The European Journal of Applied Economics
The European Journal of Applied Economics is an open access international scientific journal that publishes papers in the field of economics.
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Roles of Financial Literacy and Digital Financial Literacy in Enhancing MSME Financial Well-Being
This study examines the effects of financial literacy and digital financial literacy on the financial well-being of micro and small enterprise (MSE) owners. Primary data were collected through surveys administered to MSE owners in Bantul Regency, Special Region of Yogyakarta Province. This research generated a sample through various sampling selection techniques (cluster, purposive, and accidental sampling). A total of 168 respondents were used for data analysis employing Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings reveal that financial knowledge affects financial behaviors and attitudes, while digital financial knowledge affects digital financial behaviors and digital financial attitudes, with digital financial attitudes further impacting digital financial behaviors. In addition, this study also documents that the financial behaviors, digital financial knowledge, and digital financial behavior dimensions affect financial well-being. Micro and small enterprises will arguably make sound judgments, manage financial matters more effectively, and develop sustainable businesses if they have a better understanding of financial management and digital technology.
Copyright (c) 2026 The European Journal of Applied Economics
IS EXCHANGE RATE PASS THROUGH EFFECT VALID IN SERBIA? EMPIRICAL TESTING BY USING CO-INTEGRATION TECHNIQUES
The aim of this paper is to examine whether the exchange rate pass-through effect on prices in Serbia is present. In a small and open economy with a managed floating exchange rate regime, the impact of exchange rate changes on inflation is particularly important. Since this topic has been extensively studied, the contribution of this paper lies in applying several cointegration techniques and analyzing a specific time period for the case of Serbia. The selected time frame is 2007–2021, with monthly data. The research results show that the exchange rate pass-through effect on prices is incomplete. Additionally, it has been found that the effect is more pronounced in the long run and that the strength of the impact depends on the cointegration technique used.
THE ECONOMIC ROLE OF SMALL FARMS IN THE SERBIAN ECONOMY
Countries of different levels of development have different approaches to the economic importance and role of small farms. The backbone of agricultural development should be small and medium-sized farms, while large farms should create technological development and be the bearers of research in agriculture. However, in most countries, when we talk about the economic role of small farms, we are talking about a specific form of organizing agricultural production in an unfavorable market environment. For this reason, the main goal of this work is to analyze and present the position and role of small farms in the economy of Serbia, their position on the market, the environment in which they survive and the perspective of their further survival and development. For the purposes of this work, we will cite data from the latest agricultural census, public policy documents and SWOT analysis derived from available results and observations, in order to objectively list all advantages and disadvantages in order to improve the economic position of small farms in the Serbian economy.
A TECHNICAL FRAMEWORK FOR DATA-DRIVEN INDUSTRIAL TRANSFORMATION IN NORTHEAST CHINA
This study proposes a comprehensive data-driven technical framework to support industrial transformation in Northeast China, using the Shenyang-Fushun Reform and Innovation Demonstration Zone as a case study. Based on real-world industrial value-added data spanning from 2000 to 2024, we develop and validate predictive models using SARIMA and LSTM neural networks to forecast regional industrial development trends. The framework integrates time series analysis, comparative regional analysis, and policy impact assessment to provide actionable insights for decision-makers. Our empirical analysis of monthly industrial value-added growth rates reveals significant seasonal patterns and structural changes over the 24-year period. The SARIMA model demonstrates superior performance in capturing seasonal variations, while the LSTM model shows enhanced accuracy for non-linear trend prediction. Comparative analysis with Beijing, Shanghai, Jiangsu, and Guangdong provinces reveals the unique characteristics of Northeast China's industrial development trajectory. The study provides evidence-based policy recommendations for accelerating industrial transformation through data-driven approaches, offering a replicable framework for similar post-industrial regions.
