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We are honoured to have you responded to participate in the second STED 2013th conference – Banja
Luka on 26th and 27th of September 2013. The STED Conference is categorised as International
Conference because it programme committee has members from five countries and more than ten
participants from abroad.
The conference theme is: “The development of scientific knowledge as a determinant of social and
technological development.”
The main objective of the conference is to bring together scholars and researchers from different countries
and thus create an opportunity to share experiences, new ideas, and research results.
Official conference languages: English and Serbian.
STED 2013 Conference has 104 participants from 7 countries and 61 abstracts in this Book of Abstracts.
We warmly welcome you!
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BOOK OF ABSTRACTS – TABLE
OF CONTENT
INFORMATION TECHNOLOGIES ....................................................................................................................... 5
NEW TECHNOLOGICAL SOLUTIONS AND THEIR EFFECT ON CUSTOMER SATISFACTION IN PUBLIC ADMINISTRATION .........
5
Mladen Radivojević, Jefto Džino, Bojan Žunić
STEGANOGRAPHY - ADVANTAGES AND DISADVANTAGES............................................................................................ 5
Boško Rodić, Milica Tepšić, Radovan Korićanac
BUSINESS MODEL IN SOLAR DISTRICT HEATING .......................................................................................................... 6
Nenad B. Miloradović
USAGE OF SOCIAL NETWORKS SERVICES IN BANKS IN SERBIA ...................................................................................... 6
Dalibor Vučić, Saša Salapura, Dušan Barać
IMPORTANCE OF E-BUSINESS FOR DEVELOPMENT OF RETAIL ENTERPRISES .................................................................. 7
Dejan Sredojević
SECURITY POLICY AND WIRELESS COMPUTER NETWORKS IN EDUCATIONAL INSTITUTIONS IN REPUBLIC OF CROATIA .... 7
Aleksandar Skendžić
ANALYSIS OF AVAILABILITY OF ONLINE SERVICES IN THE FIELD OF CYBER PSYCHOLOGY AT THE HEALTH INSTITUTIONS
IN REPUBLIC OF SRPSKA ............................................................................................................................................ 8
Aleksandar Stokić, Zoran Lazić
INFORMATISATION OF THE REPUBLIC OF SRPSKA EDUCATION SYSTEM WITH A SPECIAL FOCUS ON E-LEARNING IN HIGH
SCHOOL ...................................................................................................................................................................
8
Dragan Pejić, Zorana Agić
MANAGEMENT INFORMATION SYSTEMS - EXAMPLES OF APPLICATION FOR ENTERPRISE ................................................
9
Saveta Vukadinović, Jovanka Popović, Vlado Radić, Rade Stanković
MANAGEMENT, ORGANISATION, ENTREPRENEURSHIP ...........................................................................11
THE APPLICATION OF BSC AND HOSHIN KANRI PERFORMANCES IN STRATEGIC MANAGEMENT OF TODAY’S
ORGANIZATIONS......................................................................................................................................................11
Predrag Pravdić, Rada Kučinar
ENTREPRENEURIAL EDUCATION AND ECONOMIC COMPETITIVENESS ...........................................................................11
Vladimir Knezevic, Dragan Ivkovic
MODERN MANAGEMENT IN INTELIGENT ORGANISATION ............................................................................................12
Predrag Pravdić, Marija Marković Blagojević
CHARACTERISTICS OF THE ENTREPRENEURIAL ENVIRONMENT OF THE BANJA LUKA REGION ........................................12
Rajko Macura, Rade Tanjga
PARTNERSHIP AS DETERMINANT OF POSITIONING THE NON-PROFIT SECTOR IN A CONTEMPORARY SOCIETY ..................13
Branislav Mitić, Dijana Jović
A RESEARCH OF MOTIVATION OF MANAGERS IN ORDER TO IMPROVE COMPETITIVENESS OF BUSINESS SYSTEMS ............14
Milan M. Krstić, Ana M. Skorup, Srđan B. Skorup
CONTRIBUTION OF INTERCULTURAL MANAGEMENT TO DEVELOPING TOLERANCE IN INTERNATIONAL BUSINESS ...........15
Katarina Zakić, Olivera Milutinović
DOWNSIZING AS A MEASURE FOR INCREASING THE EFFICIENCY AND FLEXIBILITY OF AN ENTREPRISE ..........................15
Nenad Ravić
CORRELATION BETWEEN EMOTIONAL INTELLIGENCE AND INTUITIVE DECISION-MAKING STYLE AMONG HIGH AND
MIDDLE-LEVEL MANAGERS IN SLOVENIAN AUTOMOTIVE INDUSTRY ..........................................................................16
Ivan Erenda, Maja Meško, Boris Bukovec
SUCCESSFUL CHANGE MANAGEMENT IN SERVICE COMPANIES ....................................................................................16
Nikolina Vrcelj
ENTREPRENEURSHIP AT THE UNIVERSITY OF CAMBRIDGE - FROM EDUCATION TO EXECUTION...................................17
Milena Milićević
ARTICULATION OF VISIONS OF FUTURE STRATEGY FOR RESTORATION OF A COMPANY BASED ON MODEL PLATFORM ....17
Neven Mikić
ECONOMICS, INTERNATIONAL ECONOMICS, MACROECONOMICS .......................................................19
PUBLIC ADMINISTRATION REFORMS AND IMPLEMENTATION OF QUALITY SYSTEMS IN ORDER TO IMPROVE SERVICES IN
REPUBLIC OF SRPSKA ...............................................................................................................................................19
2
Ljubomir Mrda, Mladen Radivojević
ECONOMIC DEVELOPMENT STRATEGY OF UNDERDEVELOPED AREAS IN SERBIA ...........................................................20
Nemanja Damnjanovic, Slavica Ostojic
THE IMPACT AND CONSEQUENCES OF THE GLOBAL ECONOMIC CRISIS ON THE MACROECONOMIC FACTORS IN CENTRAL
AND EASTERN EUROPE .............................................................................................................................................20
Miloš M. Dragosavac
YOUNGSTER EMPLOYMENT IN SERBIA – HUNGARY BORDERLAND: EXAMPLE OF LOCAL GROWTH ................................21
Janis Balodis, Aljosa Budovic
CUSTOMER SATISFACTION FOCUS IN INTEGRATED MANAGEMENT APPLIED THROUGH BSC CONCEPT IN ADMINISTRATIVE
SERVICE IN LOCAL GOVERNMENT OF BANJA LUKA CITY .............................................................................................21
Kristina Bobrek Macanović
INTERGENERATIONAL RELATIONSHIPS AND COOPERATION AS A SUPPORT IN OVERCOMING THE CURRENT CRISIS IN
SLOVENIA ...............................................................................................................................................................22
Maja Meško, Maja Pungeršek, Jana Sulkan, Zlatka Meško Štok
ANALYSIS OF INFLATION PERSISTENCE IN SERBIA .....................................................................................................23
Mirjana Miletić, Siniša Miletić
EXPERIENCE WITH PRE- ACCESSION FUNDS ................................................................................................................23
S. Knežević, A. Kulaš, M. Stanić
INTERGOVERNMENTAL FINANCE SYSTEM LOCAL GOVERNMENTS IN R. SERBIA ...........................................................24
Marijana Ljubić
MANAGING A DIVERSE WORKFORCE IN THE GLOBAL WORK CULTURE .........................................................................24
Ana Z. Jurčić
INVESTMENT IN SCIENTIFIC-RESEARCH ACTIVITIES AS A FACTOR FOR ECONOMIC GROWTH AND DEVELOPMENT OF
MONTENEGRO ........................................................................................................................................................25
Nikša Grgurević, Mimo Drašković
ECONOMIC THOUGHT OF THE CAPITALIST SYSTEM AS A DETERMINANT OF SOCIAL, ECONOMIC AND TECHNOLOGICAL
DEVELOPMENT ........................................................................................................................................................25
Tatjana Dragičević Radičević, Milica Gavrilović
CHALLENGES OF REGIONAL DEVELOPMENT POLICY IN SERBIA ...................................................................................26
Jelena Pivašević, Slađana Plačkov
WOMEN LEADERS IN SPORT ......................................................................................................................................26
Marija Grbović
FINANCE, BANKING, ACCOUNTING AND AUDITING ...................................................................................27
CONTROL OF THE COMPLIANCE AND MONEY LAUNDERING AND TERRORISM FINANCING PREVENTION IN THE BANKING
BUSINESS ................................................................................................................................................................27
Ljiljana Fijat, Dragan Božić, Stevan Tomašević
ACTIVITIES OF BANKING INSTITUTIONS IN CENTRAL AND EASTERN E UROPE IN RECESSION ..........................................28
Miloš M. Dragosavac, Dunja R. Đukanović
INTERIM FINANCIAL REPORTING IN THE FUNCTION OF PROPER DECISION MAKING .......................................................28
Slobodan Kaćanski
INNOVATIONS ON THE CAPITAL MARKET THE CHANCE FOR DEVELOPMENT OF BOSNIA AND
HERZEGOVINA .................29
Ismet Kumalić
REASONS AND INTERESTS FOR BANKS' REGULATION ..................................................................................................29
Marijana LJ. Žiravac Mladenović
EUROPEAN MONETARY UNION: PAST AND CURRENT STATUS......................................................................................30
Jelena Vojnović, Slađana Plačkov, Dragana Drinić
IMPLICATIONS OF THE CODE OF CONDUCT FOR BUSINESS TAXATION IN THE REPUBLIC OF SRPSKA ................................30
Ljiljana Jović, Ljiljana Maksimović
IMPLEMENTATION OF BASEL III IN ORDER STRENGTHEN THE FINANCIAL SYSTEM ........................................................31
Snežana Milošević, Dragana Ikonić
TECHNICAL AND FINANCIAL FACTORS AFFECTING THE VALUE OF COMPANIES FROM THE ELECTRIC POWER SECTOR .....32
Artur Paździor, Karolina Gałązka
NEW ASPECTS OF INTERNAL AUDIT AND CONTROL IN COMPANY BUSINESS ..................................................................32
Brankica Todorovic
ACCOUNTING SCOPE OF THE PUBLIC- PRIVATE PARTNERSHIP .................................................................................... 323
Vedrana Vuković
LAW .........................................................................................................................................................................35
LEGAL CLINICS AS METHOD OF INTERACTIVE EDUCATION FOR LAW STUDENTS ...........................................................35
Mile Matijević
AUDIO AND VIDEO RECORDINGS AS A EVIDENCE IN CRIMINAL PROCEEDINGS PRACTICE ...............................................35
3
Bojan Despotović, Predrag Golubović
POLICY OF PREVENTION OF JUVENILE DELINQUENCY AS A DETERMINANT OF SOCIAL DEVELOPMENT ...........................36
Darko Dimovski, Filip Miric
GROUNDLESS APPREHENSION IN THE CRIMINAL LEGISLATION OF THE REPUBLIC OF SERBIA (RESPONSIBILITY AND
PUNISHMENT) .........................................................................................................................................................36
Dragan Jovašević, Ljubinko Mitrović
CRIME AND CORRUPTION .........................................................................................................................................37
Branka M. Pavlovic
PROTECTION OF CONSUMER RIGHTS IN THE CONTRACTS CONCLUDED AWAY FROM BUSINESS PREMISES AND DISTANCE
CONTRACTS AS THE OBJECTIVE OF TRADE POLICY .....................................................................................................38
Danijela M. Glušac, Dragana Gašević, Marija Lazarević, Milica S. Stanković
TERMINATION OF THE CONTRACT OF THE OFFICE SPACE LEASE ..................................................................................38
Jovana Pušac
IMMIGRATION POLICY OF THE EUROPEAN UNION
......................................................................................................39
Jasna Čošabić
LEGAL FORM OF MOBBING PROTECTION IN BOSNIA AND
HERZEGOVINA LEGISLATION ................................................39
Aleksandra Vuković
MARKETING ..........................................................................................................................................................41
EFFECTS OF SALES PROMOTION ACTIVITIES UPON ENTERING THE FAMOUS BRAND IN A NEW MARKET
..........................41
Mirjana Milovanović, Nenad Perić
APPLYING THE CONCEPT OF MARKETING IN THE PUBLIC SECTOR ................................................................................41
Dalibor Đerić
THE IMPORTANCE OF IMPLEMENTING RESPONSIBLE MARKETING IN THE FOOD INDUSTRY IN ORDER TO PROTECT THE
HUMAN HEALTH ......................................................................................................................................................42
Zorana Antić, Milka Ivanović, Srđan Bogetić
INTERNET ADVERTISING - A REVIEW OF TRENDS IN CROATIA .....................................................................................43
Zvonimir Jurković, Andreja Katolik
STRATEGY OF NEW PRODUCT DEVELOPMENT AND INTRODUCTION OF NEW MARKET OFFERINGS IN THE ENTERPRISE .....43
Slađana Plačkov, Pivašević Jelena, Vojnović Jelena
ADOPTION OF GENERIC GLOBAL BUSINESS STRATEGIES – MARKETING ASPECT ............................................................44
Nikolina Vrcelj, Ana Jurčić, Katarina Zakić
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Information Technologies
INFORMATION TECHNOLOGIES
NEW TECHNOLOGICAL SOLUTIONS AND THEIR EFFECT ON CUSTOMER
SATISFACTION IN PUBLIC ADMINISTRATION
M LADEN R ADIVOJ EVIĆ
Vlada Republike Srpske, Ministarstvo uprave i lokalne samouprave,
Trg Republike Srpske 1. Banja Luka,
Telefon: 051–338–588, E-mail: [email protected]
J EF TO D ŽINO
Vijeće ministara BiH, Ministarstvo za ljudska prava i izbjeglice,
Trg BiH 1, Sarajevo
Telefon: 033-219-923, E-mail: [email protected]
B OJ AN Ž UNIĆ
Univerzitet za poslovne studije
Jovana Dučića, 23 A, Banja Luka
Telefon: 051-248-300, E-mail: [email protected]
In this paper, for the first time we are introducing a different and original view of the
application of new technological solutions in operation of public administration. We suggest
the necessity of a new approach in the use of electronic, mobile and intelligent operation of
public administration. We are introducing new and unique models: EMI management and
em-Service. All who have been dealing with the application of new technologies in public
administration are always separately talked about e-Government, m-Government, and eGovernment and the Service-and m-Service. We believe that the conditions are ripe to new
technological solutions we observe unique and that they are no longer perceived separately.
