Template-Type: ReDIF-Article 1.0 Author-Name: Vule Mizdraković Author-Email: vmizdravkovic@singidunum.ac.rs Author-Name: Olivera Mijailović Title: Behavioural Finance: Testing the Efficient Market Hypothesis on the Belgrade Stock Exchange Abstract: The goal of this paper is to highlight the limitations and reasons for the failure in modeling and materialization of scientific findings due to the assumption of rational behavior by investors. The confirmed inef- ficiency in the capital market affects investors in such a way that their decisions are not based on a proper evaluation of financial instruments. The results of the conducted empirical research disprove the hypothesis of traditional finance, which assumes rational decision-making. There- fore, to comprehend the process of investment decision-making, it is necessary to adopt the approach offered by behavioral finance, which incorporates a component of irrationality. The purpose is to analyze Belex15 yields and volatility with the aim of making effective invest- ment decisions by applying and comparing the results of ARCH and GARCH models. These models are designed for time-series analysis, considering the observed instability of conditional variance. Using 2,517 daily logarithmic returns of Belex15, the E-GARCH model was selected, and the results suggest that investors must be cautious in their decision-making as the impact of negative shocks on yield volatility has a strong long-memory effect, making these investments highly risky, especially during unfavorable economic conditions. Keywords: behavioural finance, (ir)rational expectations, Efficient market hypothesis, stock market Journal: The European Journal of Applied Economics Pages: 1-21 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42296 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/behavioural-finance-testing-the-efficient-market-hypothesis-on-the-belgrade-stock-exchange.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/behavioural-finance-testing-the-efficient-market-hypothesis-on-the-belgrade-stock-exchange File-Format: text/html Handle: RePEc:sng:ejae01:179 Template-Type: ReDIF-Article 1.0 Author-Name: Aaron Rae Stephens Author-Email: stephensa@hartwick.edu Author-Name: Ziynatdin Tajekeev Title: The Central Asian Tiger: Export Specialization in Uzbekistan: Opportunities for economic diversification and development Abstract: As expansion along the Silk Road is flourishing this research examines export specialization in Uzbekistan through a time series analysis of RCA and RSCA with a discussion on how export diversification has led to economic development since 2017. International trade in Uzbekistan and the region of Central Asia is first explored through history before the most recent data is examined. Specialized sectors (silk, cotton, edible fruits and vegetables, copper, etc.) are explored through the analysis, policy initiatives, and extant literature within a comprehensive discussion. Finally, policy recommendations are provided. This research is the first to explore export specialization in Uzbekistan through RCA and RSCA. It highlights the efforts of the current Uzbek administration to diversify and develop its economy by harnessing the power of international trade. Other Central Asian and developing economies could learn from this case. Keywords: Uzbekistan, export specialization, RSCA, RCA, economic development Journal: The European Journal of Applied Economics Pages: 22-38 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-41446 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/the-central-asian-tiger-export-specialization-in-uzbekistan-opportunities-for-economic-diversification-and-development.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-central-asian-tiger-export-specialization-in-uzbekistan-opportunities-for-economic-diversification-and-development File-Format: text/html Handle: RePEc:sng:ejae01:180 Template-Type: ReDIF-Article 1.0 Author-Name: Slavko Alčaković Title: Super Bowl Ads in the Period from 2017-2022 Abstract: Advertising during Super Bowl commercial breaks has become a crucial part of brands' marketing strategies, offering them the chance to reach a huge audience. Over the past six years, Super Bowl ads have been diverse and captivating, showcasing products from various categories such as food and beverage, cars, beer and financial and online services. The article provides a brief and overall analysis of Super Bowl ads from 2017 to 2022. The database used in the analysis was taken from the world-famous database at adsoftheword.com. This research analyzed the length, logo viewability and product category, presence of celebrities, animals, humor and the average likability score from Ad meter in Super Bowl ads from 2017 to 2022. This analysis shows the changes in marketing strategies highlighting the growing sophistication of the advertising industry. Keywords: advertising, super bowl, humor, celebrity, animals, likability of the ads Journal: The European Journal of Applied Economics Pages: 39-51 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42830 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/super-bowl-ads-in-the-period-from-2017-2022.