DIGITAL MARKETING STRATEGIES FOR POSITIONING RELIGIOUS TOURISM DESTINATIONS: EVIDENCE FROM BOSNIA AND HERZEGOVINA
This paper examines the role of digital marketing in positioning religious tourism destinations, focusing on Bosnia and Herzegovina (BiH). Using a mixed-method approach, the study integrates institutional and tourist perspectives to identify digital tools and governance strategies that improve destination visibility, visitor engagement, and competitiveness. Findings show a significant gap between the perceived potential of religious tourism and its limited operational framework, mainly due to institutional fragmentation and weak digital capacity. Social media, digital storytelling, and influencer collaborations stand out as key drivers of visitor decisions, loyalty, and destination image. The research introduces the Development–Cooperation–Dialogue framework, linking digital maturity and inter-institutional coordination as core factors of destination management in post-conflict, multi-faith societies. Policy recommendations emphasize the need for coordinated governance, digital innovation, and sustainable branding of sacred sites to boost Bosnia and Herzegovina’s visibility as a spiritual destination.
ASSESSING THE POTENTIAL OF ELECTRIC MOBILITY FOR LOW CARBON TRANSIT TOURISM: EVIDENCE FROM THE BELGRADE-ZLATIBOR CORRIDOR
Transit tourism in mountainous regions generates a considerable carbon footprint due to the dominant use of internal combustion vehicles, particularly along intensively used routes such as the Belgrade-Zlatibor corridor. Although electric mobility offers the potential to reduce transport-related emissions, its relevance for Serbia’s transit tourism has not been systematically examined. This study addresses this gap by integrating an assessment of the existing charging infrastructure, an on-site survey of travelers conducted on Zlatibor (N=500), and a comparison of electric and conventional vehicles using established life cycle assessment (LCA) data. The aim is to evaluate the extent to which electric mobility can support a transition toward lower-carbon transit tourism along this corridor. The findings show that adventure- and nature-based activities represent the primary motivation for travel, increasing the importance of sustainable transport solutions in environmentally sensitive mountain destinations. Survey results further indicate that more than half of respondents would be willing to use electric vehicles if charging infrastructure were more accessible and spatially distributed along the route. In line with international evidence, established LCA data consistently show significantly lower lifecycle CO₂ emissions for electric vehicles relative to conventional vehicles, depending on the energy mix and vehicle segment. Overall, the study highlights electric mobility as a feasible pathway for reducing transit-tourism-related emissions and strengthening destination sustainability planning.
THE IMPACT OF MARITAL AND PARENTAL STATUS ON BURNOUT AND WELLBEING AMONG HOSPITALITY EMPLOYEES
This paper examines the relationship between marital and parental status and professional burnout among hospitality employees, utilizing the Maslach Burnout Inventory. Drawing on statistical evidence from a field study of 1,234 participants, the analysis reveals that marital and parental status significantly influence the three core dimensions of burnout. Marriage and parenthood appear to serve as protective resources, reducing emotional exhaustion and depersonalization, while simultaneously shaping different perceptions of personal accomplishment. Notably, the lower sense of accomplishment among married individuals suggests that competing with family and professional demands may constrain feelings of success, underscoring the dual role of family responsibilities as both supportive and demanding. These findings demonstrate that family-related factors are not merely demographic attributes but critical determinants of resilience and vulnerability in high-stress service industries such as hospitality. From a practical perspective, the results highlight the importance of family-supportive organizational policies, including flexible scheduling, parental leave, and wellness initiatives, to mitigate burnout and enhance employee wellbeing. Overall, this research advances understanding of how personal life circumstances intersect with professional burnout, offering insights that can guide organizational strategies, inform mental health interventions, and promote sustainable workforce practices aligned with global wellbeing and decent work agendas.
