Serbian Journal of Management
type: channel
description: Serbian Journal of Management
publisher: University of Belgrade - Technical Faculty in Bor
language: en
publication name: Serbian Journal of Management
issn: 1452-4864
copyright: The Author wishes to submit the Work to SJM for publication. To enable SJM to publish the Work and to give effect to the parties’ intention set forth herein, they have agreed to cede the first right to publication and republication in the SJM Journal. Cession The Author hereby cedes to SJM, who accepts the cession, to the copyright in and to the paper. The purpose of the cession is to enable SJM to publish the Work, as first publisher world-wide, and for republication in the SJM Journal, and to grant the right to others to publish the Work world-wide, for so long as such copyright subsists; SJM shall be entitled to edit the work before publication, as it deems fit, subject to the Authors approval The Author warrants to SJM that: - the Author is the owner of the copyright in the Work, whether as author or as reassigned from the Author’s employee and that the Author is entitled to cede the copyright to SJM; - the paper (or any of its part) is not submitted or accepted for publication in any other Journal; - the Work is an original work created by the Author; - the Author has not transferred, ceded, or assigned the copyright, or any part thereof, to any third party; or granted any third party a licence or other right to the copyright, which may affect or detract from the rights granted to SJM in terms of this agreement. The Author hereby indemnifies the SJM as a body and its individual members, to the fullest extent permitted in law, against all or any claims which may arise consequent to the warranties set forth. No monetary consideration shall be payable by SJM to the Author for the cession, but SJM shall clearly identify the Author as having produced the Work and ensure that due recognition is given to the Author in any publication of the Work. Should SJM, in its sole discretion, elect not to publish the Work within 1 year after the date of this agreement, the cession shall lapse and be of no further effect. In such event the copyright shall revert to the Author and…
items: Saturated linear unit as an universal symmetric activation function for deep learning
items: Advancing LEAN methodology adoption in Serbian manufacturing SMEs: empirical insights and a strategic implementation framework
items: Blockchain-based skill and employment verification: challenges and strategies for executive hiring in Dubai’s fintech industry
items: An analysis of the influence of shadow economy on economic development
items: Innovation versus acquisition: panel evidence on the market value of intangible capital in Europe
items: Higher education in light of Industry 5.0: SERVQUAL-SEM quality dimensions
items: Incorporating literary fiction in teaching "Brand Management" course - focus on consumer values
items: The role of leadership in driving corporate social responsibility and innovation: insights from Serbian organizations
items: The national cultural dimensions influence on celebrity endorsement
items: Real estate investment - a financial and bibliometric analysis
items: Human resources as a strategic enabler of circular economy adoption: a bibliometric and thematic analysis
items: Factors Influencing ERP system usage in manufacturing and service industries: a comparative study using PLS-SEM and fsQCA
items: Corporate social performance and corporate financial performance: the role of productivity and innovation in the moderated-mediation model
items: Harmony within the new digital paradigm: management of human factor and balance between new and legacy practices
items: Towards deciphering the crypto-shopper: an analysis on knowledge and preferences of consumers using cryptocurrencies for purchases
items: From awareness to action: ranking EU countries by consumer readiness to adopt sustainable products using a hybrid M–M methodology
items: Validity and reliability assessment of the transformative learning outcomes and processes (TROPOS) survey in public sector work-related learning
items: The role of senior management in natural hazards: a European banking industry case
items: Decoding key antecedents, moderators, and consequences of herd behaviour to predict consumers’ behaviour intentions: a systematic literature review
items: The role of legislation and consumer perception in shaping circular economy behaviour
items: ESG perceptions in the corporate sphere: are there differences by firm size, gender of owners/managers & business duration?
items: Consumer decision-making and legal awareness in the circular economy: A regulatory perspective
items: Employee empowerment and its performance in emerging economy: mediating role of psychological capital
items: NEW MEMBER OF EDITORIAL BOARD
items: The determinants of electric and hybrid vehicle adoption: a perspective from Serbia
items: Empowering lead users: Kenya's three-part formula for fintech innovation success
items: The knowledge management process and its relation to organizational performance: a case study of carnival cruise lines
items: Enhancing retail operations: Dynamic fulfilment strategies in Omnichannel retail
items: Putrajaya smart city: a journey traces back to its past, now and near future
items: Steering through the landscape: a study on entrepreneurs' perceptions of business environments

Saturated linear unit as an universal symmetric activation function for deep learning
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description: There is a number of symmetric activation functions used in artificial neural networks for deep learning. In this paper, we propose a universal activation function based on the Saturated Linear Unit (SaLU) that can be used instead of any known symmetric activation function. It is not necessary for classification tasks to have an exact calculation of the probability of detected classes. The classification decision is made based on the highest probability for the input values. We propose, as a proof of concept, that the two most commonly used hyperbolic tangent and algebraic sigmoid activation functions can be effectively replaced by SaLU by choosing a single parameter. Moreover, the theoretical step function can also be replaced by SaLU for a wider transition range. All derivations use symbolic processing. Also shown is a visualization of the range of inputs that result in a suitable classification. This can help scientists and programmers design complex machine learning algorithms and understand how deep learning algorithms work.
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creator: Maja Lutovac Banduka
creator: Vladimir Milićević
creator: Igor Franc
creator: Nemanja Zdravković
creator: Nikola Dimitrijević
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-02-11
publication date: 2026-02-11
starting page: 37
ending page: 48
doi: 10.5937/sjm21-57891

