Industrija
type: channel
publisher: Ekonomski Institut, Beograd
language: en
publication name: Industrija
issn: 0350-0373
items: The Significance of Regulating Artificial Intelligence and Cybersecurity for Sustainable Trade
items: Determinants of Financial and Digital Financial Literacy Among Micro and Small-Scale Enterprise Owners in Yogyakarta, Indonesia
items: Dual Transition Effects on Sectoral Productivity Transmission in European Economies
items: The The Impact of Service Robots on Employee Burnout in the Hospitality Industry: An Empirical Study
items: The The Reaction of the Capital Market to Changes in Macroeconomic Variables: A Case Study of Bosnia and Herzegovina
items: The Ranking of factors affecting the prediction of RES share in total energy consumption in Serbia
items: Energy Prices and Their Direct Effect on Inflation in Serbia during 2016-2025
items: The Impact of Financial Literacy Dimensions on Youths’ Financial Well-Being
items: The Interdependence of Macroeconomic Stability Parameters: The Case of the Western Balkans
items: Blockchain as a driver of innovation in the FinTech industry and modern financial markets
items: Bridging Knowledge And Business: Education And Entrepreneurial Development
items: Consumer perception towards private label brands in the Republic of Serbia
items: Factors affecting non-performing assets in Indian banking system: An analysis of employee’s perception
items: The Role of Financial Literacy and Digital Financial Literacy in Non-Cash Payment Usage: Evidence from MSMEs in Salatiga, Indonesia
items: Business incubators as part of the development model of entrepreneurial ecosystems: Literature and business practice review
items: The impact of sustainable reporting on financial performance of companies
items: Digital entrepreneurship in the context of the Republic of Serbia
items: Financial Efficiency: Mexican Municipal WUO
items: The The contribution of large enterprises to the manufacturing industry - implications for Serbia
items: Analysis of the profitability of solar energy implementation as a determinant of sustainable economy
items: The Role of the Transportation Sector in Serbia’s Macroeconomic Performances
items: Limitations in Serbia's copper export: exploring solutions for enhanced export performance
items: U.S. trade in the sphere of strategic products and services as the first level of analysis of its economic security
items: Perceptions of Pressure and Stress Among Agile Team Members: Empirical Insights from Serbia
items: Foreign exchange market in the Republic of Serbia: a comparative analysis with selected countries
items: Post Covid Era and Online Payment Systems in India
items: Will Bitcoin Become the 21st Century Gold? Spillover Effect of Return and Volatility Between Digital and Traditional Assets
items: The impact of tax incentives on the growth of value-added agricultural exports - Evidence from Zimbabwe
items: Post-covid recovery of the meetings industry in the Republic of Serbia
items: Managing the energy transition - the road to a green economy without losers

The Significance of Regulating Artificial Intelligence and Cybersecurity for Sustainable Trade
type: item
description: The accelerated digitalization of trade and the growing use of artificial intelligence (AI) offer significant economic benefits but also raise important concerns related to data protection, privacy, and cybersecurity. This paper examines the importance of regulating AI and cybersecurity for the sustainable development of trade, based on the assumption that a stable and coherent regulatory framework is essential for market resilience, consumer trust, and long-term competitiveness. The analysis provides a comparative overview of the regulatory models of the European Union and the Republic of Serbia, focusing on key instruments such as the AI Act, the NIS2 Directive, the GDPR, and relevant national strategies and legislation. The findings show that the EU relies on an integrated approach linking innovation, safety, and consumer rights, while the Serbian framework remains fragmented and in transition. Special attention is devoted to the implications of these regulations for trading companies, business partners, and consumers, as well as to the need for harmonizing national policies with EU standards. The paper concludes that regulating AI and cybersecurity plays a decisive role in building a secure, transparent, and competitive trade ecosystem in the digital economy.
subject: Original Scientific Paper
  topic: section
creator: Ljiljana Stanković
creator: Maja Dimic
creator: Violeta Babić
creator: Lazar Cvijić
creator: Daliborka Jović-Stanković
rights: Copyright (c) 2026 Industrija
date: 2026-03-17
publication date: 2026-03-17
starting page: 143
ending page: 163
doi: 10.5937/industrija53-63172

