International Journal of Economic Practice and Policy
type: channel
description: The International Journal of Economic Practice and Policy is a scientific journal dedicated to publishing previously unpublished scientific and research papers and professional and review articles in economics and organizational sciences. The journal aims to contribute to promoting and developing science, professional expertise, scientific research, and higher education, thus fulfilling its scientific, research, educational, and social role. The International Journal of Economic Practice and Policy has been published continuously since 2004, previously under the name School of Business. Since 2016, it has been published only in electronic form, twice a year as an openaccess journal, so all its content is available free of charge to a wide range of users.
publisher: Novi Sad School of Business
language: en
publication name: International Journal of Economic Practice and Policy
issn: 2812-7315
copyright: Authors who publish with this journal agree to the following terms: Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
items: EKONOMSKA VREDNOST LIČNIH PODATAKA U DIGITALNOJ EKONOMIJI
items: UTICAJ TURISTIČKOG MENADŽMENTA NA UPRAVLJANJE TURISTIČKIM PREDUZEĆIMA NA RAZLIČITIM TERITORIJALNIM NIVOIMA
items: SAVREMENI ASPEKTI KULTURE INOVACIJA U OBLASTI PREHRAMBENE INDUSTRIJE KAO DELA POLJOPRIVREDNO-PREHRAMBENOG LANCA
items: ULOGA INTEGRISANIH KOMUNIKACIJA U IZGRADNJI I ODRŽAVANJU UGLEDA KOMPANIJA
items: UPRAVLJANJE FINANSIJSKIM RIZICIMA PREDUZEĆA
items: ULOGA VEŠTAČKE INTELIGENCIJE U PRODAJI I MARKETINGU
items: KLJUČNA ZAPAŽANJA O FAKTORIMA KOJI UTIČU NA PRAKSE TRANSFERNIH CENA – SVEOBUHVATNI PREGLED
items: KAKO PRODUKTNA BERZA NOVI SAD MOŽE UTICATI NA OČUVANJE ŽIVOTNE SREDINE
items: OČUVANJE ZDRAVE ŽIVOTNE SREDINE KROZ ODRŽIVU IZGRADNJU
items: PAMETNA SPECIJALIZACIJA I KONKURENTNOST U OKVIRU INDUSTRIJE 5.0
items: PRIMENA REGIONALNIH TRGOVINSKIH SPORAZUMA KAO KATALIZATORA KLIMATSKI PAMETNE TRGOVINE: SLUČAJ ZEMALJA ZAPADNOG BALKANA
items: KOMPARATIVNA ANALIZA PROJEKTNOG FINANSIRANJA
items: BRAND-RELATED MARKETING METRICS
items: LEADERSHIP CHALLENGES IN CONFLICT MANAGEMENT IN ORGANIZATIONS
items: APPLICATION OF THE MATRIX METHOD IN ECONOMIC MODELING
items: THE INFLUENCE OF DEMOGRAPHIC FACTORS ON IMPULSIVE CONSUMER BEHAVIOR
items: WHAT IS THE PURPOSE OF THE PUBLIC DEBT IN NORTH MACEDONIA - CURRENT, CAPITAL OR SOCIAL SPENDING
items: INFLATION DYNAMICS IN THE USA AND EU: VAR ANALYSIS AND FORECASTING
items: IMPROVING COMPETITIVENESS AND ECONOMIC GROWTH IN THE REPUBLIC OF SERBIA THROUGH THE CONCEPT OF CIRCULAR ECONOMY
items: ORGANIC PRODUCTS MARKET AND CONSUMERS' ATTITUDES TOWARDS ORGANIC PRODUCTS
items: APPLICATION OF THE THRESHOLD VALUE IN THE CREDIT MULTIPLIER EVALUATION
items: YOUTH ENTREPRENEURSHIP – POSSIBILITIES OF EUROPEAN UNION SUPPORTIVE PROGRAMMES
items: ACCOUNTING AND LEGAL ASPECTS OF BUDGET EXECUTION
items: GREEN MARKETING AS A DETERMINANT OF COMPETITIVE ADVANTAGES IN B2B MARKETS
items: APPLIED FINANCIAL METHODS ON THE EXAMPLE OF SELECTED REITS FROM THE S&P500
items: DIGITALIZATION OF THE ECONOMY AND THE ISSUE OF INEQUALITY IN THE GLOBAL SOCIETY
items: THE INTERACTIVITY OF THE TEACHING PROCESS: THE EFFECT OF DEMOGRAPHIC VARIABLES
items: CREATIVITY AND LEADERSHIP
items: TECHNIQUES OF ECONOMIC VALUATION OF ENVIRONMENTAL GOODS
items: BARRIERS TO SUSTAINABLE DEVELOPMENT IN FASHION INDUSTRY: SUPPLY CHAIN COMPLEXITY AND CONSUMERS’ ATTITUDE-BEHAVIOR GAP

