration. First of all, Lee-Strazicich unit root test was used to test the stationarity of the variables and it was observed that the variables were stationary at different levels. Then, the GEPU index is taken as the dependent variable and models are constructed as paired tests for each MIKTA country stock market. (Walmex) for Mexico, (Jakarta45) for Indonesia, (Kospi200) for South Korea, (BIST100) for Türkiye, and (ASX) for Australia are taken as the representative indices of MIKTA country stock markets. The results of the study show that there is a statistically significant causality effect of the GEPU index on stock markets. In general, a negative change in the GEPU index is found to be more dominant on stock markets compared to a positive change. On a country basis, it is found that an increase in the GEPU index causes a decrease in the Mexican, South Korean and Turkish stock markets. In addition, the lack of causality effect in the Australian stock market is interpreted as the fact that this stock market moves more independently from this index. Keywords: Global Economic Policy Uncertainty (GEPU); Stock Market Indices; MIKTA Countries; Hatemi-J (2012) Causality Test Journal: BH Ekonomski forum Volume: 2 Issue: 20 Year: 2024 Month: 12 DOI: 10.62900/BHEF242002003 Creation-Date: 2024-12-31 File-URL: https://bhef.unze.ba/article/86 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:86 Template-Type: ReDIF-Article 1.0 Author-Name: Najla Mujić Author-Email: najla.mujic@stu.ibu.edu.ba Author-Workplace-Name: University of Sarajevo Title: Shifting from Traditional to Green Supply Chains in Bosnia and Herzegovina: A Qualitative Study on Implementing Green Supply Chain Management practices in SME Abstract: Purpose – The profitability of green supply chains is the subject of numerous debates, analyses, and studies. While meta-analysis results of previous studies indicate that implementing green supply chain management (GSCM) practices leads to better environmental and economic organizational performance and outcomes, the impact on social and operational performance is contradictory. This study aims to clarify the relative significance of external drivers (coercive, normative, mimetic) versus internal drivers (organizational capabilities) on adopting green supply chain management practices through qualitative analysis. Design/methodology/approach – This study applies the qualitative research methodology and thematic analysis for collecting, analyzing and interpreting data. Primary data are collected using semi structured interviews (n = 6). Key informants are managers in SME BiH, representatives of EU delegations, university professors, public sector representative and key researches in the field of transition to green supply chains in BiH. Findings – The results indicate that, while SMEs in BiH face significant challenges in transitioning to green supply chains, the potential benefits outweigh the barriers. Both internal and external challenges need to be addressed through a combination of strategic initiatives, government interventions, and international collaborations. Internally, companies face financial constraints, lack of expertise, resistance to organizational change, and insufficient investments in sustainable practices. Externally, barriers include underdeveloped markets, regulatory inconsistencies, limited government support, inefficiencies in market mechanisms, information gaps, and inadequate waste management infrastructure. These challenges collectively hinder the adoption of green practices and limit the pace of transition. Research limitations/implications – This study is limited to qualitative insights from a small sample of industry professionals. Future research could expand the sample size and incorporate quantitative methods to validate the findings. Keywords: green supply chain practices; organizational performance; profitability; sustainability Journal: BH Ekonomski forum Volume: 2 Issue: 20 Year: 2024 Month: 12 DOI: 10.62900/BHEF242002004 Creation-Date: 2024-12-31 File-URL: https://bhef.unze.ba/article/87 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:87 Template-Type: ReDIF-Article 1.0 Author-Name: Nikolay Sterev Author-Email: ind.business@unwe.bg Author-Workplace-Name: Industrial business Department, Business Faculty, University of National and World Economy, Business Faculty Author-Name: Vyara Milusheva Author-Email: vyara_milusheva@unwe.bg Author-Workplace-Name: Industrial business Department, Business Faculty, University of National and World Economy, Business Faculty Author-Name: Daniel Delchev Author-Email: daniel.delchev@unwe.bg Author-Workplace-Name: Industrial business Department, Business Faculty, University of National and World Economy, Business Faculty Title: Using Project Funding for Advancing Regional Competitiveness Abstract: The idea that regional competitiveness can be fostered and managed to enhance national competitiveness has gained increasing acceptance in the scientific community in recent years. Based on this, several initiatives have been developed and implemented to enhance the company's competitiveness in specific target regions of Europe and Bulgaria through targeted project financing. Many authors develop and improve methods for assessing a company's competitiveness by concentrating on specific components such as marketing and market management, innovation and entrepreneurship, leadership in human capital management, and more. Based on this, various nations create and carry out financial initiatives to enhance business competitiveness; unfortunately, the impacts of these initiatives have not been the focus of economic or social research. Accordingly, the primary goal of this paper is to investigate and