Economic Outlooks is a scientific journal published by the Faculty of Economics, University of Pristina, with the temporary headquarters in Kosovska Mitrovica, Republic of Serbia. It has been published since 1999. The assignment of the journal is to present new knowledge and current topics in the field of economic theory and practice and other social sciences to the academic and professional public. The journal is categorized by the Ministry of Education, Science and Technological Development of the Government of the Republic of Serbia and is on the list of categorized domestic scientific journals for social sciences for 2021 – economics and organizational sciences in 48th place and as a national journal carries category M53. The journal is published twice a year. Manuscripts submitted for review to the Editorial Board of the Journal may be in the form of: original scientific papers, review papers, reviews and professional papers. Economic Outlooks journal publishes research results covering the following topics: macroeconomics, microeconomics, economic analysis and policy, international economics, green economy and sustainability, financial analysis, development economics, financial analysis, development economics, financial analysis, business analysis and banking investments, technical-technological development, tourism, demography, law and socio-psychological research in economic analysis. All manuscripts are subject to a process of double anonymous review. Papers are published in both Serbian and English. Dynamics of manuscript submission for the scientific journal Economic Outlooks in 2022: Economic Outlooks Vol. 24, No. 1 – deadline for submission of manuscripts June 1, 2022; Economic Outlooks Vol. 24, No. 2 – deadline for submission of manuscripts November 20th, 2022;
Univerzitet u Prištini - Ekonomski fakultet, Kosovska Mitrovica
CAN DEVELOPMENT BE MEASURED? BEYOND INDICATORS AND GIS: ASSESSING THE REAL IMPACTS OF THE HUNGARY–CROATIA INTERREG PROGRAMME
: This paper examines the extent to which the real impacts of cross-border cooperation programmes can be adequately measured using conventional evaluation indicators. Using the Hungary–Croatia INTERREG Programme as a case study, the research aims to analyse whether existing monitoring and evaluation systems capture actual developmental changes within border communities. The study is based on the assumption that administratively measurable indicators do not necessarily reflect the broader social, institutional, and developmental impacts of cooperation programmes. The research applies a qualitative analysis of scientific literature, programme evaluation reports, previous empirical studies, and GIS-based territorial analysis. The findings indicate that while existing evaluation systems successfully measure programme outputs and financial performance, they only partially capture intangible effects such as knowledge transfer, social capital development, institutional networking, and the sustainability of cooperation. The paper concludes that a more comprehensive evaluation framework combining quantitative indicators, qualitative evidence, and territorial analysis is needed to assess the real impacts of cross-border cooperation.
INSTITUTIONAL CONSTRAINTS OF HUMAN CAPITAL IN TRANSITION ECONOMIES: WHEN EDUCATION DOES NOT GENERATE GROWTH?
This paper analyzes the relationship between education, institutions, and economic growth, with a particular focus on the problem of the mismatch between the accumulation of human capital and the institutional framework governing its utilization. Although a significant body of literature emphasizes the positive role of education in promoting economic development, empirical findings indicate that this relationship is neither universal nor linear. Countries with similar levels of educational attainment often achieve different development outcomes. Drawing on the institutional approach, this paper argues that institutions act as a filter that determines how human capital is utilized and allocated. In the absence of high-quality institutions, education does not necessarily lead to increased productivity but may instead result in the inefficient allocation of resources. This paper develops a conceptual model of the conditional effect and is based on an analysis of existing empirical findings. The results indicate that education has a significant positive impact on growth primarily in countries with high institutional quality, whereas this effect is limited within weaker institutional frameworks. The paper’s particular contribution lies in the integration of human capital theory and institutional economics, as well as in emphasizing the conditional nature of education as a factor of economic growth.