EKONOMSKA VREDNOST LIČNIH PODATAKA U DIGITALNOJ EKONOMIJI
type: item
description: Personal data can be seen as an economic asset generated by the identity and behavior of individuals who are traded in exchange for higher-quality services and products. The volume of stored personal data is increasing rapidly. In the two-sided market mechanism, online platforms act as intermediaries that collect consumer data and sell advertising slots to companies. Using personal data removes information asymmetries and contributes to the efficiency of online transactions. Consumers' lack of self-determination of personal data can lead to the uneven exchange of economic value. Unless appropriate measures are taken, such concerns about how data is used threaten to reduce individuals' willingness to share their personal information. Personal data can help businesses perform 'churn detection', identifying customers more likely to leave a retailer. Using such techniques, companies can implement marketing actions to increase customer loyalty. Detecting customer churn is important for businesses because the cost of retaining existing customers is usually lower than the cost of acquiring new customers. Targeted Internet advertising plays a useful informational role for users, as they can see adverts relevant to their potential unique interests. Voluntary data sharing by users is accompanied by explicit rewards and other promotional offers In the current study we explore the advertisements by the online platforms and their relation with personal data transfer. To explore the economic value of personal data, we apply a survey. Correlation analysis is applied.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Mariya Paskaleva
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-19
publication date: 2025-03-19
starting page: 106
ending page: 118
doi: 10.5937/skolbiz2-54701

UTICAJ TURISTIČKOG MENADŽMENTA NA UPRAVLJANJE TURISTIČKIM PREDUZEĆIMA NA RAZLIČITIM TERITORIJALNIM NIVOIMA
type: item
description: Tourism enterprise management is part of tourism management. The successful management of the tourism enterprise that is performed by its managers depends on considering the trends and patterns of tourism management at the different territorial levels - global, supranational, national, regional, and local. That is why the managers of the tourism enterprise must know and comply with the managerial decisions, which are taken in the field of tourism at the different territorial levels. Management decisions in the field of tourism at the global, supranational, national, regional, and local levels have an impact on the functioning and management of the individual tourism enterprise. The paper examines the place of tourism enterprise management in the tourism management system at the different territorial levels. In this direction, important examples of how tourism management at different territorial levels (global, national, supranational, regional, and local) affects the management of the individual tourism enterprise are presented and analyzed. Particular attention is paid on the influence of tourism management in Bulgaria at the national, regional, and local levels on the management of tourism enterprises. As a result of the analysis, it can be concluded that with a view to achieving success tourism enterprise managers should consider the impact of tourism management at different territorial levels on tourism enterprises when developing plans and programs and making decisions as regards to both, general management and financial, marketing and personnel management.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Elena Petkova
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-19
publication date: 2025-03-19
starting page: 135
ending page: 150
doi: 10.5937/skolbiz2-51995

SAVREMENI ASPEKTI KULTURE INOVACIJA U OBLASTI PREHRAMBENE INDUSTRIJE KAO DELA POLJOPRIVREDNO-PREHRAMBENOG LANCA
type: item
description: Innovation is the driving force behind the development of enterprises and is vital to their survival. Starting a new business is often accompanied by the discovery of new market niches, the offering of innovative products, or the launch of new approaches to satisfy consumer preferences. Within a constantly changing environment, enterprises need to build an innovation culture that ensures the preservation of the focus on innovation. This report reviews the current concepts of innovation culture and the factors that determine it. Special attention is paid to the specifics of food industry enterprises. The food industry is representative of the low-tech sectors in terms of research and development costs. However, as a result of global crises (climate change, military conflicts, and interrupted supply chains), the importance of the sector and its potential to offer quality and healthy food is growing. The study analyses the interrelationship between innovation culture and the level of innovation activity in the field of food production as part of the agri-food chain. On this basis, a model of an innovation culture in the field of food production is proposed. The report represents case studies of the practice of enterprises in the sector. The aim is to test the relevance of the model and to identify the main factors that help enterprises develop innovation-oriented behavior, as well as the barriers that prevent it. In the end, guidelines for further improvements of the model and ideas for further areas of research are proposed.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Plamen Ivanov
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-19
publication date: 2025-03-19
starting page: 119
ending page: 134
doi: 10.5937/skolbiz2-52113

ULOGA INTEGRISANIH KOMUNIKACIJA U IZGRADNJI I ODRŽAVANJU UGLEDA KOMPANIJA
type: item
description: Under the conditions of uncertainty and rapid changes in the business environment, high competition, the prevalence of information and communication technologies, the reputation, which is formed thanks to the systematic communications of the company with various target groups and through the experience of interaction with it, plays an increasingly important role in the viability of the company. The article examines the global trends of today, which give impetus to the development of integrated company communications, which combine marketing communications, sustainable development communications, intra-organizational communications, crisis communications, etc. On the basis of numerous studies, the positive impact of integrated communications on the company's reputation is analyzed (according to the Global RepTrak 100 study, an annual ranking of the corporate reputation of the world's leading companies). The emphasis in the article is made on the need to use proactive communications, communication from the practices of sustainable development of companies, CEO communications and corporate communications aimed at changing the behavior of target groups.
subject: Review Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Alla Zinchenko
creator: Iryna Titarenko
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-19
publication date: 2025-03-19
starting page: 166
ending page: 177
doi: 10.5937/skolbiz2-52148