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/super-bowl-ads-in-the-period-from-2017-2022 File-Format: text/html Handle: RePEc:sng:ejae01:181 Template-Type: ReDIF-Article 1.0 Author-Name: Sanja Pavlova Title: Organizational Culture and Organizational Behavior of Higher Education Institutions during the Covid-19 Pandemic Abstract: Purpose. The main goal of this paper is to define that creating culture is essential in any organization and is necessary to know how to act in times of crisis. The creation of a culture within an organization requires a structured and meticulous process in its implementation. The process must begin with the definition, by the organization's leadership team, of those characteristics that will form part of the common behavior of individuals within the company. The desired behaviors are the attitudes, habits, beliefs, values, and forms of interaction that we want to install. In this sense, it is important to think about how we want to be recognized by our customers and employees. Given the situation of COVID-19, we can say that different cultures can determine different behaviors for the same event. Culture is stronger than any business strategy and more influential than any individual member of the company: culture reflects the common behavior of the organization. Keywords: organization, process, attitudes, values, business strategy Journal: The European Journal of Applied Economics Pages: 52-65 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42231 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/organizational-culture-and-organizational-behavior-of-higher-education-institutions-during-the-covid-19-pandemic.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/organizational-culture-and-organizational-behavior-of-higher-education-institutions-during-the-covid-19-pandemic File-Format: text/html Handle: RePEc:sng:ejae01:182 Template-Type: ReDIF-Article 1.0 Author-Name: Tijana Radojević Author-Email: ndojevic@singidunum.ac.rs Author-Name: Marina Kesić Author-Name: Danica Rajin Author-Name: Ričardas Butėnas Title: Presentation of Disclosures Related to Credit Risk of a Certain Bank Abstract: The phenomenon of credit risk is one of the main distresses for the bank portfolio. If it becomes nonviable to gather claims from various main clients, a bank could persist in being insolvent. The latest financial crises have distinguished the necessity for a bank to identify, measure, assess, and control credit risk, in addition to providing an acceptable degree of capital to protect against possible decline in case of loan defaults. Accordingly, risk management depends steadily on the straight implementation of mathematical and statistical methods and models and the application of their outcomes for business goals. The aim of this paper is to present the disclosures that are related to bank credit risk, bearing in mind that credit risk management is one of the indicators of the results of banking operations. Keywords: credit risk, collateral, bank Journal: The European Journal of Applied Economics Pages: 66-92 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42344 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/presentation-of-disclosures-related-to-credit-risk-of-a-certain-bank.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/presentation-of-disclosures-related-to-credit-risk-of-a-certain-bank File-Format: text/html Handle: RePEc:sng:ejae01:183 Template-Type: ReDIF-Article 1.0 Author-Name: Nataša Đorđević Author-Name: Danijela Pantović Author-Name: Marijana Seočanac Title: Cultural values, Tourism valorization and authenticity: The Case of VrnjaÄ ka Banja Abstract: In recent years, there has been an increasing research interest and potential of cultural heritage tourism. The potential of the Republic of Serbia's cultural legacy has, however, received little attention. The paper, after providing a theoretical framework in the context of cultural heritage tourism, analyzes the impact of tourism commercialization and authenticity on the loyalty and satisfaction of tourists in VrnjaÄ ka Banja using PLS-SEM method. The results of this study make it possible to identify the potential for new segments of tourism and new tourist offers. The originality of the paper belongs to the development of the emerging forms of tourism. The paper will show how, in an innovative way, the needs of tourists can be met with the abandoned ruins of old villas and new tourist products can be created. Keywords: cultural tourism, cultural heritage, old villas, tourism valorization, authenticity Journal: The European Journal of Applied Economics Pages: 93-106 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42657 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/cultural-values-tourism-valorization-and-authenticity-the-case-of-vrnjacka-banja.