This paper offers a different approach to the application of new technological solutions in
operation of public administration and the search for, giving and obtaining services. New
model emi-management and em-services of public administration requires that new
technology is not only used as a tool to automate the existing situation and efficient work,
but to the same extent and be a driving force for its reform and renewal. This, new,
integrated technology solution will certainly provide more efficient operation of the public
administration, and customer satisfaction to its services. It will provide personalization and
self-service to users and the public administration not only giving, but also offering services.
Keywords: public administration, e-m-i-Government, e-m-Service, customer service
STEGANOGRAPHY - ADVANTAGES AND DISADVANTAGES
B OŠKO R ODIĆ
Društvo za informacionu bezbednost Srbije
dr. Agostina Neta 66, Beograd, Srbija
Telefon: +381-11-3087038; E-mail: [email protected]
M ILIC A T E PŠ IĆ
Banja Luka College
M. Obilića 30, Banja Luka, Republika Srpska, Bosna i Hercegovina
Telefon: 065/561-695; E-mail: [email protected]
R ADOVAN K OR IĆ AN AC
Služba za zajedničke poslove Vlade Republike Srpske
Trg Republike Srpske 1, Banja Luka, BiH
Telefon: 065/544-704; E-mail: [email protected]
Information follows the human race from its inception until today, and it will be covered as
long as it exists. So the information is the most important asset in life, and therefore the most
important asset of the business system. Information may be damaged, misused, stolen,
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destroyed ... the informational superiority of the holder of information is degraded, and
struggle for and with information continuously runs. Information security is converted
through a series of measures aiming to not allow this degradation, or reduce to a minimum
(tolerable) measure. Regulating measures to protect the information we come to the
encryption. Traditionally it (cryptographic) is realized through the encryption procedures,
encryption, steganography and scrambling. This paper aims to show how steganography has
very efficient and powerful techniques that allow safe and hidden communication. As the
primary methods will be use analysis, synthesis, induction, deduction, analogy.
Steganography is characterized by the fact that (almost) does not imply that the cryptosystem
is protecting specific information. Steganography has a long (pre) history. With the advent of
the computer (information technology - IT) this type of encryption is becoming very
important. There are examples of using steganography in terrorist acts. In this paper, besides
stating traditional methods of crypto protection we focused on steganography. Also, using IT
- the tools available, we performed a comparison of steganography with classical methods of
crypto protection. And we draw some conclusions.
Keywords: information, information superiority, information security, cryptographic
protection, steganography
BUSINESS MODEL IN SOLAR DISTRICT HEATING
N ENAD B. M ILORADO VIĆ
JKP Beogradske elektrane
Savski nasip 11, 11070 Novi Beograd, Beograd, Srbija
Tel:+381 64 8985 010; Email: [email protected]
Solar district heating is a new energetic discipline based on utilization of solar energy for
heat consumption. It is new clean technology which improves energy efficiency, reduced
fossil fuel consumption and emission of green houses gases and gives contribution to
sustainable development. Large solar systems could be apply not only in district heating, but
in hotels, hospitals, nursery homes, swimming pools, food industry, mining industry or
elsewhere is hot water is needed. It is words about heat energy production, not electricity
production, it is about solar heating plants, not solar power plants. Technology of solar
district heating is “mature” and ready for apply and considering technical solution, urban
planning and new business models. With development of technical solution and urban
planning, here are new business models which can bring wider application. Basic sources of
profit in this new business model are free solar energy, rice of prices of fossil fuels and price
of emission of green houses gases by Kyoto protocol. This business model is closed and all
participants can get something, depends of their contributions.
Key words: solar district heating, business model
USAGE OF SOCIAL NETWORKS SERVICES IN BANKS IN SERBIA
D ALIBOR V UČIĆ
Bank of Moscow Belgrade, Republic of Serbia
S AŠA S ALAPURA
University for Business Engineering and Management, Banja Luka, Republic of Srpska
D UŠAN B ARAĆ
Faculty of Organizational Science, University of Belgrade, Republic of Serbia
Popularity of social networks such as Facebook, Twitter and YouTube arises questions on
possibilities to use these networks in banking systems. Managers in different companies try
to identify ways to increase profit directly and indirectly using social networks, by finding
new and redefining existing business models. In spite of the ubiquity of these networks, there
is limited understanding of what the term ‘Social Media’ exactly means. The aim of this
paper is to clarify concept of Social Media, and how it differs from related concepts such as
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Web 2.0 and User Generated Content. Also, this paper presents research framework defined
in six key elements (research theme, social media, commercial activities, underlying
theories, research methods and outcomes), i.e. fundamental elements, research paradigms
and areas that can be improved. In the paper are presented results of research on the presence
and usage of social media in the banking sector in Serbia. Obtained results showed how
banks use social networks, for which purpose they are usually used, which services are most
used and how often are active the banks on social networks. Finally, we present challenges
and opportunities how social networks might be utilized in a commercial purpose and we
open topics for future research in scope of the impacts and usage of social networks.
Keywords: social networks, banking, research framework, Facebook, Twitter, YouTube
IMPORTANCE
ENTERPRISES
OF
E-BUSINESS
FOR
DEVELOPMENT
OF
RETAIL
D EJ AN S REDOJ EVIĆ
Visoka poslovna škola strukovnih studija Novi Sad
Vladimira Perića – Valtera 4, 21000 Novi Sad, Srbija
Telefon: +381214854000; E-mail: [email protected]
The rapid development of the industry, many technological breakthroughs and especially the
IT revolution opened a new chapter in human civilization. All this opens up many new
problems as well as a growing area for development and profit. A new era of global
economy and development is thus the e-business era of globalization. The subject of this
paper is a description of the benefits of the introduction of e-business in the retail business.
The paper describes the method and strategy of introducing e-business in particular retailer
"Natura", which deals with making leather goods. The introduction of e-business
management and development of Internet Web portal is interactive and allows the potential
customers this way and check the level of services offered by the company. Development in
this area brings new challenges enterprise. Investing in a Web portal opens up many
potential jobs and income. All this brings a huge competitive advantage over other providers
of the same services. Due to the large percentage of people who use social networks,
especially Facebook and Twitter, it is desirable, but very useful and promotion of these
channels in order to attract as many users. Reasons for the introduction of e-business are
primarily gaining more customers, because of strong competition and its presence in almost
every area of retailing. Today most retail stores hardly survive; many of them are closed
under the onslaught of large and powerful market. It is obvious that survive only those who
are best able to survive and adapt to constant change. Owners of retail stores need to increase
production expand the range of products and expand the market and the most effective way
to do this is to introduce e-business systems. The imperative of "Natura" is the quality of the
retail sales and communication with customers, and transfer of the portion of the Internet.
Key words: E-business, E-commerce, Internet
SECURITY POLICY AND WIRELESS COMPUTER NETWORKS
EDUCATIONAL INSTITUTIONS IN THE REPUBLIC OF CROATIA
IN
A LEKS ANDAR S KENDŽIĆ
Veleučilište Nikola Tesla u Gospiću
53000 Gospić, Hrvatska
Telefon: ++385(91)8823-413; E-mail: [email protected]
Security policy defines planning and describes goals or security procedures. Security policy
can also be defined as declaration of goals to be reached by implementation of certain
procedures. The conditions under which security policy can be operational are not specific.
Rather they are general. Implementation of security policy is not described as a part of the
procedure and it is as a matter of fact a draft of security within a certain system. According
to Peltier information security program should be a part of security program protecting the
entire property of an organization. Security program is not created to meet security needs or
requirement of revisions, but as a process providing the management with processes
necessary for managing management's responsibility. The management is responsible for
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securing appropriate means to control protection of property owned by a company or
institution in which security policy is implemented. This work describes security policy WiFi networks situation in Croatian academic institutions (members of CARNet).
Key words: security policy, Wi-Fi, networks, education
ANALYSIS OF AVAILABILITY OF ONLINE SERVICES IN THE FIELD OF
CYBER PSYCHOLOGY AT THE HEALTH INSTITUTIONS IN REPUBLIC OF
SRPSKA
A LEKS ANDAR S TOKIĆ
Narodna biblioteka Doboj
Doboj, RS, BiH
Telefon:++065/990-880; Email: [email protected]
Z ORAN L AZIĆ
Slobomir P Univerzitet
Slobomir, RS, BiH
Telefon:++053/209-623; Fax: 053/209-622; Email: [email protected]
The advancement of modern information and communication technologies causes problems
which can be defined as Internet addiction or people who use it are victims of violence on
the Internet. Internet activities of which addiction can arise increase every day, and because
different devices, with which one can access the internet, are widely available there is a
growing number of users who develop Internet addiction. There is an increase in misuse of
internet and the new type of violence is developing. Violence on the Internet (cyber bullying)
is a term for any communication through information and communication technologies that
could be considered harmful to the individual. For all these reasons it is essential to allow
people who suffer from Internet addiction, or have some other type of dependency associated
with the Internet or are victims of violence on the Internet to seek help from the healthcare
institutions through Internet i.e. online. This paper presents the results of research of
availability of online services in the field of cyber psychology in health care institutions in
the Republic of Srpska in 2013.
Keywords: Internet addiction, cyber bullying, online services, healthcare institutions, cyber
psychology
INFORMATISATION OF THE REPUBLIC OF SRPSKA EDUCATION SYSTEM
WITH A SPECIAL FOCUS ON E-LEARNING IN HIGH SCHOOL
D RAG AN P EJ IĆ
Banja Luka College
Miloša Obilića 30, Banja Luka, Republika Srpska
Phone number: +387 65 588 490; e-mail: [email protected]
Z ORAN A A GIĆ
Banja Luka College
Miloša Obilića 30, Banja Luka, Republika Srpska
Phone number: +387 65 995 324; e-mail: [email protected]
Computerization of business process and activities is becoming the integral part of every
organization, no matter what on one’s profession. The quantity of data that business system
shows and memorizes is always increasing, time for processing data is shorter, and
requirements for the quality and accuracy of information more demanding. Schools are being
imposed with new requirements aiming to improve the quality of educational and teaching
process and preparing students for the role they will have in the future. Information
technology (IT) plays a role in giving new materials and aids in teaching of the multimedia
electronic learning materials, as a replacement for the classic aids. In the paper will be
briefly described various forms of multimedia resources and electronic materials and their
possibilities for application in the classroom, as well as the other way of using computers in
8
schools in Serbian Republic. Assuming that the high schools (gymnasium) in Serbian
Republic do not sufficiently monitor the application of IT in teaching, as well as specific
social needs, the survey was conducted in thirteen high schools in the Republic of Serbian in
order to get the information on the application e-learning in these schools. The survey was
conducted using an online survey, a questionnaire consisted of two parts: first part assesses
the degree of implementation of e-learning based on rapid review of web location, and using
the second part assesses the state of implementation of e-learning based on the responses of
management schools on short term and long term plans regarding the development and
support of e-learning. The aim is that from one new, different point of view one perceives
problems of applying information technology in education, and to propose concrete measures
which will help to implement e-learning and use in schools of Serbian Republic.
Key words: Information-communication technologies, e-learning, teaching process.
MANAGEMENT INFORMATION SYSTEMS - EXAMPLES OF APPLICATION
FOR ENTERPRISE
S AVE TA V UK ADINO VIĆ
Visoka škola za poslovnu ekonomiju i preduzetništvo
Mitropolita Petra 8, Beograd, Srbija
Email: [email protected]
J OVANKA P OPO VIĆ
V LADO R ADIĆ
R ADE S TANKOVIĆ
Information technologies represent the infrastructure basis for efficient performance of most
business processes, and management information systems (MIS) provide informational
support the business processes of enterprise. Management information systems are
technology platforms that allow enterprises to integrate and coordinate their business
processes. Owing to MIS enterprise quickly identifies opportunities in the environment,
minimizes potential risks, maximizes offered opportunities, faster reacts to events in the
environment and on that basis increases profits. Management information systems should be
harmonized with the enterprise in order to provide information needed by managers in
various functional areas and at different hierarchical levels in the enterprise. If you want all
the functions of enterprises to be integrated, you should implement applications for the
enterprise (enterprise applications). Applications aim to support the effective and efficient
management of business processes. These are information systems that involve all business
functions, focus on business processes throughout the enterprise and include all levels of
management. There are four main applications of MIS for the enterprise, which will be
presented in more details in the paper: systems for enterprises (Enterprise Resource Planning
- ERP systems), systems for supply chain management (Supply Chain Management Systems
- SCM), systems for customer relationship management (Customer Relationship
Management Systems - CRM) and Content Management Systems - CMS. Each of these
systems integrates a set of related functions and business processes with aim of improving
performances of enterprises as a whole.
Key words: management information systems, applications, enterprise
9
10
Management, Organisation, Enterpreneurship
MANAGEMENT, ORGANISATION,
ENTREPRENEURSHIP
THE APPLICATION OF BSC AND HOSHIN KANRI PERFORMANCES IN
STRATEGIC MANAGEMENT OF TODAY’S ORGANIZATIONS
P REDRAG P R AVD IĆ
Faculty of Mechanical Engineering Kragujevac University of Kragujevac, Serbia, Industrial
Engineering
e-mail: [email protected]
R AD A K UČ INAR
Hydro power plants Trebinje, Bosnia and Herzegovina
Strategic management is one of managerial activities to set vision, mission, strategy, goals
and other tactics. Without a strategy, organizations are blind in the competitive world.