UPRAVLJANJE FINANSIJSKIM RIZICIMA PREDUZEĆA
type: item
description: The market positioning of the company takes place in an increasingly complex and competitive environment. In this regard, financial managers must provide a series of instruments and functional methods for assessing the real situation and creating mechanisms that ensure economical and effective spending of funds with constant monitoring of the return-risk relationship. In this sense, the financing risk management system completely defines a new, multidimensional approach to the competitive game of companies on the market. They are, therefore, the perspective and vision of what one wants to achieve, but also the direction of movement towards the position that the company wants to reach in the modern high-risk market of countries in transition.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Aleksandar Savić
creator: Bojan Obrić
creator: Snežana Lazić
creator: Nikolina Ljubojević
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-19
publication date: 2025-03-19
starting page: 151
ending page: 165
doi: 10.5937/skolbiz2-52934

ULOGA VEŠTAČKE INTELIGENCIJE U PRODAJI I MARKETINGU
type: item
description: This paper presents a systematic literature review on the role of artificial intelligence (AI) in sales and marketing, using the PRISMA methodology. It explores the influence of AI on sales performance, customer relationship management, marketing effectiveness, and decision-making processes. The study provides a holistic view of how AI contributes to success in these fields, elucidating the connection between AI and professional success. This research offers opportunities to enhance recruitment, training, and development strategies, contributing to a deeper understanding of AI’s role in the competitive world of sales and marketing. By synthesizing existing knowledge, it paves the way for informed decision-making and strategic development in the industry.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Klea Pashtranjaku
creator: Egla Mansi
creator: Osman Koroglu
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-19
publication date: 2025-03-19
starting page: 90
ending page: 105
doi: 10.5937/skolbiz2-52011

KLJUČNA ZAPAŽANJA O FAKTORIMA KOJI UTIČU NA PRAKSE TRANSFERNIH CENA – SVEOBUHVATNI PREGLED
type: item
description: The contemporary business landscape, shaped by economic globalization, technological advancements, and increased cross-border transactions, presents both challenges and opportunities for global enterprises. Within this dynamic context, the strategic operations of multinational corporations are significantly influenced by transfer pricing decisions. This article undertakes a comprehensive exploration of the intricate factors that contribute to the shaping of TP decisions, leveraging insights from a diverse range of studies spanning multiple decades. The primary objective is to identify the factors that play a pivotal role in the decision-making process for determining transfer prices. To accomplish this aim, the authors initiated a thorough search for articles addressing the intricacies of TP decisions. These articles served as foundational resources, providing essential insights into the conceptual framework of transfer pricing. Through an analysis of existing literature, the author successfully pinpointed key factors that have been consistently recognized as having a substantial impact on the TP determination process.
subject: Review Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Renata Fulop
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-13
publication date: 2025-03-13
starting page: 76
ending page: 89
doi: 10.5937/skolbiz1-52059

KAKO PRODUKTNA BERZA NOVI SAD MOŽE UTICATI NA OČUVANJE ŽIVOTNE SREDINE
type: item
description: Environmental protection implies a complex process of numerous interconnected elements, measures and activities, as well as analyzing and predicting the scope of future activities, all with the aim of preventing potential negative impacts, which would further threaten and degrade it (Turney et al, 2020). Dynamic changes in the international business environment have caused changes in the rules of the game on the world market (Aničić et al, 2019). The modern market imposes more and more serious demands placed on commodity exchanges in terms of connected and globalized processes of their business, then through the implementation of internationally valid standards (as an integral part of socially responsible business), which enables but also facilitates the free flow of goods on the global market. In the paper, we will consider potential actions and activities of Commodity Exchange Novi Sad, which could result not only in raising awareness, but also in concrete actions that will have results in preservation of the environment.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Gordana Bejatović
creator: Tatjana Pavlović
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-13
publication date: 2025-03-13
starting page: 66
ending page: 75
doi: 10.5937/skolbiz1-55905

OČUVANJE ZDRAVE ŽIVOTNE SREDINE KROZ ODRŽIVU IZGRADNJU
type: item
description: Circular economy focuses on the sustainable use of natural resources. A linear model is largely present in the construction industry, which is reflected in the amount of materials used and discarded. Accumulation of construction waste in landfills, in the sea or in nature affects the negative aesthetic appearance. Due to the rigid composition of building materials, it is necessary to study new methods of processing, recycling and reuse, which will have a positive impact on the future of the next generations. The content is divided into a theoretical and an empirical part. In the theoretical part, we defined the circular and linear economy, the construction sector, building materials and waste generated in the construction process. The empirical part shows the answers to the interview we conducted with an expert and research on good practices in Slovenia and abroad. Many sustainability certificates can help us. With various modern materials such as recycled concrete, wood or hemp, we can effectively contribute to a better quality of the living environment. We have found many good practices in Slovenia and abroad, but when taking steps for a better tomorrow, it is important to introduce a circular model to all companies. Implementing a circular economy brings many advantages, including a healthy environment and new and better jobs. The implementation of the circular model in practice brings many obstacles, which are mainly defined by government support, legislation and financial resources.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Aila Civić
creator: Miha Marič
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-13
publication date: 2025-03-13
starting page: 18
ending page: 37
doi: 10.5937/skolbiz1-55235