PSYCHOLOGICAL, ECONOMIC AND BEHAVIORAL DETERMINANTS OF WILLINGNESS TO PAY FOR FITNESS PROGRAMS AMONG GENERATION Z
Consumer behavior in contemporary conditions is characterized by the complex influence of economic, psychological, and digital factors that shape purchasing decisions and the willingness to pay for certain products and services. The subject of this research is the analysis of factors influencing the willingness of Generation Z members to pay for fitness programs, with a particular focus on psychological, economic, socio-cultural, and digital determinants of consumer behavior. The aim of the study is to identify and explain the key factors determining willingness to pay (WTP) in the context of fitness services. The research hypotheses relate to the influence of life satisfaction, motivation, health status, income, price sensitivity, customer experience, loyalty, digital channels, as well as the influence of family and influencers on WTP. The study employed descriptive statistics, correlation analysis, and multiple regression analysis. The results indicate that willingness to pay is significantly influenced by user experience, price perception, motivation, income, and influencer impact, while some factors, such as loyalty and digital channels, lost significance in the multivariate model. The research confirms that WTP is the result of a complex interaction of multiple groups of factors and that the digital environment and experiential aspects are becoming increasingly important in shaping consumer decisions.
INCLUSIVE TOURISM DEVELOPMENT IN MONTENEGRO STAKEHOLDER PERSPECTIVES AND STRATEGIC OPPORTUNITIES FOR LGBTQ+ MARKET GROWTH
This study examines the potential to develop inclusive tourism in Montenegro, with a specific focus on the LGBTQ+ market segment. Based on a combination of secondary data analysis and primary qualitative research through interviews with key tourism stakeholders, the paper explores current levels of awareness, attitudes, and readiness for engaging with LGBTQ+ tourism. The findings reveal that stakeholders generally recognize the economic and social value of LGBTQ+ tourism, particularly its association with high-spending travelers and destination diversification. However, significant structural and societal barriers remain, including limited institutional support, insufficient legal protections, a lack of targeted strategies, and prevailing social prejudices. Despite these challenges, the research highlights growing openness among tourism providers and identifies opportunities for strategic development through education, infrastructure improvement, and inclusive marketing approaches. The study emphasizes the need for a coordinated, multi-stakeholder strategy to position Montenegro as a welcoming and competitive destination for LGBTQ+ travelers. The paper contributes to the understanding of emerging inclusive tourism markets and provides a foundation for future policy-making and business strategies aimed at fostering sustainable and socially responsible tourism development.
DO PRODUCT RECALLS HURT BRAND IMAGE? EVIDENCE FROM EVA PREMIUM BOTTLED WATER IN ILORIN METROPOLIS, NIGERIA
Product recalls represent a double-edged sword that can hurt the recalling firm’s market value and create a dent in its brand image, while serving as a strategic signal of corporate responsibility when firms prioritize consumer safety over profit considerations. This study examines the effect of product recall practices on brand image, focusing on Eva Premium Bottled Water in the Ilorin metropolis. Adopting a positivist philosophy supported by a quantitative methodology, the study collected primary data through a structured and close-ended questionnaire administered to consumers and analysed using regression-based inferential statistics. The findings indicate that product recall frequency has a significant effect on brand perception, recall volume significantly influences brand positioning, and recall timing significantly impacts brand reliability. Accordingly, product recall practices significantly shape consumers’ evaluation of brand image. The study concludes that, when effectively managed, product recalls can enhance brand image by reinforcing consumer trust and signalling a firm’s commitment to public health and safety despite short-term reputational risks. The study recommends that brand managers adopt transparent communication strategies of timely announcements, clear explanations of recall causes, and detailed information on corrective measures during recall episodes. Aside from strengthening consumer confidence, such practices can reinforce the perception that consumer well-being takes precedence over profit maximization. While the study contributes to branding and crisis management literature, it acknowledges limitations related to geographic scope and reliance on self-reported consumer perceptions, suggesting future research incorporate multiple regions, industries, and complementary data sources.