evaluate the concept of Total factor productivity model (TFP) on (regional) competitiveness as well as to examine the impact of project funding on regional competitiveness by comparing the project –based fields and importance of regional competitiveness drivers (RCI). The analysis indicates that regional competitiveness is not directly correlated with national competitiveness, as regional governments must implement targeted competitiveness policies. Ultimately, as illustrated by the Kardzhali example, local governments should more effectively investigate the factors influencing regional competitiveness rather than concentrating solely on national aspects. The limitation of this paper is that regional competitiveness is calculated only for a single NUTS region in Bulgaria, in comparison to national competitiveness data. Keywords: Regional competitiveness; competitiveness funding; regional competitive advantages Journal: BH Ekonomski forum Volume: 2 Issue: 20 Year: 2024 Month: 12 DOI: 10.62900/BHEF242002005 Creation-Date: 2024-12-31 File-URL: https://bhef.unze.ba/article/88 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:88 Template-Type: ReDIF-Article 1.0 Author-Name: Enela Horozović Author-Email: enela.horozovic@darns.gov.ba Author-Name: Lejla Demirović Author-Email: lejla.demirovic@efsa.unsa.ba Author-Name: Ševala Isaković-Kaplan Author-Email: sevala.isakovic-kaplan@efsa.unsa.ba Title: IMPACT OF IMPLEMENTATION OF BASEL III STANDARDS ON CAPITAL AND RISK MANAGEMENT OF BANKS IN THE FEDERATION OF BOSNIA AND HERZEGOVINA Abstract: A healthy and stable financial system is very important for the development and growth of a country, and its key role is to provide conditions that will enable the unhindered flow of financial resources. Given that the stability of the banking system represents, both nationally and internationally, a matter of general public interest, banks in all countries are subject to supervision by supervisory authorities. The Basel Committee on Banking Supervision plays a key role in shaping international standards with the aim of preserving the stability of the financial system. This paper explores the impact of the implementation of Basel III standards on the operations of banks in the Federation of Bosnia and Herzegovina (FBiH), with an emphasis on capital adequacy, liquidity and risk management. The research was conducted using a quantitative method, using a structured questionnaire, and SPSS software was used for statistical analysis of the research results. The analysis was conducted using a one-sample t-test to assess the deviation of respondents' attitudes from the neutral value. The results indicate a significant perception of the impact of Basel III standards on capital and risk management in the banking sector of the FBiH and provide a basis for improving the regulatory framework and bank supervision. Keywords: Basel III standard; bank accounting; risk management in banks; capital; liquidity Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101001 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/89 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:89 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Letica Author-Email: maja.letica@ef.sum.ba Author-Name: Mirela Mabić Author-Email: mirela.mabic@ef.sum.ba Author-Name: Nikola Škobić Author-Email: nikola.skobic@ef.sum.ba Title: KNOWLEDGE OF THE INTERNATIONAL CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS AND READINESS TO PROCEED ACCORDING TO THE GUIDELINES OF THE CODE Abstract: This paper aimed to examine whether the level of knowledge of the International Code of Ethics for Professional Accountants influences the readiness of accountants to act in accordance with its guidelines, even under pressure that can adversely affect their professional status. The survey was conducted among medium and large companies in the Federation of Bosnia and Herzegovina (FBiH) in 2023, with a sample of 71 respondents. The results have shown a positive connection between the level of knowledge of the Code and the willingness to take ethical action, including situations with potentially negative consequences, such as paying salaries or losing jobs, for respondents. Additionally, professional accountants who are more familiar with the Code are more likely to report the unethical behavior of management, either to relevant institutions or to the public. However, in the FBiH business practice so far, such treatment is a rarity, which indicates a gap between theoretical knowledge and actual behaviour. Keywords: Ethics; Ethics Code for Professional Accountants; Code Guidelines; Professional Accountants; Non-Ethical Requests Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101002 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/90 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:90 Template-Type: ReDIF-Article 1.0 Author-Name: Mimoza Kasa-Jashari Author-Email: moza_kasa@hotmail.com Author-Name: Aleksandra Janeska-Iliev Author-Email: aleksandra.janeska-iliev@eccf.ukim.edu.mk Title: TELEWORKING AND ITS RELATIONSHIP WITH ORGANIZATIONAL COMMITMENT: AN ANALYTICAL REVIEW Abstract: With the advancement of technology and the emergence of new challenges in the work environment, teleworking has become increasingly prevalent in recent years. This paper examines its impact on employees' organizational commitment – that is, whether and how physical distance from the workplace affects their sense of belonging, motivation, and loyalty to the organization. High levels of organizational commitment are typically linked with higher levels of job satisfaction and greater organizational citizenship behavior, where employees voluntarily exceed job demands to contribute more to the organization's