Advancing LEAN methodology adoption in Serbian manufacturing SMEs: empirical insights and a strategic implementation framework
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description: As manufacturing industries become more competitive around the world, Lean methodology must be used to improve operations and keep the market stable. However, small and medium-sized businesses (SMEs), have a hard time fully implementing Lean because they don't have enough resources, and their organizations are stuck in their ways. This research provides an empirical analysis of the level of application of Lean in manufacturing SMEs in the Republic of Serbia. A structured survey was conducted in which 54 manufacturing SMEs took part, in order to determine the level of Lean adoption, the main obstacles in the implementation process and the influence of factors, such as company size, quality management system and product diversification. The Mann-Whitney U, the Kruskal-Wallis, the Chi-square test and a binary logistic regression were used for qualitative analysis. The results show that there is a strong link between ISO 9001 certification and Lean implementation. Larger enterprises are more likely to adopt Lean than smaller ones. The study presents a customized Plan-Do-Check-Act (PDCA) model for the Serbian SMEs, offering an approach to overcoming implementation barriers. Future research should be directed towards extending the analysis to the Western Balkans and comparing the results to support evidence-based industrial policy development.
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creator: Dragan Pavlović
creator: Peđa Milosavljević
creator: Milena Rajić
creator: Zorana Stanković
creator: Aleksandar Takači
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-03-03
publication date: 2026-03-03
starting page: 49
ending page: 69
doi: 10.5937/sjm21-57542

Blockchain-based skill and employment verification: challenges and strategies for executive hiring in Dubai’s fintech industry
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description: Dubai's traditional executive recruitment process faces challenges, including the use of fake credentials, screening delays, and high recruitment costs. With its decentralized and immutable nature, blockchain offers a potential solution to these problems by ensuring secure, accurate and efficient verification. The paper examines how HR professionals and IT specialists from various Dubai FinTech companies perceive the effectiveness of blockchain in verifying credentials, reducing fraudulent claims, and enhancing recruitment efficiency. Additionally, the paper examines organizations' readiness to adopt blockchain technology and its potential impact on operational costs and efficiency. The research findings show that blockchain significantly improves verification accuracy by reducing human error and preventing fraud. Blockchain has been identified as an effective tool to curb fraudulent claims in executive hiring, positively impacting both time and cost efficiency. However, resistance to new methods and concerns about implementation costs were identified as potential barriers to widespread adoption. To overcome resistance to change and reduce implementation costs, adequate training is essential for successful adoption. The study proposes further research into the long-term adoption of blockchain and its impact on different industries.
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creator: Aleksandar Erceg
creator: Huldah Gollapalli
creator: Jovanka Damoska Sekuloska
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-05-20
publication date: 2026-05-20
starting page: 205
ending page: 227
doi: 10.5937/sjm21-60518

An analysis of the influence of shadow economy on economic development
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description: The shadow economy is an umbrella concept that covers different aspects of the informal economic sectors. Conventional wisdom states that an increased size of the shadow economy hampers economic growth. However, we adopt a more nuanced conceptual framework, considering the mixed effects exercised by the shadow economy on economic development and full employment of labour resources. Thus, we estimate the size of the shadow economy employing a Multiple Indicators and Multiple Causes model. To cope with the uncertainty that emerges from the large set of potential determinants of economic development, we employ the resulting proxy of the shadow economy in a Bayesian Model Averaging/Weighted-Average Least Squares. Alternative approaches to data are considered for a robustness check. We find that for a dataset of 124 post-industrial and developing economies covering the period between 1991 and 2017, the shadow economy can both positively and negatively affect economic development. Our results show that the ‘net’ effect exercised by the shadow economy on the official sectors is an open question. The main implication is that any policy aiming to reduce the size of the shadow economy should be accompanied by an improvement of the economy's formal sectors to absorb unemployment.
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creator: Bogdan Dima
creator: Ştefana Maria Dima
creator: Ciprian Preda
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-05-08
publication date: 2026-05-08
starting page: 147
ending page: 178
doi: 10.5937/sjm21-59379

Innovation versus acquisition: panel evidence on the market value of intangible capital in Europe
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description: This study examines the influence of intangible investments on firm valuation in terms of the comparative influence of internally generated research and development and externally purchased intangible fixed assets. Using panel data for 247 listed European firms over the span of a decade, this paper uses fixed effects and Generalized Method of Moments estimators to adjust for unobserved heterogeneity and endogeneity problems. The findings reveal a strong and stable positive and statistically significant association between research and development intensity and Tobin's Q, stressing the focus of the market on endogenously driven innovation as the strongest driver of firm value. In comparison, the effect of acquired intangibles is less strong and statistically less intense, revealing that capital markets focus more on endogenous innovation efforts than on intangible acquisition. Results of the study contribute to the literature on intangible capital by offering empirical findings on the impact of investment styles on firm value, with significant implications for policy making, innovation management, and corporate finance.
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creator: Jozef Glova
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-05-08
publication date: 2026-05-08
starting page: 179
ending page: 191
doi: 10.5937/sjm21-59366