ECONOMIC CHALLENGES AND CONSUMER PURCHASING BEHAVIOUR: AN INSIGHT FROM ILORIN METROPOLIS IN KWARA STATE, NIGERIA
The Nigerian economy is witnessing significant economic challenges that may affect businesses, individuals and households. These challenges include, exchange rate, interest rate, economic instability and inflation which may have consequent effect on consumer purchasing behaviour. The objective of the research work is to assess the effect of these economic challenges on consumer purchasing behaviour: An insight from Ilorin metropolis in Kwara state Nigeria. Descriptive survey design was adopted for the study and the population comprised of individuals from Ilorin Metropolis. However, the Cochran formula was use to arrive at a sample size of 385 respondents out of which 367 respondents filled and returned the questionnaire. A structured questionnaire was designed on a five-point likert scale to indicate the degree of respondent’s agreement. One hypothesis was tested using multiple regression analysis. Statistical analyses such as ANOVA, regression, and correlation coefficient were conducted, revealing significant evidence of the influence of economic challenges on consumer purchasing behaviour. The null hypothesis stating that economic challenges have no significant effect on consumer purchasing behaviour was rejected which implies that economic challenges have effect on consumer purchasing behaviour. The study concluded that economic challenges significantly affect consumer purchasing behaviour which has led to a change in consumption pattern, spending habit and purchasing decision. It was recommended that individuals in Ilorin metropolis should develop strategies to cope with the present economic situation and businesses should offer value for money goods and services to meet up with the changing consumer needs. The findings provide empirical evidence of the effect of economic challenges on consumer purchasing behaviour, filling a knowledge gap in the existing literature.
THE RATIONALE BEHIND CRYPTOCURRENCY TAXATION AND GLOBAL TRENDS
This conference paper examines the rationale behind taxing cryptocurrency operations and the current regulatory frameworks governing them. As the significance and value of crypto-assets rose and became a crucial potential investment, embraced by numerous investors, the importance of their typologization, classification, and definition has also increased. Crypto-assets were initially issued as currency, a term often used to describe this concept, and, therefore, serve as a medium of exchange or a digital payment method. However, with time, they have increasingly evolved into speculative investment assets. Bitcoin, first introduced in 2008 as a response to financial crises, is a classic example of speculative investment. Given the potential returns on the sale of cryptocurrencies and the lack of regulation in this area, particularly in comparison with traditional financial instruments such as shares, the taxation of cryptocurrencies is a key issue for existing and potential investors, regulators, and governments worldwide. The transformation of cryptocurrencies into crypto-assets raises a few critical questions: (1) why should crypto-assets be taxed, and (2) which are already established global platforms for crypto taxation. International recommendations concerning what aspects of crypto activity should be taxed—and how—are crucial for enhancing transparency in crypto markets and curbing potential misuse. Moreover, the lack of clarity in terminology and substance continues to create confusion, which this article aims to address.
THE IMPACT OF THE EDUCATIONAL STRUCTURE OF HUMAN CAPITAL ON BUSINESS PERFORMANCE OF ENTERPRISES IN THE REPUBLIC OF SERBIA
The aim of this paper is to critically analyze and evaluate the impact of human capital education on the economic growth of enterprises in the Republic of Serbia, with a special focus on theoretical and empirical aspects of the relationship between investments in knowledge and organizational productivity. Starting from modern economic and managerial paradigms that treat human capital as one of the main carriers of competitive advantage, the paper problematizes the levels and structure of the labor force education in Serbia, as well as the degree of compliance between educational profiles and the requirements of the modern business environment. Methodologically, the research relies on the analysis of relevant literature, statistical data and results of previous studies, in order to identify key correlations between the educational level of employees and growth indicators at the level of individual enterprises. The obtained findings indicate a strong positive impact of continuous investment in education and professional development on innovation, efficiency and financial performance of enterprises. The conclusion points to the need for a systemic approach to human capital development, which implies more intensive cooperation between educational institutions, the state and the private sector in order to create a dynamic and flexible labor market, capable of responding to the challenges of the modern knowledge-based economy.