success. By analyzing what previous research has found, the paper examines the factors that can strengthen or weaken this commitment, including flexibility, trust, communication, and organizational culture. The paper also explores the advantages and challenges of teleworking, providing a clearer picture of how companies can utilize this work model without compromising their connection with employees. The conclusions may be helpful for managers as well as employees who want to understand better how to maintain or increase their commitment, regardless of their workplace. Keywords: teleworking; organizational commitment; motivation; loyalty; communication; flexibility Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101003 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/92 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:92 Template-Type: ReDIF-Article 1.0 Author-Name: Faruk Unkić Author-Email: funkic@infoteh.ba Title: QUALITY OF WEBSITES OF PUBLIC INSTITUTIONS IN BOSNIA AND HERZEGOVINA: CHALLENGES AND RECOMMENDATIONS FOR INCLUSIVE DIGITAL GOVERNANCE Abstract: This paper explores the digital maturity of public institutions in Bosnia and Herzegovina at all levels of government (state, entity, Brčko District, cantonal and municipal) through a comparative assessment of the technical quality, functionality and quality of the content of their official websites. The research covers five sets of criteria: technical quality, functionality, content quality, accessibility (compliance with WCAG 2.2) and user interaction. The research methodology combines quantitative tools - Google Lighthouse, PageSpeed Insights, GTmetrix, SEMrush, Alexa ranking and the WAVE Accessibility Tool - with a qualitative review of the structure and usability of a website. The sample includes 15 state-level institutions, 25 entity ministries, the Brčko District Government, 10 cantons and 20 municipalities/cities. This study examines the prevalence and level of development of technical, functional and content quality of official portals at all levels of government, and identifies the prerequisites that must be met for the further successful progress of digital government. The research was conducted with the aim of determining the extent to which the websites of public institutions in Bosnia and Herzegovina are adapted to the digital age: whether they use advanced functionalities such as online forms, chatbots, notification systems and how they communicate with citizens. All analyses were carried out electronically. The contribution of this paper stems from the fact that the research covers a developing country, where budgets and digital capacities are lower than in developed countries, which affects the results in terms of accessibility and advanced functionalities. Keywords: digital maturity; e-government; Bosnia and Herzegovina; web standards; chatbot Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101004 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/93 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:93 Template-Type: ReDIF-Article 1.0 Author-Name: Filip Peovski Author-Email: peovski@eccf.ukim.edu.mk Author-Name: Bojan Kitanovikj Author-Email: bojan.kitanovikj@eccf.ukim.edu.mk Author-Name: Ivona Serafimovska Author-Email: ivona.serafimovska@eccf.ukim.edu.mk Title: MACHINE LEARNING FOR STRATEGIC AND OPERATIONAL DECISION-MAKING: A BIBLIOMETRIC PERSPECTIVE Abstract: Besides being a buzzword, machine learning finds new areas of application in organizational decision-making processes by the day. We map the field's intellectual structure, thematic evolution, and application domains through a bibliometric analysis of 1,803 Web of Science and Scopus articles (1990-2024) to elucidate its strategic and operational roles. Six clusters, spanning risk modeling, predictive analytics, strategic intelligence, and human-centered AI, are revealed by co-authorship, keyword co-occurrence, and bibliographic coupling. The findings reveal a fragmented but methodologically diverse landscape, with algorithm adoption differing by decision type and industry. By connecting machine learning methods (like deep learning, natural language processing, and explainable AI) with decision functions (like forecasting, optimization, and classification), we can identify the situations in which machine learning has the biggest influence. We go beyond descriptive enumeration with our integration of conceptual and practical insights. Keywords: machine learning; decision making; bibliometric analysis Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101005 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/94 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:94 Template-Type: ReDIF-Article 1.0 Author-Name: Haris Omerika Author-Email: haris.omerika@unmo.ba Author-Name: Alem Merdić Author-Email: alem.merdic@unze.ba Title: THE IMPACT OF ECONOMIC OPENNESS ON THE ECONOMIC GROWTH OF BOSNIA AND HERZEGOVINA Abstract: This paper presents a study of the impact of economic openness (imports, exportsand foreign direct investment) on the economic growth of Bosnia and Herzegovina (B&H) inthe period from 2005 to 2024. The paper applied multiple regression and OLS estimation.The research results indicate that the observed independent variables have a significantimpact in the estimated model. The variables exports and foreign direct investment have apositive effect on the economic growth of Bosnia and Herzegovina, while imports have anegative effect. The main limitation of the conducted research is the relatively shortobservation period, i.e. the inability to apply quarterly or monthly data in the empiricalanalysis. Finally, the obtained results can contribute to the generation of economic policiesthat will focus