Determinants of Financial and Digital Financial Literacy Among Micro and Small-Scale Enterprise Owners in Yogyakarta, Indonesia
type: item
description: This study examines the levels and determinants of financial literacy (FL) and digital financial literacy (DFL) among micro-scale enterprise owners in Yogyakarta. Using survey data from micro enterprises across multiple sectors, the analysis assesses literacy across knowledge, attitudes, and behavioural dimensions. The findings reveal that both FL and DFL remain relatively low, particularly in knowledge and behaviour, despite generally positive attitudes. Demographic characteristics, gender, age, and education, significantly influence FL and DFL, with male, younger, and more educated owners exhibiting higher literacy. Socioeconomic factors also shape outcomes: permanent income employment decreases DFL, family income support enhances digital financial attitudes, while a larger number of dependents and reliance on community-based financial support reduce digital financial engagement. Business characteristics such as turnover and type, along with technology-related factors including internet access and digital payment tools, further affect literacy levels; however, access alone does not guarantee responsible digital financial behaviour. Mediation analysis confirms that FL plays a critical role in strengthening DFL, underscoring the importance of foundational financial knowledge and behaviour in digital financial adoption. The study offers insights for policies aimed at improving digital financial inclusion among micro enterprises in emerging economies.
subject: Original Scientific Paper
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creator: Virgiana Nugransih Siwi
creator: Gatot Sasongko
creator: Angelita Titis Pertiwi
creator: Yustinus Wahyudi
creator: Eukharistein Megaleia Rosedea
creator: Thomas Andra Martian
rights: Copyright (c) 2026 Industrija
date: 2026-03-17
publication date: 2026-03-17
starting page: 77
ending page: 110
doi: 10.5937/industrija53-62786

Dual Transition Effects on Sectoral Productivity Transmission in European Economies
type: item
description: The paper presents a novel analytical framework in order to follow the diffusion of sectoral productivity shocks in European economies during both digital and green transitions. We then isolate six transmission channels by using an improved structural decomposition of input-output networks, which include; direct, internal, feedback, supplier spillovers, customer spillovers, and a new dual-transition spillover. Dynamic unbalanced panel regression includes 24 sectors in 27 EU member states between 2000-2023 and shows that there is a very large heterogeneity shock propagation in transition periods. Key results: dual transition spillovers enhance traditional network effects by 42-47 percent and digital-intensive industries by increasing upstream propagation and sustainability-oriented industries by increasing downstream transmission. The contemporary two-way transition coefficient is up to 2.34 percent, that is, much higher than traditional spillovers. Multipliers determine information services and energy as key drivers of transformation and provide spillovers that are 2.8 times greater than traditional manufacturing linkages. The temporal analysis indicates accelerating spillover effects after 2020 in line with the Recovery and Resilience Facility and the increased policies of twin-transition. Such findings offer evidence to policymakers in Europe on the dynamics of cross-sectors, highlighting the need to have integrated digital-green transition strategies in order to drive the growth in productivity.
subject: Original Scientific Paper
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subject: Array
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creator: Salim Slimani
rights: Copyright (c) 2026 Industrija
date: 2026-03-17
publication date: 2026-03-17
starting page: 111
ending page: 142
doi: 10.5937/industrija53-62205

The The Impact of Service Robots on Employee Burnout in the Hospitality Industry: An Empirical Study
type: item
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subject: Original Scientific Paper
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subject: Array
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creator: Jelena Lukić Nikolić
creator: Ivana Ostojic
creator: Pero Labus
rights: Copyright (c) 2026 Industrija
date: 2026-03-16
publication date: 2026-03-16
starting page: 59
ending page: 75
doi: 10.5937/industrija53-61788

The The Reaction of the Capital Market to Changes in Macroeconomic Variables: A Case Study of Bosnia and Herzegovina
type: item
description: This study aims to identify the impact of macroeconomic and market variables on the stock market in Bosnia and Herzegovina. Two stock market indices on the capital market of Bosnia and Herzegovina are considered, namely the stock market index SASX-30 and BIRS. At the same time, macroeconomic and market variables are turnover (TRN), market capitalization (MC), export (EXP), import (IMP), gross domestic product (GDP), consumer price index (CPI), and foreign direct investment (FDI). The study adopts panel regression analysis for the period from 2013 to 2022. The results of the panel regression analysis showed that export and import values have the strongest influence in terms of significance on the movement of returns on the SASX-30 and BIRS stock market indices on the capital market of Bosnia and Herzegovina. On the other hand, the variables were achieved the lowest significance: turnover, market capitalization, foreign direct investments, and consumer price index.
subject: Original Scientific Paper
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subject: Array
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creator: Almir A. Alihodzic
creator: Alem Merdić
creator: Jasmina Dzafic
rights: Copyright (c) 2026 Industrija
date: 2026-03-16
publication date: 2026-03-16
starting page: 39
ending page: 58
doi: 10.5937/industrija53-63471