THE IMPACT OF DIGITALIZATION ON STATUTORY AUDITING IN SERBIA
<p style="margin: 0px; text-align: justify; font-style: normal; font-variant-caps: normal; font-stretch: normal; font-size: 14.7px; line-height: normal; font-family: 'Times New Roman'; font-size-adjust: none; font-kerning: auto; font-variant-alternates: normal; font-variant-ligatures: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-position: normal; font-variant-emoji: normal; font-feature-settings: normal; font-optical-sizing: auto; font-variation-settings: normal; -webkit-text-stroke-width: 0px; -webkit-text-stroke-color: #000000;">Digitalization is profoundly transforming audit operations in Serbia, significantly enhancing audit processes' efficiency, accuracy, and speed. This paper investigates how the adoption of digital tools and technologies is reshaping traditional audit methodologies. Key advancements include the integration of data analytics, automated systems, and blockchain technology, which collectively revolutionize the way auditors conduct reviews and assessments. The digital shift is not merely about adopting new tools; it fundamentally alters the skill sets required for today's auditors. Professionals must now navigate complex digital environments, develop competencies in data interpretation, and harness analytical tools to derive meaningful insights from vast amounts of information. Emerging challenges, such as cybersecurity threats, also require auditors to stay vigilant and responsive to safeguard sensitive data. While digitalization offers substantial benefits—including increased data precision, enhanced reporting capabilities, and streamlined workflows—it also necessitates substantial adaptation. Firms must invest in innovative technologies, upgrade their infrastructure, and prioritize ongoing skill development to effectively leverage these advancements. This strategic focus will allow audit firms to remain competitive in a rapidly evolving landscape while addressing the multifaceted challenges posed by the digital age. Ultimately, embracing digitalization is crucial for enhancing the value and effectiveness of audit services in Serbia.
FINANCIAL RESILIENCE TO THE ECONOMIC SHOCK OF COVID-19: AN EMPIRICAL STUDY OF ENTERPRISES IN SERBIA
This paper examines how COVID-19 affected medium and large enterprises in Serbia, revealing that size and ownership structure in this transitional economy challenge documented effects. Using panel data from Serbian enterprises (n = 3,020, period: 2018-2023), we employ fixed-effects regression with robust standard errors to analyse differential impacts. Large enterprises experienced statistically significant 19.4% higher operating revenues during COVID and 33.7% post-COVID compared to medium-sized firms (differential effects from baseline). Profitability patterns diverged as large private firms improved their operating margins by 4.1-6.8 percentage points, while state-owned firms experienced margin compression of 15.6-33.1 percentage points, despite having a six times larger asset base. Foreign ownership showed no statistically significant performance advantage. We concluded that institutional context could overturn established resilience patterns, indicating that models developed in advanced economies may not be directly transferable to transitional economies.
THE IMPACT OF CAPITAL FLOWS ON THE REAL EXCHANGE RATE: EVIDENCE FROM SERBIA
As a small open economy increasingly integrated into global financial markets, Serbia is exposed to fluctuations in cross-border capital movements that may influence exchange rate dynamics and macroeconomic stability. This paper examines the relationship between international capital flows and the real effective exchange rate in Serbia, with particular attention to the structure of capital inflows. The structural vector autoregression (SVAR) model is applied to capture the dynamic interactions between external economic conditions, capital flows, monetary policy, domestic economic activity, and the real effective exchange rate, using quarterly data for the period from 2007 to 2024. The results, obtained through impulse response analysis, indicate that shocks to capital inflows lead to a moderate appreciation of the real exchange rate, although the magnitude and persistence of the effect vary depending on the composition of capital flows. Equity inflows show a somewhat more persistent appreciation effect compared with debt inflows, while the overall impact of total capital flows appears relatively limited. These findings highlight the importance of capital flow composition for exchange rate dynamics and provide useful insights for the design of exchange rate and macroprudential policies in small open economies.