Higher education in light of Industry 5.0: SERVQUAL-SEM quality dimensions
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description: The Industrial Revolution wheels the development of society, and its transformation reflects the upcoming Industrial Revolution. This led to Industry 5.0 and Society 5.0. in many areas, even in education. Therefore, universities should achieve a high level of service quality to align with new industrial trends where humans are expected to be innovative and collaborative in a shared working environment with new digital technologies. Thus, this paper aims to research the relationship among SERVQUAL quality variables of online higher education (Tangibility, Reliability, Readiness, Assurance and Empathy) and their impact on student perception of Industry 5.0 effects on higher education quality. To achieve this aim, the survey was carried out among 532 university students. Structural Equation Modeling (SEM) shows that all analysed relationships among SERVQUAL variables are confirmed and indicate a positive impact. Furthermore, the influence of the mentioned quality variables on the students’ perception of Industry 5.0 effects on higher education quality is also considered. Considering those relationships, Reliability is the only significant variable impacting students’ perception of Industry 5.0 effects on higher education quality. These conclusions could be used to develop a framework for quality improvement of online higher education in Industry 5.0, leading to the base for developing new Society 5.0
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creator: Ana Rakić
creator: Maja Glogovac
creator: Jelena Ruso
creator: Sanela Arsić
creator: Isidora Milošević
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-05-04
publication date: 2026-05-04
starting page: 127
ending page: 145
doi: 10.5937/sjm21-56043

Incorporating literary fiction in teaching "Brand Management" course - focus on consumer values
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description: The authors demonstrate how examples from literary texts deepen the understanding of consumer values in Brand Management course (according to Sheth, Newman and Gross’ classification: functional, social, emotional, epistemological, and conditional values). To understand the students’ interest in this topic and the usefulness of assignments with fragments of fiction, the authors conducted a study among MBA students who completed the Brand Management course, where these assignments were integrated. The results of the study showed that students consider these assignments interesting, useful, and broadening their erudition. Moreover, almost half of the respondents used the knowledge gained from completing the assignments with fragments of fiction in their practical activities.
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creator: Marina Ochkovskaya
creator: Evgenia Butenina
creator: Stanislav Nikitin
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-05-19
publication date: 2026-05-19
starting page: 193
ending page: 204
doi: 10.5937/sjm21-57647

The role of leadership in driving corporate social responsibility and innovation: insights from Serbian organizations
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description: The objective of this study is to examine the impact of transformational and transactional leadership styles on Corporate Social Responsibility (CSR) and Organizational Innovation (OI) within Serbian organizations. Using responses from 204 employees across small and medium, domestic and foreign companies, the research explores how leadership behaviors influence CSR initiatives and innovative practices. Data were collected through an online survey using a structured questionnaire and analyzed in SPSS with descriptive statistics, reliability testing, and multiple regression to examine relationships. Stratified sampling was applied to ensure representation across company size and origin. Two hypotheses were tested and proven highlighting significant differences of this influence based on organizational size and origin, with transformational leadership proving more effective than transactional leadership as a predictor of CSR and OI outcomes. The research findings point to the importance of culturally aligned leadership approaches in fostering sustainable and innovative practices, offering valuable insights for leadership development in transitional economies.
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creator: Jelena Vukonjanski Srdic
creator: Katarina Pavlovic
creator: Ivana Berić
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-04-27
publication date: 2026-04-27
starting page: 105
ending page: 125
doi: 10.5937/sjm21-58014

The national cultural dimensions influence on celebrity endorsement
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description: Celebrity endorsement is one of the most effective promotional strategies and, as such, is widely present in both domestic and international marketing. The application of this promotional strategy in global marketing requires adaptation depending on the cultural patterns of consumer behavior in the international environment. Accordingly, the subject of this study is the influence of culture on the effect of celebrity endorsement within the global context. The study aims to examine the impact of national cultural dimensions, based on Hofstede's model (power distance and individualism/collectivism) on the perceptions of respondents from different cultural backgrounds regarding the appearance of celebrities in promotional activities, the perceived quality of products endorsed by celebrities, the attractiveness and credibility of celebrities. Primary data was collected using the method of personal interview, applying an online survey technique. A total of 353 respondents from 70 different nationalities participated in the study. The research hypotheses were tested using group comparison techniques, specifically the independent samples t-test. The results suggest that celebrity endorsement is more favorable in collectivistic and high power distance cultures in comparison to individualistic and low power distance cultures. The theoretical contribution of the study lies in providing new insights into the influence of culture on consumer behavior. The findings may serve as guidelines for marketing managers in developing a marketing strategy plan for international markets, which can be considered a practical contribution of the study
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creator: Ivana Markovic
creator: Biljana Rabasović
creator: Katarina Borisavljević
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-03-04
publication date: 2026-03-04
starting page: 71
ending page: 83
doi: 10.5937/sjm21-59562