Strategic management causes are closely related to organization strategy. It involves
integrating an organization to get vision, goals, policies, and tactics. Also, managers try to
have the best and most appropriate performance choose excellence and appropriate methods
to push the organization towards excellence. Strategic planning is one of these methods that
help managers compare their organization with another organization. But on the other hand,
one of the weaknesses of strategy is that it is not clear and understandable for all staff
because it is qualitative and not quantitative. Strategic management can be defined as an
administrative technique in taking decisions for the future in an organization, implementation
an evaluation. In fact, it can be said that, applications of strategic management provides
sustainable development. Strategic management has a dynamic structure and it requires
continuous improvement. When strategic management is used integrated with management
tools such as total quality management, process management, Hashin Kanri can be more
efficient and effective. So, it can be understood from title of the BSC is based on the
balanced examination of performance parameters. Thus, performances are emphasized on the
enterprises not only for short-term but also for long-term at the same time in organizations
and its impact on sustainable development. Using Balanced Scorecard (BSC) as a tool for
performance assessment in strategic management and Hoshin Kanri for continuous
improvement is resulted as increase in efficiency.
Keywords: BSC, Hoshin Kanri, strategic management, performances
ENTREPRENEURIAL EDUCATION AND ECONOMIC COMPETITIVENESS
V LADIM IR K NEZE VIC
College of Business Economics and Entrepreneurship, Belgrade
Metropolitan Peter, 8, 11000 Belgrade, Serbia
Phone: 011/2762-194, Fax: 011/2762-194, E-mail: [email protected]
D RAG AN I VKOVIC
College of Business Economics and Entrepreneurship, Belgrade
Metropolitan Peter, 8, 11000 Belgrade, Serbia
Phone: 011/2762-194, Fax: 011/2762-194, E-mail: [email protected]
This paper deals with the relation between entrepreneurship education and competitiveness
of the national economy. It is based on the assumption that the overall goal of civilization of
human society is promotion of a market economy, parliamentary democracy and the rule of
law. It is believed that the improvement of competitiveness is of the greatest contribution to
the realization of these aspirations as it also requires the development of an integrated market
and the establishment of the rule of law, and also provides the material basis and provides an
11
incentive for the development of democratic processes in society. We want to show that the
promotion of entrepreneurship education is an important link in the process of improving
competitiveness, especially in the middle and high-income countries. Here we analyze the
data from the most current report of the World Economic Forum Global Competitiveness
Report 2011-2012 of the world and from 2012 to 2013. Using the method of correlation
analysis we confirm the remarkable cohesion and coherence of entrepreneurship education
and competitiveness of the ten sample countries with different levels of economic
development, but which do not belong to the circle of the poor. It confirms the hypothesis
that entrepreneurship education is an important element of competitiveness in middle-income
and advanced economies. Thus useful to point out their development and education for the
Balkan transition economies. Way of improving competitiveness will undoubtedly lead the
transformation of education in entrepreneurial terms.
Keywords: entrepreneurship education, the competitiveness of the national economy, the
World Economic Forum, Global Competitiveness Index, correlation analysis
MODERN MANAGEMENT IN INTELIGENT ORGANISATION
P REDRAG P R AVD IĆ
Fakultet inženjerskih nauka Kragujevac, poslediplomske studije: industrijski inženjering,
Univerzitet u Kragujevcu, Srbija
M AR IJ A M ARKOVIĆ B LAGOJ EVIĆ
Visoka poslovna škola strukovnih studija „Prof. dr Radomir Bojković“ Kruševac, Srbija
Business management systems should be regularly assessed the adequacy, efficiency of any
business process that takes place in organizations. This assessment should include possible
adjustment strategies, policies and objectives of organizations, in order to meet the everchanging needs and expectations of interested users. All managers in the business system
need to know the basic procedures and processes of entrepreneurial management and
management development. Change management and the development of modern
management is a very important process, with specific groups of methods and techniques
which determine the need for change implement change and evaluate their success and
increased organizational effectiveness. The most common area of change are strategies,
structures, organizational rules and procedures, technology, knowledge and skills of the
participants.
Key words: management, processes, intelligent organization
CHARACTERISTICS OF THE ENTREPRENEURIAL ENVIRONMENT OF THE
BANJA LUKA REGION
R AJ KO M AC UR A
BLC Banja Luka College
Ul. Mloša Obilića 30, Banja Luka
Telefon: ++38765549861; Fax: ++38751433010 E-mail: [email protected]
R ADE T ANJ GA
BLC Banja Luka College
Ul. Mloša Obilića 30, Banja Luka
Telefon: ++38765682975; Fax: ++38751433010 E-mail: [email protected]
The subject of the research are attitudes of entrepreneurs regarding the business environment
in which they operate, the problems and challenges they face and which hamper the
achievement of competitiveness on the market and needs, whose satisfaction would allow
better profiling on the market. The aim of the research is to identify the key success factors
of entrepreneurial ventures, that is, barriers that threaten the work of entrepreneurial firm.
The structure of the sample corresponds to the structure of the companies in Bosnia and
Herzegovina - micro, small, medium and large enterprises. The research was conducted
using a survey method on the sample of 142 legal entities, which include the sole
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entrepreneurial stores, general partnerships, Ltd. and plc. The research results show that most
subjects deal with services (57.32%) which indicate the unfavourable structure of our
economy. Similarly, the qualification structure of employees is unfavourable. Most
employees are qualified workers and with secondary professional qualification (87.85%), as
well as unqualified and semi-qualified workers (11.09%). Most companies operate
exclusively in the domestic market (54.23%). About two-thirds of the respondents showed
willingness to initiate some innovation. Most companies use external consulting services,
primarily accounting and legal services. More than two-thirds of its members, the
organization is not included in the training courses in entrepreneurship. Over 77% of
companies have family members or friends who become entrepreneurs, which may indicate
the influence of the environment on the decision to start their own businesses. When it comes
to advisory assistance, employers are most focused on the employers' associations. Concern
is the fact that over 90% of respondents do not participate in the drafting of regulations and
support measures taken by the competent authorities. As limiting factors, most entrepreneurs
identify a lack of incentive measures and financial resources, lack of information among
entrepreneurs, long registration time, the high cost of registration, lack of long-term funds for
investment, outdated technology, high cost of capital, lack of skilled personnel, unfair
competition, strong competition and monopoly of large companies, slow payment deadlines,
frequent changes in laws and so on. Publication of the research results can contribute
significantly to solving or mitigating the problems that hinder the development and
promotion of entrepreneurship.
Keywords: problems of entrepreneurs, characteristics of entrepreneurship, economic
development.
PARTNERSHIP AS DETERMINANT OF POSITIONING THE NON-PROFIT
SECTOR IN A CONTEMPORARY SOCIETY
B RAN IS LAV M ITIĆ
Ekonomski fakultet,Univerzitet PIM,Banja Luka
ITS ComTrade,Beograd
Telefon: +381 601 709 550; E- mail: [email protected]
D IJ ANA J OVIĆ
Ekonomski fakultet,Univerzitet PIM,Banja Luka
Telefon:+387 065 694 899; E- mail: [email protected]
Civil society represents the backbone in the development of a modern, democratic state,
which ensures the freedom of organizing the citizens, besides formal legality, individual
rights and pluralism. Non-profit organisations arise with the aim of solving the problems of
public interest and without primary motive to make profit, and they have an incalculable
value in the development of a democratic society. The needs for activities in the sphere of
the common good are often expressed so much that independent engagement of the nonprofit organisations in not sufficient. Therefore, the cooperation between the third sector,
state and the economic subjects is very important. The strength of the non-profit sector is
visible in the ability of mutual cooperation and setting up different forms of integrations
between non-profit organisations. The importance of cooperation and different forms of
integration in the framework of the third sector is emphasised in their activity. A broad
spectrum of partnerships, which may be used by the non-profit sector in order to solve the
issues of public interest more efficiently and quality, is abstracted. The simplest forms of
partnerships begin with cooperation, and end with collaboration. By a synergic action
through different integration forms, organisations implement their mission more
successfully. Different forms of integrations enable non-profit organisations to carry out the
goals more easily and to become the key factors in positioning the third sector in modern
society. Multi-annual practise has shown that local governments and the third sector have all
the predispositions for building harmonious relationships and mutual understanding.
Unfortunately, there is plenty of unused potential in the transitional states in this segment of
the relationships and activities.
Keywords: civil society, non-profit sector, cooperation, partnership, positioning.
13
A RESEARCH OF MOTIVATION OF MANAGERS IN ORDER TO IMPROVE
COMPETITIVENESS OF BUSINESS SYSTEMS
M ILAN M. K RS TIĆ
Visoka škola za poslovnu ekonomiju i preduzetništvo, Beograd, Srbija
11000 Beograd, Vojvode Vlahovića 35 b
Telefon: +381 60 485 0560; E-mail: [email protected]
A N A M. S KOR UP
Visoka škola za poslovnu ekonomiju i preduzetništvo, Beograd, Srbija
11000 Beograd, Vojvode Vlahovića 35 b
S RĐAN B. S KOR UP
Visoka poslovna škola strukovnih studija „Prof. dr Radomir Bojković“, Kruševac, Srbija
37000 Kruševac, Topličina 12
Competitiveness is today a precondition for survival of business systems, particularly in the
global environment. Sustainable competitiveness of the business system stems from its size,
resources, and ability to mobilize knowledge, technological skills and experience, and to
continuously develop and implement new products, processes and services. Key business
system resources are capital, physical resources, workforce, management, time and
intellectual potential of employees. In this paper, the focus is on management and its key
stakeholders, managers. In order for managers to be effective and efficient they must be
motivated. Therefore, numerous studies of their motivation were conducted so far. The
purpose of this paper is to contribute to these studies, as well as to identify the specifics of
motivation of managers of business systems in Serbia in order to design an adequate model
of motivation, which would improve the competitiveness of business systems. In this paper
we present the results of an empirical study of key factors of motivation of managers.
Research design is based on the following methodology: definition of sample, sample
selection, questionnaire design, design of web tools for interviewing selected managers, data
collection, statistical data processing, analysis of the processed data, and drawing
conclusions and proposals. The study sample included 85 managers from 66 business
systems located in 24 towns in Serbia, which differ in terms of ownership status, age and
number of employees. Managers differ in terms of hierarchical levels, the number of
subordinates (managers and non-managers), work experience, years in managerial positions.
Quantitative approach measured the dimensions of motivation from the perspective of
managers’ needs, and also the key factors that influence job satisfaction of managers.
Qualitative approach identified the elements of key factors that cause dissatisfaction of
managers. The analysis indicates that quantitative results are largely consistent with the
motivational theories of needs and can be used for developing a model of motivation of
managers, and also that the key elements of demotivating factors can be used to design future
extended studies on the same subject.
Keywords: competitiveness, business system, research, motivation of managers
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CONTRIBUTION OF INTERCULTURAL MANAGEMENT TO DEVELOPING
TOLERANCE IN INTERNATIONAL BUSINESS
K ATAR INA Z AK IĆ
Faculty of business study
Bulevar umetnosti 29,11070 New Belgrade, Republic of Serbia
Telephone: ++ 381 11 20 92 151; Fax: ++ 381 11 20 92 128
E-mail: [email protected]
O LIVER A M ILUTINOVIĆ
Megatrend University
Bulevar umetnosti 29,11070 New Belgrade, Republic of Serbia
Telephone: ++ 381 11 20 92 133; Fax: ++ 381 11 20 92 128
Since the beginning of time people from different parts of the world and from different
continents were trading. Their volume of trading depended mostly on weather and safety
conditions of the route. In time, circumstances of life started slowly to change and with them
also the ways of doing business. After World War II, the world’s economy was marked by
economic success of most of the countries. Considering that it was a period of establishing
multinational (transnational) companies, in a single country there has been increased
presence of companies from different countries, as well as multiplied number of companies
in which people from all over the world worked. Because of so many unknown facts about
the ways of how other nations and cultures were doing business, there was a need for finding
a new scientific discipline, which would properly explain how specific cultures operate and,
by doing that, find the possibilities for optimal working in the globalized world.
Methodology of this paper is based on research contributions of Schwartz, Hofstede and
GLOBE project. Although the main purpose of intercultural management in the moment of
its founding was better understanding of other nations in order to improve the volume of
business, it also contributed to fulfilling even higher goal and that is the need for
understanding that all nations are different and how their differences must be respected not
only from the point of business, but also in everyday living.
Key words: international business, intercultural management, tolerance
DOWNSIZING AS A MEASURE FOR INCREASING THE EFFICIENCY AND
FLEXIBILITY OF AN ENTREPRISE
N ENAD R AVIĆ
Faculty of Business Economics and Entrepreneurship,
11000 Belgrade, Serbia
064/2970-258, [email protected]
The growth of an enterprise brings the decrease of flexibility, innovation and creativity of
that organization, due to the standardization and introducing formal organizational structure.
Consequences can be seen in the fact that large enterprises become slow, too big and they
adapt to the changes very slowly. One of the possible solutions for the increase of flexibility
can be found in downsizing. Downsizing represents the organizational reconstruction which
has a result of reducing enterprise’s size in order to achieve higher flexibility and efficiency.
It can be realized by using the following methods: reduction of the levels of management,
reduction in the program and the scope of production, eliminating the specialized functions,
decrease in the number of employees etc. In the contemporary business practice it is often
the case, while downsizing, to remove the middle management level, which gives a “flatter“
organizational structure and increased flexibility. Hypothesis of this paper is: Downsizing
represents effective measure for increasing the efficiency and flexibility of an enterprise.
This paper applies the method of analyzing printed and electronic documents which are
connected to this topic. The purpose of this research is to prove or disprove this hypothesis.
Based upon the research results, we can say that the hypothesis is proven, e.i. that
downsizing actually represents the effective measure for increasing efficiency and flexibility
of an enterprise, but only if it is planned and systematic. It is recommended to the managers
15
to use this measure very carefully and thoughtfully, because if not it can cause many countereffects and to deepen the crisis in the enterprise.
Key words: organization, efficiency, flexibility.