on those economic factors that contribute most to the economic growth ofBosnia and Herzegovina. Keywords: import; export; direct foreign investments; economic growth; economic openness Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101006 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/95 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:95 Template-Type: ReDIF-Article 1.0 Author-Name: Seher Tezergil Author-Email: stezergil@marmara.edu.tr Title: ANALYSIS OF ACTUARIAL PRICING STUDIES THROUGH BIBLIOMETRIC ANALYSIS Abstract: Actuarial pricing is a critical area underlying risk assessment and premium calculation processes in the insurance and finance sectors. It involves the application of mathematical and statistical models to determine the cost of insurance policies and predict potential future losses. Insurance companies place significant importance on actuarial pricing to provide their customers with affordable and sustainable policies. In this context, actuarial pricing studies are crucial for risk management and financial sustainability. Therefore, understanding and evaluating this vast and dynamic literature on actuarial pricing is essential for professionals and researchers in the sector. This study aims to examine the actuarial pricing literature using bibliometric analysis. Bibliometric analysis is a method that reveals the structure of the literature, development trends, and key research areas through the numerical and statistical analysis of publications in a specific field. This analysis is a powerful tool for identifying the historical development of actuarial pricing studies, the most influential researchers and their work, commonly used methodologies, and future research trends. This study demonstrates that the actuarial pricing literature has developed rapidly over the years, with changes in the global risk environment, particularly in the last two decades, stimulating research in this area. Analyses by author, country, publication type, and subject matter reveal the interdisciplinary nature of the field, the decisive role of central researchers and journals, and the importance of international collaborations in the development of the literature. The findings demonstrate that actuarial pricing is not only critical for the insurance sector but also vital for ensuring financial stability, developing risk management strategies, and designing sustainable policies.  Therefore, deepening actuarial pricing studies and strengthening international collaborations through the integration of modern analytical methods, artificial intelligence, and machine learning in both academia and industry stands out as a strategic imperative for future success. Keywords: Actuarial Pricing; Bibliometric Analysis; Visual Mapping Journal: BH Ekonomski forum Volume: 1 Issue: 21 Year: 2025 Month: 09 DOI: 10.62900/BHEF252101007 Creation-Date: 2025-09-30 File-URL: https://bhef.unze.ba/article/96 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:96 Template-Type: ReDIF-Article 1.0 Author-Name: Sandra Jelčić Author-Email: sandra.jelcic@ef.sum.ba Author-Name: Mirela Mabić Author-Email: mirela.mabic@ef.sum.ba Author-Name: Nikolina Čule Karačić Author-Email: nikolina.cule@hercegovinavino.ba Title: SMARTPHONE ADDICTION AND COMPULSIVE ONLINE SHOPPING AMONG GENERATION Z Abstract: Tehnološki napredak i povećana upotreba interneta duboko su prodrli u sve sfere ljudskog života, što je dovelo do značajnih promjena u svakodnevnim obrascima ponašanja, posebno među Generacijom Z. Ova generacija, okružena tehnologijom od malih nogu, razvila je obrasce korištenja pametnih telefona koji često dovode do pretjeranog oslanjanja na takve uređaje za svakodnevno funkcioniranje i regulaciju raspoloženja, što može rezultirati kompulzivnim ponašanjem pri kupovini. Pandemija COVID-19 dodatno je intenzivirala oslanjanje na tehnologiju, ističući korištenje pametnih telefona kao sredstvo za bijeg od stvarnosti. Cilj ovog rada bio je istražiti vezu između ovisnosti o pametnim telefonima i kompulzivne online kupovine direktno i kroz koncept regulacije raspoloženja. Empirijska studija korištenjem metode anketiranja provedena je u Bosni i Hercegovini početkom 2025. godine, na uzorku od 178 pripadnika Generacije Z. Pretpostavljeni odnosi između varijabli analizirani su korištenjem korelacijske i regresijske analize. Rezultati su pokazali pozitivnu korelaciju između svih istraživanih varijabli i da ovisnost o pametnim telefonima ima direktan utjecaj na kompulzivnu online kupovinu, kao i indirektan utjecaj kroz regulaciju raspoloženja putem pametnih telefona (djelimična medijacija). Veća ovisnost o pametnim telefonima može indirektno intenzivirati kompulzivnu online kupovinu kroz regulaciju raspoloženja pomoću pametnih telefona; Međutim, postoji i direktan uticaj ovisnosti o pametnim telefonima na kompulzivnu online kupovinu koji nije u potpunosti objašnjen posredničkom varijablom. Dobijeni rezultati obogaćuju postojeće znanje o razmatranim varijablama i predstavljaju dodatnu smjernicu za razvoj novih marketinških strategija, kako općenito, tako i posebno u kontekstu Generacije Z. Keywords: mobile commerce; smartphone addiction; mood regulation; compulsive online shopping; Gen Z Journal: BH Ekonomski forum Volume: 2 Issue: 21 Year: 2025 Month: 12 Pages: 11-24 DOI: 10.62900/BHEF252102001 Creation-Date: 2025-12-31 File-URL: https://bhef.unze.ba/article/98 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:98 Template-Type: ReDIF-Article 1.0 Author-Name: Faruk Hadžić Author-Email: faruk.hadzic@ssst.edu.ba Title: ORGANIZATIONAL DESIGN THROUGH PROCESS FORMALIZATION AS PRECONDITIONS FOR INNOVATIVE BEHAVIOR IN SMEs Abstract: This paper investigates the relationship between organizational