The Ranking of factors affecting the prediction of RES share in total energy consumption in Serbia
type: item
description: Apstrakt: The “Green Agenda” as a new global political and economic framework includes the gradual phase-out of coal by 2050 and a shift toward environmentally clean energy sources. This process, known as the energy transition, is driven by three key pillars: tackling climate change, protecting the environment, implementing energy efficiency measures, and integrating renewable energy sources (RES). Since Serbia has adopted a new National Energy Strategy and Energy and Climate Plan for 2040, this strategic framework has been incorporated into technical studies based on the country’s existing renewable energy potential.Every country must preserve the stability of its electricity system and energy security, while also maintaining economic and financial sustainability. This study presents a methodology for predicting the share of RES in total energy consumption using a multi-criteria mathematical model for ranking the most influential factors. A prediction model for the year 2030 is proposed, and the ranking of influencing factors reveals the limitations of individual variables and their interactions. Ranking factors affecting the prediction of the RES share involves a sequence of mathematical steps that describe the behavior of input variables such as meteorological conditions, types of days, electricity consumption, energy prices, and other characteristics. The model output is a ranked set of alternatives showing the expected RES share for the forecast period, based on projected consumption, climate variability, energy prices, technology development level, and global investment trends. The multi-criteria ELECTRE method demonstrated that the selected mathematical approach incorporates all variables, corrective coefficients, and weighting factors required to improve prediction reliability and accuracy. Such models have become mandatory components of energy development strategies worldwide for the period up to 2050.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
creator: Aleksandra Tomic
rights: Copyright (c) 2026 Industrija
date: 2026-03-16
publication date: 2026-03-16
starting page: 27
ending page: 38
doi: 10.5937/industrija53-63585

Energy Prices and Their Direct Effect on Inflation in Serbia during 2016-2025
type: item
description: Over the past fifteen years, inflation in Serbia has generally remained low and within the NBS target range, except during the period from 2021 to 2023. The aim of this paper is to assess the direct contribution of energy prices to inflation in Serbia. Energy accounts for approximately 16% of the consumer basket, and fluctuations in energy prices influence non-core inflation, which includes price growth that is prone to significant short-term oscillations due to supply shocks. The paper examines the price trends of electricity, gas, solid fuels, heat energy, and fuel for passenger vehicles, as well as the effects of changes in these prices on overall inflation in Serbia from 2016 to 2025. Throughout most of this period, the direct contribution of energy prices to inflation was less than one percentage point a year, representing between 15% and 30% of the total contribution of all components of the consumer basket. The largest impact on inflation was due to rising electricity prices, followed by increases in fuel prices for passenger vehicles and solid fuels.
subject: Original Scientific Paper
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subject: Array
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creator: Marko Miljković
creator: Dejan Molnar
creator: Svetozar Tanasković
rights: Copyright (c) 2026 Industrija
date: 2026-03-16
publication date: 2026-03-16
starting page: 7
ending page: 25
doi: 10.5937/industrija53-65002

The Impact of Financial Literacy Dimensions on Youths’ Financial Well-Being
type: item
description: The purpose of the research is to assess how financial literacy affects young people's well-being in accordance with the Theory of Planned Behavior (TPB). This research was designed to investigate how the theory's conception functions in the context of Indonesian youths, based on the theory's conceptual framework. The statistical analysis was performed on the sample of 150 respondents. To investigate this research idea, Partial Least Squares – Structural Equation Modeling (PLS-SEM) was selected. Financial well-being is positively impacted by one's financial attitude. Financial well-being is also influenced by financial behavior. However, financial knowledge has no impact on financial well-being. The research’s findings contribute to the literature by adding another empirical confirmation from Indonesian youths’ viewpoint. It offers useful information and provides youths with financial literacy skills. This research also contributes to the advancement of knowledge in relation to the financial literacy in youths. It could help governments to make decisions on youth financial well-being. Moreover, it highlights the direction which a government or policymaker can take to pursue youth financial literacy and its well-being.
subject: Original Scientific Paper
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creator: Alicia Caitlyn Susanto
rights: Copyright (c) 2025 Industrija
date: 2025-11-19
publication date: 2025-11-19
starting page: 25
ending page: 46
doi: 10.5937/industrija53-59603

The Interdependence of Macroeconomic Stability Parameters: The Case of the Western Balkans
type: item
description: The primary objective of this paper is to highlight the main types of causality between economic growth, inflation, and unemployment, as well as to reexamine the fundamental regularities associated with these variables. To investigate the potential dependence among the variables, a sample of Western Balkan countries (Albania, North Macedonia, Serbia, Bosnia and Herzegovina) over the period 1995–2024 is used. As the appropriate methodological framework, panel cointegration, the Mean Group (MG) cointegration technique, and panel causality tests were employed. The study established the existence of cointegration among the variables. The key finding concerns the positive and statistically significant impact of inflation on economic growth, as well as the causality running from inflation to economic growth. The results align with the view that a moderate inflation rate in the short term is associated with economic growth, and that stable and sustainable economic growth requires price stability. While the benefits of moderate price increases in the short run can be effective, the focus should remain on the long-term horizon.
subject: Scientific Review
  topic: section
creator: Nemanja Lojanica
rights: Copyright (c) 2025 Industrija
date: 2025-11-19
publication date: 2025-11-19
starting page: 7
ending page: 23
doi: 10.5937/industrija53-60905