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/cultural-values-tourism-valorization-and-authenticity-the-case-of-vrnjacka-banja File-Format: text/html Handle: RePEc:sng:ejae01:184 Template-Type: ReDIF-Article 1.0 Author-Name: Tijana Kaličanin Author-Name: Ivica Terzić Title: Measures оf concentration level in the banking sector: empirical evidence from Serbia, Croatia and Montenegro Abstract: In the last few years there were significant changes in the financial sector on the global level. The aim of this paper is to analyze banking sectors among Serbia, Montenegro and Croatia and make comparative analysis. In these countries the biggest part of financial sector is the banking sector. The covered period of the analysis is 2017-2021 and selected ratios of concentration were calculated to define market structures in these countries. Due to mergers and acquisitions in the last few years the number of the banks decreased significantly. The presented results regarding static and dynamic analysis of concentration indicate that Croatia and Montenegro banking sectors are more concentrated than Serbia banking sector. The significant impact on market structure is the decreasing number of the banks. This is an interesting finding which should be further researched. Keywords: concentration, competitiveness, market power, bank sector Journal: The European Journal of Applied Economics Pages: 107-121 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42392 File-URL: https://journal.singidunum.ac.rs/paper/measures-of-concentration-level-in-the-banking-sector-empirical-evidence-from-serbia-croatia-and-montenegro File-Format: text/html Handle: RePEc:sng:ejae01:185 Template-Type: ReDIF-Article 1.0 Author-Name: Marjan Bojadijev Author-Name: Ivona Mileva Author-Name: Ana Tomovska Misoska Author-Name: Marjana Vaneva Title: Entrepreneurship Addendums on Hofstede’S Dimensions of National Culture Abstract: Hofstede’s definition (2001) of national culture - that it is mental programming: a pattern of thoughts, feelings, and actions that each person acquires in childhood and then applies throughout life – arms us with an ability to explain the differences in attitudes towards work. In his model, which consists of six dimensions, Hofstede describes the society’s culture effect on values. As national culture is deeply rooted in the society’s norms and shapes the individual’s behavior, it very strongly molds the entrepreneurial spirit in one country. Namely, a society that wants to promote entrepreneurship and the emergence of more entrepreneurs definitely needs culture that supports it. The paper introduces fear of failure as a seventh dimension and high status to entrepreneurs as an eighth dimension to Hofstede’s six-dimensional model of national culture, and looks closely into countries’ differences by analyzing the impact that the dimensions have on the determination of that country’s population to start a business. By studying the secondary data from the Global Entrepreneurship Monitor, eight economies have been desk-researched. Keywords: national culture, Hofstede, dimensions, fear of failure, high status to entrepreneurs Journal: The European Journal of Applied Economics Pages: 122-134 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-39932 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/entrepreneurship-addendums-on-hofstedes-dimensions-of-national-culture.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/entrepreneurship-addendums-on-hofstedes-dimensions-of-national-culture File-Format: text/html Handle: RePEc:sng:ejae01:186 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Kljajić Author-Email: mkljajic@singidunum.ac.rs Author-Name: Miroslav Perić Title: Financial Statements Auditors Work Experience during Covid-19 Pandemic: Evidence from Serbia Abstract: During the global pandemic auditors were not able to perform full audit procedures due to social distancing measures. Therefore, mandatory audits were completed by accepting higher audit risk, with the possibility of material misstatements being present within statements to some extent. Uncertainty and risk arising from the current environment have resulted in changes in reporting and audit procedures, although these areas are strictly governed by the legal and regulatory framework. This paper will analyse the existing guidelines on COVID-19 considerations related to financial statements audit, issued by global and national regulators and professional organisations. Namely, all ISA remain in effect and additionally COVID-19 related guidelines should be used as a supplementary material. Furthermore, the paper will present the results of the conducted survey. Mostly external auditors were participants in the survey, with the aim to assess impacts of the pandemic. Results show that most respondents claim that pandemic had an effect on the way audit process is being performed. However, only 7% of them believe that audit quality level is now higher. They named the following audit areas as the ones being affected the most: going-concern principle assessment, audit risk assessment, audit evidence acquisition, and audit documentation and client file preparation. Keywords: audit environment, COVID-19, specific matters for consideration, financial reporting, auditor reporting Journal: The European Journal of Applied Economics Pages: 135-149 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-42411 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/financial-statements-auditors-work-experience-during-covid-19-pandemic-evidence-from-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/financial-statements-auditors-work-experience-during-covid-19-pandemic-evidence-from-serbia