structure, process formalization, and innovative behavior in small and medium-sized enterprises in Bosnia and Herzegovina. Drawing on the theoretical foundations of institutional economics and organizational innovation, this research tests four hypotheses using logistic regression, multiple linear regression, and Pearson correlation analysis. The study employed a quantitative approach using data collected during 2023 from a sample of 304 SMEs operating in the manufacturing, trade, services, and ICT sectors in Bosnia and Herzegovina. The analysis applied logistic regression, multiple linear regression, and Pearson correlation to test four hypotheses. The results show that formalized career paths do not have a significant impact on innovativeness, while mentoring and training show a partial, but statistically significant effect. Also, a positive correlation was confirmed between the intensity of communication with customers and the level of organizational innovation, indicating the importance of external feedback serving to shape internal changes. Process formalization showed a partial impact on the overall level of innovation. The results obtained contribute to a better understanding of the factors shaping the innovation capacity of SMEs in transition economies and emphasize the need for a comprehensive approach that combines human capital development, flexible organizational structures, and active involvement of the external environment. Keywords: SMEs; innovation; organizational design; formalization; mentorship; transition economies; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 2 Issue: 21 Year: 2025 Month: 12 Pages: 25-46 DOI: 10.62900/BHEF252102002 Creation-Date: 2025-12-31 File-URL: https://bhef.unze.ba/article/99 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:99 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmin Ademović Author-Email: jasmin_a.j@live.com Title: CAPITAL BUDGETING AND SOCIO-ECONOMIC ANALYSIS: EVIDENCE OF THE NEW TRAMWAY PROJECT: ILIDŽA-HRASNICA Abstract: Capital budgeting is one of the most important areas of financial management. Different techniques are used to evaluate capital investment budgeting projects: payback period (PP), net present value (NPV) and internal rate of return (IRR). Graham and Harvey (2002) point out that financial managers prefer the following methods: internal rate of return or undiscounted payback period. The Ilidža–Hrasnica tram line extension is one of Sarajevo’s most significant transport investments in decades, aiming to connect a long-neglected suburban corridor to the capital’s tram network. This paper evaluates the project’s viability using capital budgeting criteria, Net Present Value (NPV), and Internal Rate of Return (IRR), alongside a qualitative economic justification. The financial analysis, drawing on projected costs and ridership, suggests a positive NPV and an IRR in the 8–10% range, exceeding the relevant cost of capital, indicating the project is financially justified under reasonable assumptions. The results and discussion emphasize that while initial ridership and financial returns may be modest, even negative in the very early years, strategic planning and supportive policies can ensure the project’s long-run success. The study concludes that the Ilidža–Hrasnica tram line is a sound investment that will enhance the city’s sustainable development, and it recommends measures to maximize its inclusive benefits. Journal: BH Ekonomski forum Volume: 2 Issue: 21 Year: 2025 Month: 12 Pages: 47-65 DOI: 10.62900/BHEF252102003 Creation-Date: 2025-12-31 File-URL: https://bhef.unze.ba/article/100 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:100 Template-Type: ReDIF-Article 1.0 Author-Name: Nisad Karabegović Author-Email: nisad.karabegovic@untz.ba Title: The Importance of Government Effectiveness and Regulatory Quality for the Economic Growth of Bosnia and Herzegovina Abstract: The aim of this research is to examine the impact of government effectiveness and regulatory quality (as key components of institutional quality) on the economic growth of Bosnia and Herzegovina, using correlation and regression analysis. Data were obtained from the World Bank database (Worldwide Governance Indicators and GDP per capita) and cover the period from 2002 to 2023. The results indicate that both government effectiveness and regulatory quality have a statistically significant impact on the economic growth of Bosnia and Herzegovina, with the note that government effectiveness shows a negative effect. The main limitation of the study lies in the perceptual nature of the indicators for government effectiveness and regulatory quality, which may affect the applicability of the results. This research provides an empirically grounded insight into the relationship between government effectiveness, regulatory quality, and economic growth in a country with a specific institutional framework – Bosnia and Herzegovina. By focusing specifically on Bosnia and Herzegovina, this study addresses a gap in the domestic literature and offers valuable policy recommendations for improving institutional quality and stimulating economic growth. In the first part of the paper, introductory considerations are presented; the second part is dedicated to the review of previous literature, while the third and fourth parts of the paper relate to the methodology, discussion, and research results. Keywords: government effectiveness; regulatory quality; economic growth; GDP per capita Journal: BH Ekonomski forum Volume: 2 Issue: 21 Year: 2025 Month: 12 Pages: 66-83 DOI: 10.62900/BHEF252102004 Creation-Date: 2025-12-31 File-URL: https://bhef.unze.ba/article/101 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:101 Template-Type: ReDIF-Article 1.0 Author-Name: Šaban Gračanin Author-Email: sgracanin@np.ac.rs Author-Name: Marina Janković-Perić Author-Email: marina.jankovic@vipos.edu.rs Author-Name: Dejan Jovanović Author-Email: djovanovic@kg.ac.rs Author-Name: Aleksandra Fedajev Author-Email: afedajev@tfbor.bg.ac.rs Title: THE APPLICATION OF FAIR VALUE CONCEPT AS AN INSTRUMENT OF ACCOUNTING POLICIES - EMPIRICAL EVIDENCE FROM THE BANKING SECTOR OF SERBIA Abstract: We examine the flexibility of financial reporting standards that affect the scope of fair value application and the extent to which this flexibility allows banks to use Fair value accounting (FVA) as an accounting policy instrument to adjust financial reporting to management's short-term needs and objectives. The sample consists of all banks actively operating in Serbia from 2005 to 2020. The study was based on a longitudinal approach and comparative analysis. The analyses show that there are no significant deviations in the average share of financial assets measured at fair value by banks in the US, EU, and Serbia during the 2005-2020 period, and that banks in Serbia, similar to those in the US and EU, have applied FVA mechanisms to mitigate the negative effects of capital market disruptions on financial statements. However, the extent to which these mechanisms limited the negative effects of declines in the fair value of financial instruments on the profitability and financial position of Serbian banks cannot be directly determined, since banks in Serbia did not disclose all information required by International Financial Reporting Standards (IFRS), similar to most US and EU banks, which also ignored the disclosure requirements of regulatory authorities. Keywords: fair value accounting; accounting policy instruments; banks; bank profitability Journal: BH Ekonomski forum Volume: 2 Issue: 21 Year: 2025 Month: 12 Pages: 84-100 DOI: 10.62900/BHEF252102005 Creation-Date: 2025-12-31 File-URL: https://bhef.unze.ba/article/102 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:102 Template-Type: ReDIF-Article 1.0 Author-Name: Jasmina Džafić Author-Email: jasmina.dzafic@unze.ba Author-Name: Mirza Mulić Author-Email: mirza.mulic@dl.unze.ba Title: Portfolio Quality And Profitability In The Microcredit Sector Under Crisis Conditions: Panel Evidence From Bosnia And Herzegovina Abstract: The aim of this research is to empirically examine the impact of the COVID-19 pandemic on the profitability of the microcredit sector in Bosnia and Herzegovina, with a particular focus on changes in the quality of microcredit portfolios. The analysis is conducted on a sample of the largest microcredit institutions in B&H, covering approximately 80% of the market, using panel data from 2018 to 2024 through 28 quarterly reports. Portfolio quality is operationalized through the portfolio at risk rate (PAR>30), loan write-offs, and the loss reserve ratio, while profitability is measured by return on assets (ROA) and return on equity (ROE). The research employs basic and additional panel regression models, including income diversification indicators and the “COVID portfolio.” The results show that all key portfolio quality variables had a negative impact on profitability, with statistically significant effects recorded for the loan write-off rate, PAR>30, and the pandemic period. Additionally, the analysis of a focused portfolio strategy shows that greater income diversification reduces profitability, while the ' COVID portfolio' further weakens the positive effects of a focused portfolio strategy. The results obtained confirm that the pandemic had a strong negative impact on the financial performance of the microcredit sector, highlighting the importance of credit risk management, strategic portfolio focus and the implementation of regulatory measures to preserve the stability of institutions under crisis conditions. Keywords: microfinance institutions; portfolio quality; profitability; COVID-19 pandemic; credit risk Journal: BH Ekonomski forum Volume: 2 Issue: 21 Year: 2025 Month: 12 Pages: 101-119 DOI: 10.62900/BHEF252102006 Creation-Date: 2025-12-31 File-URL: https://bhef.unze.ba/article/103 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:103 Template-Type: ReDIF-Article 1.0 Author-Name: Irnesa Kujundžić Author-Email: irnesa.kujundzic@unbi.ba Author-Name: Emira Kozarević Author-Email: emira.kozarevic@untz.ba Title: FINANCIAL LITERACY OF ENTREPRENEURS IN BOSNIA AND HERZEGOVINA: AN ANALYSIS OF KNOWLEDGE AND SKILLS IN MANAGING FINANCES Abstract: Market economies have grown more complex, bringing with them an array of financial instruments and products. This means that entrepreneurs need to understand financial concepts well enough to make sound decisions. Yet, many entrepreneurs in Bosnia and Herzegovina (BiH) struggle financially. Most do not have a background in finance and, therefore, lack the knowledge and skills required to manage their finances effectively. Poor financial literacy leads to poor decision-making—decisions that threaten liquidity and can jeopardize entire ventures. This paper examines financial literacy among BiH entrepreneurs across multiple dimensions: Do they know basic financial terms? Can they plan financially? How well do they manage cash flow? Do they understand the financial instruments available to them? The authors conducted a survey among entrepreneurs across different sectors and company sizes, and the collected data were subjected to quantitative analysis, employing both descriptive and inferential statistical methods. The findings are concerning: many entrepreneurs simply lack the knowledge or skills needed to manage finances effectively. The authors advocate a systemic approach to financial education (both formal