Blockchain as a driver of innovation in the FinTech industry and modern financial markets
type: item
description: Abstract: This paper aims to analyze the role of blockchain technology in the transformation of the financial sector, with particular emphasis on its application within FinTech solutions and its potential to drive structural changes in financial markets. Over the past decade, FinTech has experienced rapid growth, significantly reshaping traditional financial services through digital innovation. This evolution is characterized by the integration of technologies that enable novel forms of access to financial products and services, including online banking, mobile payments, and digital lending platforms. Concurrently, there has been a pronounced increase in investment in technological innovations within the financial sector, reflecting a high level of market and institutional interest in FinTech solutions. Within this ongoing digital transformation, blockchain technology stands out as a disruptive infrastructure with the capacity to redefine operational, security, and regulatory frameworks of current financial systems. Its core attributes: decentralization, immutability of records, and transparency, facilitate accelerated transaction processing, reduction of transaction costs, elimination of intermediaries, and enhanced security of financial operations. Special attention in the analysis of modern FinTech innovations is given to smart contracts and decentralized finance (DeFi).
subject: Original Scientific Paper
  topic: section
creator: Maja Dimic
creator: Nikola Knezevic
creator: Olja Arsenijevic
rights: Copyright (c) 2025 Industrija
date: 2025-11-19
publication date: 2025-11-19
starting page: 67
ending page: 80
doi: 10.5937/industrija53-61219

Bridging Knowledge And Business: Education And Entrepreneurial Development
type: item
description: Abstract: Considering the growing importance of entrepreneurship and its far-reaching contributions across various sectors, this paper aims to emphasize the role of education in fostering the acquisition of knowledge and skills essential for developing entrepreneurial mindsets and practices. It also highlights the positive impact that developing entrepreneurial competencies can have on students. The research combines an in-depth literature review of relevant studies on entrepreneurial education with an empirical survey investigating graduate students’ attitudes from the Republic of Serbia. Data analysis and interpretation included descriptive statistics, correlation method and regression model. The findings demonstrated that entrepreneurial teaching and support significantly affect entrepreneurial impact such as skills to manage risk, entrepreneurial mindst and ability to create value for others. Keywords: entrepreneurship, entrepreneurial education, entrepreneurial competencies, entrepreneurial mindset
subject: Original Scientific Paper
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subject: Array
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creator: Goran Đoković
creator: Saša Jovanović
creator: Petar Čelik
rights: Copyright (c) 2025 Industrija
date: 2025-11-19
publication date: 2025-11-19
starting page: 47
ending page: 65
doi: 10.5937/industrija53-58892

Consumer perception towards private label brands in the Republic of Serbia
type: item
description: Private label brands have an important role in modern economy-oriented consumption. Private label brands have large market shares in developed countries with market share rates that often exceed 50% of the total market share. This means that every second or at least every third purchased product is some kind of private label brand. The market of the Republic of Serbia is also moving in this direction, with increasing consumer awareness of the benefits that these brands provide to them. The importance that private label brands have for the identity of trade companies and their positions on the market has become irreplaceable. As part of the work, the results of a survey conducted on respondents in two cities in the Republic of Serbia were analyzed in order to examine their perceptions of private label brands. The research results were analysed by the factor analysis as a statistical technique for data reduction. Also, non-parametric tests are done in order to determine statistical significance of diferences between different sample groups regarding to private label brands in Serbia. The aim of the paper is to clarify the concept of private label in modern trade, to point out some prejudices about products under these brands and to additionally clarify consumer perceptions of private label brands.
subject: Original Scientific Paper
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creator: Nikola Macura
creator: Viktorija Petrov
creator: Daniela Nuševa
creator: Goran Vukmirović
creator: Sonja Vučenović
rights: Copyright (c)
date: 2025-10-14
publication date: 2025-10-14
starting page: 7
ending page: 26
doi: 10.5937/industrija53-52202

Factors affecting non-performing assets in Indian banking system: An analysis of employee’s perception
type: item
description: Abstract The presence of non-performing assets (NPAs) has a significant impact on a bank's solvency, profitability, and liquidity. This research aims to investigate the perception of bank employees regarding the occurrence of NPAs in SBI, ICICI, HDFC, and PNB. A structured questionnaire was administered to bank employees to gauge their perspectives on NPA occurrence. The study also identifies various variables influencing NPAs and provides suggestions for expediting their recovery. The paper identifies and analyzes the causes influencing non-performing assets (NPAs), and suggests appropriate strategies for monitoring and control. The statistical tool SPSS was employed for factor analysis testing. The study compares and analyzes the factors influencing NPAs in both sectors. Some identified reasons for NPAs include Siphoning of funds for other purposes and ineffective monitoring. Lac in credit appraisal, Economic downturn Political pressure, etc.,
subject: Original Scientific Paper
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subject: Array
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creator: Sneha Balyan
creator: N P singh
creator: Saraswati
rights: Copyright (c) 2025 Industrija
date: 2025-10-14
publication date: 2025-10-14
starting page: 53
ending page: 87
doi: 10.5937/industrija53-50647