PAMETNA SPECIJALIZACIJA I KONKURENTNOST U OKVIRU INDUSTRIJE 5.0
type: item
description: As the business world survived after the COVID -19 pandemics, according to “traditional” Porters’ competitiveness models, the traditional industrial sectors lose their competitive advantage. So, they have to do “some” virtualization in order to be more competitive at common economic world. The paper aims to discuss possibilities of smart specialization for increasing competitiveness of traditional industrial sectors. The bases for analysis is the needed of traditional industries for smart change under the Industry 5.0 in order survive at digital business world. But, how such digital and smart specialization to be done is the key problem discussed at the paper. The main results of the desk and practical research in the paper are found in the next points: 1. Application of Industry 5.0’ competitive approach to the “old” traditional industries and 2. Introduction of competitive roadmap based on smart specialization and social platforms.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Nikolay Sterev
creator: Vyara Milusheva
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-13
publication date: 2025-03-13
starting page: 38
ending page: 50
doi: 10.5937/skolbiz1-52116

PRIMENA REGIONALNIH TRGOVINSKIH SPORAZUMA KAO KATALIZATORA KLIMATSKI PAMETNE TRGOVINE: SLUČAJ ZEMALJA ZAPADNOG BALKANA
type: item
description: The concept of climate-smart trade is gaining momentum as trade agreements increasingly incorporate provisions to balance economic growth and environmental conservation. While in the past, environmental and climate issues played a minor role in international trade agreements, recently there has been a growing trend towards incorporating climate-smart provisions, particularly in regional trade agreements (RTAs). These provisions aim to promote sustainable development, pursue international environmental goals, ensure a level playing field, and enhance environmental cooperation. The paper analyzes the emergence of environmental and climate-related provisions in free trade agreements. It attempts to define them, explain how they are incorporated into free trade agreements, and assess the reasons for the increased number of such provisions. The paper then briefly analyses statistical data related to the types of environmental and climate-related provisions contained in FTAs, before going into details of the climate-smart provisions of the regional trade agreements in the Western Balkans.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Ljuben Kocev
creator: Katerina Toshevska – Trpchevska
creator: Jasna Tonovska
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-13
publication date: 2025-03-13
starting page: 51
ending page: 65
doi: 10.5937/skolbiz1-51959

KOMPARATIVNA ANALIZA PROJEKTNOG FINANSIRANJA
type: item
description: In market economies, companies always evaluate the effect of long-term capital investments, that is, the net cash flow that is realized during the exploitation of the investment project. The importance of this topic is reflected in the fact that when evaluating investment projects, insufficient attention is still paid to social profitability and the impact of the project on, for example, the current account of the balance of payments. The analysis of the social profitability of the project refers to the determination of the investment project's contribution to the development of the national economy. A few projects, individually analyzed, can reject positive financial results, that is, high returns on own capital during exploitation, but as a whole, these projects can have a very negative impact on the foreign trade balance. Social Cost Benefit Analysis, also known as economic analysis, is seen as an opportunity to expand the scope of financial analysis, based on the structure of the project's gross cash flow. A well-executed social Cost Benefit analysis can divide the net benefit of an investment project into the investor's financial benefit and the state's financial benefit.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Milan Mihajlovic
creator: Milenko Zupur
creator: Miodrag Zekić
creator: Maja Janjetović
rights: Copyright (c) 2025 International Journal of Economic Practice and Policy
date: 2025-03-13
publication date: 2025-03-13
starting page: 1
ending page: 17
doi: 10.5937/skolbiz1-52942

BRAND-RELATED MARKETING METRICS
type: item
description: Adequate measurement is crucial for brand management but represents a real challenge for marketers. Choosing adequate indicators to measure the effectiveness and efficiency of brand investments is one of the prerequisites for brand success. The most common problem is the sensitivity of individual indicators to recognize the level of brand presence in the minds of customers or consumers and the effectiveness of certain indicators in terms of long-term brand investment. This paper presents the most commonly used marketing indicators related to the brand and the advantages and disadvantages of influencing its value. Through the analysis of secondary data, using the desk research method, the author will look at the theoretical framework for selecting and defining marketing metrics related to the brand through relevant literature and scientific papers dealing with this topic. Finally, the author will recommend how the critical determinants of brand value should be measured and the selection of adequate indicators regarding the effectiveness and efficiency of brand investment.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Saša Ćirić
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 137
ending page: 151
doi: 10.5937/skolbiz2-47409

LEADERSHIP CHALLENGES IN CONFLICT MANAGEMENT IN ORGANIZATIONS
type: item
description: Conflicts are part of our everyday lives, and they occur both in private and work environment. In every organization, we face conflicts. In order to enable the organization to function better, it is important to manage conflicts correctly. The purpose of the research is to check what types of conflict management are used by employees in the organization and whether and how managers manage conflicts. The results show that a culture of avoidance dominates the organization in question, so we suggest that both employees and managers learn how to properly manage conflicts, which would lead to a better organizational culture in the long run.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Nina Minov
creator: Miha Marič
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 107
ending page: 121
doi: 10.5937/skolbiz2-49500