File-Format: text/html Handle: RePEc:sng:ejae01:187 Template-Type: ReDIF-Article 1.0 Author-Name: Osabuohien-Irabor Osarumwense Title: Revisiting the Sudden Changes and Volatility Persistence in European Capital Markets: Some Empirical Evidence Abstract: Understanding the behavior of market volatility is crucial for asset pricing, portfolio selection, risk management, and trading strategies. The standard Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model assumes that there is no shift in variance, hence its inability to produce a good estimate of volatility persistence. Thus, this research paper re-examines volatility persistence as well as the sudden changes in variance for some major European capital markets- French CAC 40, German DAX 30, and Britain’s FTSE 100 stock. The study captures the simultaneous shifts in variance, detected by the iterated cumulative sums of squares (ICSS) algorithm, incorporated into the multivariate BEKK- GARCH model. Information obtained shows that the detected changes correspond to both global and domestic events. Results also showed that volatility persistence is reduced in a controlled volatility change model compared to a model ignoring volatility changes. The implication of these results indicates that previous studies on European volatility persistence may have reported overestimated results. Keywords: persistence, sudden change, shift in variance, ICSS algorithm, stock market Journal: The European Journal of Applied Economics Pages: 150-166 Volume: 20 Issue: 1 Year: 2023 DOI: 10.5937/EJAE20-31898 File-URL: https://journal.singidunum.ac.rs/files/2023-20-1/revisiting-the-sudden-changes-and-volatility-persistence-in-european-capital-markets-some-empirical-evidence.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/revisiting-the-sudden-changes-and-volatility-persistence-in-european-capital-markets-some-empirical-evidence File-Format: text/html Handle: RePEc:sng:ejae01:188 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Radovanov Author-Name: Aleksandra Marcikić Horvat Author-Name: Dragan Stojić Author-Name: Otilija Sedlak Author-Name: Dušan Bobera Title: Assessing circular economy performance of european countries and serbia using data envelopment analysis Abstract: The circular economic system concentrates on closing the loop for resource flows by imitating the function of natural ecosystems in order to achieve sustainability. The aim of the paper is to introduce a comprehensive approach to assessing countries' performance in municipal waste management and utilization. The change in the efficiency of circular economy in the period from 2016 to 2019 has been analyzed using Data Envelopment Analysis model. Furthermore, Tobit regression model examined the influence of macroeconomic factors on achieved efficiency scores. Results indicate that the performance of the circular economy has an admirable level of efficiency level, as the average score is above 70%. Belgium, Lithuania, Poland and Sweden obtained the highest efficiency levels, while Greece and Cyprus experienced the lowest efficiency scores. The positive observation is that countries efficiency mainly has an ascending trend. Furthermore, the second stage analysis showed that resource productivity, private investments, jobs and gross value added related to the circular economy sector and GDP per capita significantly influence the efficiency of circular economy performance. Keywords: circular Economy, data Envelopment Analysis, Tobit regression, efficiency analysis, sustainable development Journal: The European Journal of Applied Economics Pages: 1-11 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-44067 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/assessing-circular-economy-performance-of-european-countries-and-serbia-using-data-envelopment-analysis.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/assessing-circular-economy-performance-of-european-countries-and-serbia-using-data-envelopment-analysis File-Format: text/html Handle: RePEc:sng:ejae01:189 Template-Type: ReDIF-Article 1.0 Author-Name: Miloš Petković Author-Email: mpetkovic@singidunum.ac.rs Author-Name: Milica Đorđević Title: Relationship between investments in intellectual capital and total book value Abstract: In this paper the contribution of intellectual capital components in the overall intellectual capital value is investigated. This paper adopted quantitative statistical methods Lambda phase measurement and Shapley’s value on the sample of 498 French companies in the period of 2008 to 2016 in order to estimate the highest and lowest contributions of intellectual capital components. For the purpose of the study, the official financial information from the companies’ annual reports were taken from the financial database “Point Risk†. The paper concentrates on two out of three intellectual capital components: structural and customer capital components. By the Shapley’s value final result, the greatest importance has the customer capital component, which represents company’s commercial activities with the coefficient of 0.29911. On the other side, the lowest importance has the structural capital component that represents value coming from research and development expenses with the coefficient of 0.07463 This study contributes to the management sciences literature by examining distribution of contribution of two intellectual capital components in the annual reports of French companies. Keywords: investments in intellectual capital,total book value,pharmaceutical industry,France Journal: The European Journal of Applied Economics Pages: 12-28 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-43981 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/relationship-between-investments-in-intellectual-capital-and-total-book-value.