CORRELATION BETWEEN EMOTIONAL INTELLIGENCE AND INTUITIVE
DECISION-MAKING STYLE AMONG HIGH AND MIDDLE-LEVEL
MANAGERS IN SLOVENIAN AUTOMOTIVE INDUSTRY
I VAN E RENDA
TPV d.d., Kandijska cesta 60, 8000 Novo mesto, Slovenia
M AJ A M E ŠKO
Faculty of Management, University of Primorska, Cankarjeva 5, Koper, Slovenia
B ORIS B UKOVEC
Faculty of organization studies, Novo mesto, Slovenia
High degree of dynamism automotive industry requires high skills of its managers to deal
with the surprising and unexpected new challenges. According to the testimony of scientific
evidence through the use of intuition in time of limited resources, decision-making, can
improve the time needed to solve them, as well as improve the quality of decisions. The main
purpose of the study is to identify possible correlation between level of emotional
intelligence and intuitive decision-making among high and middle-level managers in
Slovenian automotive industry. The data was collected by using two questionnaires. The first
questionnaire was used in order to determine emotional intelligence (SSEIT questionnaire)
and the second questionnaire was used to identify decision-making style (GDMS
questionnaire) among researched managers. Statistical analysis was carried out using SPSS
for Windows 17.0, which showed high correlation between level of emotional intelligence
and intuitive decision-making style among high and middle-level managers in Slovenian
automotive industry.
Key words: emotional intelligence, decision-making style, intuition, high and middle-level
managers in Slovenian automotive industry.
SUCCESSFUL CHANGE MANAGEMENT IN SERVICE COMPANIES
N IKOLIN A V R CELJ
Fakultet za poslovne studije, Beograd
Goce Delčeva 8, 11070 Novi Beograd, Srbija
In a practical dealing with organizational issues the descriptive and analytical approaches
dominate so as the lack of an active relation to perceived organizational problems. On the
other hand, the performances of management changes are affected by numerous different
individual perceptions of all stakeholders in this process. To homogenize diverse views, the
subject of this research is the analysis of the underlying factors that contribute to successful
change management in service companies. The paper provides a critical overview of the
most important foreign and domestic models of (organizational) changes (7S, six box model,
the situational model, the HPI model; as well as models of the following authors: Lewin,
Mintzberg, Wilson, Kotter, Lawrence & Lorsch, Huse, Khandwall , Inkson, Poras &
Robertson, Friedlander & Brown, Denning, Greiner, Burke & Litwin, Janićijević Cvijanovic
and others). This approach has the task to spot the main advantages and disadvantages of
these models, as well as to serve as the basis for the constitution of own diagnostic mental
model in a block diagram view, which would avoid the deficiencies identified, and use the
advantages that these models provide at the conceptual level.
Keywords: Management, changes, service enterprises, model.
16
ENTREPRENEURSHIP AT THE UNIVERSITY
EDUCATION TO EXECUTION
OF
CAMBRIDGE -
FROM
M ILENA M ILIĆE VIĆ
The Faculty of Engineering Management
43 Vojvode Mišića Boulevard, Belgrade, Serbia
Phone: +381114140420; Fax: +381114140422; E-mail: [email protected]
The aim of this paper is to introduce examples of good entrepreneurial practice at the
University of Cambridge, UK which contributes to outstanding synergy between the
academic and business world for Cambridge students, young professionals, and alumni.
Since this University gathers the remarkable international talent, it will be also elaborated on
the transfer of knowledge and innovation upon return of Cambridge international alumni to
their home countries. Several aspects of entrepreneurship at the University will be analyzed
in a qualitative and quantitative manner (where such data exists): the undergraduate and
postgraduate curriculum at several faculties (predominantly the Department of Engineering
and Cambridge Judge Business School) and to which extent this curriculum fosters
entrepreneurial potential among students; the opportunities for non-formal or extracurricular
entrepreneurial education (seminars, conferences, sessions with companies and
entrepreneurial celebrities); the mentoring infrastructure and human capital for budding
entrepreneurs (from University facilities and business incubators to student competitions
with professors and angel investors); as well as the regional representation of Cambridge
entrepreneurs (do certain countries of origin and cultural backgrounds create more
entrepreneurs?); and finally predominant attitudes towards entrepreneurship and indicators of
financial success for Cambridge start-ups. In its final part, this paper will recommend certain
non-invasive innovations from The University of Cambridge that Universities in Serbia can
implement so that more entrepreneurs are developed during their business management and
engineering education, which will lead to greater competitiveness in Serbian economy. With
more entrepreneurial mindset, the steady way for more disruptive innovations and greater
influx of capital will be traced.
Keywords: entrepreneurship, competitiveness, knowledge management, The University of
Cambridge, Serbian economy
ARTICULATION OF VISIONS OF FUTURE STRATEGY FOR RESTORATION
OF A COMPANY BASED ON MODEL PLATFORM
N EVEN M IKIĆ
Ekonomski fakultet Univerzitet u Banja Luci
Revitalization strategy of development potential of the company, derived from the
managerial vision and business mission, so it requires careful attention and subtle
understanding of the functions of strategic management in the formulation of management
alternatives. Thus, the articulation of a vision of the future strategy of revitalization includes
refined the concept of using appropriate scientific methodology in the process of checking
the reality and testing the proposed strategic options and their alternatives. Morphological
analysis of control alternative in the creation and selection of future development strategy is
precisely the model's continued use of platforms such methodology in articulating and
aligning business vision to reality. Thus, the model approach to monitoring the quality of the
output vectors reagibility composition of input factors of production, in fact, requires a
model computational abstraction and quantitative description business system with an
integrated perspective. It follows that a large number of theoretical models, such as
competing models, regression analysis of the economic functions which results in this work
abundantly exploited, simulation models, etc.., enabling calculation of the effects of
investments in terms of business expectations, before the system becomes operational in the
start of available resources.
Keywords: strategy, vision, model, revitalize, function, alternative
17
18
Economics, International Economics, Macroeconomics
ECONOMICS, INTERNATIONAL
ECONOMICS, MACROECONOMICS
PUBLIC ADMINISTRATION REFORMS AND IMPLEMENTATION OF
QUALITY SYSTEMS IN ORDER TO IMPROVE SERVICES IN REPUBLIC OF
SRPSKA
L J UBOMIR M RD A
ZP “Elektrodistribucija” a. d. Pale
Nikole Tesle 12. Pale, Bosna i Hercegovina
Telefon: 057-227-086
M LADEN R ADIVOJ EVIĆ
Vlada Republike Srpske, Ministarstvo uprave i lokalne samouprave,
Trg Republike Srpske 1. Banja Luka, Bosna i Hercegovina
Telefon: 051–338–588, E-mail: [email protected]
In the present way of working and doing business there is a growing need and there are
demands of the user for better, faster, cheaper and also for different kind of service. There
are increasing demands for ensuring the availability, confidentiality and integrity of
information that appear in most diverse forms. The comprehensive and inevitable changes
that are expected in Republic of Srpska (Bosnia and Herzegovina) in the next period
primarily involve changes in the way the public administration works. New trends, new ways
of doing business require different needs of the users of public services. The public sector
has to open itself to the influence of the market and to integrate the methods of work of the
private sector into its own work. Accepting the basic concept of quality and by treating the
citizens and other users of their services in a different way, work of the public administration
has to be better, faster and cheaper. The emphasis in this paper is put on the implementation
of quality that can ensure the satisfaction of the customer and all the citizens as well as their
partner relationship which leads to the more efficient and quality service. In this paper, we
look at the necessary change towards quality and efficient and cheaper work of one
administration in the segment of the reform of the public administration, better service and
cheaper work with the implementation of quality standards and business intelligence. We
look at the experiences of some countries, their system of reform of the public
administration, their achievements and their positive experiences to try to adapt to our
conditions, our work and understanding of the reform and more effective serving. We follow
CAF tools, the system of implementation of ISO standards and the quality in public
administration with the aim to propose new models which can make the reform of public
administration in Republic of Srpska (Bosnia and Herzegovina) feasible with the mutual
satisfaction of the provider and the user of the service. We perceive some of the proven
methodologies of the implementation of standards and we give recommendations on how to
achieve it in this region.
Key words: quality, public administration, reform of the public administration, better
serving.
19
ECONOMIC DEVELOPMENT STRATEGY OF UNDERDEVELOPED AREAS
IN SERBIA
N EMANJ A D AMNJ ANOVIC
Higher School Prof Dr Radomir Bojkovic, Krusevac
Faculty of Business Economics and Entrepreneurship, Belgrade
Telephone: 060/4840008, e-mail: [email protected]
S LAVIC A O S TOJ IC
Higher School Prof Dr Radomir Bojkovic, Krusevac
Telephone: 062/485274, e-mail: [email protected]
The problem of underdeveloped regions in Serbia is growing every year. Serbia, for a long
time, is struggling with unemployment, which currently stands at 27%. Production in Serbia
was destroyed, and agriculture, as the only perspective branch in Serbia, is not productive as
in the European Union countries and in countries with a good geographical position and
climate. The problems of uneven development are not only typical for Serbia, but they are
global in nature. It is essential that the Government of the Republic of Serbia defines
macroeconomic policy with aim to ensure balanced economic development throughout the
territory. According to statistical data, Serbia has the 37 municipalities of which 12 are
classified as least developed. The majority of underdeveloped municipalities is located in
mountainous areas of eastern, western and southern Serbia. The complexity and importance
of regional development is shown by the fact that these issues are in the constitutions of
many countries. Regional policy of balanced development should encourage better use of
natural resources in undeveloped areas. In a market economy, the most important is to
provide special benefits to companies that will invest in underdeveloped areas. The rapid
economic development of underdeveloped areas would reduce migration and increased
quality of life. The subject of paper analyzes the problems and suggestions for the
development of non developed areas in Serbia. The aim of this study was to develop a
strategy that will be applicable in practice with the ultimate goal of reducing the number of
economically non developed regions in Serbia.
Keywords: economic strategy, non developed areas, macroeconomic policies and measures,
balanced regional development, economic development.
THE IMPACT AND CONSEQUENCES OF THE GLOBAL ECONOMIC CRISIS
ON THE MACROECONOMIC FACTORS IN CENTRAL AND EASTERN
EUROPE
M ILOŠ M. D R AGOS AVAC
Vladimira Perića Valtera br.4 Novi Sad 21 000, Srbija
Telefon: +381 63 172 39 36, E –mail: [email protected]
The collapse of the U.S. financial markets the past three years has negatively affected the
global economic and financial system. The reduction of funding available as a result of
reduced liquidity caused a price increase of credit and led to a slowdown in economic
growth. The financial crisis has rapidly expanded and had devastating effects on the global
economy: a large number of companies went bankrupt and millions of people lost their job.
The banking market in Central and Eastern Europe in comparison with the European Union
is relatively small and underdeveloped. Unlike emerging markets (Central and Eastern
Europe), the share of banks in the global financial market is shrinking from year to year due
to the new (mergers and acquisitions) or the development of existing financial institutions
such as insurance companies, leasing companies and pension funds. The focus will be on the
analysis of key macroeconomic indicators in the period since 2005 to 2012 with projections
for the future. It will be made a comparative analysis of Serbian and developed countries in
order to assess the negative impact of the global financial crisis on the development of the
global and domestic economy. From macroeconomic indicators will be analyzed in detail the
gross domestic product, gross domestic product per capita, the trade balance (balance of
commodity exchange) and foreign direct investment, while the social aspect of the analysis
20
will be done in the unemployment rate with special reference to the level of unemployment
in the banking sector the global economic crisis. The first visible signs of the global
economic crisis in Serbia were observed in the financial sector (decrease liquidity and
difficult reform of financial institutions), first in the capital market in the form of the
withdrawal of foreign investors. Before the onset of the crisis and the recession, the financial
system of the country is rapidly developing, introduced modern legislation and established
new financial institutions that have contributed to the maintenance of macroeconomic
stability.
Keywords: The global economic crisis, gross domestic product, foreign direct investment,
unemployment, balance of trade.
YOUNGSTER EMPLOYMENT IN
EXAMPLE OF LOCAL GROWTH
SERBIA – HUNGARY
BORDERLAND:
J ANIS B ALODIS
University of Trento
Department of Sociology and Social Research, via Verdi, 26 I-38122 Trento, Italy
Phone: +37122389123, E – mail: [email protected]
A LJ OSA B UDOVIC
University of Belgrade
Faculty of Geography, Studentski trg 3/III, 11000, Belgrade, Serbia
Phone: +381112637421, E-mail: [email protected]
Serbia – Hungary borderland is characterized as a borderland of former two socialism
management type. At the end of the 1990s, the European Commission designed a new
instrument for supporting and developing youngster employment in the Balkans called
Community Assistance for Reconstruction, Development and Stabilization (CARDS).
Youngster unemployment concept in CARDS is deeply related with social cohesion and
local development. Local economic development is one of the pillars which are necessary in
order to address more profoundly the processes of decentralisation and regionalisation.
Youngster unemployment in EU and Western Balkan countries is a serious problem. 1)
Serbia as a state in former Yugoslavia is symbolized post-Yugoslav socialism model. 2)
Hungary as a state in former Warsaw pact is symbolized Soviet socialist model perspective.
Serbia’s northern border is almost Autonomous Province of Vojvodina northern border. In
Serbian northern border include Sombor, Subotica, Kanjiža and Novi Kneževac border
districts. In Hungarian site border districts are Szeged, Moraholmi and Makobi districts. In
Serbian borderland part youngster unemployment is 47%, but in Hungarian border part
youngster unemployment achieved 34%. The most important aim of this research is to clarify
how youngster unemployment rate is correlated with localized learning process. Data is
collected from Vojvodina government statistical resources, Csongrad county statistical
resources and European spatial observation network (ESPON) data.
Keywords: Vojvodina, youngster unemployment, Serbia – Hungary borderland, local
economical development, Western Balkans
CUSTOMER SATISFACTION FOCUS IN INTEGRATED MANAGEMENT
APPLIED THROUGH BSC CONCEPT IN ADMINISTRATIVE SERVICE IN
LOCAL GOVERNMENT OF BANJA LUKA CITY
K RIS TIN A B OB REK M AC ANOVIĆ
Telekomunikacije RS a.d.