FINANCIAL STATEMENTS AUDITORS WORK EXPERIENCE DURING COVID-19 PANDEMIC: EVIDENCE FROM SERBIA
During the global pandemic auditors have not be able to perform full audit procedures due to social distancing measures. Therefore, mandatory audits were completed by accepting higher audit risk, with possibility of material misstatements being present within statements to some extent. Uncertainty and risk arising from the current environment have resulted in changes in reporting and audit procedures, although these areas are strictly governed by the legal and regulatory framework. This paper will analyse the existing guidelines on COVID-19 considerations related to financial statements audit, issued by global and national regulators and professional organisations. Namely, all ISA remain in effect and additionally COVID-19 related guidelines should be used as a supplementary material. Furthermore, the paper will present the results of the conducted survey. Mostly external auditors were participants in the survey, with the aim to assess impacts of the pandemic. Results show that most respondents claim that pandemic had an effect on the way audit process is being performed. However, only 7% of them believe that audit quality level is now higher. They named following audit areas as the ones being affected the most: going-concern principle assessment, audit risk assessment, audit evidence acquisition, and audit documentation and client file preparation.
Copyright (c) 2023 The European Journal of Applied Economics
FDI inflow effects on Western Balkan area's labour markets
Economic growth and labour market dependency on Foreign Direct Investments (FDI) inflow is very high in transition economies. This paper estimates the effects of FDI inflow on the employment rate and average net wages in Western Balkan economies in the period 2003–2017. The sample of economies was selected mainly because of the high legacy with FDI and unsaturated labour market. Presumably FDI inflow have positive impact on the employment rate and on average net wages in the Western Balkan countries. Employing linear mixed-effects models (LMM), the results indicate that FDI inflow changes has very low but positive and significant effects on the both changes in employment rate and in average net wages.
THE MOST COMMONLY USED COMMUNICATION CHANNELS AS A SOURCE OF INFORMATION FOR ORGANIC FOOD BUYERS IN SERBIA
The organic food market has shown constant but insufficient growth in recent decades due to a number of factors, the most notable of which are high prices and insufficient consumer awareness. Better consumer awareness can be achieved by using the most effective digital and traditional marketing channels. The aim of this paper is to examine which digital and which traditional marketing channels are used by buyers to collect information about organic food. The research included 600 respondents from Serbia, and the SPSS program was used for data processing. The paper used descriptive statistics and non-parametric techniques due to the distribution of scores that deviates from normal. The research results showed that buyers of organic food rely more on digital marketing channels, primarily social networks and websites. When it comes to traditional marketing channels, TV, radio and newspapers are in first place.
Copyright (c) 2025 The European Journal of Applied Economics
THE IMPORTANCE OF IMPLEMENTING FINANCIAL MANAGEMENT, CONTROL, AND IT IN PUBLIC SECTOR OPERATIONS IN THE REPUBLIC OF SERBIA
The goal of the work was to find out the trust of top managers of commercial banks, the management of the management bodies of local self-government units and top managers of public companies regarding the implementation of financial management and control, which is achieved by the application of IT systems as a management decision support system. We discovered that there are big differences in entities that did not implement financial management and control in regular business compared to those entities that did. In addition, in the following period, the factors given in the research should be taken into account, such as: completeness of beliefs, economy in work, business efficiency, effective business, contribution to the development of a public company and the overall score, as well as the fact that there is a significant deviation when observing those entities that do not apply and those that apply the mentioned control in business. In the end, the work indicates that it is possible to forecast future business, based on all three levels of management, primarily the public sector, as well as that it is necessary to consider innovative efforts such as the application of IT support systems.
AN ANALYSIS OF LABOR PRODUCTIVITY IN SERBIA'S HOTEL INDUSTRY
Productivity, as a basic indicator of the success of a company's operations, shows the efficient use of labor in the work process. The subject of the research is labor productivity in the hotel industry of Serbia. The work aims to analyze the productivity of work in hotels from a natural and value aspect in 2022 and 2023. The analysis included hotels according to categorization (number of stars), size, and location of the facility. The research included 31 hotels, according to the categorization with three, four, and five stars. The financial data used in this analysis were taken from the financial reports of the observed business entities, on the website of the Agency for Business Registers. The obtained results show the growth of business income per employee in 2023 in nominal terms, and, at the same time, a decrease in real terms. Labor productivity shows an increase in hotels of the five-star category, as well as in small and large hotels.
