Template-Type: ReDIF-Article 1.0 Author-Name: Sonja Jovanović Author-Email: sonja.jovanovic@rs.ey.com Author-Name: Lazar Dražeta Author-Email: ldrazeta@singidunum.ac.rs Author-Name: Bogdan Dražeta Author-Name: Aleksandar Petrović Title: Business Perspective on Exploring the Intriguing Vistas of Artificial Intelligence Abstract: Although the use of artificial intelligence (AI) in everyday life is increasing, the complex nature of AI still prevents its full adoption. The potential of AI is boundless, and it will reshape the reality. How humans perceive the world will forever change with AI tools implemented in embedded devices. Apart from the possibility of changing human perception through augmented reality (AR), AI is also applied in 3D-printing, art, and decoding of ancient communication systems. Moreover, the most important role AI has today is in healthcare. The use of AI tools can contribute to improving the way patients’ conditions are monitored, diagnosing specific diseases with a high percentage of accuracy. With the rapid advancements in this field, regulations regarding the safe uses of such technologies remain uncertain. This paper focuses on current AI applications in different social and business fields; it aims to shed light on the immense possibilities of AI-based predictions while inspiring curiosity about its transformative force across industries. The journey that ventures into the depths of the enigma surrounding AI is a testament to the curiosity of the human species, guidance, a drive for imagination, and the relentless pursuit of knowledge. Keywords: Artificial Intelligence, Regulations, Evolution, Ethics Journal: The European Journal of Applied Economics Pages: 1-17 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-55443 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/business-perspective-on-exploring-the-intriguing-vistas-of-artificial-intelligence.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/business-perspective-on-exploring-the-intriguing-vistas-of-artificial-intelligence File-Format: text/html Handle: RePEc:sng:ejae01:219 Template-Type: ReDIF-Article 1.0 Author-Name: Marijana Seočanac Title: Smart Hrm 4.0: The Digital Transformation of Human Resource Management in Tourism Abstract: Industry 4.0 technologies, including artificial intelligence, robots, and the Internet of Things (IoT), have fundamentally reshaped human resource management (HRM). The adoption of these technologies has led to the emergence of smart HRM practices that have the potential to increase employee engagement and operational efficiency. This paper aims to investigate how HRM practices in tourism have changed as a result of new technologies and whether this has led to improvements in operational efficiency, employee engagement, and/or satisfaction. For this purpose, a bibliometric and content analysis was conducted on a sample of 18 papers identified in the Web of Science scientific database. The bibliometric analysis provided a general overview of scientific research, i.e., the dominant journals, authors, and countries in the field, as well as the main research topics. Content analysis was used to summarize the findings of previous research on technology implementation in the following HRM processes: 1) recruitment and selection and employee training and development, and 2) performance management and employee engagement. The findings of this study provide researchers and managers with an overview of the existing research and, by summarizing the main conclusions, provide guidelines for future research and the application of Industry 4.0 technologies in HRM processes in tourism. Keywords: fourth industrial revolution, industry 4.0, artificial intelligence (AI), HR, tourism and hospitality industry Journal: The European Journal of Applied Economics Pages: 19-31 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-56542 File-URL: https://journal.singidunum.ac.rs/paper/smart-hrm-40-the-digital-transformation-of-human-resource-management-in-tourism File-Format: text/html Handle: RePEc:sng:ejae01:220 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandar Mihajlović Author-Name: Jelena Gajić Author-Email: jgajic@singidunum.ac.rs Title: Higher Education in the Digital Marketing Age: Evaluating The Cost-Effectiveness of Instagram Campaign Ad Formats Using A/B Testing Abstract: In the digital marketing age, higher education institutions are increasingly utilizing social media platforms such as Instagram to enhance their visibility and attract prospective students. This study examines the cost-effectiveness of higher education institutions' Instagram marketing campaigns through A/B testing, focusing on different advertising formats with the same creative approaches. By comparing static images with animated images (in a video file format), the research confirms that carousel ads are more cost-efficient and generate higher engagement rates than Video ads. Specifically, carousel ads achieved significantly higher Click-through rates (CTR) by both impressions and reach, outperforming video ads by a wide margin. The analysis indicates that campaigns using static image format are more cost-effective, demonstrating lower Costs per click (CPC), Cost per landing page view (CPLPV), and Cost per registration (CPR). Moreover, the study emphasizes that carousel posts outperform video ads significantly relating to the return on ad spend (ROAS), with carousel campaigns achieving approximately 29.9% higher returns. The findings underscore the importance of audience segmentation, noting that different age groups and genders respond variably to marketing efforts. Despite some limitations, such as sample size and timeframe, the results validate the study's conclusions and underscore the effectiveness of Carousel posts in strengthening institutional image and engagement. This study offers important insights and perspectives for refining and optimizing Instagram marketing strategies in higher education, that can contribute to increasing enrollment and institutional visibility. Keywords: Advertising format, Carousel, Video, Social media, ROAS Journal: The European Journal of Applied Economics Pages: 32-52 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-52951 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/higher-education-in-the-digital-marketing-age-evaluating-the-cost-effectiveness-of-instagram-campaign-ad-formats-using-a-b-testing.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/higher-education-in-the-digital-marketing-age-evaluating-the-cost-effectiveness-of-instagram-campaign-ad-formats-using-a-b-testing File-Format: text/html Handle: RePEc:sng:ejae01:221 Template-Type: ReDIF-Article 1.0 Author-Name: Vinnandra Putri Kharisma Author-Name: Andrian Dolfriandra Huruta Author-Email: andrian.huruta@uksw.edu Title: Digitalization and Economic Growth Nexus in the Asean Region Abstract: The digitalization of the economy has emerged as a pivotal driver of growth in the ASEAN region. The prevalence of non-cash transactions and e-commerce has increased exponentially in recent years, and these developments have been widely discussed in academic and public discourse. This research examines the impact of e-money and e-commerce on economic growth in 11 ASEAN countries. The data were obtained from the World Bank and the Statista Research Department. The data were analyzed using the System-Generalized Method of Moments (SYS-GMM) model with a dynamic panel data structure. The findings indicate that e-money has no discernible impact on economic growth, whereas e-commerce exerts a positive and statistically significant influence on economic growth. This research highlights that e-commerce is pivotal in facilitating market expansion, enhancing efficiency, and fostering innovation. Keywords: coenomic growth, e-money, e-commerce, ASEAN, SYS-GMM Journal: The European Journal of Applied Economics Pages: 53-70 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-55546 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/digitalization-and-economic-growth-nexus-in-the-asean-region.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/digitalization-and-economic-growth-nexus-in-the-asean-region File-Format: text/html Handle: RePEc:sng:ejae01:222 Template-Type: ReDIF-Article 1.0 Author-Name: Milena Nikolić Author-Name: Marija Marković Blagojević Author-Name: Danka Milojković Title: Social Networks as a Tool for Digital Marketing in Banking In Serbia Abstract: Due to rapid IT technology development, many people and enterprises are now active users of social networks. Traditional banking communication channels have become insufficient to meet the demands of modern business conditions. To adapt to the evolving preferences of existing and prospective clients in an increasingly competitive market, banks have had to embrace digital technologies and redefine their business strategies, client engagement, communication approaches, and Customer Relationship Marketing (CRM). Digital changes have given clients a distinctive experience and strengthened the banks’ position in the financial market. Today, banks are increasingly present on social networks across the world, including Serbia. This paper analyzes the presence of banks in Serbia on social networks employing analytical-synthetic, hypothetical-deductive, desk research, content analysis, and comparative methods. The research results showed that 80% of banks use an average of four social networks and that the use of Instagram, YouTube, Facebook, and LinkedIn in promotion is increasingly common in the banking sector in Serbia. Most banks in Serbia use Chatbot for client support on their websites. Banks that have not used these networks should consider their implementation to strengthen the brand, engage younger and business users, and expand the business network. Keywords: social networks, banks, financial services, digital marketing, CRM Journal: The European Journal of Applied Economics Pages: 71-85 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-56433 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/social-networks-as-a-tool-for-digital-marketing-in-banking-in-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/social-networks-as-a-tool-for-digital-marketing-in-banking-in-serbia File-Format: text/html Handle: RePEc:sng:ejae01:223 Template-Type: ReDIF-Article 1.0 Author-Name: Dejan Brcanov Author-Name: Karlo Bala Author-Name: Viktorija Petrov Title: Cluster Analysis of Research and Development Capacity In Europe Abstract: The role of innovation in economic development cannot