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/relationship-between-investments-in-intellectual-capital-and-total-book-value File-Format: text/html Handle: RePEc:sng:ejae01:190 Template-Type: ReDIF-Article 1.0 Author-Name: Jelena Lukić Nikolić Title: The impact of digital technologies on employee engagement: case study of company “a†in Serbia Abstract: The rapid and progressive advancement of modern digital technologies and tools, as well as their widespread application, have changed the workingenvironment and working conditions. As a result, many concepts, methods, practices, and activities related to employee engagement must be reconsidered and adapted to the needs of the new workplace. This paper highlights the key changes in employee engagement caused by digital technologies. Obtained results from conducted case study in one IT company from Serbia showed that modern technologies enable remote work, flexible working hours, more challenging and interesting tasks, but also lead to a variety of challenges among which are technologically caused stress, over-reliance on technology, work-life conflict, and burnout syndrome. The findings presented in this paper can be useful for managers and leaders who want to build, improve, and nurture employee engagement in the digital age. Human resource managers also have valuable information on how to develop practices and methods for using digital technologies and tools in the best possible way, without negative effects and consequences on employee engagement. Keywords: digital age, digital business, for-profit organizations, remote work, human resources Journal: The European Journal of Applied Economics Pages: 29-40 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-43248 File-URL: https://journal.singidunum.ac.rs/paper/the-impact-of-digital-technologies-on-employee-engagement-case-study-of-company-a-in-serbia File-Format: text/html Handle: RePEc:sng:ejae01:191 Template-Type: ReDIF-Article 1.0 Author-Name: Radojko Lukić Author-Email: rlukic@ekof.bg.ac.rs Title: Evaluation of the performance of trading companies in serbia using the ff-waspas and waspas methods Abstract: The main goal of this research paper is to comprehensively analyze the performance of trading companies in Serbia and propose appropriate measures for future improvement. In the specific case study, DELHAIZE Serbia achieved a return on sales of 2.50%, a return on assets of 3.56% and a return on capital of 6.95% in 2021. On the other hand, LIDL Serbia achieved a return on sales of 5.77%, a return on assets of 6.66% and a return on capital of 12.55% in the same year. Thus, LIDL Serbia performed more successfully than DELHAIZE Serbia. In general, foreign retail chains demonstrate better performance than domestic ones. One reason for this is that they adopt newer business methods and have a higher degree of digitization of the entire business Keywords: performance, efficiency, factors, FF-WASPAS and WASPAS method, Serbian trade Journal: The European Journal of Applied Economics Pages: 41-63 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-42489 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/evaluation-of-the-performance-of-trading-companies-in-serbia-using-the-ff-waspas-and-waspas-methods.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/evaluation-of-the-performance-of-trading-companies-in-serbia-using-the-ff-waspas-and-waspas-methods File-Format: text/html Handle: RePEc:sng:ejae01:192 Template-Type: ReDIF-Article 1.0 Author-Name: Julia Schiemann Author-Name: Julian Philipp Author-Name: Hannah Zehren Author-Name: Madlen Schwing Title: Enhancing competitiveness and quality of life in destinations through female entrepreneurship Abstract: To stay competitive, destinations require frequent adaptation and transformation. One trend that has emerged in the early 21st century is the integration of the location, destination and living spaces. One example is the proposed "Ecosystem of Hospitality" that includes aspects such as quality of life, culture, resilience or entrepreneurship. Entrepreneurial activity can contribute to local and regional economic development. Business foundations in creative markets such as education, fashion, medicine, arts and entertainment may positively impact both residents (living space) and visitors (destination space). As female entrepreneurs are perceived as particularly active in these markets and are often considered to establish more adaptable, resilient, sustainable and transformation-oriented startups, they have great potential to achieve competitiveness of destinations and enhance the quality of