APPLICATION OF THE MATRIX METHOD IN ECONOMIC MODELING
type: item
description: The matrix method for designing models is common and widely applied in various fields of economics. Matrix methods in economic modelling can generally be in a form of linear algebraic equations or equivalent representations. The process of defining certain assumptions and adopting the model is done by formulation. It includes breaking down the problem and defining the steps in which the problem will be solved. Matrix programming methods represent a class of optimization economic models because their goal is to find optimal solutions to problems. For a complex analysis of the economic structure and interconnection of individual parts of the economy, flows, and reproduction processes, intersectoral (input-output) tables provide the necessary statistical and informational basis. The cross-sector matrix (input-output) models allow a deeper insight into the structure and interdependence of individual economic processes. In this context, the main goal of this paper is to show the importance of applying the matrix method in economic science because its correct application can reduce many ambiguities, both in economic theory and in practice.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Aleksandar Savić
creator: Dejan Ristić
creator: Saša Mičić
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 122
ending page: 136
doi: 10.5937/skolbiz2-49503

THE INFLUENCE OF DEMOGRAPHIC FACTORS ON IMPULSIVE CONSUMER BEHAVIOR
type: item
description: In modern business conditions, there is a tendency to reduce cognitive shopping, which implies shopping based on rational thinking, while at the same time, impulsive shopping is increasing. Impulsive buying is influenced by numerous factors, including demographic factors that play a significant role in shaping consumer habits and behaviour. Monitoring demographic trends and data analysis can help businesses stay abreast of changes in consumer preferences and thus adjust their marketing strategies. The purpose of this research is to examine the influence of demographic factors (gender, age, income and education) on the impulsive behavior of consumers. Empirical research was conducted using a survey on a sample of 205 respondents. The answers were analyzed using the T-test for two independent samples and the ANOVA test. There were statistically significant differences between respondents' views on impulsive buying behavior based demographic factors, i.e., gender, age, income and education. This research indicates the importance of demographic factors for understanding impulse purchases. They can help define marketing strategies through adequate adjustment of products and promotions to respond to the needs and preferences of target demographic groups, providing personalized offers that increase sales and build brand loyalty. The paper will be helpful to marketers and researchers to comprehensively understand consumers' impulsive behaviors.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Ana Urošević
creator: Milan Kocić
creator: Ana Dukić
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 90
ending page: 106
doi: 10.5937/skolbiz2-46784

WHAT IS THE PURPOSE OF THE PUBLIC DEBT IN NORTH MACEDONIA - CURRENT, CAPITAL OR SOCIAL SPENDING
type: item
description: North Macedonia, as one of the small and open economies in the region, is facing an increase in the budget deficit and public debt (especially in the last couple of years), which, in conditions of reduced fiscal capacity, is increasingly emphasizing the issue of the distribution of funds from borrowing. The government’s intention is to increase public debt to generate investments in the infrastructure and create future benefits for the economy as a whole, as well as the potential for future debt recovery. But, is this really the case? In reality, capital expenditures are stagnating, while current budget expenditure and social transfers are constantly rising. This paper investigates the dynamics of the rise in public debt and the trends in capital expenditure, current expenditure, and social transfers. Furthermore, we explore the effects each category of social transfers (pensions, unemployment benefits, social assistance, and health insurance transfers) has on the level of public debt in the country. We employ a VARMAX model on quarterly data from 2008 to the second quartile of 2022. The results of the VARMAX model show that a short-term increase follows the shock in public debt in the current budget expenditure. This suggests that the government has been increasing the public debt mostly to finance current budget expenditures instead of investing in economic and social infrastructure. In addition, the analysis of the relationship between the public debt and the four different categories of social transfers shows that the shock in public debt is followed by a short-term increase in health insurance transfers.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Ivana Beciragic
creator: Borce Trenovski
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 68
ending page: 69
doi: 10.5937/skolbiz2-47612

INFLATION DYNAMICS IN THE USA AND EU: VAR ANALYSIS AND FORECASTING
type: item
description: This paper aims to analyze the relationship between the inflation rate in the USA and the inflation rate in the EU and to make short-term forecasts of their future movements. The Vector Autoregression (VAR) model was used to study the dynamic relationships among multiple variables. The VAR model was fitted on the data with a maximum lag of 5, and the diagnostic checks were performed to ensure it was correctly specified. The results are presented and discussed and the paper concludes by suggesting that future research should focus on addressing the problem of non-stationarity in the residuals and on testing the robustness of the model.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Danica Cicmil
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 13
ending page: 27
doi: 10.5937/skolbiz1-42817