The Role of Financial Literacy and Digital Financial Literacy in Non-Cash Payment Usage: Evidence from MSMEs in Salatiga, Indonesia
type: item
description: The development of digital technology makes MSMEs/merchants adapt by applying it. The objective of this research is to study the effects of financial literacy, digital financial literacy, and characteristics of MSME owners/merchants or attributes of their business on the usage of non-cash payment methods by MSMEs/merchants in Salatiga City. Besides investigating the two concepts, this study also analyzes the influence of the characteristics of MSME owners/merchants and business characteristics. Data for this research is collected from a survey. The technique used to analyze is binomial regression which is combined with the backward elimination method. This research finds that the knowledge dimension of financial literacy, the attitude dimension of financial digital literacy, and the education level of MSME owners/merchants have a positive effect on the utilization of non-cash payment methods.
subject: Original Scientific Paper
  topic: section
subject: Array
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creator: Sotya Fevriera
creator: Birgitta Saraswati
creator: Angelita Pertiwi
creator: Trivena Yiswi
creator: Siswo Hartanto
rights: Copyright (c) 2025 Industrija
date: 2025-10-14
publication date: 2025-10-14
starting page: 27
ending page: 52
doi: 10.5937/industrija53-57546

Business incubators as part of the development model of entrepreneurial ecosystems: Literature and business practice review
type: item
description: Based on empirical evidence and examples of business incubators from different regions, this study provides an overview of the growing importance of business incubators in en-trepreneurial ecosystems as a structure for supporting innovation and economic development. Drawing on groundbreaking research, this paper aims to clarify such dynamics while examining their effects on entrepreneurial efforts, proposing a sophisticated analysis of the impact of new technological and organisational trends on the role of business incubators. The study examines business incubators as support systems within entrepreneurial ecosystems, highlighting their evolution, important success factors, and emerging trends. A mixed methods approach was used, combining a systematic literature review with comparative analysis of case studies to identify key themes. This research draws on empirical evidence and case studies from different geographical contexts, integrating qualitative and quantitative data from academic literature and practical sources over the last decade. The study identifies strategic management, ecosystem integration, and adaptability to technological advances as important factors for incubation success. It reveals that sectoral and corporate incubators are playing an increasingly important role in shaping entrepreneurial ecosystems; it also advances understanding of the evolving role of business incubators and their integration into entrepreneurial ecosystems, offering insights for optimising their impact.
subject: Scientific Review
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subject: Array
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creator: Vladimir Milošev
creator: Dragan Ćoćkalo
creator: Dubravko Marić
rights: Copyright (c) 2025 Industrija
date: 2025-10-14
publication date: 2025-10-14
starting page: 89
ending page: 109
doi: 10.5937/industrija53-57775

The impact of sustainable reporting on financial performance of companies
type: item
description: Environmental, social and corporate governance reporting (ESG) or sustainable reporting can impact a company's performance through financial outcomes, risk management, and long-term sustainability. This paper aims to determine the relationship between sustainable reporting and the financial performance of companies. The sample consists of 60 large Serbian companies who are required according to law to report non-financial information in the field of sustainability. The observed time frame is from 2021 to 2023. The empirical section concentrates on utilizing the non-parametric Mann-Whitney U test in SPSS. The results showed that there is a statistically significant difference in the financial performance between companies that have separate sustainability reports published on Serbian and those that do not. However, there is no statistically significant difference in the financial performance between companies that include the sustainability report within their annual business report and those that do not. The results will indicate the need to improve an organization's commitment to sustainable development in order to achieve better financial performance that leads to long-term survival, growth, and development.
subject: Original Scientific Paper
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subject: Array
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creator: Bojana Vukovic
creator: Kristina Peštović
creator: Dejan Jakšić
rights: Copyright (c) 2025 Industrija
date: 2025-05-12
publication date: 2025-05-12
starting page: 17
ending page: 137

Digital entrepreneurship in the context of the Republic of Serbia
type: item
description: Abstract: The concept of digital entrepreneurship is a topical issue that significantly affects the contemporary business practice and management theory. Therefore, the main goal of the research was to point out the importance of digital entrepreneurship for the business of modern organisations, as well as to analyse the potential for digital entrepreneurship on the example of companies from the Republic of Serbia in the context of employees’ gender and work experiences. From a scientific point of view, the paper provides an insight into the theoretical framework of digital entrepreneurship, which includes current definitions and scientific approaches published in world relevant scientific bases. The empirical significance of the research is based on the results of a survey that included 124 employees (N=124), from different companies which have implemented digital innovations or used digital technologies for business model transformation in the Republic of Serbia. Keywords: digital entrepreneurship, entrepreneurship, digital innovation, digital business, digital transformation
subject: Original Scientific Paper
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subject: Array
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creator: Goran Đoković
creator: Petar Čelik
creator: Milica Arsić
rights: Copyright (c) 2025 Industrija
date: 2025-05-08
publication date: 2025-05-08
starting page: 37
ending page: 55
doi: 10.5937/industrija52-52045