EVALUATING THE IMPACT OF INTEGRATED MANAGEMENT SYSTEMS ON OPERATIONAL RISKS AND FINANCIAL PERFORMANCE IN A RESEARCH ORGANIZATION
The study builds on the findings of Jonović et al. (2024) and aims to: 1) determine whether the implementation of Integrated Management Systems (IMS) based on the Committee of Sponsoring Organizations (COSO) Enterprise Risk Management (ERM) model improves sustainable operational risk management and financial performance in a Scientific research organization; and 2) develop a method for improving operational risk management and financial outcomes. Primary research includes SWOT (Strengths, Weaknesses, Opportunities, and Threats) analyses conducted from 2021 to 2024, with an average response rate of over 71%, confirming a sustainable business context. Following the PDCA (Plan-Do-Check-Act) cycle, it strives to enhance the response of the scientific research organizations to strategic goals and operational risks. It is supported with the analysis of financial indicators, as result of the secondary research (for the same period), and Pearson’s correlation, showing the impact of IMS based on the COSO ERM model on the organization's financial and operational stability. It emphasizes the importance of effective operational risk management for better financial performance. However, it suggests that implementing IMS is not enough to improve operational risk management within the organization. Future research should investigate comprehensive methods, diverse strategies, and comparative studies to enhance operational and financial outcomes.
AN AI APPROACH TO ANALYZING AND ENHANCING EMPLOYEE WELLBEING AND PRODUCTIVITY
This paper explores the complex concept of wellbeing, emphasizing its significance in both personal and professional contexts. Wellbeing encompasses physical, mental, emotional, social, spiritual, financial, career, occupational, intellectual, digital, and environmental dimensions. The COVID-19 pandemic has heightened awareness of mental and physical wellbeing, prompting organizations to prioritize these aspects. Effective wellbeing strategies enhance productivity, resilience, and overall organizational success. Remote work, a growing trend, offers flexibility and improved work-life balance but also presents challenges such as isolation and blurred boundaries. By understanding the evolution of remote work and implementing strategies to support employee wellbeing, organizations can foster a harmonious and productive work environment. Artificial intelligence is becoming instrumental for increasing employee performance and this work explores such approaches for better understanding and prediction of work trends. This paper underscores the importance of personalized wellbeing approaches, recognizing that individual needs vary, and generic solutions may not suffice. Ultimately, prioritizing wellbeing leads to sustainable personal and professional growth.
AGRITOURISM AS A CATALYST FOR SUSTAINABLE RURAL DEVELOPMENT: A LITERATURE REVIEW
Agritourism plays a crucial role in promoting sustainable development in rural areas by integrating tourism with agricultural practices. This form of rural tourism not only supports the preservation of natural and cultural heritage but also fosters economic growth and social cohesion in communities often affected by depopulation and economic decline. Sustainable practices within agritourism, such as organic farming, energy efficiency, and eco-friendly activities, further enhance its viability as a development strategy. This paper reviews existing literature on agritourism as a key strategy for sustainable rural development, with a particular focus on its potential application in the Republic of Serbia. Furthermore, significant and relevant data from statistical databases in the country are presented, shedding light on the current state of agritourism development. The paper emphasizes the importance of effectively managing sustainable agritourism development and proposes key research questions for further exploration. These questions aim to enhance understanding of sustainable agritourism in the Republic of Serbia. By synthesizing existing findings, the paper also highlights the need for continued research in this field to inform decision-making and develop effective strategies for rural development.
THE ROLE OF ENERGY STORAGE TECHNOLOGIES IN DECARBONIZING ENERGY SECTOR
A mounting requirement to increase the capacity for storing the energy generated from renewables drives the energy storage sector. However, there is no one-size-fits-all approach when it comes to storing energy. Relevant to the recent growth in energy storage are Battery Energy Storage Systems (BESS), particularly those based on lithium-ion. During the last decade, the cost of lithium-ion batteries has decreased by more than 90%, with battery cell prices estimated to continue this downward trend, adding to the attractiveness of energy storage. Major countries retain focus on lithium-ion batteries' supply chain, following their ambitions to build local manufacturing, gain international advantage, attract investment, and create jobs. Another crucial concern is linked to raw material supplies. Challenges for developing countries include a lack of skilled human resources and adequate monitoring and control equipment, underdeveloped or non-existent grid infrastructure, insufficient generation capacity, poor supply security, etc. Energy storage can boost reliability, which is vital when shifting from thermal projects to hybrid ones. Hence, this research investigates the general attitude over energy storage adoption and widespread use, including economic constraints, industry acceptance, contemporary technology, and regulatory barriers.