IMPROVING COMPETITIVENESS AND ECONOMIC GROWTH IN THE REPUBLIC OF SERBIA THROUGH THE CONCEPT OF CIRCULAR ECONOMY
type: item
description: The circular economy is a closed circular system in which material and energy losses are converted into resources that may be used for alternative objectives. Inextricably connected with sustainable development, it is primarily concerned with reducing material and energy losses. The optimal course of action would be to eradicate these losses and repurpose materials. Therefore, biodegradable items are used and commodities are disposed, reused and recycled. The primary aim of this study is to examine the impact of energy generation and non-energy materials on the gross domestic product (GDP) of Serbia and other OECD member states. The objective is to ascertain which energy or material production sector is more significant in GDP to enhance competitiveness. The findings reveal the present state of economic growth and the areas that need improvement to foster more business competitiveness. The Adaptive Neural Fuzzy Inference System (ANFIS) as it is well-suited for statistical analysis of highly nonlinear data. The most significant determinant of GDP in Serbia is the proportion of domestic material consumption devoted to the consumption of non-metallic minerals. Among OECD members, however, metal consumption as a proportion of domestic total material consumption is the most significant predictor of GDP. Additionally, the findings indicate that the ideal combination for forecasting GDP using two parameters is the sum of non-energy material output and total municipal trash generation. The findings may exemplify optimal strategies for incorporating the circular economy principle into operations to enhance corporate competitiveness, mitigate energy and material waste, and minimize adverse environmental effects.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Biljana Petković
creator: Miloš Milovančević
creator: Miljana Barjaktarović
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 41
ending page: 57
doi: 10.5937/skolbiz1-47838

ORGANIC PRODUCTS MARKET AND CONSUMERS' ATTITUDES TOWARDS ORGANIC PRODUCTS
type: item
description: The development of the market for organic products has been recorded in many countries. The organic products market segment in the specific environment of the Republic of Serbia is gradually developing. In times of the COVID-19 pandemic, the interest in organic products increased. Expressed health concern has been perceived as one of the most important reasons for buying organic food. Therefore, the aim of this paper is to investigate the development of the organic products market and consumer attitudes towards organic products, as well as the factors that influence their behaviour, which should be taken into account when creating an adequate promotional strategy for this specific market.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Jelena Vapa Tankosić
creator: Biljana Carić
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 58
ending page: 67
doi: 10.5937/skolbiz1-49126

APPLICATION OF THE THRESHOLD VALUE IN THE CREDIT MULTIPLIER EVALUATION
type: item
description: Multiplication of credit funds has always been a basic assumption in the work of credit organizations. In modern conditions, they occur with banks, funds and other institutions that deal with lending. The paper examines the problem of interdependence between the goals of the central bank and the commercial bank. The main goal of the central bank is to maintain price stability. However, if the country has a high share of foreign debt in the gross domestic product, the activities of the central bank are redirected to discouraging the growth of borrowing by banking institutions abroad. In order to prevent such borrowing, the central bank uses several instruments of monetary policy, among which the limit value in the rating of the credit multiplier stands out. The importance of the threshold value in the process of multiplying the value that is lent contributes to preserving the relationship between liquidity and profitability in the appropriate proportion. The lack of funds leads to illiquidity and its consequences, and in modern conditions, unprofitability also leads to the same outcome. In this paper, we will present the application of the threshold value in creating a bank credit portfolio.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Ivan Milojević
creator: Milan Mihajlovic
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 28
ending page: 40
doi: 10.5937/skolbiz1-49514

YOUTH ENTREPRENEURSHIP – POSSIBILITIES OF EUROPEAN UNION SUPPORTIVE PROGRAMMES
type: item
description: Youth unemployment is one of the key problems faced by young people in the Republic of Serbia and other European countries. Considering the importance of entrepreneurship as a generator of new jobs and a driver of economic development, the paper pays special attention to the entrepreneurship of young people, who have a significantly smaller share in the country’s entrepreneurial potential than other age categories. In order to overcome this, the European Union and member countries are developing various supportive programmes for young people to strengthen their entrepreneurial potential and encourage them to start entrepreneurial ventures. In the paper, an overview of the available programmes of the European Union that support the development of this type of entrepreneurship was performed to get better insight into the possibilities of these programmes and to give concrete guidelines to young people during and after formal education.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Boris Kuzman
rights: Copyright (c) 2023 International Journal of Economic Practice and Policy
date: 2024-04-17
publication date: 2024-04-17
starting page: 1
ending page: 12
doi: 10.5937/skolbiz1-47550

ACCOUNTING AND LEGAL ASPECTS OF BUDGET EXECUTION
type: item
description: The economic and legal dimension of the budget has always attracted the attention of researchers, both because of its dispositiveness and because of the once necessary stochasticity. This way of its existence and the conditions of its existence are precisely the subject of this paper. The indispensable efficiency of the public sector and its driving force in the conditions of modern existence of the social community and the assumptions that limit its activities complicate the position of the budget and its basic prerogatives as can be seen in all modern states, including ours. Legal constraints on the one hand and economic constraints on the other place the budget in a position that exists continuously, adjusting to the input side conditioned by budget revenues and the output side conditioned by budget expenditures. In this regard, respect for budget procedures and normative structure makes the budget extremely important for the study. In order to complete the budget procedure, after the budget year, the final account is made, which shows the accounting discrepancies and deviations of the execution by the executive from the budget approved by the legislature.
subject: Review Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Milan Mihajlović
creator: Radovan Damnjanović
creator: Aleksandar Savić
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-02-01
publication date: 2024-02-01
starting page: 156
ending page: 170
doi: 10.5937/skolbiz2-41027