Real estate investment - a financial and bibliometric analysis
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description: The investigation of real estate risks, exuberance and housing bubbles have garnered a lot of attention, leading to significant implications on governments, industry and human beings. Their compliance with the competitive market economy has led to the identification of certain distinctive features and risks, such as the atomization of requests and offers, the piecing fluidity, the personalization of requests, and sales-focused production. Thus, much research has been conducted on the topic of real estate investment over the last two decades. However, discussing the impact of real estate investing in the context of radical cultural changes driven by overlapping crises, technological innovation pressures, and environmental concerns continues to lack systematic and in-depth bibliometric research. This paper aims to consolidate standard research on the bibliometric study of papers and articles published over the last 23 years, from 2000 to 2023. This paper aims to advance our understanding of this cross-cutting concern using a review of the bibliometric literature on the house price bubble thus providing both a quantitative and qualitative perspective on productivity related to this area of economic research. The results from 1,780 studies analyzed show evolving trends in the keywords financial investments, real estate investment, commerce, risk assessment and artificial intelligence. traditional commerce-related keywords and have increasingly begun to include elements of risk assessment and artificial intelligence, reflecting a continuous adaptation to new technological and economic challenges and opportunities. Future research may cover other databases for more comprehensive analysis
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creator: Cristinel Ichim
creator: Veronica Grosu
creator: Cristina Gabriela Cosmulese
creator: Svetlana Mihaila
creator: Simona Maria Brinzaru
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-03-26
publication date: 2026-03-26
starting page: 85
ending page: 103

Human resources as a strategic enabler of circular economy adoption: a bibliometric and thematic analysis
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description: This paper presents a comprehensive bibliometric and thematic analysis of 313 peer-reviewed articles indexed in Scopus, mapping the intersection between circular economy (CE) and human resources (HR). The study confirms the central role of HR in enabling the adoption and diffusion of CE practices across industries and regions. Our findings highlight that the success of CE initiatives depends not only on technological advancements and structural changes but critically on the preparedness, engagement, and well-being of the workforce. Key HR practices-including skill development, leadership cultivation, digital and virtual training, and inclusive talent management-are shown to be vital for equipping employees with the capabilities needed to implement circular strategies. The analysis reveals the growing importance of integrating digital technologies, such as Industry 4.0 tools, with human capital development, while also emphasizing the need for supportive working conditions, including safe, fair, and inclusive workplaces, to stimulate sustainable behaviors. The study identifies 15 thematic clusters and highlights emerging topics such as digital circular economy, circular entrepreneurship, and decent work. This paper contributes to understanding the strategic role of HRM in circular transitions and suggests directions for future research on contextual factors, digital readiness, and HR’s role in advancing circular business models globally.
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creator: Maria Menshikova
creator: Olesea Plotnic
creator: Tatjana Tambovceva
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-23
publication date: 2025-10-23
starting page: 1
ending page: 14
doi: 10.5937/sjm21-59997

Factors Influencing ERP system usage in manufacturing and service industries: a comparative study using PLS-SEM and fsQCA
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description: Enterprise Resource Planning (ERP) systems represent an important technological infrastructure for enhancing operational efficiency and strategic decision making in various industries. This study examines the key determinants influencing the adoption of ERP systems, with a particular focus on organizations operating in the manufacturing and service sectors in the Western Balkans region. In order to empirically evaluate the proposed conceptual framework, Partial Least Squares Structural Equation Modeling (PLS-SEM) and Fuzzy Set Qualitative Comparative Analysis (fsQCA) were employed. In this way, both linear relationships and configuration pathways underlying ERP implementation behavior were captured. The results of the PLS-SEM analysis show that constructs such as work compatibility, perceived usefulness and external factors are statistically significant predictors of users’ attitudes towards using ERP systems. In addition, a significant relationship was found between attitude and actual use of ERP systems, with user experience serving as a moderating variable. Notably, the multi-group analysis revealed no significant differences in intentions, attitudes or preferences between users from the manufacturing and service sectors. The results of the fsQCA study also show that work compatibility and perceived usefulness are the core present conditions necessary for effective ERP adoption. This study contributes to the existing literature by integrating multiple analytical approaches to explore the complexity of ERP usage. Additionally, it provides practical insights for enterprise managers, ERP vendors and policymakers.
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creator: Aleksandra Radić
creator: Sanela Arsić
creator: Đorđe Nikolić
creator: Samo Bobek
creator: Simona Sternad Zabukovšek
rights: Copyright (c) 2026 Serbian Journal of Management
date: 2026-01-19
publication date: 2026-01-19
starting page: 15
ending page: 36
doi: 10.5937/sjm21-59899

Corporate social performance and corporate financial performance: the role of productivity and innovation in the moderated-mediation model
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description: This study aims to investigate the fundamental processes and particular circumstances that allow Corporate Social Performance (CSP) to impact Corporate Financial Performance (CFP). Based on the Instrumental Stakeholder Theory perspective, our research explains the mechanism of the relationship between CSP in improving CFP through the mediating role of Total Factor Productivity (TFP) with the main contingency factor, namely innovation. This study uses a panel data set of 133 firm-year observations of manufacturing firms listed on the Indonesia Stock Exchange (IDX) over the 2018–2021 period. This study proposes a new model that incorporates additional contextual variables in the form of innovation and uses a moderated mediation model for this study. Our results show that the relationship between Corporate Social Performance (CSP) and Corporate Financial Performance (CFP) is mediated by Total Factor Productivity (TFP), especially in small firms. In addition, this study also finds that the moderating effect of Research and Development (R&D) on the CSP-CFP relationship becomes apparent when applied to large firms. Small-sized companies in sectors, consumer cyclical and industrial, can enhance their CSR performance by integrating it into their corporate strategy, as strategic CSR can yield a competitive edge, boost productivity, and elicit a positive market response that improves financial performance. The implications of this study suggest that the company can enhance its CSR performance by integrating it into its corporate strategy. Strategic CSR has the potential to provide a competitive edge, boosting productivity and positively influencing financial performance through favorable market reactions.
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creator: Prillinaya Yudhistira
creator: Wahyu Agus Winarno
creator: Alwan Sri Kustono
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-20
publication date: 2025-10-20
starting page: 477
ending page: 494