THE EASTERLIN PARADOX IN ASEAN: WELFARE AND ECONOMIC GROWTH
Achieving a prosperous condition is a final goal that the state wants to achieve. Welfare is a benchmark in assessing the progress of a country. Therefore, the objective of the article is to analyze the Economic Welfare in ASEAN countries. Gross Domestic Product (GDP) is currently used to quantify welfare objectively. However, happiness as subjective measure of well-being is used in this research. The System Generalized Method of Moments (SYS-GMM) is used to determine the elements that influence welfare in ASEAN. The data included the human development index, GDP per capita, unemployment rate, happiness index, and dependency ratio for the nine ASEAN countries between 2006 and 2023. Both the dependency ratio and GDP per capita significantly and favorably impact the happiness index. Given that GDP per capita has a positive impact on happiness, the Easterlin Paradox theory of happiness is applicable in ASEAN. Nevertheless, the happiness index is unaffected by the Human Development Index and unemployment. In order to achieve inclusive prosperity, ASEAN governments must, among other things, strengthen and expand regional collaboration in ASEAN's major industries and in the areas of technology, health, and education.
BIOLOGICAL ASSETS IN FINANCIAL STATEMENTS: CHALLENGES AND APPLICATIONS OF IAS 41 IN SERBIA
Agricultural activities, due to several specific characteristics, are regulated by a separate standard - International Accounting Standard 41 - Agriculture, which makes a clear difference between biological assets and agricultural products. The purpose of this paper is to consider the representation of biological assets in the financial reporting of public companies in the territory of the Republic of Serbia. In addition, content analysis of audit reports of sampled companies has been performed in order to determine the compliance of financial reporting related to biological assets and regulatory framework. The research was conducted on two samples, out of which the first one consisted of 582 public companies from the Belgrade Stock Exchange during 2017, and the other one covered content analysis of audit reports of 397 public companies from 2018. The results of the research show that in the sector of agriculture, forestry and fisheries, the most common item is the value of biological assets, where 17 public companies disclosed the value of biological assets according to IAS 41. The analysis of auditor reports revealed that, in general, sampled companies complied with IAS 41 and other regulatory framework when reporting on biological assets.
THE FUTURE OF HR IN HOSPITALITY: TECHNOLOGY-DRIVEN HRM PRACTICES
HR has a crucial role in creating and implementing plans to attract, retain, and motivate staff in the highly competitive hotel industry. HR must use creative strategies to boost employee engagement and productivity as the sector faces labor challenges like high turnover rates and a lack of skilled workers. By optimizing hiring procedures, increasing retention, and personalizing career progression, technology-based HR strategies—such as AI-enhanced recruitment, gamified training, predictive analytics, and digital wellness programs—are revolutionizing workforce management. The integration of virtual reality (VR) onboarding and AI-driven performance tracking enhances training efficiency, while predictive analytics enables HR professionals to identify employees at risk of leaving and implement targeted retention strategies. However, despite these benefits, challenges such as data privacy concerns, employee resistance to digital adoption, and high initial costs must be managed. Predictive analytics enables HR professionals to identify potential departing employees and implement targeted retention strategies, while virtual reality (VR) onboarding and AI-powered performance monitoring enhance the efficacy of training. However, despite these benefits, there are still challenges that must be resolved, such as data privacy concerns, employee resistance to digital adoption, and high initial expenses. Through the effective integration of data-driven technologies and human-centered approaches, hotels may assure long-term success in a rapidly evolving business, increase employee productivity, and improve guest satisfaction.