GREEN MARKETING AS A DETERMINANT OF COMPETITIVE ADVANTAGES IN B2B MARKETS
type: item
description: S obzirom na činjenicu da je u stručnoj literaturi iz marketinga, a pogotovo iz segmenta zelenog (ekološkog) marketinga, mnogo više istraživano i pisano o B2C tržištima, ovaj rad predstavlja pokušaj da se istraže motivi nabavke, kao i ponašanje poslovnih kupaca tokom složenog procesa kupovine, na primeru nekoliko značajnijih termotehničkih uređaja, na B2B vojvođanskom tržištu. Cilj istraživanja je da se putem direktnog intervjuisanja prikupe relevantni podaci od poslovnih kupaca u vezi sa uticajem nekih ekoloških performansi na nabavku gasnih kotlova, toplotnih pumpi i klima uređaja, kako bi se na bazi njihove obrade, odnosno sprovedene deskriptivne statističke analize dobile kvalitetne i pouzdane informacije, koje će omogućiti bolje razumevanje ove kompleksne problematike. Za prikupljanje kvalitativnih podataka upotrebljen je metod nestrukturiranog dubinskog intervjua. Dobijeni rezultati su potvrdili istraživačke hipoteze i ukazali na neophodnost primene zelenog marketinga u savremenim uslovima privređivanja. Nesporno je da će uskoro samo organizacije fokusirane na zeleni marketing i zelene kanale marketinga, odnosno fokusirane na kreiranje optimalnog odnosa između svog procesa proizvodnje, distribucije i/ili prodaje, i zaštite životne sredine, moći ostvarivati konkurentsku prednost na dinamičnim poslovnim tržištima i postizati maksimalnu satisfakciju ekološki sve zahtevnijih kupaca, a na taj način, faktički, istovremeno daće i svoj puni doprinos održivom razvoju čitave društvene zajednice.
subject: Original Scientific Paper
  topic: section
creator: Dragoljub Jovičić
creator: Dragan Ilić
creator: Saša Raletić Jotanović
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-01-31
publication date: 2024-01-31
starting page: 76
ending page: 98
doi: 10.5937/skolbiz2-41068

APPLIED FINANCIAL METHODS ON THE EXAMPLE OF SELECTED REITS FROM THE S&P500
type: item
description: This paper builds on the existing paper "The financial performance of selected REITs from S & P500" (Cicmil, Đaković, & Inđić, 2022). This paper included four stocks: 1. Public Storage: PSA, 2. Host Hotels & Resorts: HST, 3. Healthpeak Properties: Peak, 4. AIMCO: AIB, and conducted two performance measurement analyzes: DPU (dividend distribution by units) and FFO (fund from operations) in order to investigate whether these two ratios gave significantly different results during the Covid 19 crisis. However, this paper deals with further methods of measuring the performance of REITs, namely P/FFO, payout ratio, debt-ebitda and interest coverage. The objective of this paper is to compare these four stocks and their performance to assess which stock has performed the best in the past.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Danica Cicmil
creator: Miloš Đaković
creator: Pavle
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-01-31
publication date: 2024-01-31
starting page: 99
ending page: 113
doi: 10.5937/skolbiz2-38006

DIGITALIZATION OF THE ECONOMY AND THE ISSUE OF INEQUALITY IN THE GLOBAL SOCIETY
type: item
description: Increasing prosperity, as well as the coexistence of persistent and deep inequalities, is one of the greatest paradoxes of our time, which undermines and calls into question global development and modernization processes in today's world. There is no doubt that the digital revolution is transforming economies on a global scale, bringing with it huge potential economic gains, but also new challenges. In an era of complex environmental, geopolitical, economic and technological risks it is particularly striking so-called growing social fragmentation which is manifested, among other things, through the strong spread of digital inequalities (and the related concept digital divide), which further undermines social cohesion and global cooperation. Although digital progress has created enormous wealth in record time, it has remained concentrated around a small number of individuals, companies and countries, and all predictions are that this trajectory will continue, further deepening already growing inequality. The paper analyzes the inequalities and stratification of the digital sphere and seeks to establish a link between sustainable development, rapid technological change and issues of inequality, and thus encourages debate and reflection on this challenge for researchers and public practitioners in the global context, by applying scientific methods of systematization and analysis. In the coming period, new policies under the auspices of the new agenda will have to respond much better to the new dynamics of the digital economy in order to record more inclusive results in the global world. In a world where more than half of citizens have no or limited internet access, intensive work must be done to close the digital divide (especially in internet access), while inclusiveness would be crucial to building a digital economy that delivers for all, which is crucial for economic mobility and social participation. Collaborative action is needed today to bend the curve of digital…
subject: Review Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Žarko Đorić
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-02-01
publication date: 2024-02-01
starting page: 123
ending page: 155
doi: 10.5937/skolbiz2-41090