Harmony within the new digital paradigm: management of human factor and balance between new and legacy practices
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description: Digitalization has become a central topic within societies and organizations, described as a new paradigm or as the fourth industrial revolution. This is a change taking place at many layers, impacting people’s needs, behaviour and expectations. The purpose of this research is to show that for a digitalization process to be successful, a holistic approach is required where change management practices together with the human factor are at its core. The research was performed doing a sistematic literature review together with a measurement instrument in the form of a comprehensive survey that was filled by respondents across different countries and industries. Based on this research, it is important to understand that the environment in which organizations operate is fast and ever-changing. There are constantly new ways of doing things, new technologies and frameworks that could be implemented, new strategies to be explored, etc. What is not different is the need for change with its human centricity.
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creator: Camila Calcagno
creator: Jaka Vadnjal
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-11-06
publication date: 2025-11-06
starting page: 495
ending page: 513
doi: 10.5937/sjm20-59330

Towards deciphering the crypto-shopper: an analysis on knowledge and preferences of consumers using cryptocurrencies for purchases
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description: The fast-growing cryptocurrency sector presents both challenges and opportunities for businesses and consumers alike. This study investigates the knowledge, expertise, and buying habits of people who shop using cryptocurrencies. Our survey of 516 participants shows that knowledge levels vary from beginners to experts. Interestingly, a segment of respondents, nearly 30%, showed high purchase frequency despite their limited knowledge. Regression analyses indicated that while domain knowledge plays a role, it only accounts for 11.6% of the factors affecting purchasing frequency. A K-means cluster analysis further segmented the respondents into three distinct groups, each having unique knowledge levels and purchasing tendencies. These results challenge the conventional idea linking extensive knowledge to increased cryptocurrency usage, suggesting other factors at play. Understanding this varying crypto-shopper demographic is pivotal for businesses, emphasizing the need for tailored strategies and user-friendly experiences. This study offers insights into current crypto-shopping behaviors and discusses future research exploring the broader impacts and potential shifts in the crypto-consumer landscape.
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creator: Massimiliano Silenzi
creator: Umut Can Çabuk
creator: Ömer Aydin
creator: Enis Karaarslan
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-13
publication date: 2025-10-13
starting page: 429
ending page: 453

From awareness to action: ranking EU countries by consumer readiness to adopt sustainable products using a hybrid M–M methodology
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description: In light of growing economic, environmental and sustainability challenges, increasingly more attention from policymakers, companies and researchers is being devoted to consumption patterns and understanding the factors that shape consumer behavior. The adoption of sustainable products within the European Union is actively promoted through a series of policies and initiatives aligned with the principles of the circular economy, to provide consumers with more transparent and accessible information, thereby empowering them to make eco-friendly choices. Nevertheless, consumer acceptance of sustainable products appears to vary considerably and is influenced by complex interactions among diverse factors. This study examines consumer readiness for sustainable products across twenty-seven EU countries using nine indicators across three dimensions: environmental awareness, financial readiness and trust in institutional sustainability mechanisms. A hybrid MEREC–MARCOS methodology was employed for ranking countries. This novel methodological approach allows for a detailed cross-country comparison and identification of areas for improving policies that incentivize sustainable consumption across the EU. Sweden emerges as the top-ranked country, followed by Cyprus and the Netherlands, while Latvia and Estonia rank lowest. The results suggest considerable divergence among EU Member States and potentially offer valuable insight into gaps in sustainable consumer behavior.
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creator: Anđelka Stojanović
creator: Predrag Đorđević
creator: Katerina Shapkova Kocevska
creator: Tatjana Tambovceva
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-20
publication date: 2025-10-20
starting page: 455
ending page: 475
doi: 10.5937/sjm20-60775

Validity and reliability assessment of the transformative learning outcomes and processes (TROPOS) survey in public sector work-related learning
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description: As corporate contexts and business environments become increasingly complex, Transformative Learning (TL) in workplace research is gaining prominence. This type of learning can shift perspectives, leading to psychological, convictional, and behavioural changes, as described by Clark’s (1991) adaptation of Mezirow’s theory of transformation (1978). The Transformative Outcomes and Processes Survey (TROPOS), developed by Robert Cox (2017), is a reliable tool for measuring TL, featuring four subscales: Social Support, Attitude toward Uncertainty, Criticality, and Transformative Outcomes. This study assesses the validity and reliability of the 30-item TROPOS instrument in workplace learning using a quantitative, questionnaire-based approach. Convenience sampling was employed, targeting accessible respondents from 238 employees of the Public Employment Services in Greece. Results from confirmatory factor analysis and Cronbach’s alpha confirm the instrument’s applicability to workplace learning. The study validates TROPOS as a useful tool for evaluating TL outside educational settings and extends the understanding of TL in work-related contexts. The implications and constraints of TL research are discussed, contributing to the literature and practice in this field.
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creator: Mary Viterouli
creator: Dimitrios Belias
creator: Athanasios Koustelios
creator: Nikolaos Tsigilis
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-13
publication date: 2025-10-13
starting page: 413
ending page: 428