life for residents and visitors. As a connection of these fields has not been investigated yet, this paper investigates possible correlations between female entrepreneurship and destinations' competitiveness and quality of life. Secondary data from a variety of sources have been analyzed. The findings enhance the linkage between destination development and local entrepreneurship and provide new perspectives for destination managers. Hence, the study contributes to the understanding of the role of female entrepreneurs. Keywords: ecosystem of hospitality, destination competitiveness, quality of life, female entrepreneurship Journal: The European Journal of Applied Economics Pages: 64-78 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-41124 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/enhancing-competitiveness-and-quality-of-life-in-destinations-through-female-entrepreneurship.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/enhancing-competitiveness-and-quality-of-life-in-destinations-through-female-entrepreneurship File-Format: text/html Handle: RePEc:sng:ejae01:193 Template-Type: ReDIF-Article 1.0 Author-Name: Ivan Mate Ćerdić Author-Name: Goranka Knežević Title: Ethical dilemma - a pathway to fraud or not? Abstract: Financial fraud committed by employees is a phenomenon that has been present in business and professional circles for a long time, however, with the advent of increasingly sophisticated techniques for doing so, the real challenge is how to prevent fraud. The main aim of the research is that when the opportunity arises to commit financial fraud, ethical principles and codes of conduct go beyond the personal and collective motives of employees. Furthermore, we try to confirm that constant training of employees on the topic of the code of ethics reduces the possibility of financial fraud in the company. To support research questions, we conducted a survey. The respondents were employees engaged in varioustypes of jobs in the Accounting, Finance, and Auditing sector as well as students from the Accounting and Auditing program in Serbian domestic public faculties and universities. The period of the research was April-May 2021. The research results showed that almost 50% of respondents never get training in the area of code of ethics application in real-life cases, and 20-30% remain undecided on each ethical dilemma presented in the questionnaire, therefore confirming our hypothesis that there is a much room to implement ethical training as the most important prevention technique for fraud in Serbian companies. Keywords: ethics, principles, employee, fraud, financial, code of ethics, code of conduct. Journal: The European Journal of Applied Economics Pages: 79-92 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-41124 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/ethical-dilemma---a-pathway-to-fraud-or-not.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/ethical-dilemma---a-pathway-to-fraud-or-not File-Format: text/html Handle: RePEc:sng:ejae01:194 Template-Type: ReDIF-Article 1.0 Author-Name: Sara Timeridjine Author-Name: Mohand Chitti Title: Company competitiveness operating in the milk industry Abstract: In the face of globalization and its effects, the company’s competitiveness remains an essential element for their growth and survival. This contribution aims to shed light on competitive advantage as a source of company’s competitiveness, by analyzing the competitive intensity in the milk industry based on Porter’s competitive forces supported by a multiple case study of Bejaia companies operating in the Algerian milk industry. For this paper, we studied large private industries with more than 20 years of experience in their fields of activity and with a common cost strategy. The results of study showed that the competitive intensity in this industry is important and that the competitive advantage is governed by a set of cost and non-cost factors that allow the studied cases to strengthen their positions by relying on their competitive advantages. Keywords: competitiveness, competitive advantage, milk industry Journal: The European Journal of Applied Economics Pages: 93-110 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-40568 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/company-competitiveness-operating-in-the-milk-industry.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/company-competitiveness-operating-in-the-milk-industry File-Format: text/html Handle: RePEc:sng:ejae01:195 Template-Type: ReDIF-Article 1.0 Author-Name: Jugoslav Aničić Author-Name: Milenko Ćeha Author-Email: milenko.ceha@mup.gov.rs Author-Name: Dušan Aničić Author-Name: Nikola Ćeha Author-Name: Olgica Nestorović Title: High quality financial reporting in the function of company growth in Serbia Abstract: The accounting profession and financial reporting quality development are moving alongside market economy development, which contributes to financial system stability and increases capital market efficiency and the efficiency of the entire economy. This paper researches the influence of certain factors on financial reporting quality improvement in Serbia. The paper aims to identify the restrictions and problems in IAS/IFRS