THE TRANSITION TOWARDS A MULTI-CURRENCY WORLD ORDER
The article examines the ongoing global shift from the dominance of the US dollar in international transactions towards a multi-currency trade and financial system. The analysis identifies four key dimensions of this transformation: the decline of dollar hegemony, the growing use of alternative currencies in energy trade, the diversification of currencies in international payments, and the development of stand-alone payment infrastructures, such as SPFS, CIPS and SFMS, which facilitate a move away from SWIFT and the dollar-centred architecture. Taken together, these elements reflect a strategic rethinking of monetary power in an increasingly fragmented geopolitical environment. The article focuses on the case study of Russia, which has implemented the most comprehensive de-dollarisation strategy among major economies. Since 2022, Russia has significantly reduced the use of the dollar and euro in its foreign trade, replacing them with the rouble, yuan and other partner-country currencies. Bilateral agreements, institutional coordination within the Eurasian Economic Union and BRICS, and region-specific trade data are used to illustrate the scope and implications of this currency transition. While the Russian case is the most prominent due to data availability, similar tendencies in China, India and the Gulf Arab states are also examined. The study employs a qualitative methodology supported by descriptive statistics, drawing on official trade and payments data, summit communiqués and secondary sources to trace currency use and institutional developments. The findings suggest that, although dollar dominance remains structurally entrenched, a multipolar monetary order based on regional financial blocs and alternative transaction channels is gradually emerging. This new system is expected to gain resilience through the convergence of monetary, trade and technological strategies.
REPRECUSIONS OF THE INTRODUCTION AND CHANGE OF THE VALUE ADDED TAX RATE ON THE DYNAMICS OF THE BUDGET DEFICIT
This paper analyzes the impact of value added tax (VAT) on the volume of the budget deficit. As part of the research, we focus on the mechanisms through which the value-added tax affects state, i.e. public revenues, consumption and economic activity. Through a quantitative analysis of available data and a review of relevant theoretical frameworks, we determine how changes in the value added tax rate can affect the budget deficit, especially in the context of fiscal stability. The results show that a properly set value added tax can contribute to reducing the budget deficit, while inadequate fiscal policies can lead to an increase in the deficit.
Electronic government - a more economical way of providing services to citizens
State administration is a complex system that functions in the service of citizens. Local self-government is a decentralized autonomous management system organized in narrower state territories, i.e. municipalities or cities. According to the principles of economy and efficiency, a model of electronic government has been constructed, which has a very important role in today's times, and aspires to be the most important in the future. The e-government model operates in our country and is developing in accordance with the development of technologies and IT literacy, both of civil servants in administrative bodies and of citizens. The time of the Corona virus pandemic has shown where the advantages and disadvantages of the current state of digitalization are, but also the impetus for the accelerated development of e-government, conditioned by the impossibility of physical contact.
DIGITAL MARKETING FACTORS AND BUYING BEHAVIOUR IN THE FASHION INDUSTRY: EVIDENCE FROM GEN Z CONSUMERS IN AFRICA
The fashion industry, especially within e-commerce, stands as a highly dynamic sector, being the largest business-to-consumer (B2C) market with a global valuation of $768.7 billion in 2023 and an anticipated annual growth rate of 9.4%, potentially reaching $1,103.1 billion by 2027, underscoring its constant evolution. This growth is further propelled by the COVID-19 pandemic, which has brought significant health and economic challenges, greatly affecting the apparel, fashion, and luxury (AF&L) sectors. The research examines the effect of specific digital marketing factors on Gen Z buying behaviour across Africa's fashion industry, concentrating on Congo (38%), Tanzania (32%), Nigeria (30%), and Egypt (27%), according to Gen Z's population growth rate in Africa. A quantitative approach with a descriptive-correlational method was used, surveying 328 responses (85% sample rate) from Gen Z fashion consumers. Statistical analyses such as ANOVA, regression, and correlation coefficient were conducted, revealing significant evidence of the influence of digital marketing factors on Gen Z's buying behaviour, with a strong correlation (R value of.862) and considerable explanatory power (R square value of.743). The study suggests that firms should develop engaging content, enhance awareness, and promote interaction, while regulatory bodies should monitor digital marketing practices. The empirical findings add to the expanding knowledge base within the African context, providing a foundation for future research to investigate specific cultural and socio-economic factors influencing Gen Z's buying behaviours in other industries.