The role of senior management in natural hazards: a European banking industry case
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description: The issue of natural hazards is a major area of interest within the field of security and business management. Proper risk management has been found to be fundamental, thus has received considerable attention. However, very little attention has been paid to the role of senior management within an enterprise’s risk management framework. This paper seeks to explore this special role in the risk management process, especially when dealing with the risks related to natural hazards. The appropriate role of senior management in managing the risks related to natural hazards is a key issue. The European banking industry’s approach is presented, based on the publicly available sector-specific regulations and guidance. Some recommendations are provided to further enhance the key role of senior management in natural hazards. Our result is considered as a solution that can be adopted by enterprises, organisations and institutions in any sector
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creator: Tamas Somogyi
creator: Rudolf Nagy
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-14
publication date: 2025-10-14
starting page: 397
ending page: 412
doi: 10.5937/sjm20-51641

Decoding key antecedents, moderators, and consequences of herd behaviour to predict consumers’ behaviour intentions: a systematic literature review
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description: This study conducted a systematic literature review to identify the antecedents, moderators, and consequences of herd Behaviour in marketing. The urgency of the research arose from the growing influence of social dynamics in digital consumer environments, where individuals increasingly relied on peer Behaviour and social proof to guide decisions. Drawing upon the TCCM (Theory, Context, Characteristics, and Methodology) and PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) frameworks, a total of 183 peer-reviewed articles published between 2000 and 2024 were analysed to ensure methodological rigour and thematic coherence. The review revealed that herd Behaviour in marketing is shaped by key antecedents such as homophily, trust, product uncertainty, and consumer interaction. These factors trigger herd tendencies and moderate their intensity across different contexts. In turn, herd Behaviour significantly influences consumer outcomes, including purchase intentions, impulse buying, and brand engagement. The study highlighted how marketers can strategically leverage herd mechanisms, such as user-generated content, influencer endorsements, and real-time social proof, to enhance consumer persuasion and brand loyalty. By synthesising fragmented insights across disciplines, this research offers a robust theoretical foundation for future investigations into socially influenced consumer Behaviour. It contributes to developing more adaptive marketing strategies in increasingly networked marketplaces
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creator: Rizka Zulfikar
creator: Ananda Sabil Hussein
creator: Nanang Suryadi
creator: Margono Setiawan
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-01
publication date: 2025-10-01
starting page: 367
ending page: 395
doi: 10.5937/sjm20-55029

The role of legislation and consumer perception in shaping circular economy behaviour
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description: The concept of the circular economy (CE) brings about significant and radical changes in consumption patterns, especially in the habits and decisions of consumers, who are key participants in this model. Understanding how organisational barriers, laws, and circular economy strategies affect consumer preferences in the circular model can help manufacturers develop efficient and profitable strategies that respond to market needs and encourage sustainable consumption. Therefore, the paper aims to examine how personal, organisational, and financial barriers affect circular economy strategies and perceptions of them to achieve the effect of legislation on consumer decisions regarding sustainable consumption, consumer behaviour, and support for circular initiatives. The results of empirical research have shown that all proposed hypotheses are accepted, with a special emphasis on the impact of legislation on consumer decisions, which can significantly shape consumer behaviour in sustainable consumption and provide incentives for the circular economy. Based on the influence of factors, this paper can serve as a roadmap for decision-makers in creating regulations and for consumers to participate actively in circular initiatives towards sustainable consumption
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creator: Isidora Miloje Milosevic
creator: Olesea Plotnic
creator: Kosjenka Dumančić
creator: Katerina Bojkovska
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-06
publication date: 2025-10-06
starting page: 349
ending page: 365
doi: 10.5937/sjm20-58750

ESG perceptions in the corporate sphere: are there differences by firm size, gender of owners/managers & business duration?
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description: This paper investigates corporate perceptions of ESG and compares findings across three dimensions: company size, manager gender, and business longevity. The study focuses on ESG’s impact on financial performance, risk management, and its practical application in businesses. Conducted in March 2024, the research involved 650 respondents from the Czech and Slovak Republics. The results show that larger firms are more capable of effectively implementing ESG practices and benefiting from enhanced long-term financial performance and risk management. Firm size was a significant factor in ESG perception, while manager gender had no clear impact on attitudes towards ESG. However, business duration played a crucial role, with more experienced firms demonstrating a stronger link between ESG efforts and financial outcomes. Differences between Slovakia and the Czech Republic indicate that regional and sector-specific factors may influence corporate ESG perspectives. Overall, the research highlights that the perception and application of ESG vary based on company characteristics and context
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creator: Michal Kudej
creator: Michal Erben
creator: Jan Kubálek
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-03
publication date: 2025-10-03
starting page: 331
ending page: 348
doi: 10.5937/sjm20-53527