Financial Efficiency: Mexican Municipal WUO
type: item
description: This study focuses on the financial evaluation of 32 municipal WUOs in Mexico during 2019 and 2021, applying the DEA. Thus, it seeks to answer the question: What is the financial efficiency of municipal WUOs in Mexico in 2019 and 2021, and what can be improved? The hypothesis presented in this study is that there are significant differences in the financial efficiency of municipal WUOs in Mexico. Its objective is to evaluate the financial performance of WUOs. To do this, DEA methodologies are used with the CCR and BCC models to measure technical efficiency and are applied to WUOs in terms of their evolution in average efficiency. In general, most WUOs show increasing returns to scale. Finally, WUOs must generate strategies that optimize their operational and financial efficiency, improve revenue management and adopt good practices.
subject: Original Scientific Paper
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subject: Array
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creator: Gilberto Niebla Lizárraga
creator: Jesús Alberto Somoza Ríos
creator: Rosa del Carmen Lizárraga Bernal
creator: Rosa Penelope Mares Galindo
rights: Copyright (c) 2025 Industrija
date: 2025-05-09
publication date: 2025-05-09
starting page: 57
ending page: 78
doi: 10.5937/industrija52-56736

The The contribution of large enterprises to the manufacturing industry - implications for Serbia
type: item
description: This paper aims to examine the structure of manufacturing of selected European countries by enterprise size and compare it with the structure of Serbian manufacturing to better understand the characteristics of Serbia’s manufacturing and provide the answers for the necessary path of future Serbian industrial policy. We used data from Eurostat datasets to calculate the shares of large enterprises in gross value added, employment and exports of selected European countries’ manufacturing. Besides that, we calculated the respective shares in the higher technological level branches of chosen European countries, as well as the labour productivity level of total manufacturing. The same shares and indicators are then calculated for Serbia, using data from the Statistical Office of the Republic of Serbia. The results are similar in both European countries and Serbia. However, having in mind that Serbia’s manufacturing is characterized by the domination of lower technology level branches, it is necessary for Serbia to improve the technological structure of its manufacturing, which will be possible only with the high share of large enterprises in manufacturing production.
subject: Original Scientific Paper
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subject: Array
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creator: Stefan Djerasimović
creator: Ljubodrag Savić
rights: Copyright (c) 2025 Industrija
date: 2025-05-09
publication date: 2025-05-09
starting page: 95
ending page: 115

Analysis of the profitability of solar energy implementation as a determinant of sustainable economy
type: item
description: At the beginning of the new millennium, the consumption of the natural resources and the size of the worlds' population become inversely correlated. The motive of this research is to confirm the influence of solar energy in the direction of implementing the strategy of sustainable development of countries. The aim of research is to calculate the consumption share of the household budget and the profitability of investing in the installation of renewable resources for electricity supply in Serbia. The results of the research confirm a significant reduction of the funds allocated for the supply of electricity through the installation of solar panels, while ensuring the return on investment in the extrapolation period. The research concludes that the use of renewable energy sources is a key determinant of sustainable development and protection of the natural environment. Namely, the transition to renewable energy sources provides financial and environmental benefits for the entire society.
subject: Original Scientific Paper
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creator: Vladimir Zdravković
creator: Zoran Popović
creator: Đorđe Kotarac
rights: Copyright (c) 2025 Industrija
date: 2025-05-09
publication date: 2025-05-09
starting page: 79
ending page: 93
doi: 10.5937/industrija52-57831

The Role of the Transportation Sector in Serbia’s Macroeconomic Performances
type: item
description: The transportation sector plays a significant role in the functioning of the entire economy. In the literature, the channels of the influence of transport on various economic variables are theoretically explained, and there are also many empirical verifications of the positive impact on economic growth, productivity and employment above all. The aim of this paper is to analyze the importance and role of the transportation sector in the macroeconomic framework of Serbia. The contributions of the transportation sector to the gross value added and its real growth, the structure of gross value added, investments in fixed assets, employment, average net earnings and real growth of net earnings, inflation, as well as the business results of transport companies in terms of the value of total assets, operating income and net results are analyzed. Special attention is paid to the entire transportation sector, as well as to special divisions of this sector such as land transport and transport via pipelines, water transport, air transport, warehousing and support activities for transportation and postal and courier activities. The analysis covers a five-year period from 2019 to 2023.
subject: Original Scientific Paper
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creator: Marko Miljković
creator: Ivan Nikolić
rights: Copyright (c) 2025 Industrija
date: 2025-05-08
publication date: 2025-05-08
starting page: 7
ending page: 20
doi: 10.5937/industrija52-56865