Material and Non-material Motivation Factors
This paper presents the level of employee motivation at ABC Proizvod from Užice, as well as the structure of material and non-material motivation factors. The aim of the paper is to discover, based on the opinions of employees at the local company in Užice, whether material or non-material motivation factors are more important to them and to determine the degree of motivation present in the mentioned company. Using survey methods, descriptive statistics and Spearman's correlation coefficient, it has been concluded that employees are motivated to perform their work tasks and are satisfied with their jobs. Among the motivational factors, the employees appreciate increase in salary the most. In terms of material incentives, the company offers salary increases and additional bonuses, while non-material incentives include opportunities for growth and development. To a somewhat lesser extent, a pleasant working atmosphere.
THE IMPACT OF DIGITAL TRANSFORMATION ON ORGANIZATIONAL STRUCTURE AND DECISION-MAKING PROCESSES
This paper explores the impact of digital transformation on organizational structure and decision-making processes. The aim of the research is to determine how technological innovations, such as cloud computing, artificial intelligence, and data analytics, are changing traditional management and organizational models. The main hypothesis is that digital transformation leads to the decentralization of decision-making and more agile organizational structures. The methods used in the research include case study analysis and a review of relevant literature. The results show that digitalization significantly affects management efficiency and employee productivity but also introduces new challenges, such as resistance to change and a lack of skills.
ANALYSIS OF THE TOURIST OFFER OF THE CITY OF ZAGREB: A TOURIST PERSPECTIVE
In this paper authors to present the importance of city tourism as a specific form of tourism in the tourist offer, as well as the attitudes of tourists who chose the city of Zagreb as their holiday destination. They present the most relevant scientific findings in this topic, as well as the selected findings of the most recent study Attitudes and Expenditures of Tourists in Croatia TOMAS 2022/23. The results indicate tourists being mostly satisfied with the elements of Zagreb tourist offer, however, it is necessary to improve the quality of information provided about the destination, Internet access, etc. Improvement of marketing activities would improve the visibility and recognizability of tourist offer and potentially influence tourist´s decision-making process, stimulate them to visit, enjoy unique experiences and remain loyal to the destination.
ESTIMATIONS ONRISKANDBUREAUCRACY-SENSITIVITYMETHOD
У овом раду говори се о ризику и бирократији у пореском систему. Резултати показују да бирократија смањује пореске приходе, а исти резултат се показује и у погледу ризика. Примењена методологија заснована је на С.М. (Метода осетљивости) где ће се кроз гра фичку анализу извршити поређење ризика и бирократије. Математичка позадина и теорија новчаног циклуса одређују понашање ових варијабли. Овај рад има за циљ да покаже интеракцију ових варијабли. Циљ овог рада је да потврди понашање теорије циклуса новца, с обзиром на посматране варијабле.
THE POTENTIAL OF THE MUNICIPALITY OF TRSTENIK FOR THE DEVELOPMENT OF THE WINE TOURISM
<!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <w:DontGrowAutofit/> <w:SplitPgBreakAndParaMark/> <w:EnableOpenTypeKerning/> <w:DontFlipMirrorIndents/> <w:OverrideTableStyleHps/> </w:Compatibility> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="--"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!-- [if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="371"> <w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8"/> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading"/> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5"/> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature"/> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header"/> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink"/> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text"/> <w:LsdException Locked="false" Priority="39" Name="Table Grid"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme"/> <w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/> <w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading"/> <w:LsdException Locked="false" Priority="61" Name="Light List"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/> <w:LsdException Locked="false" Priority="70" Name="Dark List"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/> <w:LsdException Locked="false" SemiHidden="true" Name="Revision"/> <w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph"/> <w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/> <w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/> <w:LsdException Locked="false" Priority="19" QFormat="true" Name="Subtle Emphasis"/> <w:LsdException Locked="false" Priority="21" QFormat="true" Name="Intense Emphasis"/> <w:LsdException Locked="false" Priority="31" QFormat="true" Name="Subtle Reference"/> <w:LsdException Locked="false" Priority="32" QFormat="true" Name="Intense Reference"/> <w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/> <w:LsdException Locked="false" Priority="37" SemiHidden="true" UnhideWhenUsed="true" Name="Bibliography"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/> <w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/> <w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/> <w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 4"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5"/> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6"/> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6"/> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6"/> </w:LatentStyles> </xml><![endif]--><!-- [if gte mso 10]> <![endif]-->The Trstenik vineyard is located on the Zupa wine road and possesses many wineries which are open for visitors, many hectares of vineyards, two wine festivals and many culturally historical monuments in its immediate surroundings. The purpose of the research is to inquire into the opinions of tourists regarding the possibilities for the development of wine tourism in the Trstenik vineyard, with the hopes of intensifying the tourism development of this municipality. The survey method was used to collect the primary data in the research. The survey was carried out during the months of April and May, 2024. There were 163 participants in the survey. The results have shown that the municipality of Trstenik possesses the potentials for wine tourism development, but that they are not being adequately utilized. Namely, tourists come to Trstenik, but not for the wine and wine tourism. The results of the research are significant as they can assist tourism organization as well as municipal officials to make up a strategy for the development of wine tourism which would secure a significant position on the Serbian wine tourism map for the Trstenik wine district.