I.F.Jukića 1, Banja Luka, BiH
Satisfied customer is main priority of all profit-oriented companies, non-profit organizations
and individuals who deals with creating and delivery products and services. Global processes
in European and world economy thus affirm processes of measuring customer satisfaction
and application of management methods in leading organization towards continuous growth.
However, in practice it is not always simple to build bridge between vision of top
21
management, over operational goals and strategy conducted by operational management, to
employees who are in every-day contact with customers. Important help in solving this
problem offer processes of management standardization, which at the same time, represent
forms of globalization on global (ISO standards) and European (EN norms) space. These
standards affirm application of many methods which help management to create
opportunities from limitation in global environment. One of concepts which are very
successful in this specification of goals and their measurement is BSC - Balanced scorecard.
This is why goal of this paper is to show application of Balanced scorecard concept, inside
integrated management system, with special accent on customer satisfaction. Concrete
example will be shown on BSC chart of Administrative service in local government of Banja
Luka city.
Keywords: customer satisfaction, integrated management system, balanced scorecard
INTERGENERATIONAL RELATIONSHIPS AND COOPERATION AS A
SUPPORT IN OVERCOMING THE CURRENT CRISIS IN SLOVENIA
M AJ A M E ŠKO
University of Primorska,
Faculty of Management, Koper
E-Mail: [email protected]
M AJ A P UNGERŠEK
J AN A S ULKAN
University of Ljubljana
Faculty of Sport, Ljubljana
Z LATKA M EŠKO Š TOK
Population ageing and the current crisis require a new solidarity between generations. With
low birth rate and the prolongation of life, the classic inter-generational relationships in
Slovenia are quickly changing, therefore it is demanded from policymakers, that in
cooperation with experts and civil society, they re-define them. The purpose of the research
is to study and analyse intergenerational connectedness by way of reviewing the current
situation. The prevalence of older generation is increasing more and more. Older people
often encounter problems like loneliness, depression, loss of motor and functional abilities.
They are also prone to various illnesses. For elderly, loneliness especially can represent a
common problem which makes their past rich lives empty and unworthy. On the basis of the
survey conducted, activities that could bring together different generations are suggested.
The study focuses on two groups: the young and the old generation. The questionnaires were
designed for each of these groups separately. Thus we managed to compile the needs and
wishes of both target groups. The complementary knowledge of our study contributes to a
new level of quality in the field of intergenerational cooperation and health improvement.
Moreover, it contributes to a better integration of lonely elderly people as well as young
people deprived of physical social integration due to the negative influence of advanced
technologies.
Keywords: intergenerational relationships, intergenerational cooperation, crisis in Slovenia.
22
ANALYSIS OF INFLATION PERSISTENCE IN SERBIA
M IRJ AN A M ILE TIĆ
Narodna banka Srbije
Kralja Petra 12
Telefon: +381648608162; Fax: +381113027359; E-mail: [email protected]
S IN IŠ A M ILE TIĆ
Mitropolita Petra 8
Telefon: + 381631023794; E-mail: [email protected]
In this paper, we analyzed inflation persistence in Serbia, both at the aggregate level as well
as for the different components of the consumer price index. The analysis was done for the
series of prices given on the quarterly basis for the period from 2002q1 to 2013q2. We
applied univariate autoregression model (AR) of order p, whereby sum of autoregression
coefficients was used as a measure of inflation persistence. In addition, special attention was
paid to the problem of structural breaks in the series of inflation as it may overestimate the
level of inflation persistence and could give misleading signals. The importance of
appropriate assessment of the inflation persistence stems from the fact that the impossibility
of faster return of inflation to the long-run equilibrium level, after external or domestic
shock, has implications on the conducting of monetary policy and represents a major
challenge for its effectiveness, especially in emerging countries like Serbia. If the persistence
of inflation is higher, monetary policy reaction should be stronger and proactive. If the
estimated level and persistence of inflation is lower in comparison with previous empirical
analysis, this could suggest that inflation expectations are now better anchored, which is
particularly important for countries with inflation targeting regime. Results of the analysis
indicate that the inflation persistence in the Serbia is relatively high and that is higher at the
aggregate level compared to the simple average of the components of the consumer price
index. This is probably consequence of so-called aggregation effect, since the highest
persistency have the prices of those products with the largest share in the consumer basket.
In the case of Serbia, food prices have the highest degree of persistence and the largest share
in the consumer basket.
Keywords: monetary policy; inflation; persistence of inflation; autoregression model;
structural break
EXPERIENCE WITH PRE-ACCESSION FUNDS
S. K NE ŽE VIĆ
Veleučilište u Slavonskom Brodu
Dr. Mile Budaka 1, 35000 Slavonski Brod
Telefon: ++38535492805; Fax: ++38535492804; E-mail: [email protected]
A. K ULAŠ
M. S TAN IĆ
Before entering the European Union it is essential to create internal capacity which the main
objective is the utilization of financial and business opportunities arising through EU funds.
Each country which is on the path to membership in the European Union since the signing
the Accession Treaty has the possibility to get financial and technical assistance from the
European Union. In this way, it simplifies the process of accession. This is accomplished by
pre-accession funds, whose key role is reducing economic and social disparities in the
European Common Area. In addition, pre-accession funds should help countries faster and
23
more efficient growth and development, to facilitate attraction of new investment, increase
exports, reduce debt, etc. Experiences in using pre-accession funds provide a good basis to
other countries and the opportunity to prepare in time for the other instruments of regional
policy in which they will participate equally when they become full members of the
European Union. The aim of this paper is on a concrete example, created and approved
project under IPA IV model, which is financed by European Union funds show the flow of
the most important components of the project and the way how the most important
components are connected in joint project that has the prerequisites to be accepted by the
European Commission.
Key words: European Union, pre-accession funds, IPA, Republic of Croatia
INTERGOVERNMENTAL FINANCE SYSTEM LOCAL GOVERNMENTS IN R.
SERBIA
M AR IJ AN A L J UB IĆ
Megatrend University Belgrade
Goce Delceva no. 8
Phone: + 38 111 220-30-00., E-mail: [email protected]
The system of local government in the Republic of Serbia is regulated by the Constitution of
the Republic of Serbia and the Law on Local Self-Government, and a number of other laws.
The Constitution prescribes the basis of local government system and provides types of local
governments. The Law on Local Self-government is the main legal text on local government
and specifically on regulating business, organization and financing of local government.
Responsibilities of all levels of government are financed from taxes and other revenues
established by law, and the funds for the same purpose can provide through borrowing
(debt). Each of the levels belonging to certain types of taxes and other public revenues as
their own revenues, in addition to such assets, operations of local governments are financed
from the budget of the Republic of Serbia, the execution control of the State Audit
Institution. The funding system - original and delegated responsibilities of local governments
- is designed as a mixed model and includes three types of income: the source of public
resources, the shared public revenues and transfer funds from the state budget. Author of the
paper studies the system of local government in R. Serbia, on the basis of prior experiences
and make recommendations for their improvement.
Keywords: financial systems, local government, budget, sources of funding
MANAGING A DIVERSE WORKFORCE IN THE GLOBAL WORK CULTURE
A N A Z. J UR ČIĆ
Faculty of International Economics, Megatrend University
Bulevar umetnosti 29, 11000 Belgrade, Serbia
Phone: +381 11 209 21 23
With the expansion of globalization, cross-cultures interactions and awareness of
intercultural differences are rising. Workers are moving in greater numbers across borders
and national cultures, increasing the diversity within the societies and institutions.
Globalization is at both the macro level, exemplified by the expansion of technology in
business, and at the micro level, through the use of laptops, mobile phones and the Internet,
greatly increasing interaction. Although it can be said that at the macro level there is a form
of global culture, at the micro level, the experiences, values, attitudes and behaviours of
individuals, vary within the range of national and ethnic cultures. Different global trends,
more effective teamwork, as well as changes in workforce demographics, have made
managing diverse workforce one of the most important capacities of organizations.
To free up the talent and potential of this changing workforce, the public and private sectors
are assessing their organizational systems, hoping to capitalize on the powerful benefits of a
diverse workforce and clientele. This paper deals with the possibilities of leveraging
workforce diversity, noting that the strategy and actions behind leveraging must be
24
considered from strategic standpoint, so that company achieves the ultimate goal of
maximizing employee potential, whether the employee is of the minority or majority group.
Keywords: globalization, management, culture, diversity, workforce
INVESTMENT IN SCIENTIFIC-RESEARCH ACTIVITIES AS A FACTOR FOR
ECONOMIC GROWTH AND DEVELOPMENT OF MONTENEGRO
N IKŠ A G RGUREVIĆ
Univerzitet za poslovni inženjering i menadžment Banja Luka - Studijski centar Trebinje
Trebinjskih brigada 3 Trebinje
Telefon/fax: +382 67 722 892; Email: [email protected]
M IMO D RAŠKOVIĆ
Univerzitet Crne Gore, Fakultet za pomorstvo Kotor
Dobrota 36 Kotor
Telefon/fax: +382 67 9092 768; Email: [email protected]
Investments in scientific research are the long-term and continuous, with great risk.
However, without them economic growth and development are not possible. Knowledge,
fundamental and applied science are always changing society for the better and solve most of
the development problems. Significance of the knowledge market as an element of modern
knowledge economy increasingly outstrips importance of the market of material flows. In
this way, the role of effective knowledge management is increasing, which implies and
requires a significant investment. Investing in science is considered to be the main driving
force of economic growth, economic development, through job creation, production,
innovation and strengthening competitiveness. One of the key policies of the European
Union and other developed countries is to become world leader through the knowledge
economy. This paper highlights the importance of the investment, with emphasis on issues
relevant to Montenegro. Its hypothesis is that investments in scientific research should be a
development priority, and they have no alternative.
Keywords: gross domestic expenditure on R&D, Economic Growth, Economic
Development, Montenegro.
ECONOMIC THOUGHT OF THE CAPITALIST
DETERMINANT OF SOCIAL, ECONOMIC AND
DEVELOPMENT
SYSTEM AS A
TECHNOLOGICAL
T ATJ ANA D R AGIČEVIĆ R ADIČE VIĆ
Megatrend univerzitet 11000 Beograd, Repubilka Srbija
063/313163, e -mail: [email protected]
M ILIC A G AVR ILOVIĆ
Megatrend univerzitet 11000 Beograd, Repubilka Srbija
064/3017661, e-mail: [email protected]
Capitalism society in its progressing stage created pronounced contradiction. On one side
productive forces and technology were developed towards more humane social stage and on
the other side the surplus value is belong exclusively to the private owners of capital, which
leads to class stratification, moral dilemmas and creates unsustainable ideas for further
development of capitalism. The consequences of contradictions have resulted in various
forms of alienation, labour and labour results, and later in capital owners and capital
managers. The materialization of this process was verified in the form of giant corporations,
and conditioned by social development (industrial revolution and processes of
internationalization). Synergetic effect of such social, economic and technological
development caused a deep global class order and social reification, expressed in three class
group collectivism: worker, manager and owner of the capital. Interests of a person are
individual, they suit to certain economic class, and decisions and responsibility are
25
collective. Constellations of class divisions are based on the position of the place and the role
of individuals in certain economic relationships, social life and power and force in the
development of the productive forces.
Keywords: economic development, economic globalization, capitalism, capital, labor,
human development, income distribution, technology
CHALLENGES OF REGIONAL DEVELOPMENT POLICY IN SERBIA
J ELENA P IVAŠEVIĆ
Higher School of Professional Business Studies, Novi Sad, Republic of Serbia
Phone number: + 381 695032011; E-mail: [email protected]
S LAĐAN A P LAČKO V
Faculty of Economics, University of Novi Sad
Phone number: +381638959763; e-mail: [email protected]
Since the complexity of regional development concept, which could be viewed from several
different angles: political, social, demographical, economic, etc, solving the problem of
unequable regional development in Serbia is a long-term task? The aim of this paper is to
analyze the current effects of regional policy in Serbia and propose measures which should
be implemented in the area of regional development in order to reduce disparities between
regions. Although the role of country in the overall economic and regional development was
denied in the past, a number of crises and economic problems have put, once again, a
significant country’s role in carrying out changes and finding system solutions in the
foreground. In order to overcome regional differences it is very important to synchronize and
integrate the activities of all levels of government-local governments, regional institutions
and organizations, national institutions and governments. Regional differences, which are
reflected in the unequal economic growth, exist in undeveloped as well as in developing
countries. In a transition period, regional discrepancy is even more pronounced. Comparing
with other countries, our country started dealing with the issue of regional development and
process of reforms relatively lately. The paper first analyzes the existing legal, institutional,
geographic, financial, political, and analytical framework for the development and
implementation of regional policy in the Republic of Serbia. Then it highlights current
problems and gives suggestions for improving the framework of regional development
policy.
Keywords: regional development policy, regional disparities, inequalities, strategic goals,
region.
WOMEN LEADERS IN SPORT
M AR IJ A G RBO VIĆ
Beograd, Mitropolita Petra 8,
tel. 0606070997, email: [email protected]
Leadership is the obility to influence people s behavior in order to achieve certain
behavior.The phenomenon of sport is the subject of study and research on verious sciences
and disciplines. Many women leaders in sport, which left a deep mark in history of the sport,
provided guidance for future generations.Their aspirations, desire, determination,
steadfastness, perseverance, give a strong boost for new girls, who seeing their success are
rushing into halls stadiums with ideas and visions to repeat success of a Wilma Rudolph,
Nadia Comanechi.In the age of high tehnology, sedentary lifestyle, hipokinesia,( reduced
movement)and general laziness of entire young population, girls are olso in a difficult
situation.Essential for their normal growth and development is propagation of physical
education and sport, as well as the positive effects of sports on female body.All this is
achieved very simply :with promotion, education and by promoting women leaders in
sport.in this paper, the collected data will be analysed using decriptive analysis and then
perform clasification and examined the contents of the conclusions drawn.