application, determine the effect of the factors with the most significant influence and recommend solutions for competent government institutions to establish quality financial reporting systems that will significantly contribute to local enterprise international competitiveness growth and increase. Results of the conducted empirical research showed numerous weaknesses in the system of financial reporting in the Republic of Serbia, which are reflected in frequent changes in legal regulations, small participation of the accounting profession in the enactment of legal regulations, often selective application of IFRS, the absence of national accounting standards, insufficient practical education and improvement of accounting personnel, unadjusted Legal Regulation with EU Directive 2013/34EU and others. Therefore, at the end of the paper, recommendations were given to the competent institutions in the Republic of Serbia to improve and modernize the field of financial reporting, which would affect companies’ performance on domestic and international markets Keywords: financial reporting, international standards, company, Serbia Journal: The European Journal of Applied Economics Pages: 111-130 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-42729 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/high-quality-financial-reporting-in-the-function-of-company-growth-in-serbia-.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/high-quality-financial-reporting-in-the-function-of-company-growth-in-serbia- File-Format: text/html Handle: RePEc:sng:ejae01:196 Template-Type: ReDIF-Article 1.0 Author-Name: Mahmuda Akter Khuky Title: The moderating role of labour productivity between readymade garment exports and economic growth in Bangladesh Abstract: This study investigates the moderating role of labour productivity on the relationship between readymade exports and economic growth in Bangladesh using annual time series data from 1983 to 2019 using the ARDL method. This study examines the moderating impact of labour productivity on the link between readymade garment (RMG) exports and economic growth in Bangladesh taking time series data from the year 1983 to 2019 using the ARDL model. The most important factor that is impacting the competitiveness of Bangladesh’s RMG industry is poor labour productivity trends. A long-run positive relationship between RMG exports, labour productivity, and economic growth is observed. The RMG export earnings are significantly improving the economic growth of the country both in the long and short run. The policy implication is improving labour skills, providing training, and the use of information technology in the RMG sector will promote economic growth. Keywords: labour productivity, economic growth, readymade garment exports, ARDL, Bangladesh Journal: The European Journal of Applied Economics Pages: 131-149 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-41628 File-URL: https://journal.singidunum.ac.rs/files/2023-20-2/the-moderating-role-of-labour-productivity-between-readymade-garment-exports-and-economic-growth-in-bangladesh.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-moderating-role-of-labour-productivity-between-readymade-garment-exports-and-economic-growth-in-bangladesh File-Format: text/html Handle: RePEc:sng:ejae01:197 Template-Type: ReDIF-Article 1.0 Author-Name: Mirko Babanić Title: Levered beta: influence of debt and corporate income tax on company systematic risk. Discussion on the correct algebraic equation Abstract: The increase in the share of debt in the capital structure is accompanied by an increase in the required return on equity because companies are exposed to higher financial risk. The beta coefficient of debt-financed companies differs from the beta coefficient of companies that are financed exclusively with equity. Namely, the beta coefficient, under the influence of financial leverage, tends to increase with the growth of indebtedness, that is the systematic risk measured by the coefficient beta of debt-financed companies is higher than the systematic risk of non-leveraged companies, due to financial risk. Because interest payments on the debt of leveraged companies are excluded as an expense from the tax base, corporate income tax reduces the beta coefficient of a company with debt, compared to the beta coefficient of the same company when income tax is abstracted. The higher the corporate income tax, that will be the lower the beta coefficient of companies that have debt in the capital structure. There are several algebraic equations, by different authors, for the beta coefficient of leveraged companies. The algebraic equation for the beta coefficient of leveraged companies, which is derived in this paper, was obtained using the net operating income approach. Keywords: systematic risk, beta coefficient, finance leverage, tax shield Journal: The European Journal of Applied Economics Pages: 150-167 Volume: 20 Issue: 2 Year: 2023 DOI: 10.5937/EJAE20-45235 File-URL: https://journal.singidunum.ac.rs/paper/levered-beta-influence-of-debt-and-corporate-income-tax-on-company-systematic-risk-discussion-on-the-coarrect-algebraic-equation File-Format: text/html Handle: RePEc:sng:ejae01:198