DIGITAL ENTREPRENEURSHIP THROUGH THE PRISM OF STUDENT ATTITUDES: CHALLENGES AND OPPORTUNITIES
The paper analyzes students' attitudes towards digital entrepreneurship, as well as their readiness for active participation in the digital economy. The research was conducted at the University of Prishtina with temporary headquarters in Kosovska Mitrovica, with the aim of determining the level of knowledge of the concept of digital entrepreneurship among students, their motivation for starting their own business, as well as the key skills that are considered important for success in this field. The results show that most students recognize the benefits of digital entrepreneurship, including flexibility and global reach, but at the same time cite lack of experience and the need for education as key challenges. The conducted research provides insight into young people's perceptions of digital entrepreneurship and indicates potential measures that could encourage their engagement in the digital economy.
DOES CSR EXPENDITURE REWARD THE FINANCIAL PERFORMANCE OF NIGERIAN QUOTED OIL AND GAS COMPANIES: A POOLED PANEL REGRESSION MODEL
Nigeria's oil and gas industry has significantly harmed the environment, with a 5 to 10 percent loss of mangrove ecosystems and the deforestation of 8,400 km² of rainforest. The industry has been criticized for prioritizing profits over social and environmental responsibilities. The research examines how CSR expenditure affects the financial performance of Nigeria's oil and gas sector. By utilizing a positivist approach guided by quantitative methodology, the study analyses panel data from the annual and sustainability reports of listed oil and gas companies from 2013 to 2023, using pooled least squares panel regression. The findings reveal that CSR initiatives, such as donations, educational programs, and empowerment projects, positively influence financial metrics like return on assets, return on equity, net assets, and net profit margin. Consequently, the study concludes that CSR expenditures significantly enhance the overall financial performance of these companies, despite social and regulatory challenges hindering their global growth. The research suggests improving measurement and reporting systems, engaging local communities in CSR projects, and developing communication strategies to highlight CSR achievements. While the study makes substantial contributions to academic literature in theory, research, and management, it acknowledges a potential bias due to its reliance on annual and sustainability reports, suggesting the need to explore additional industry, region, and data sources.
Teamwork as a prerequisite for the development and innovation of small and medium enterprises in Serbia
Effective teamwork is necessary for the success of any organization, whether it is a small startup or a large corporation. When team members work together toward a common goal, they can leverage their skills, knowledge, and resources to achieve extraordinary results that would not otherwise be possible. Teamwork Enables SMEs to leverage the skills, knowledge and resources of their team members to achieve their goals and compete in the marketplace. Therefore, the subject of research on teamwork in small and medium-sized enterprises is an important and relevant area of study. The aim of this research is to examine the role of teamwork in the development and innovation of small and medium enterprises in Serbia. The research aims to investigate the benefits of effective teamwork in small and medium-sized enterprises. The research hypothesis is: effective teamwork has a statistically significant effect on the development and innovation of small and medium-sized enterprises. Among the research methods, a questionnaire was used in order to better understand that teamwork is viewed as an important factor in the development and innovation of small and medium-sized enterprises.