Keywords: women, leaders, sport, physical activity.
26
Finance, Banking, Accounting, Auditing
FINANCE, BANKING,
ACCOUNTING AND AUDITING
CONTROL OF THE COMPLIANCE AND MONEY LAUNDERING AND
TERRORISM FINANCING PREVENTION IN THE BANKING BUSINESS
L J ILJ AN A F IJ AT
Phone number: + 381 21 485-4007; E-mail: [email protected]
D RAG AN B O ŽIĆ
S TE VAN T OMAŠEVIĆ
This article deals with the compliance function in the banking business as stimulating
measure which contributes to decreasing the risk and develops to the compliance culture in
the banks. Function of the compliance is mostly connected to the Board of directors and the
Senior staff in the banks, and also to all employees who are responsible for the function and
efficiency of the compliance in its organizing segment. Money laundering and financing of
terrorism prevention belongs to a special legal obligations within compliance, and it is said
in the article about the preventive measures to suppress these criminal actions. The principles
due diligence and know you client – KYC must be basic characteristic of managing the risk
against money laundering and in accordance with the other regulations in the bank and
internal revision. If they do not apply standards of good knowledge, assessment and control
of their clients, the banks can become the subject of higher control by the regulating organs.
The results or the research about conducting money laundering and terrorism financing
prevention in 2010 are also showed, in order to let know the professional public on
implementation of the Financial Action Task Force on Money Laundering – FATF group by
the business banks in the Republic of Serbia. The methods which were applied in this
investigation, present research procedure with which, on the basis of the preliminary
knowledge about the subject, was reached further, more complete knowledge. Purpose of
this article is to reach the certain scientific level of the research about compliance. Regarding
that the system of regulated money laundering prevention in the field of banking is the first
stage of the defence of the financial system, the investigation of the banks activity is to
protect the reputation and integrity of the banking system, and to diminish possibility that the
banks become victims of the financial crime.
Keywords: compliance, money laundering, terrorism financing, prevention, banks
27
ACTIVITIES OF BANKING INSTITUTIONS IN CENTRAL AND EASTERN
EUROPE IN RECESSION
M ILOŠ M. D R AGOS AVAC
Vladimira Perića Valtera br.4 Novi Sad 21 000, Srbija
Telefon: +381 63 172 39 36, E –mail: [email protected]
D UNJ A R. Đ UKANO VIĆ
Naftna Industrija Srbije
Arse Teodorovića br. 5 Novi Sad 21 000, Srbija
Telefon: +381 63 568 033, E –mail: dunjadj89@ gmail.com
The global economic crisis, the banking sector as part of the financial system, because of its
sense of the existence and nature of the business, you should amortize the negative factors of
the crisis and initiate economic development of a country. Since the banking sector
(primarily mortgage loans and investment banking) was the instigator and cause of the
emergence of recession, it is not surprising that this segment of the financial market was
most affected by the negative effects of the crisis. In addition to banking or insurance
companies, pension funds, leasing companies and other financial institutions not remain
immune to the global financial crisis. The first visible signs of the global crisis in Central and
Eastern Europe were seen in the decrease in liquidity and the difficult reform of financial
institutions. The slowdown in economic activity was affected by the withdrawal of deposits
with banks, slowdown in bank lending to companies and households, increased cost of
foreign funding, boosting pressure on the exchange rate and an increase in credit risk. Lack
of capital it raised the funds that have already been limited and thus significantly slowed
production and economic growth. It will provide a brief overview of the situation in the
global financial markets, with a special attention will be paid to the banking sector. It will
also be shown for Reference interest rate of the European Central Bank, the Federal Reserve,
the National Bank of Serbia and the central banks of countries in the region and will provide
tabular views of mergers and acquisitions in the financial sector.
Keywords: recession, the key policy rate, mergers, acquisitions, the central bank
INTERIM FINANCIAL REPORTING IN THE FUNCTION OF PROPER
DECISION MAKING
S LOBOD AN K AĆ ANSKI
Student doktoriskih studija, Ekonomski fakultet Subotica, Srbija
As the companies cannot independently carry out their business activities, they are required
to enter the business relations with other entities. There are different forms of relation which
are inevitably present between companies such as between suppliers and customers, as well
as various financial organizations and government agencies. Commercial companies which
enter into the business relationship with other companies need to be informed about the
other’s business in order to make sure that their business relationship will be successful and
reliable. Company’s financial statements are the main information resource for business
decision making with whom do we want to make business cooperation with. Globalization
has influenced the expansion of markets and potential business partners and entities with
which each company may collaborate with. As the national standardization of financial
reporting hampers economic entities in the process of understanding other international
financial reports, there has been the appearance and implementation of international
accounting standards, and later international financial reporting standards. The subject of this
work will be the analysis of the specificity of the interim financial reporting, review and
interpretation of International Accounting Standard IAS 34, which deals with this issue, as
well as the risks and effects of the decision making process on the basis of interim reports
that due to time and cost are not subject to regular audit review.
Keywords: International accounting standards, financial reporting, business decision making
28
INNOVATIONS ON THE CAPITAL MARKET THE
DEVELOPMENT OF BOSNIA AND HERZEGOVINA
CHANCE
FOR
I SME T K UMALIĆ
Nusreta Fazlibegovića 16, Sarajevo
The aim of this study is to investigate interdependent and the role of innovation on the
capital markets and possible implications to the development of Bosnia and Herzegovina.
The capital market is a place where appear the mass investors who want to satisfy their
different interests. They will invest in instruments that meet their interests and which allow
them a assortment. On the other side of the issuers of instruments on the capital markets
want to maximize their objectives. If is the capital market are richer with instruments the
opportunity of chooses and investments are bigger. The innovations on the capital markets
create new opportunities and relations on the capital markets and allow investors greater
choice and issuers to achieve different goals. The innovations that carry additional options
allow the implementation of targeted economic development policy. Countries in transition
by creating different instruments have the ability with creating a new instrument have
possibility to achieve several goals at the same time. In this paper, a case of "buy back" bond
develops ideas to achieve multiple objectives. "Buy buck" bonds as a new instrument in the
capital market in Bosnia and Herzegovina, presenting an innovation that can be an effective
instrument for the development of capital markets, the gradual implementation of
privatization in strategic sectors, adaptation to new sources of capital and sufficient security
for investors in securities. The application and combination of scientific methods of analysis
and synthesis, quantitative and comparative methods and the methods of description and
compilation, confirmed the hypothesis: that innovation in the capital market comes to
strengthening the capital markets and create conditions for faster economic development.
Keywords: Innovations, capital market, development.
REASONS AND INTERESTS FOR BANKS' REGULATION
M AR IJ AN A LJ. Ž IR AVAC M LADENOVIĆ
Univerzitet za poslovni inženjering i menadžment Banja Luka
Despota Stefana Lazarevića bb
Tel: +387 51 378 300, email: [email protected]
Increased activity in the field of banking regulation, as compared to other types of companies
are justified by the fact that the bank's balance sheet differs greatly from ordinary nonfinancial companies’ balance sheet. That is one of reasons why banks are more vulnerable
than non-financial companies, which leads us to thinking that an unexpected loss on account
of non-fulfilment of the other side (the loss of part of the assets of the bank) may not be
enough to cover the sources resources, specifically in the capital. It's one of the reasons why
the regulators of the financial system pressure banks to increase their share capital to a level
that is defined as the minimum required to cover potential losses and to minimize the risk
that the default does not transmit a domino effect on the Bank's clients. In addition, banks
play an important role in the economy of each country, but mostly in transition countries
where they are a pillar of the financial system and the dominant financial intermediaries in it.
It is therefore natural that the area of banking business is strictly regulated, as a bank’s
failure could affect the economy of the entire country. One of the goals of banking regulation
is to avoid cases of bank failures and the protection of clients, to ensure a stable and sound
banking system and, in addition, protects and ensures stable national currency.
Keywords: regulation, bank, financial system, supervision.
29
EUROPEAN MONETARY UNION: PAST AND CURRENT STATUS
J ELENA V OJ NOVIĆ
Faculty of Economics in Subotica, University of Novi Sad
Segedinski put 9-11, Subotica, Republic of Serbia
Phone number: +381 65 517-39-65; E-mail: [email protected]
Faculty of Economics in Subotica, University of Novi Sad
Segedinski put 9-11, Subotica, Republic of Serbia
D RAG ANA D R INIĆ
A currency area within the economics of space with a single market - the common economic
conditions, environmental and macro-economic objectives, which shares the same currency,
makes a monetary union. One of the biggest monetary experiments in the history is the
creation of the European Monetary Union (EMU) in which the states have abandoned
sovereign national currencies and introduced a unique hitherto non-existent currency - the
euro. The euro is the official currency of the European Economic and Monetary Union and
the single currency of about 300 million people, 16 countries of the Union. All countries
which wanted to join the EMU had to meet certain conditions for at least two years before
entry, at the time of the entry and during their stay in the EMU. The authors start from the
concept of EMU, the problem of the emergence of the EMU, the entry conditions, the
advantages and disadvantages of joining the euro area, as well as recent developments in the
euro zone. The aim of this paper is to present the European Monetary Union - what it is, its
development over time, and which problems are faced by the candidate countries in the past,
and by which now before and during to entry into the EMU.
Keywords: European Monetary Union, concept and creation, convergence criteria, Greek
scandal, actual moment in the EMU.
IMPLICATIONS OF THE CODE OF CONDUCT FOR BUSINESS TAXATION
IN THE REPUBLIC OF SRPSKA
L J ILJ AN A J OVIĆ
Slobomir P University
Pavlovića put 76
76300 Slobomir, RS, BiH
tel: +387 55 231 101; fax: 231 176; e-mail: [email protected]
L J ILJ AN A M A KSIM O V IĆ
Slobomir P University
Pavlovića put 76
76 300 Slobomir, RS, BiH
Tel. +387 55 231 101; 231 176; e-mail: [email protected]
Code of Conduct on business taxation was adopted in 1997 in order to prevent the practice of
harmful tax competition within the European Union. The views of the Code is not legally
binding, but states that doesn’t not apply it, have risk of suffering the political consequences.
Transition countries are characterized by a number of tax breaks in order to attract foreign
investors. Measures used are numerous, from the complete exemption from tax in the first
year of operation, the application of reduced tax rates, allowing full repatriation of profit to
the country until the individual negotiation of the amount of the tax debt. Many of these
measures damage free market competition, and some of them may be considered as
dangerous for functioning of free markets. These measures are certainly not in line with the
Code, so all acceding countries had to adapt their legislations. The aim of this paper is to
examine how the tax ,that applies in the Republic of Srpska in accordance with the
requirements of the EU or whether some of its provisions, could be brought under the
30
harmful tax competition, and whether and which changes will be necessary in the process of
joining the European family. On the other hand, if such provisions exist, the paper will
analyze their effects on improving the investment climate and budget revenues in the
Republic of Srpska.
Keywords:
Srpska
Harmful tax competition, Business taxation, European Union, Republic of
IMPLEMENTATION OF
FINANCIAL SYSTEM
BASEL
III IN ORDER STRENGTHEN THE
S NE ŽANA M ILOŠE VIĆ
Economic and Trade High School,
24400 Senta, Glavni trg 12, Republic of Serbia,
D RAG ANA I KONIĆ
Higher School of Professional Business Studies,
21000 Novi Sad, Vladimira Perića Valtera 4, Republic of Serbia,
The emergence and expansion of the current financial crisis has renewed the question of
regulation and supervision of the financial system. Fir banks that have found themselves in
trouble, the Basel capital adequacy standards were more than met, above the regulatory
minimum. The crisis has revealed a number of deficiencies relating to corporate governance
and risk management. The reason for the formulation Basel III represents a failure of Basel
II. International capital flows, globalization and deregulation of financial institutions have
created the need for international harmonization of rules for banks and other financial
institutions. The introduction and implementation of standards of the Basel agreement has
contributed to the financial stability of the banking system. Like any process, and these
processes require a cost-benefit analysis of their implementation. The implementation of the
regulation on the general health of the financial system is of great importance, but it begs the
question where the line regulation, when it grows its effects and become a source of
opportunity cost? Economic processes in Serbia define the process of risk management in the
banking industry and on this basis required minimum amount of capital as a safety barrier.
What is the capital in excess of the greater is the risk coverage. Because of great importance
of the banking sector, the specific activities of banks, as well as to protect the interests of
depositors and other financial services, the National Bank of Serbia has an interest and a
responsibility to assess the adequacy of risk management and capital of the bank, while
monitoring the achievements and experiences of the members of European Union.
Hypothesis, which will be proved in the paper, is that the implementation of Basel III
significantly increases the quality and level of capital and reduces systemic risk in the
financial system. The research used the deductive, statistical analysis, comparison and other
scientific methods of reasoning. Past experience has shown that a key element in mitigating
the banking crisis was government intervention measures, with the aim of restoring citizens`
confidence in the financial system. The new regulations raise the quality, consistency and
transparency of the capital base and strengthen the risk coverage of the capital framework.
Keywords: Basel III, capital, risk, leverage, liquidity
31
TECHNICAL AND FINANCIAL FACTORS AFFECTING THE VALUE OF
COMPANIES FROM THE ELECTRIC POWER SECTOR
A R TUR P AŹDZIOR
Politechnika Lubelska
Wyższa Szkoła Przedsiębiorczości i Administracji w Lublinie, Lublin, Polska
E-mail: [email protected], [email protected]
K ARO LINA G AŁ ĄZKA
Politechnika Lubelska,
Lublin, Polska
The value of the company is influenced by many factors, both financial and non-financial.
Identification and diagnosis of these factors allows the formulation and effective
implementation of the strategy of improving the company's value. It also allows to manage
the value of each in the decision relating to the business environment, its resources and work
organization. The value of business affect not only financial cash flow, but also the structure
of financial sources. This, in turn, to a large extent is determined by the nature of the
industry. Industries differ in capital intensity and structure of the property. The production
usually requires a higher commitment to substantive and financial capital than commercial
activities or services. In this article companies from the electric power sector were analyzed.