THE INTERACTIVITY OF THE TEACHING PROCESS: THE EFFECT OF DEMOGRAPHIC VARIABLES
type: item
description: This research aimed to explore students' evaluations of interactivity in the teaching process on a sample of 361 students. Demographic variables included questions related to gender, year of study, model of financing (budget/ self-financing), a place where they live (village/city), previous education and the higher education institution they attend. Participants had to evaluate their experience on the Likert scale of how interactivity is attributed to the teaching process they participated in. Results have shown that the overall assessment of interactivity is relatively high (M= 3.98, SD=.850). Furthermore, there is a significant effect of higher education institutions that students attend on their evaluations of interactivity (F(4, 360) = 3.187, p<.014). Results are discussed in the context of possible improvement of interactivity in the teaching process. Keywords: interactivity, teaching process, students' assessments, higher education institutions
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Ana Đ. Jovičić Vuković
creator: Maja Vukadinović
creator: Nataša Papić-Blagojević
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-01-31
publication date: 2024-01-31
starting page: 114
ending page: 122
doi: 10.5937/skolbiz2-35093

CREATIVITY AND LEADERSHIP
type: item
description: The aim of this paper is to analyse the relationship between leadership and creativity, to compare the characteristics of a successful leader and the characteristics of a creative person and to find out how they may be linked. It is hypothesized that creativity represents one of the most important traits a successful leader should have. It is presumed that creativity unites originality, openness, sensibility, flexibility, fluency of ideas, fantasy, tolerance of uncertainty, creative generalization, creative differentiation and that it can be recognized through them. This study is qualitative and it is based on analyses and comparison of the results of different studies in the domain of leadership and creativity. The result of our analyses has shown that even though creativity is not listed among the key characteristics of a leader (e.g. intelligence, self-confidence, decisiveness and integrity), it should be recognized as such. The main contribution of this study lays in acknowledging creativity as a component sine qua non of successful leadership. The main implication of our results is related to the thesis that encouragement, development and implementation of creativity in every part of leadership process should result in greater success in every business domain where leadership is necessary. The main recommendation which follows from our results is to encourage and enhance the use of creativity in every domain of business, especially leadership. Moreover, empirical exploration regarding the relationship between attributes of creativity and characteristics of a successful leader is recommended.
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Maja Vukadinović
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-01-31
publication date: 2024-01-31
starting page: 63
ending page: 75
doi: 10.5937/skolbiz1-41391

TECHNIQUES OF ECONOMIC VALUATION OF ENVIRONMENTAL GOODS
type: item
description: Many companies in the environmental goods sector are interested in creating "added value". When looking at the viability of investing in production, companies starting out the production in the environmental goods sector should research production costs as well as consumer demand for new environmental products. Although the costs of environmental goods production can be roughly estimated, estimating consumer demand is a complex process. Questions related to determining the price of a new environmental goods product, the level of demand, the target segment and identifying consumer needs, which are inevitably present when introducing an new product to the market, represent the starting point for creating an adequate marketing strategy. This paper aims to explore the techniques of economic valuation of environmental goods as well as the concept of "Willingness to pay" for environmental goods or services. The paper shall analyze two basic groups of economic valuation techniques: revealed preferences techniques (RP), which observe consumer behavior and their choices on the real market, and stated preferences techniques (SP).
subject: Professional Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: jelena vapa tankosic
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-01-31
publication date: 2024-01-31
starting page: 53
ending page: 62
doi: 10.5937/skolbiz1-41582

BARRIERS TO SUSTAINABLE DEVELOPMENT IN FASHION INDUSTRY: SUPPLY CHAIN COMPLEXITY AND CONSUMERS’ ATTITUDE-BEHAVIOR GAP
type: item
description: Sustainability has become the world’s megatrend. A large number of companies are under pressure of the governments and the public to implement sustainable business practices. Unlike the food industry where demand for sustainable products is relatively easy to achieve because food directly affects the health of consumers, in fashion industry this is not the case. The aim of the paper is to analyze barriers in the development of a sustainable fashion industry, including: complexity of establishing sustainable supply chain, unclear certification and labeling system, high prices of the sustainable fashion products, high growth rate of the fast fashion industry, low consumer awareness of the importance of sustainability in the fashion industry which leads to a gap between consumer attitudes and buying behavior, and low demand for sustainable fashion products. In addition, sustainable fashion is a contradictory term. The whole point of fashion is change of styles from season to season, which in turn accelerates purchases. This is contrary to the concept of sustainable fashion, which implies a slowdown in consumption. Meta-analysis was used as a main method of research in this paper for the purpose of integrating the findings of many studies and directing prospective research.
subject: Original Scientific Paper
  topic: section
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
subject: Array
  topic: keywords
creator: Slađana Starčević
creator: Veljko Marinković
creator: Ana Vjetrov
rights: Copyright (c) 2022 International Journal of Economic Practice and Policy
date: 2024-01-31
publication date: 2024-01-31
starting page: 36
ending page: 52
doi: 10.5937/skolbiz1-35074