О ПОТРЕБИ ИЗУЧАВАЊА ЕКОНОМСКОГ АСПЕКТА У ОДНОСИМА БЕОГРАДА И ПРИШТИНЕ
The author presents the study Приватизација друштвених предузећа на Косову и Метохији под окриљем УНМИК администрације : преглед, оцене, закључци (Belgrade, 2018). The study signed by Sandra Davidović, Danilo Babić and Jelena Pejić Nikić introduces us to the most important trends in privatization in Kosovo and Metohija after 1999.
MOVEMENT OF CURRENT AND EXPECTED INFLATION IN THE EUROZONE
Analysis of movement of inflation and unemployment in the observed period in the Eurozone makes the basic object of this paper. The aim of this paper is to be determined whether аrе and up to which measures movements of relation of inflation and unemployment, represented with considered concepts of the Phillips curve, of importance for sustaining of economic system as a whole, or their parts. As a factor which indirectly influences on a movement of economic sizes represented with the Phillips curve it is considered an influence of relation of export and import instead of influence of unemployment. In order to be accomplished that analyses, the basic hypothesis, which will be examined in this paper, is formulated on the following way: as is bigger a relation of possibility of export and import that is bigger a possibility of sustaining inflation on the aimed level. For collecting and classification of data of movement of observed macroeconomic sizes in this paper is used a method of quantitative analysis. Methods of scientific research which were used for analyzing of theoretical concepts of the Phillips curve are a method of qualitative analysis and a comparative method.
Државе се често позивају на патриотизам како би обезбедиле лојалност грађана приликом извршавања различитих обавеза, укључујући и пореске обавезе. У раду се анализира утицај патриотизма на поштовање пореских прописа, односно настоји се одговорити на питање да ли ће патриотски настројени појединци уредније и савесније испуњавати своје пореске обавезе. У раду је размотрена и улога коју патриотизам има у контексту све веће пореске конкуренције која карактерише савремене државе. На крају, аутори су закључили да држава треба да ради на подстицању љубави према отаџбини, како би се створило окружење у којем ће се порески обвезници придржавати пореских прописа, не из страха од санкције, већ зато што сматрају да је то исправно и да је то један патриотски чин којим се на неки начин враћа све оно добијено од отаџбине.
Role of education in the integration of marginalized social groups into the labour market
The subject of the research paper is the analysis and examination of the role of education in the integration of marginalized groups into the labor market. The goal of the work leads to understanding the connection between the education of these specific social groups, the level of education and employment, and the possibilities and ways to synergize these social groups with the labor market. This research shows the possibilities and chances for education of individuals from marginalized social groups in the Republic of Serbia. The focus of the research was on how and to what extent acquired formal education can help individuals from marginalized groups to find an adequate job and thereby increase the quality of their life. The descriptive method, document analysis, questionnaire and analysis were used in the preparation of this research paper. The conclusion is that today, marginalized social groups, although they have the opportunity to later acquire formal primary and secondary education and have the support of institutions for this, are not sufficiently motivated in education and professional training. It is necessary to find more effective strategies and policies to motivate marginalized individuals and groups to become more involved in formal and informal forms of education.
INDIVIDUAL TYPES OF CORPORATE RISKS: INDUSTRY DISTRIBUTION IN THE CASE OF SLOVENIA
The contribution deals with individual risks in the Slovenian business environment. We encompassed eighteen different corporate risks in our research. The companies were asked to assess their exposure to the individual risk type in 2023. They have chosen their exposure rate from very little to significant on a Likert four-point scale. The results presented are based on answers from 120 large and middle-sized companies and are analysed according to their economic activity. We explored the research question of whether exposure to a particular type of risk differs among industries. This risk assessment is part of a broader annual Slovenian Corporate Risk Monitor 2023 project.