This sector is one of the most capital-intensive. The investment period usually lasts for
several years, and the production and distribution of electricity requires a lot of capital. Aim
of this paper is to evaluate the technical and financial factors affecting the value of the
companies form the electric power industry. On the basis of the study it can be concluded
that the analyzed companies have a good financial condition. The problem is, however, a
high level of depreciation of non-current assets. At the times of the promotion of renewable
energy and stringent EU legislation to reduce emissions of greenhouse gases such entities
will be obligated to high investment in new ecological machinery and equipment. This
creates an additional risk factor, and forces them to seek new sources of funding. Without
these processes, their future existence and development seems to be problematic.
Keywords: enterprise value, electricity companies, sources of financing, technological needs
in electric power sector
NEW ASPECTS OF INTERNAL AUDIT AND CONTROL IN COMPANY
BUSINESS
B RANK IC A T ODOROVIC
High School of Economics Uzice, Serbia
Phone: 031518077; Fax: 031518077 E-mail: [email protected]
Independence and objectivity of the internal audit and control are the audit standards to be
followed in conducting the audit and preparation of audit reports. Information gained
through the internal audit as well as internal control is the basis for the decision making in
business and they have been used not only by managers but by shareholders and investors
too. Traditional internal audit is characterized by a number of lacks that can be overcome by
continuous and operational audit which submit audit reports “ad-hoc” according to the needs
of decision making in business.
Keywords: internal audit and control, audit standards, decision making in business
32
ACCOUNTING SCOPE OF THE PUBLIC-PRIVATE PARTNERSHIP
V EDRAN A V UKOVIĆ
Secondary School "Ljubisa Mladenovic"
Government of the Republic of Srpska, Ministry of Science and Technology
Phone:+387 065 858 650; E- mаil: [email protected]
In recent years, the concept of public-private partnership has become an attractive way of
financing, construction, use and maintenance of the infrastructure of the public sector, as
well as construction and reconstruction of industrial capacities in order to meet public needs.
Long-term business cooperation between the private sector and public institutions aims at the
exploitation of the management and financial resources of the private sector which represent
a significant limitation in terms of the Government or the local government. The
organisational structure of such a partnership represents a formal system of responsibility
which defines the individual positions of entities and their mutual obligations. This leads to
the distribution of responsibilities related to the provision of required resources, the
allocation of risk among the subjects, and the realisation of the project intended for meeting
the needs of the public sector. The paper represents the accounting recording of the
agreements on public-private partnerships in public and private sectors, as well as different
forms of transactions between the above mentioned sectors. Each of the PPP model in the
accounting records of public and private sector is presented in a different way. Successfully
selected model of the public-private partnership is the one in which the distribution of
commitments, responsibilities and risks to the entity that can most effectively manage is
made. Therefore, it is necessary to provide adequate supervision and regulation of
contractual commitments. The government sector, which considers options to launch a
public-private partnership, should consider technical, financial, economic and legal
feasibility of the project in order to harmonise the interests of the Government with the
interests of the private sector.
Keywords: public-private partnership, public needs, the PPP model, risk, accounting records
of the PPP
33
34
Law
LAW
LEGAL CLINICS AS METHOD OF INTERACTIVE EDUCATION FOR LAW
STUDENTS
M ILE M ATIJ EVIĆ
Fakultet pravnih nauka Univerzitet za poslovne studije Banja Luka
Jovana Dučića 23a, 78 000 Banja Luka
Tel: +387 (0)51 248 300; Email: [email protected]
Clinical legal education is an interactive method of educating law students, which aims to
train practical skills that will be required to perform their own future profession. It is
essentially a method of "learning from experience" or "learning by doing". Legal Clinic
program is a kind of legal education for top-quality graduate students, which provides a
direct experience to law students, and also serves to a variety of clients who need legal
assistance. Legal clinics are managed by experienced professors of law science, who have
years of practical experience in the application of the institution of law, as well as renowned
practitioners (lawyers, judges, prosecutors, notaries). Clinical educational methods are based
on a new concept of education that focuses on the acquisition of practical usable knowledge,
which can be achieved using learning methods based on the principle of "learning-by-doing".
On the other hand, clinical methods of work are among the interactive forms of teaching /
learning. Interactive methods of work are based on the fact that students have significant
previous theoretical knowledge, skills and life experiences, and that this potential can be
exploited so as to enable the interaction between the participants, and encouraging free
confrontation of ideas and constructive dialogue, exchange and debate, which gradually
build and improve the skills and abilities of students. Clinical legal education has two main
purposes. The primary goal is to teach students practical skills and professional
responsibility, giving them the ability to apply the law to the people living in real life
situations, even in the period of study, when it gained the theoretical knowledge of legal
science and practice. The second task of the legal clinics is to provide free legal aid to the
indigent citizens, refugees, Roma, victims of domestic violence: in one word for people at
risk of social exclusion. This legal assistance is provided by students who have completed
special training prior to the Legal Clinic, professors and professional lawyers. The paper will
provide background information in the history, current events and real genesis clinic in the
world and the region. It will particularly emphasize the necessity of improving the clinical
education of law students, with the goal of timely involvement of students in practical work,
and thus in the future profession.
Keywords: theory, practice, law clinic, interaction, pro bono legal aid, practical work,
simulation activities.
AUDIO AND VIDEO RECORDINGS AS A EVIDENCE IN CRIMINAL
PROCEEDINGS PRACTICE
B OJ AN D ESPO TOVIĆ
Vlada Republike Srpske – Ministarstvo uprave i lokalne samouprave
Starine Novaka 19, 78000 Banja Luka, Republika Srpska
Телефон: +387 (0) 66 266 309;Email: [email protected];
[email protected]
P REDRAG G OLUBO VIĆ
Vlada Republike Srpske – Ministarstvo uprave i lokalne samouprave
Carice Milice 40, 78000 Banja Luka, Republika Srpska
Faced with an increase in crime and new forms of crime, modern society is forced to detect,
clarify and prove criminal offenses, with the use of modern scientific techniques and
technologies. The introduction of modern scientific techniques and technologies in criminal
35
Law
procedural matters was aimed at the creation of the new evidence. One of the new evidence
that resulted in use of modern scientific techniques and technologies is the audio and video
recording. Audio and video recording as evidence represents a file to which the authorities
have come in the implementation of one or more evidentiary actions, so that the goal of this
scientific research is to highlight the need and importance of audio and video recording in
criminal proceedings practice. Investigation came to the conclusion, that the audio and video
recordings as evidence are invaluable in criminal proceedings practice, but insufficient
legislative arrangement. The Criminal Procedure Code of the Republic of Srpska and Bosnia
and Herzegovina does not regulate the matter of evaluating the audio and video recordings
made without the knowledge of the person that is being recorded, with the footage from a
party or birthday celebration at which the argument, fighting, theft or drug use occurred, that
is some incriminating actions. The Code of Criminal Procedure of the Republic of Srpska
and Bosnia and Herzegovina insufficiently regulates activities which provide audio and
video recordings, conditions for their security, protection for persons affected by the actions
and measures under which they incurred the audio and video recordings. In addition to this,
the law says nothing of the phonetics and phonetic expertise, which are the basis for
evaluating the probative force of audio and video recordings as evidence at trial, as the
conclusion was reached by analyzing many trials in which the evidence is used. These are
just some of the gaps in the Criminal Procedure Code of the Republic of Srpska and Bosnia
and Herzegovina, which, in the future should be amended and edited, so the above complex
matter could be fully edited.
Keywords: criminal offenses, evidence, video recording, audio recording, phonetics
POLICY OF PREVENTION OF JUVENILE
DETERMINANT OF SOCIAL DEVELOPMENT
DELINQUENCY
AS
A
D ARKO D IMO VSK I
Faculty of Law in Nis, Serbia,
F ILIP M IRIC
Faculty of Law in Nis, Serbia,
Juvenile delinquency is a major social problem. Its expansion has made it necessary to find
new ways and means of combating it. Because of this policy on juvenile delinquency is
getting its full legal and social importance. Creating a safer and more humane society is a
prerequisite for its further development. In this paper, the authors deal with finding new
ways to create a successful policy for combating juvenile delinquency, based on its basic
criminological characteristics, in order to ensure conditions for successful social
development.
Keywords: juvenile delinquency, crime prevention policies, social development
GROUNDLESS APPREHENSION IN THE CRIMINAL LEGISLATION OF THE
REPUBLIC OF SERBIA (RESPONSIBILITY AND PUNISHMENT)
D RAG AN J OVAŠEVIĆ
Faculty of Law, University of Niš
Phone number: 00381637060200; e-mail: [email protected]
L J UBINKO M ITROVIĆ
Faculty of Law, Pan-European University APEIRON Banja Luka
Phone number: 0038765514945; e-mail: [email protected]
No matter how hard the legislator tries to predict the perfect criminal proceedings, in
practice, it often happens that a person is groundless (unjustly) convicted, or that in such a
case there is groundless apprehension of a person. In this way, their unfounded detention
certainly violates basic human rights and freedoms of the people and causes considerable
damage to them. It often triggers the question: is it possible to remove this damage?
36
Law
However, in order to eliminate the damage (tangible and intangible) that may occur as a
result of an unjust conviction or groundless deprivation of liberty of a person, the
Constitution of the Republic of Serbia and the Code of Criminal Procedure of the Republic
of Serbia from 2011 have determined the right to compensation. Based on the constitutional
provisions, the Code of Criminal Procedure from 2011, in Part XXV (provisions of
Articles583-595), envisages a special kind of criminal procedure - the procedure for
obtaining the rights of persons groundless detained or groundless convicted. In this paper, we
will talk about exactly these legislative solutions.
Keywords: person groundless arrested person groundless convicted, compensation for
damage.
CRIME AND CORRUPTION
B RANK A M. P AVLO VIC
University of Business Engineering and Management, Banja Luka, Faculty of Law
Mother Jugovic street number 44, Banja Luka
Phone number: 065 911 308; E – mail address: [email protected]
This paper pays attention to the way of the state responses to crime and corruption, in the
modern systems of criminal justice and criminal policy. Crime involves the totality of all
crimes in a particular time and space, which means that the crime is a mass
phenomenon. These are behaviours that threaten or violate the most important social values,
and from a legal point of view we say that behaviours are anticipated by the Criminal Laws
of the States and for which are regulated the sanctions, and from a sociological point of view,
the crime is the behaviour of certain person or group, and the other members of the
community condemned that behaviours. If poverty significantly expresses in any area, it will
undoubtedly affect on committing of certain crimes. On the other hand, certain criminal acts
are "reserved" exclusively for members of the propertied classes. What makes it difficult to
determine wealth and crime is the existence of "dark belt of crime’’. Such criminal acts
hardly detect and even harder investigate and prosecute. Unlike crime, corruption is one of
the concepts that are difficult to specify the content, given its meaning changes in different
time context. Corruption is a reflection of the deterioration of the moral values of a society,
and its essence is not in the amount of money received by corrupt official, but in the moral
damage that makes the country unsafe, impressionable, and finally - illegitimate. It
represents a flaw in a society, the absence of social norms that are necessary for the normal
functioning of a state and society.
Keywords: crime, corruption, criminal act, the officer, responsible person.
37
Law
PROTECTION OF CONSUMER RIGHTS IN THE CONTRACTS CONCLUDED
AWAY FROM BUSINESS PREMISES AND DISTANCE CONTRACTS AS THE
OBJECTIVE OF TRADE POLICY
D AN IJ ELA M. G LUŠ AC
Visoka poslovna škola strukovnih studija u Novom Sadu
Vladimira Perića Valtera broj 4, Novi Sad, Republika Srbija
Telefon: 064/3829750; E-mail: [email protected]
D RAG ANA G AŠE VIĆ
M AR IJ A L AZARE VIĆ
M ILIC A S. S TANKOVIĆ
Market business has caused the emergence of complex business relationships that are in the
sphere of private law resulted in complex contracts and inequality of the parties as the basis
for numerous abuses to the detriment of consumers. This created a need for public-law
protection by establishing legal framework for the consumer protection in order to ensure
balance between the positions of the parties. The protection of economic interests of
consumers is an important part of human rights protection. On the other hand, it reflects on
the market efficiency and the efficiency of the economy. The issue of consumer protection in
the developed market economies and societies is not recent, but in the economies and
societies in transition it is one of the contemporary issues that require special attention. The
achievement of European standards of consumer protection is an important obligation for
Serbia in the European integration process. The Consumer Protection Law was adopted in
Serbia in 1.1.2011 and for the first time in the Serbian legal system it introduced 10
provisions of European directives and thus provided almost full compliance with EU law.
More common forms of contracting sale of goods or services are distance contracts and
contracts negotiated away from business premises. In the process of harmonization national
legislation with the EU it is necessary to take into account the Council Directive 85/577/EEC
of 20 December 1985 to protect the consumer in respect of contracts negotiated away from
business premises and Directive 97/7/EC of the European Parliament and of the Council of
20 May 1997 on the protection of consumers in respect of distance contracts. This paper
examines and analyzes the level of protection for consumers which is ensured in these
contracts.
Key words: consumer protection, contract, directive
TERMINATION OF THE CONTRACT OF THE OFFICE SPACE LEASE
J OVANA P UŠAC
Faculty of Law, University of Banja Luka
Bulevar vojvode Stepe Stepanović 77, Banja Luka, Republic of Srpska, BiH
+ 387 65 692 377; + 387 51 318 606; [email protected]
The subject of this paper is analysis of the special ways in which terminate the office space
lease in the legal system of the Republic of Srpska. Since this is a special type of lease that
applies special act, Law on the Lease of business buildings and premises which dates from
the period of the former Socialist Republic of Bosnia and Herzegovina, with the subsidiary
implementation of the Law of Obligations, so and the termination of this contractual
38
Law
relationship is characterized by elements which are differentia specifica in relation to the
desuetude of the lease in general. Bearing in mind that this fact and the specific solution of a
observed legal system in relation to neighbouring countries, the author has endeavoured, in
particular, by comparative analysis and review of current judicial practice, to illuminate on
this law issue. In addition, special attention was paid to the legal "focus", i.e. those issues in
the domain of the problem, which in the case law cause most dilemmas.