Limitations in Serbia's copper export: exploring solutions for enhanced export performance
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description: The analysis of the deteriorated export structure of the copper industry unveils two primary challenges: a shortage of skilled labour and insufficient processing capacity, exacerbated by increased exploitation under new ownership. These issues cannot be fully resolved before final depletion of copper mines. Therefore, this research focuses on identifying solutions to improve copper export structure in given limiting conditions. Quantitative research using the RCA index and share in total export identifies three copper product groups with the greatest potential for export enhancement: refined copper (HS7403), plates, sheets, and strips (HS7409), and copper tubes and pipes (HS7411). Redirecting limited processing capacities and human resources towards the improvement of only these products would provide a more favourable balance between raw ore and processed copper. This approach would likely result in higher profits and the potential to utilize the capacities of associated activities, as these products undergo a significantly higher degree of processing compared to ore.
subject: Original Scientific Paper
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creator: Natasa Stanojevic
rights: Copyright (c) 2025 Industrija
date: 2025-05-08
publication date: 2025-05-08
starting page: 21
ending page: 35
doi: 10.5937/industrija52-50834

U.S. trade in the sphere of strategic products and services as the first level of analysis of its economic security
type: item
description: The purpose of this research paper is to highlight the importance of the interplay between trade and economic performance, along with the connections among U.S. trade in critical goods and services and its economic security. The scientific paper seeks to elucidate why U.S. trade in strategic goods and services constitutes the primary axis of analysis for its economic security and explore the historical emergence of the concept of economic security. The realm of economic security is largely shaped by the economic policies and foreign trade actions taken by a country. The paper points out that the U.S. foreign trade policy model is among the most sophisticated in the world, if not the most detailed. New findings indicate that three major trends are fundamentally shaping economic security policies — resilience, protection and competition. Strategic competition with China is a cornerstone of U.S. economic security policy. The obtained insights indicate an in-depth examination of the wide range of U.S. foreign economic policy challenges and factors essential to developing strategies for competing with China. Methods used during the research are — the analytical-synthetic method, method of generalization and concretization, method of classification and, also, the historical method and content analysis method.
subject: Scientific Review
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creator: Marina Todorović
rights: Copyright (c) 2024 Industrija
date: 2024-12-17
publication date: 2024-12-17
starting page: 77
ending page: 88
doi: 10.5937/industrija52-55048

Perceptions of Pressure and Stress Among Agile Team Members: Empirical Insights from Serbia
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description: This paper investigates the perceptions of pressure and stress among agile team members, focusing on various factors, such as personal characteristics, team composition, and communication practices. Empirical research was conducted by using an online questionnaire from April to October 2024. During this time, 110 agile team members from Serbian software development companies took part in the research. Hypothesis testing, including the Mann-Whitney U-test and Kruskal-Wallis H-test, indicated no statistically significant differences by gender, age, team membership length, team size, company type, frequency of team meetings and main type of team communication. Notably, while the influence of team size approached significance, the overall results indicate that personal, teams, and organizational factors have no significant effect on perceptions of pressure and stress in agile teams. These results highlight the need for further investigation into alternative factors that may influence perceptions of pressure and stress, but they also demonstrate the superiority of agile teams.
subject: Original Scientific Paper
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creator: Jelena Lukić Nikolić
creator: Ivana Ostojić
creator: Sunčica Antić
rights: Copyright (c) 2024 Industrija
date: 2024-12-16
publication date: 2024-12-16
starting page: 25
ending page: 40
doi: 10.5937/industrija52-54568

Foreign exchange market in the Republic of Serbia: a comparative analysis with selected countries
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description: The primary purpose of the foreign exchange market is to facilitate and enhance international trade and capital movement, while also ensuring the smooth execution of payment transactions and maintaining liquidity within the economy. A well-functioning foreign exchange market contributes to the interconnectedness of national financial markets and serves as a crucial link between national economies and the international environment. This paper analyzes the foreign exchange markets of Serbia, Romania, and Hungary within the context of the global economic crisis and the COVID-19 pandemic. The objective of the research is to compare the effects of these crises on exchange rates and the stability of financial markets in the countries. The authors illustrate the mechanisms through which global economic shocks have impacted foreign exchange markets, as well as the responses of governments and central banks to the challenges posed by these crises. Furthermore, this paper contributes to the understanding of the dynamics of foreign exchange markets during times of crisis and provides insights into strategies that have proven successful in preserving economic stability, thereby opening avenues for further research in this domain.
subject: Original Scientific Paper
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creator: Maja Dimić
creator: Jelena Cvijović
creator: Milica Ćosić
rights: Copyright (c) 2024 Industrija
date: 2024-12-16
publication date: 2024-12-16
starting page: 7
ending page: 23
doi: 10.5937/industrija52-54320