Consumer decision-making and legal awareness in the circular economy: A regulatory perspective
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description: Linear economic models have been regular business since the industrial revolution, but, the deepening sustainability problems and the accumulation of waste gave birth to the concept of circular economy, which might ease the ecological burden on industries and societies. The operation of such economic models is always backed by rules and regulations developed by national and intranational legislative bodies. The aim of the paper is to investigate the consumers' familiarity with circular economy legislation and how this familiarity correlates with sustainable consumption behavior. The main result highlights a positive and significant link between knowledge of circular legislation and its perceived impact on consumer decisions, confirming that legal information can facilitate more sustainable behaviors. Three distinct segments of consumers according to their level of knowledge and attitude have been identified, suggesting that the public is not homogeneous in relation to the circular economy. Our findings have significant practical and policy implications. First, they suggest the need to strengthen large-scale consumer education and information efforts. Second, the normative implications of the study suggest further efforts to adapt the regulatory framework to sustainability objectives, while ensuring that this framework is coherent and harmonized across countries.
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creator: Andrea Tick
creator: Jelena Ruso
creator: Sorin Gabriel Anton
creator: Adriana Buzdugan
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-09-16
publication date: 2025-09-16
starting page: 305
ending page: 330
doi: 10.5937/sjm20-58835

Employee empowerment and its performance in emerging economy: mediating role of psychological capital
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description: The study aims to examine the mediating role of psychological capital between employee empowerment and its performance in an emerging economy like Bangladesh. A structured questionnaire has been distributed among employees serving in different public and private organizations in Bangladesh. Data collected from 385 respondents are analyzed with Partial Least Square Structural Equation Modeling (PLS-SEM) to test hypothetical relationships among the latent constructs. The results showed that both structural and psychological empowerment positively influence employee performance. The psychological capital which presents a significant positive influence on performance, also mediates the positive relationship between both empowerment (structural and psychological) and employee performance. The study pioneered in establishing psychological capital as a mediator between empowerment and employee performance in a developing economy context like Bangladesh. The results would provide valuable insights for the organization in designing human resource policies and training programs that will empower employees which leads to improved psychological capital and subsequently enhance their performance.
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creator: S.M. Sayem
creator: Most. Sadia Akter
creator: Md Muktadir Islam
creator: Azharul Islam
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-06-04
publication date: 2025-06-04
starting page: 287
ending page: 304
doi: 10.5937/sjm20-51454

NEW MEMBER OF EDITORIAL BOARD
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subject: New Members of Editorial Board
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creator: Maria Menshikova
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-10-23
publication date: 2025-10-23
starting page: 285
ending page: 286

The determinants of electric and hybrid vehicle adoption: a perspective from Serbia
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description: This study investigates the factors influencing the intention to purchase electric and hybrid vehicles in Serbia. It draws upon socio-demographic characteristics, social influence, environmental concerns, and policy measures to gain a nuanced understanding of the complexities of adopting sustainable transportation alternatives in Serbia. Using descriptive and inferential statistics, decision tree analysis, and logistic regression enabled a rigorous examination of the determinants influencing attitudes and intentions toward electric and hybrid vehicles (EHVs). The findings emphasized the importance of positive evaluation from influential individuals and the introduction of higher taxes on more polluting vehicles as important factors that impact electric and hybrid vehicle adoption according to all three applied methods. In addition to these factors, the results from the two applied methods further highlight the significance of household income, the positive societal perception of EHVs, and the belief that EHVs contribute to reduced pollution. Since age, residence, education level, and household size do not emerge as significant factors influencing respondents' intention to purchase EHVs and all remaining factors appear to be relevant according to only one of the applied methods, the focus should be placed on the factors identified as significant by either two or all three methods. Such results provide a solid basis for policy recommendations in Serbia to promote electric and hybrid vehicles adoption.
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creator: Petar Mitić
creator: Milena Kojić
creator: Aida Hanić
creator: Aleksandra Fedajev
creator: Magdalena Radulescu
creator: Izabela Dembińska
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-02-26
publication date: 2025-02-26
starting page: 33
ending page: 56
doi: 10.5937/sjm20-56056

Empowering lead users: Kenya's three-part formula for fintech innovation success
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description: Lead user innovation is one of the key factors which define new product development and market success, but the characteristics of user innovators in emerging markets are still not explored enough. This research aims at finding out the effect of work experience, autonomy and number of partners in innovation on success of lead user innovation in Kenya’s Fintech industry. The quantitative data was collected through a survey of 321 lead user innovators while qualitative data was collected through 36 in-depth interviews. This analysis demonstrates that work experience has an influence on success through innovation partners and indirectly through the work experience, which has an influence on success directly through autonomy but has no indirect impact on success through partners. Thus, the study adds to the body of literature on user innovation by identifying factors that are essential for success in an emerging market and by providing recommendations for organizations that encourage user-driven innovation. The emphasis on the Kenyan fintech segment and the consideration of the mediating roles of innovation partners contribute to the novelty of innovation research. The results also highlighted the fact that the key factors influencing lead user innovation success are work experience, autonomy, and collaboration.
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creator: Geoffrey Otieno
creator: Ruth Kiraka
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-04-14
publication date: 2025-04-14
starting page: 247
ending page: 265
doi: 10.5937/sjm20-51183