Keywords: lease, office space, termination of the contract
IMMIGRATION POLICY OF THE EUROPEAN UNION
J ASN A Č O ŠABIĆ
Banja Luka College
Banja Luka, Miloša Obilića 30, BiH
066 897 602; [email protected]
Immigration to European Union (hereinafter referred to as the ‘EU’) as a reality and a need
of refreshing its ageing population has made the EU to recently adopt some important
documents. Traditionally, European countries seem to be more closed towards the
immigration comparing to United States of America and Canada which enabled the entry of
new population even through various lotteries. However, EU did recognize the need for
import of experts from various areas. Thus the Council has adopted the EU Blue Card
Directive for highly skilled workers (Directive 2009/50/EC). Still, having in mind the legal
power of a EU Directive, the member countries are given the power to adopt their
immigration policies. This paper analyses the regulations on immigration enacted by the EU
and the implementation of such regulations at the level of member countries. Although the
EU does regulate the immigration policy, it is up to the member states to deal with particular
cases. In that respect the paper shall also address the issues of immigration which violated
the European Convention on Human Rights and Fundamental Freedoms by analyzing the
key judgments of the European Court for Human Rights in Strasbourg. The issue of
residence v. citizenship as the grounds of immigration shall also be explained. The short
overview of inter migration in the EU, is presented for the purposes of comparison. The
paper is based on a hypothesis that immigration policies in member countries still lack some
consistency in the implementation of EU regulations, and therefore reveal weaknesses of the
EU immigration policy. Method used in this paper is normative analysis, method of
induction and deduction, comparative method and case study.
Key words: immigration policy, inter migration, human rights, high skilled workers
LEGAL FORM OF MOBBING
HERZEGOVINA LEGISLATION
PROTECTION
IN
BOSNIA
AND
A LEKS ANDR A V UKOVIĆ
Javna zdravstvena ustanova Dom zdravlja Trebinje,
Dr Levia broj 2, 89 101 Trebinje,
telefon: 059/261-351, faks 059/272-281, e-mail: [email protected]
In this work the Author processes a legal frame of mobbing protection as a form of
discrimination with a special view to the anti discriminatory labor legislation in Bosnia and
Herzegovina. As a form of work place discrimination, mobbing is one of forms of mental
violence that often combines series of activities which are systematically prepared and
executed. The ways of protection and prevention of mobbing at work present an important
question for efficiency of mobbing protection system, as a negative social and complex legal
phenomenon. In Bosnia and Herzegovina mobbing is firstly defined by acts of Labor Law of
Republic of Srpska, followed by Discrimination Prohibition Law and Law on Labor in
institutions of Bosnia and Herzegovina. With adoption of Discrimination Law as a general
anti discriminatory law, certain novelties have been implemented into the legal system of
Bosnia and Herzegovina which represent the result of contemporary tendencies in
discrimination suppression. Beside the mentioned novelties in anti discrimination legislation,
it can be confirmed without a doubt that existing normative frame of protection against the
work place discrimination has understatements which is particularly expressed in practical
39
Law
application of certain acts of the law and especially in cases of Court procedure motion and
conduct. Therefore the existing positive legal solutions of mobbing and other forms of
discrimination at work would have to be amended with new elements, certainly with the
respect of existing international standards in the area of labor and employment as well as the
rights that are guaranteed by the Constitution and Law of Bosnia and Herzegovina or there
should be a different law on molestation at work place or law on mobbing prohibition which
would in detail determine prevention of mobbing and other kind of discrimination.
Keywords: mobbing, form of discrimination, anti discrimination legislation, ways of
protection.
40
Marketing
MARKETING
EFFECTS OF SALES PROMOTION ACTIVITIES UPON ENTERING THE
FAMOUS BRAND IN A NEW MARKET
M IRJ AN A M ILOVANOVIĆ
Univerzitet „Metropolitan“, Fakultet za menadžment,
Tadeuša Košćuška 63, 11000 Beograd
Telefon: ++387 65 644 135, E-mail: [email protected]
N ENAD P ER IĆ
Univerzitet „Metropolitan“, Fakultet za menadžment,
Tadeuša Košćuška 63, 11000 Beograd
Research has shown that the success of the brand positioning in the market is the
consequence of a specific targeting and focusing on a particular product or service. The
product or service must be clearly separated in the mind of the final user, in this case- the
independent car dealers, reminding them at every moment of their existence, thus presenting
their first choice. In times of recession, it is very important to retain every final user. It is a
challenge to "conquer" new customers in existing and new markets. This paper will discuss
the effects of integrated marketing communications when entering indentified brand name to
the new markets. The hypotheses to be proven are related to the importance of educational
and entertainment events for improving sales. They are also related to the effects of
advertising in some parts of the Republic of Srpska and Bosnia and Herzegovina,
recognizing them in new markets and to independent automotive technician’s willingness of
investing in the new service equipment related to age. Hypotheses were detected by the
levels of knowledge which means-the general ones first and the collateral hypotheses as the
second ones. Using a sampling plan, defined the target populations that are independent
automotive technician acting within the municipalities of Doboj (BiH), and the participants,
66 of them were contacted questionnaire, which are filled immediately upon receipt at the
end of the official part of the educational event "AM Doboj 2013 ". Methods of statistic data
processing (SDP) were the descriptive analysis and Chi-square test. After done evaluating
the data and monitoring of total revenue, the conclusion is that the independent automotive
technicians, after educational and entertaining events, begin using all previously unknown
benefits to their company "AM" offers. It is important to mention that, independent
automotive technician, came from14 different regions of Doboj, and the questions that were
related to sales promotion, and good service and quality, in100% of cases responded
positively.
Keywords: sales promotion, brand, independent automotive technician, educational and
entertainment events, statistic data processing (SDP).
APPLYING THE CONCEPT OF MARKETING IN THE PUBLIC SECTOR
D ALIBOR Đ E RIĆ
Centar za menadžment, razvoj i planiranje – MDP Inicijative
Kralja Aleksandra 52, 74000 Doboj, Republika Srpska – Bosna i Hercegovina
Telefon: 053 200 371; Telefaks: 053 200 373; e-mail: [email protected]
The concept of marketing as a business philosophy has been mainly envisaged through
private sector development. The marketing has conventionally been viewed by public service
professionals or representatives of non-profit sector as inappropriate to organizations that
provide public services. The development of new paradigm in public sector management
(New Public Management) which advocates the same principles that are used in private
sector or free markets, resulted with changed of mind of public sector management structures
in sense of the role and importance of applying marketing in public sector. That is a reason
why management of public sector began to accept and apply marketing philosophy. With the
41
Marketing
development of a new paradigm in the management of public sector question "What people
want from public sector institutions and what do they get?" becomes increasingly actual. The
reason for that is society development at all that resulted with fact that citizens became aware
that they finance public sector institutions. The citizens have the right to request the
management quality and availability of public services in line with their own preferences.
Application of private sector experiences in deploying customer orientation as a business
philosophy that puts the spotlight on consumers and their needs also gets more and more
important in the new paradigm of public sector governance. In this sense, the concept of
marketing and its focus on customer orientation leaves considerable space for thus promoting
performance of the public sector. This paper explores the possibilities of marketing concepts
within the public sector, the reasons and the purpose of its introduction, the possibility of its
application as well as the advantages and disadvantages to this approach brings.
Keywords: public sector marketing, local governance, public services
THE IMPORTANCE OF IMPLEMENTING RESPONSIBLE MARKETING IN
THE FOOD INDUSTRY IN ORDER TO PROTECT THE HUMAN HEALTH
Z ORAN A A N TIĆ
Beogradska poslovna škola – Visoka škola srtukovnih studija
Kraljice Marija 73, Beograd
Telefon: 0113042371; Fax: 0112424069; E-mail: [email protected]
M ILKA I VANO VIĆ
S RĐAN B OGE TIĆ
Starting from the premise that proper and balanced nutrition based on products of optimal
values is the key assumption for healthy and quality life, as well as the idea that the quality
of food, ethics and reliability in representing the brand to the consumers and attributes that
are directly connected to the implementation of responsible marketing, in this paper the
examples of good practice, as well as those business entities of the food industry that does
not respect the principles of responsible marketing concept when trying to make their
products closer to the market, will be considered. Methods of observation and comparison,
analyses and synthesis, which will be primarily used in this paper, will help to clarify the real
contribution to responsible marketing applied in the food industry. Relying on secondary
sources, the aim of the author of this paper is to emphasize the importance of using
responsible marketing in the food industry for the preservation of the public health.
Keywords: responsible marketing, public health, reliability, quality, food products
42
Marketing
INTERNET ADVERTISING - A REVIEW OF TRENDS IN CROATIA
Z VON IM IR J URKO V IĆ
Ekonomska i trgovačka škola Ivana Domca u Vinkovcima
Zagrebačka 12, Rokovci, Republika Hrvatska
Telefon: +385915756844; E-mail: [email protected]
A NDREJ A K ATO LIK
Veleučilište u Slavonskom Brodu,
Dr. Mile Budaka 1, Slavonski Brod, Republika Hrvatska
Telefon: +385915673396; Fax: +38535492800; E-mail: [email protected]
Development of the Internet made a passage to a number of recently unknown possibilities
that the Internet as a resource can offer. Internet as an advertising medium rapidly positioned
itself in the world’s fastest growing group of businesses. Today, the Internet can advertise
almost anything, and how the Internet is a place of gathering information, the success of
advertising is growing. Therefore, the aim of the paper concerns the presentation of general
information about Internet advertising and concise set of data about the online advertising in
the Republic of Croatia, while scientific methods such as deductive, description and
compilation methods are given foundations for representation of work. Internet is
significantly different from other media. This cognition has its roots in the fact that
advertising on the Internet lasts and is available 365 days a year. While in Croatia, there is
decline in investments of advertising over the last few years due to the general economic
crisis, the advertising industry is the fastest growing activity in Croatia. It is well known that
the Internet campaign can be run in a few hours, and the results are visible in almost real
time. According to the data of the Croatian Association of Advertising Agencies, Internet
advertising has become more popular than print advertising. Online advertising for many
large companies in the world is an ideal way to access to the widest range of potential
customers - not just in one city, country or region, but throughout the world. On the other
hand, the economic crisis has forced the company to take part in finding cheaper ways of
advertising. The use of the Internet and its influence continues to grow day by day with
progressive dynamics. Due to the increasing number of users, daily improvement of the
quality, enriching content of information and continuous development of online advertising,
finds the reason why an increasing number of companies advertise on the Internet. Overall,
the key advantage of Internet marketing over the traditional left in the reason that the Internet
will remain the most convenient and least expensive, but also become one of the most
effective means of advertising.
Keywords: advertising, Internet, advertising industry, users, The Republic of Croatia
THE STRATEGY OF
NEW PRODUCT
DEVELOPMENT
AND
INTRODUCTION OF NEW MARKET OFFERINGS IN THE ENTERPRISE
PhD student at the Faculty of Economics in Subotica, University of Novi Sad
Segedinski way 9-11, 24000 Subotica, Republic of Serbia
Phone number: +381 63 89 59 763; E-mail: [email protected]
P IVAŠE VIĆ J E LENA
Vladimira Perića-Valtera 4, 21000 Novi Sad
V OJ NOVIĆ J E LENA
PhD student at the Faculty of Economics in Subotica, University of Novi Sad
Segedinski way 9-11, 24000 Subotica, Republic of Serbia
In the modern world, in an economy that is experiencing rapid and unpredictable changes
innovation are necessary. Each organization strives to introduce a new product, to improve
43
Marketing
and implement new manufacturing processes, management, as well as to conquer the new
markets. Therefore, the driving force of any economic activity is a new product. In order to
achieve a better market position, and thus better business results, companies are making
great efforts in order to meet the customer’s requirements more effectively, and therefore be
more successful comparing the competition. The aim of this study is to analyze the process
of new product development, positioning and implementing new market bids within the
companies. After creating a prototype, there is a need for functional tests and customer tests
as well. Consumer preferences are measured by the "conjoint analysis", the most popular tool
for developing and testing the concept in the world. Owing that, two basic types of testing
can be conducted, such as: alpha testing and beta testing. Special attention will be paid to
procedures and processes for market placement of new products and ideas. We will talk
about the commercialization and verification of innovations in the market as well as
innovation’s ultimate success. At this stage, the company determines whether the product
idea can become technically feasible and commercially profitable. Last, but not least
important is the level of acceptance, which is measured with the so-called adoption curve,
and it represents a procedure of specific innovation’s acceptance. At the end of each stage,
senior managers are considering the criteria in order to assess whether the project can move
forward to the next stage. In the future, companies should be more focused on understanding
the needs of its customers, as well as monitoring the activities of competitors, to ensure a
better innovation performance and to achieve a better business results.
Keywords: innovation, new product, new market bids, commercialization, adoption,
competition.
ADOPTION OF GENERIC GLOBAL BUSINESS STRATEGIES – MARKETING
ASPECT
N IKOLIN A V R CELJ
A N A J UR ČIĆ
Fakultet za međunarodnu ekonomiju, Beograd
Bulevar umetnosti 29, 11070 Novi Beograd, Srbija
K ATAR INA Z AK IĆ
There are many different paths that lead to globalization, so as many options for
management when moving through globalization. Choosing the right and appropriate global
strategy is just one of the major challenges placed before any business or enterprise.
Presented paper gives an overview of global product strategy, global communication
strategy, options for customizing the generic global strategies, aspects of creating generic
global strategies, and discusses their advantages and disadvantages.
Keywords: Strategies, global, generic, business, marketing.
44

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Transcription

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