CLUSTER ANALYSIS OF RESEARCH AND DEVELOPMENT CAPACITY IN EUROPE
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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 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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 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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 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<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"/> 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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"/> 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<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 role of innovation in economic development cannot be overstated, particularly in the context of emerging market economies and newly industrialized countries, where it serves as a catalyst for national growth and international competitiveness Human capital plays an indispensable role in the development of knowledge economies, and its importance has become increasingly pronounced within the European Union as the region seeks to maintain its competitiveness in the context of green and digital transitions. Cluster analysis offers a methodologically robust approach to grouping countries based on similarities in their R&D profiles. By identifying clusters with comparable R&D characteristics, it is possible to gain nuanced insights into the strengths and weaknesses of national innovation systems. Understanding the distribution of R&D capacity across Europe can facilitate international collaborations and promote knowledge sharing among countries with similar strengths and challenges. This research paper aims to explore the clustering of European countries based on their R&D capacity, providing a comprehensive analysis of key metrics and their implications for national innovation strategies. The analysis was made regarding the most important aspects of distinction between four identified clusters that in total 35 European countries have been grouped to
DIGITALIZATION AND ECONOMIC GROWTH NEXUS IN THE ASEAN REGION
The digitalization of the economy has emerged as a pivotal driver of growth in the ASEAN region. The prevalence of non-cash transactions and e-commerce has increased exponentially in recent years, and these developments have been widely discussed in academic and public discourse. This study examines the impact of e-money and e-commerce on economic growth in 11 ASEAN countries. The data were obtained from the World Bank and the Statista Research Department. The data were analyzed using the System-Generalized Method of Moments (SYS-GMM) model with a dynamic panel data structure. The findings indicate that e-money has no discernible impact on economic growth, whereas e-commerce exerts a positive and statistically significant influence on economic growth. This study highlights that e-commerce is pivotal in facilitating market expansion, enhancing efficiency, and fostering innovation.
THE WTO'S INFLUENCE ON THE GLOBAL ECONOMY AND MODERN BUSINESS DYNAMICS
Established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO) is a pivotal institution overseeing international trade. With 166 member countries accounting for over 98% of global trade, the WTO’s primary mission is to facilitate free and fair trade by reducing trade barriers and resolving disputes. It plays a critical role in ensuring adherence to trade rules, particularly in safeguarding the interests of smaller nations, and addresses a wide range of issues including intellectual property and agriculture. Despite its contributions, the WTO faces significant challenges such as adapting to the digital economy, addressing climate change, and countering rising protectionism. Critics argue that its framework often benefits developed nations at the expense of developing countries, underscoring the need for reform. To remain effective and equitable, the WTO must modernize its processes and policies. This paper examines the WTO’s role in regulating international trade, explores the contemporary challenges it faces, and evaluates potential reforms aimed at enhancing its relevance and ensuring fairness for all member states.
EQUAL PAY FOR EQUAL WORK OR WORK OF EQUAL VALUE: CONCEPT AND APPLICATION
The Constitution of the Republic of Serbia and legal framework guarantee equal pay for equal work or work of equal value for the employer. Work of equal value refers to work that requires the same level of qualifications, i.e., education, knowledge and skills, in which equal work contribution has been made with equal responsibility. In the paper, the authors, using the normative and comparative law method, deal with the concept, normative structure and implementation of equal pay for equal work or work of equal value principle. It also deals with the term and legal nature of equal pay and work of equal value, as well as the rights to compensation with the key examples of judicial practice.