and informal), supported by educational institutions and business associations. Improved financial literacy would directly enhance the competitiveness, stability, and long-term viability of BiH's entrepreneurial sector. Keywords: financial literacy; entrepreneurs; financial knowledge; financial planning; managing finances Journal: BH Ekonomski forum Volume: 1 Issue: 22 Year: 2026 Month: 06 Pages: 11-30 DOI: 10.62900/BHEF262201001 Creation-Date: 2026-06-12 File-URL: https://bhef.unze.ba/article/105 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:105 Template-Type: ReDIF-Article 1.0 Author-Name: Faruk Unkić Author-Email: funkic@infoteh.ba Title: PERSONALIZING CUSTOMER EXPERIENCE THROUGH ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING IN E-COMMERCE: HOW TECHNOLOGY ENABLES COMPANIES TO DELIVER INDIVIDUALIZED SHOPPING EXPERIENCES Abstract: This paper explores the transformative impact of artificial intelligence (AI) and machine learning (ML) on customer experience personalization in the e-commerce sector, aiming to enhance customer engagement and foster long-term loyalty. The research focuses on quantifying the effects of AI-powered recommendation systems and dynamic pricing on overall business performance, including—though not limited to—conversion rates, average order value, and customer lifetime value (CLV). A central question is how to balance technologically advanced offer personalization with the ethical implications of potential privacy violations. The methodology applies a mixed-methods approach, combining quantitative analysis of business purchase data (using a simulation model to assess the impact of recommendations on sales metrics) with qualitative insights from a user survey on attitudes toward personalized content. The survey emphasizes perceptions of AI service quality and associated privacy concerns. Findings indicate that accurate AI-driven personalization significantly improves key business outcomes, particularly in enhancing CLV. However, the results also highlight the need for strict ethical standards and transparency in handling user data. The paper concludes that continuous monitoring and adaptation of personalization strategies are essential for sustaining growth and maintaining a competitive edge in the global e-commerce landscape. Keywords: Personalization; E-commerce; Artificial intelligence; Machine learning; User experience. Journal: BH Ekonomski forum Volume: 1 Issue: 22 Year: 2026 Month: 06 Pages: 31-55 DOI: 10.62900/BHEF262201002 File-URL: https://bhef.unze.ba/article/106 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:106 Template-Type: ReDIF-Article 1.0 Author-Name: Benina Veledar Author-Email: benina.veledar@efsa.unsa.ba Author-Name: Maja Letica Author-Email: maja.letica@ef.sum.ba Author-Name: Alma Mahmutović Author-Email: mahmutovic.alma@gmail.com Title: TAX FRAUD TECHNIQUES IN DIRECT TAXATION: EVIDENCE FORM THE FEDERATION OF BiH Abstract: The structure of the tax system in Bosnia and Herzegovina is determined by the Constitution of BiH and the constitutions of both entities, which significantly contributes to its complexity and susceptibility to tax evasion and avoidance. Given that tax evasion remains a persistent tendency among taxpayers, effective prevention requires the identification of its dominant manifestations, motives, and consequences. The aim of this research is to analyse the most common tax fraud techniques within the system of direct taxation, drawing on the experiences of tax inspectors responsible for monitoring compliance with direct tax regulations in the Federation of Bosnia and Herzegovina. The study employs a qualitative research design based on semi-structured interviews with tax inspectors, with the collected data analysed using interpretative content analysis. The findings indicate that tax evasion most frequently manifests through expense-related manipulations, revenue concealment and fiscalisation-related practices, as well as transactions with related parties, with transfer pricing being particularly prominent among large taxpayers. The results also highlight the importance of early detection and targeted inspections in reducing fiscal losses. These findings provide a basis for strengthening tax supervision and designing more effective preventive mechanisms within the direct tax system, thereby contributing to improved fiscal discipline and a more transparent business environment in the Federation of Bosnia and Herzegovina. Keywords: tax evasion; tax fraud; direct taxation; Federation of Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 1 Issue: 22 Year: 2026 Month: 06 Pages: 56-72 DOI: 10.62900/BHEF262201003 Creation-Date: 2026-06-12 File-URL: https://bhef.unze.ba/article/107 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:107 Template-Type: ReDIF-Article 1.0 Author-Name: Ivana Dropulić Author-Email: ivana.dropulic@efst.hr Author-Name: Marko Čular Author-Email: marko.cular@efst.hr Author-Name: Matea Kovačević Author-Email: kovacevic.matea08@gmail.com Title: ANALYSIS OF GENERIC AND TECHNICAL SKILLS FOR THE ACCOUNTING MANAGER PROFESSION: A STUDENT PERSPECTIVE Abstract: Over the past decade, the accounting profession has undergone significant transformations, resulting in increased complexity, expanded responsibilities, and heightened expectations for professionals in leadership positions within accounting departments. This study investigates students’ perceptions of the necessity and required level of expertise in both technical and generic skills essential for the role of Head of Accounting. A quantitative research design was employed, with data collected through a structured questionnaire administered to students enrolled in the graduate program in Accounting and