The knowledge management process and its relation to organizational performance: a case study of carnival cruise lines
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description: Many companies, in today, technology and dynamic surroundings, have acknowledged knowledge management (KM) and IT tools as valuable resources in addition to other resources for the competitive advantage of organizations. Therefore, this study was conducted with the aim to examine the influence of knowledge storage (KS), knowledge sharing and application (KShA), towards organizational performance (OP). Moreover, to investigate the moderating effect of knowledge management tools (KMT) in the relationship among these variables, in the cruise industry. Data were collected through a questionnaire survey from 283 participants employed on board three Carnival Cruise Lines ships. The Partial Least Squares Structural Equation Modelling (PLS-SEM) technique is adopted to explore relationships among variables. The results showed the significant and positive impact of knowledge storage, sharing and application on OP, as well as the existence of a moderating effect of KMT on the relation between these variables, which was further explained by simple slope analysis. This research contributes to the existing literature by exploring KM and OP specifically in the cruise industry. The practical implications indicate that organizations should integrate KM with technology and provide managerial training, which leads to the delivery of efficient, high-quality services, ultimately enhancing overall performance.
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creator: Sanela Golubović Corcione
creator: Ivan Jovanović
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-03-18
publication date: 2025-03-18
starting page: 223
ending page: 245
doi: 10.5937/sjm20-51115

Enhancing retail operations: Dynamic fulfilment strategies in Omnichannel retail
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description: This study explores the trend of in-store fulfillment in omnichannel retail, where nearby store inventories are utilized for online order fulfillment. This model presents advantages such as faster delivery, cost reduction, improved stock management, increased sales, and enhanced customer satisfaction. Operational challenges include determining the optimal fulfillment location for online orders. Investigating a retailer with online and brick-and-mortar stores, this paper addresses dynamic order fulfillment decisions considering customer demand and shipping cost uncertainties. The study employs Stochastic Dynamic Programming for shorter periods and the Genetic Algorithm for longer periods, revealing that the Genetic Algorithm provides solutions closely approximating optimal.
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creator: Hümeysa İskender
creator: Sinem Dayanıklı
creator: Abdullah Hulusi Kökçam
creator: Željko Stević
creator: Safiye Turgay
creator: Mahmut Baydaş
creator: Jasmina Bunevska Talevska
rights: Copyright (c) 2024 Serbian Journal of Management
date: 2024-12-23
publication date: 2024-12-23
starting page: 267
ending page: 283
doi: 10.5937/sjm20-54499

Putrajaya smart city: a journey traces back to its past, now and near future
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description: This is the first study conducted on Putrajaya, Malaysian federal government administrative capital city, examining its ongoing second-generation smart city development which has not been conducted previously. A case study approach is used to explore the specific context of the leading role model of Malaysian smart city progress. The objectives of this study are: i) to assess the progress of Putrajaya smart city development; ii) to compare how Putrajaya fares against recommended smart city approaches; and iii) what best practices that we can learn from Putrajaya’s smart city development. The initiatives list extracted from the Putrajaya Smart City Blueprint was used as the basis and triangulated with interviews with Putrajaya local authority and town & country planners. In addition, network analysis to study multi-helix collaboration was performed using open-source software Gephi. This study found that Putrajaya smart city development progress is as per expectation in terms of initiatives execution, fares fairly well in balanced development across domains and integration of bottom-up approach in its traditional top-down administration but lagging behind in holistic strategy and multi-stakeholders collaboration. It exhibits self-sufficiency and cohesiveness of smart city initiatives which serves as the cornerstones of best practices that other cities can potentially learn from.
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creator: Hsin-Yi Chai
creator: Loo-See Beh
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-06-01
publication date: 2025-06-01
starting page: 173
ending page: 196
doi: 10.5937/sjm20-53322

Steering through the landscape: a study on entrepreneurs' perceptions of business environments
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description: The purpose of this research is to analyze the perception of the environment by SME owners and managers. The research methodology used in this study involved collecting information from 384 SME owners-managers from different sectors of the economy in Santo Domingo de los Tsáchilas, Ecuador. Proportional stratified sampling was used with 95% confidence and an error of 5%. The data was collected through a self-administered cross-sectional survey questionnaire that aimed to get SME owner-managers to describe how they perceive their environment making a combination of the value of each variable. The study applied categorical principal component analysis (CATPCA) to identify the component structure of social capital by considering the ordinal and nominal nature of the data. The methodology used allowed us to understand the perception of the environment by different SME owner-managers from different sectors of the economy. It also revealed the strategic approach they considered most appropriate to the market situation in which they operate. The practical implications of this research suggest that SME owner-managers can benefit from understanding the perception of the environment by adopting flexible and adaptable solutions to changing environmental conditions, using environmental profiles to uncover opportunities, and anticipating changes to gain valuable insights.
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creator: Gelmar García-Vidal
creator: Laritza Guzmán-Vilar
creator: Alexander Sánchez-Rodríguez
creator: Reyner Pérez-Campdesuñer
creator: Rodobaldo Martínez-Vivar
rights: Copyright (c) 2025 Serbian Journal of Management
date: 2025-05-21
publication date: 2025-05-21
starting page: 197
ending page: 222
doi: 10.5937/sjm20-45366