ENHANCING RISK-ADJUSTED RETURNS FOR RETAIL INVESTORS: AN EXPLORATION OF DUAL MOMENTUM STRATEGIES IN GLOBAL SECTOR ETF INVESTING
Investment performance evaluation is essential in determining the effectiveness of investment strategies, as it enables investors to assess risk-adjusted returns and benchmark performance against traditional indices. The rapid development of financial products has significantly expanded the range of investment opportunities, enabling investors to achieve their objectives in ways that were previously not possible. However, the sheer volume of available alternatives introduces considerable complexity into the decision-making process. While institutional investors can mitigate these challenges by developing specialized expertise, such resources are often inaccessible to retail investors. In response, market index ETFs (exchange-traded funds) have become a widely adopted, cost- and time-efficient investment vehicle, offering broad market exposure, diversification, and simplicity, typically without the need for advanced analysis. While this approach may suffice for many investors, there is potential for retail investors to enhance risk-adjusted returns through more refined strategies. This study investigates the application of dual-momentum strategies, which involve leveraging the performance of global sector ETFs and incorporating a “flight-to-safety” mechanism when market conditions dictate. The findings suggest that such strategies can deliver superior risk-adjusted performance relative to traditional index investing via ETFs.
SOCIAL NETWORKS AS A TOOL FOR DIGITAL MARKETING IN BANKING IN SERBIAA
Due to rapid IT technology development, many people and enterprises are now active users of social networks. Traditional banking communication channels have become insufficient to meet the demands of modern business conditions. To adapt to the evolving preferences of existing and potential clients in an increasingly competitive market, banks have had to embrace digital technologies and redefine their business strategies, customer engagement, and communication approaches. Digital changes have given clients a distinctive experience and strengthened the banks’ position in the financial market. Today, banks are increasingly present on social networks across the world, including Serbia. The presence of banks in Serbia on social networks was analysed in the paper following analytical-synthetic, hypothetical-deductive, desk research, content analysis, and comparative methods. The research results showed that 80% of banks use at least three social networks and that the use of Instagram, YouTube, Facebook, and LinkedIn in promotion is increasingly common in the banking sector in Serbia. Banks that have not yet established a presence on these networks should consider their implementation to strengthen the brand, engage younger and business users, and expand the business network.
HIGHER EDUCATION IN THE DIGITAL MARKETING AGE: EVALUATING THE COST-EFFECTIVENESS OF INSTAGRAM CAMPAIGN AD FORMATS USING A/B TESTING
In the digital marketing age, higher education institutions are increasingly utilizing social media platforms such as Instagram to enhance their visibility and attract prospective students. This study examines the cost-effectiveness of higher education institutions' Instagram marketing campaigns through A/B testing, focusing on different advertising formats with the same creative approaches. By comparing static images with animated images (in the form of video), the research aims to identify the format that delivers superior cost efficiency for predefined target groups. The analysis indicates that campaigns using static image format are more cost-effective, demonstrating lower Costs per Click (CPC), Cost per Landing Page View (CPLPV), and Cost per Registration (CPR). Moreover, the study emphasizes that Carousel posts outperform video ads significantly in terms of return on investment (ROI), with Carousel campaigns achieving approximately 32.45% higher returns. The findings underscore the importance of audience segmentation, noting that different age groups and genders respond variably to marketing efforts. Despite some limitations, such as sample size and timeframe, the results validate the study's conclusions and underscore the effectiveness of Carousel posts in strengthening institutional image and engagement. This study offers important insights and perspectives for refining and optimizing Instagram marketing strategies in higher education, that can contribute to increasing enrollment and institutional visibility.
INVESTIGATION OF PERCEIVED RISKS IN HOLIDAY PURCHASES FROM WEB-BASED TRAVEL INTERMEDIARIES ACCORDING TO DEMOGRAPHIC CHARACTERISTICS
The main purpose of this research is to determine the risks in holiday purchasing that tourists perceive in the preferences of web-based travel agencies and risk reduction strategies. The data of the research were obtained from domestic tourists who residing in Eskisehir and previously purchased holiday. A total of 406 questionnaires were accepted as valid as a result of the face-to-face questionnaires. The higher perceived risk dimensions by tourists were determined as performance risk, security risk and financial risk. The tourists who purchase a holiday from a sales office of travel agency, females, singles, in the age group of 18-25 and 50 and over, higher perceived risk than others. Based on the results of the research, suggestions were made to practitioners in the sector and researchers.