Post Covid Era and Online Payment Systems in India
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description: Research article presents the online payment systems in India and the impact of Covid on Indian economy, role of financial technologies in facilitating financial transaction for citizens and institutions, and initiatives taken by Reserve Bank of India in the form of creating new digitally embedded organization so that reliance on banking systems is eased and industries (e.g., MSME), entrepreneurs, and citizens can get credit without much of manual paper work. In addition, researchers has also explored the process of the issuance of new licenses to new categories of financial organizations, i.e., establishment of payment banks, trade receivables discounting systems (TReDs), peer-to-peer platforms, regulatory frameworks for account aggregators (AA) and NBFC-AA, establishment of wholly digital loan firms (NBFCs), etc. In addition, the research article analyzed changes in consumer behaviour as a result of the pandemic and digital technology in daily life.
subject: Original Scientific Paper
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creator: Saraswati Chauhan
creator: N P Singh
rights: Copyright (c) 2024 Industrija
date: 2024-12-17
publication date: 2024-12-17
starting page: 41
ending page: 76
doi: 10.5937/industrija52-50991

Will Bitcoin Become the 21st Century Gold? Spillover Effect of Return and Volatility Between Digital and Traditional Assets
type: item
description: This study aims to examine the spillover effects of return and volatility between three different assets (Bitcoin,Gold, and Nasdaq) using GARCH-ARMA models. The data is taken from monthly closing prices from January 2015 to February 2024 through Investing.com. The analysis focuses on understanding how these three assets interact regarding the spillover effect of return and volatility, particularly during periods of economic uncertainty. Our findings indicate that spillover effects of return are visible from Bitcoin to Nasdaq, Nasdaq to Bitcoin, and Nasdaq to Gold. In addition, spillover effects of volatility are visible from Gold to Bitcoin, Bitcoin to Nasdaq, Nasdaq to Bitcoin, and Nasdaq to Gold. Our finding highlights the dynamic relationship between traditional and digital assets, emphasizing Bitcoin's potential role as a financial hedge likely to Gold and Nasdaq.
subject: Original Scientific Paper
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creator: Putra Sadewa
creator: Andrian Dolfriandra Huruta
rights: Copyright (c) 2024 Industrija
date: 2024-09-17
publication date: 2024-09-17
starting page: 73
ending page: 91
doi: 10.5937/industrija52-51865

The impact of tax incentives on the growth of value-added agricultural exports - Evidence from Zimbabwe
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description: This paper empirically examines the impact of export tax incentives on value-added agricultural export performance in Zimbabwe using historical annual time-series data from 1980-2021. The study uses unit root tests, cointegration analysis, and the Error Correction Model in the analysis. Using an augmented Cobb-Douglass production function, the study aims at determining wether export tax incentives, real effective exchange rate and value-added agricultural exports are cointegrated.. Export tax incentives and real effective exchange rate were found to have a positive and statistically significant effect in the long run on the country’s growth of value-added agricultural exports. From the results, policymakers are encouraged to deepen and broaden export tax incentives specifically targeted at value-addition of agricultural products as part of the country’s efforts in reforming its trade systemto improve the welfare of producers, workers and generate foreign currency for the country.
subject: Professional Paper
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creator: Forward Abinal
creator: Peter Mazuruse
rights: Copyright (c) 2024 Industrija
date: 2024-09-17
publication date: 2024-09-17
starting page: 23
ending page: 45
doi: 10.5937/industrija52-49174

Post-covid recovery of the meetings industry in the Republic of Serbia
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description: The meetings industry is one of the fastest developing segment of the tourism market and inevitable component of performances achieved on the destination level. The Covid-19 crisis has transformed the way this industry operates, leading to new ways of holding meetings. The aim of the paper is to analyze the effect of the Covid-19 pandemic on meetings’ industry performances of the Republic of Serbia, as well as its post-covid recovery in this country. The results of the analysis showed a decrease in the meetings held in pandemic years, but also a recovery in 2022. Results also showed that holding virtual meetings became the new normal. Moreover, online meetings were the foundation for developing novel approaches for the new future of the meetings industry and special event management.
subject: Original Scientific Paper
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creator: Sonja Lazarević
creator: Milena Laban
rights: Copyright (c) 2024 Industrija
date: 2024-09-17
publication date: 2024-09-17
starting page: 59
ending page: 72
doi: 10.5937/industrija52-50803

Managing the energy transition - the road to a green economy without losers
type: item
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subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
creator: Zoran Ristić
creator: Petar Čelik
rights: Copyright (c) 2024 Industrija
date: 2024-09-17
publication date: 2024-09-17
starting page: 7
ending page: 22
doi: 10.5937/industrija52-48919