Auditing at the Faculty of Economics, Business and Tourism, University of Split. The findings indicate that students generally perceive technical skills, such as maintaining accounting records and preparing financial statements, as more essential than generic skills. While generic skills, including the use of e-business tools, professional accounting terminology, and communication abilities, are recognized as important, they are generally perceived as less essential. Although the study is limited to a single institution and student cohort, it provides valuable insights into how future accounting professionals assess the importance of both technical and generic skills for leadership positions in accounting. The findings carry practical implications for curriculum design, highlighting the need for competency-based programs that integrate technical training with opportunities to develop generic skills, thereby ensuring that educational outcomes align with evolving labor market demands. Keywords: skills; accounting; higher education; Croatia Journal: BH Ekonomski forum Volume: 1 Issue: 22 Year: 2026 Month: 06 Pages: 73-88 DOI: 10.62900/BHEF262201004 Creation-Date: 2026-06-12 File-URL: https://bhef.unze.ba/article/108 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:108 Template-Type: ReDIF-Article 1.0 Author-Name: Alem Zaimović Author-Email: alem.zaimovic@gmail.com Title: LIFE-CYCLE, INCOME AND INSTITUTIONAL DETERMINANTS OF RETIREMENT PLANNING: EMPIRICAL EVIDENCE FROM BOSNIA AND HERZEGOVINA Abstract: This paper empirically examines the determinants of supplementary retirement savings planning among employed middle-aged individuals in Bosnia and Herzegovina, with a particular focus on the role of age, income, and institutional trust in the public pension system. Grounded in life-cycle theory and institutional economics, the analysis is based on survey data collected from a sample of 321 respondents and employs a binary logistic regression model alongside marginal effects analysis. The results indicate that age and income represent key determinants of supplementary retirement planning, with higher income levels significantly increasing the likelihood of long-term financial planning. The empirical findings further suggest that distrust in public pension system reforms increases the probability of individual engagement in supplementary retirement savings planning. A robust specification incorporating the interaction between age and income confirms the presence of heterogeneous life-cycle effects: age exhibits a stronger effect among lower-income groups, whereas for higher-income individuals, the probability of retirement planning remains persistently high even in earlier stages of the working life cycle. The findings have important implications for pension policy design in transition economies, suggesting the need for a combination of fiscal incentives, institutional reforms, and behavioral policy instruments to increase participation in supplementary retirement savings schemes. The paper contributes to the literature by identifying heterogeneous life-cycle patterns of financial behavior and by integrating institutional trust into the microeconomic analysis of retirement planning. Keywords: supplementary retirement savings; life-cycle; income; institutional trust; logistic regression; Bosnia and Herzegovina Journal: BH Ekonomski forum Volume: 1 Issue: 22 Year: 2026 Month: 06 Pages: 89-103 DOI: 10.62900/BHEF262201005 Creation-Date: 2026-06-12 File-URL: https://bhef.unze.ba/article/109 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:109 Template-Type: ReDIF-Article 1.0 Author-Name: Jadranka Đurović Todorović Author-Email: jadranka.djurovic@eknfak.ni.ac.rs Author-Name: Marina Đorđević Author-Email: marina.djordjevic@eknfak.ni.ac.rs Author-Name: Milica Ristić Cakić Author-Email: milica.ristic@eknfak.ni.ac.rs Author-Name: Branimir Kalaš Author-Email: branimir.kalas@ef.uns.ac.rs Title: Corporate Income Tax Revenues in the Context of Tax Competition and Fiscal Stability: Evidence from OECD Countries and Serbia Abstract: The paper examines the fiscal significance of corporate income tax (CIT) with a particular focus on OECD member countries and the Republic of Serbia. The main objective is to identify the key trends in corporate income tax revenues, assess their role within the structure of public finance, and analyze the factors determining their variability across different economic systems. The research employs descriptive and comparative analysis based on secondary statistical data obtained from the OECD and the Ministry of Finance of the Republic of Serbia. The findings indicate that in OECD countries, the share of CIT in total tax revenues remains relatively stable, averaging between 9% and 11%, while its share in GDP is around 3%. In contrast, in Serbia, corporate income tax represents a moderately significant fiscal source but exhibits a clear upward trend—from 0.56% of GDP in 2005 to 2.94% in 2022, which is above both the EU and OECD averages. The results reveal that the fiscal importance of corporate income tax is shaped by statutory tax rates, the scope of tax incentives, the degree of economic development, and the intensity of tax competition. The paper concludes that further reform of Serbia’s corporate taxation system is essential to enhance its revenue capacity and align it with modern fiscal and investment practices. Keywords: corporate income tax; OECD; public revenues; Serbia; tax policy. Journal: BH Ekonomski forum Volume: 1 Issue: 22 Year: 2026 Month: 06 Pages: 104-123 DOI: 10.62900/BHEF262201006 Creation-Date: 2026-06-12 File-URL: https://bhef.unze.ba/article/110 File-Format: text/html File-Function: Journal Article Handle: RePEc:etl:journl:110