CONTENT ANALYSIS OF COMMENTS ON SERVICE, SATISFACTION AND EXPERIENCES OF "ALBERGO DIFFUSO" VISITORS: TRIPADVISOR CASE
The Albergo Diffuso model is a new model of sustainable development, based in Italy, which aims to utilize both tangible and intangible local resources. Today, this model is becoming increasingly popular in the tourism sector, where it is used to support local communities, preserve cultural heritage, enhance the tourist experience and promote sustainable tourism. In this direction, the aim of this study is to determine the touristic experiences of tourists staying in Albergo Diffuso hotels through their reviews on TripAdvisor digital travel platform and the factors that may affect their experiences. The study will analyze 100 reviews for two Albergo Diffuso hotels in Italy. The findings of this research showed that these contents can be categorized under four factors. These factors are listed as "hotel overall", "staff", "hotel room" and "food and beverage" according to their importance in tourists' hotel stay experiences.
Application of international financial reporting standards for small and medium-sized entities in European countries
The work is aimed at researching the International Financial Reporting Standard (IFRS) for small and medium-sized entities (MSE) in European countries and the frequency of adoption and application of this standard. The first part of the paper emphasizes the importance of this standard, its benefits and some of the obstacles to its application, which are recognized as significant in the previous literature. All references in the previous literature reviewed for the purposes of this work are followed up by the research that was conducted. The research aims to determine how often IFRS is applied to SMEs in European countries. The data was collected from reports published by the IFRS Foundation, which contain data on the application of the standard adapted for MSEs. The data were processed with descriptive statistics. The research showed that a small number of European countries apply IFRS for MSEs, and that European countries that are in the EU are not more inclined to apply IFRS for MSEs.
Econometric models in the evaluation of natural attractiveness for the development of tourism in Golija
Tourism is one of the most important sectors for development in many countries. In addition to attractive tourist destinations, tourist trends are moderate towards unused, attractive areas with a high degree of preservation. The evaluation of such areas is of great importance for the planning of tourism development. Economic models are used in their study. One of those areas in Serbia is the Natural Good - Nature Park "Golija", Biosphere Reserve "Golija-Studenica". The subject of the paper's research are economic models important for the evaluation of natural attractiveness in order to develop tourism in Golija. The aim of the work is to identify and value the resources relevant for the development of tourism in the Golija area. Within the methodological apparatus, as a general scientific method, a model based on numerical and statistical analysis, cartographic, analysis, synthesis, descriptive method was used.
PERCEPTION AND SOCIODEMOGRAPHIC PROFILE OF CONSUMERS IN THE ONLINE ENVIRONMENT
The aspiration and goal of any company operating in an online environment are to be successful, competitive, and profitable. Current trends in the development of internet trade must be followed to achieve these goals. Companies must continuously adjust their business to new trends that change from year to year. Given the growing importance of this type of purchase, it has become imperative to identify factors that influence consumer behavior in the online environment. Therefore, the main goal of this article is to analyze the behavior of online consumers when purchasing products and services from aspects of different consumer characteristics and their perception of risk and the benefits they have from this way of buying.
THE INFLUENCE OF INTELLECTUAL CAPITAL ON ENTERPRENEURIAL PERFORMANCE (CLUSTER ANALYSIS SCENARIO)
The main motive of this research is to determine the impact that intellectual capital has on entrepreneurial performance. The change in the performance of human capital as an indicator formed by the World Bank was used as a basis in order to define possible progress or stagnation in the development of intellectual capital in the countries of the European Union (including Great Britain) in comparison with Serbia. Namely, the human capital index as an integral part of intellectual capital will be analyzed using cluster analysis based on Ward's method, in order to determine groups of countries that are similar to each other in the development of intellectual capital. The reference years for the analysis of data from the Eurostat database are 2018 and 2020. The change in the value of the human capital index in the mentioned years should show the migration of countries from one cluster to another due to the improvement/deterioration of intellectual capital performance. The output results of the cluster analysis show the formation of five clusters of countries. In 2020, Serbia recorded a decline in the human capital index and thus positioned itself in Cluster 5, which in terms of performance lags behind the cluster of countries that are leaders in this segment.