be overstated, particularly in the context of emerging market economies and newly industrialized countries, where it serves as a catalyst for national growth and international competitiveness. Human capital plays an indispensable role in developing knowledge economies, and its importance has become increasingly emphasized within the European Union as the region seeks to maintain its competitiveness in green and digital transitions. Cluster analysis offers a methodologically robust approach to grouping countries on similarities in their R&D profiles. By identifying clusters with comparable R&D characteristics, it is possible to gain deeper insights into the strengths and weaknesses of national innovation systems. Understanding the distribution of R&D capacity across Europe can facilitate international collaborations and promote knowledge among countries with similar strengths and challenges. This research paper aims to explore the clustering of European countries based on their R&D capacity, providing a comprehensive analysis of key metrics and their implications for national innovation strategies. The study relies on the most important distinction identified among four clusters of the total 35 European countries that were the subject of the research. Keywords: research and development, higher education, innovation capacity, economic Journal: The European Journal of Applied Economics Pages: 86-97 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-55532 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/cluster-analysis-of-research-and-development-capacity-in-europe.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/cluster-analysis-of-research-and-development-capacity-in-europe File-Format: text/html Handle: RePEc:sng:ejae01:224 Template-Type: ReDIF-Article 1.0 Author-Name: Tijana Radojević Author-Email: ndojevic@singidunum.ac.rs Author-Name: Danica Rajin Author-Name: Jelena Nikolić Author-Name: Semih Yildirim Title: The Wto’s Influence on the Global Economy and Modern Business Dynamics Abstract: Established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO) is a pivotal institution overseeing international trade. With 166 member nations representing more than 98% of worldwide commerce, the WTO aims to promote open and equitable trade by minimizing trade restrictions and settling conflicts. It fulfills a vital function in upholding compliance with trade regulations, particularly in protecting the interests of smaller economies, while addressing a broad spectrum of matters, including intellectual property rights and agricultural policies. Despite its contributions, the WTO encounters substantial obstacles, including adjusting to the digital economy, tackling climate change, and mitigating the resurgence of protectionist policies. Critics argue that its framework often benefits developed nations at the expense of developing countries, underscoring the need for reform. To maintain its efficiency and fairness, the WTO must update its mechanisms and regulatory frameworks. This study analyzes the organization's function in governing global trade, investigates the current challenges, and assesses proposed reforms designed to strengthen its significance and uphold equity among all member nations. Keywords: global commerce, cross-border relations, World Trade Organization, international marketplace, cooperative trade framework Journal: The European Journal of Applied Economics Pages: 98-117 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-56322 File-URL: https://journal.singidunum.ac.rs/paper/the-wtos-influence-on-the-global-economy-and-modern-business-dynamics File-Format: text/html Handle: RePEc:sng:ejae01:225 Template-Type: ReDIF-Article 1.0 Author-Name: Danica Pavlović Author-Name: Boris Korenak Author-Name: Nikola Stakić Title: Enhancing Risk-Adjusted Returns for Retail Investors: An Exploration of Dual Momentum Strategies in Global Sector ETF Investing Abstract: Investment performance evaluation is essential in determining the effectiveness of investment strategies, as it enables investors to assess risk-adjusted returns and benchmark performance against traditional indices. The rapid development of financial products has significantly expanded the range of investment opportunities, allowing investors to achieve their objectives in ways that were previously not possible. However, the sheer volume of available alternatives introduces considerable complexity to the decision-making process. While institutional investors can mitigate these challenges by developing specialized expertise, such resources are often inaccessible to retail investors. In response, market index ETFs (exchange-traded funds) have become a widely adopted, cost- and time-efficient investment vehicle, offering broad market exposure, diversification, and simplicity, typically without the need for advanced analysis. While this approach may suffice for many investors, there is potential for retail investors to enhance risk-adjusted returns through more refined strategies. This study investigates the application of dual-momentum strategies, which involve leveraging the performance of global sector ETFs and incorporating a “flight-to-safety†mechanism when market conditions dictate. The findings suggest that such strategies can deliver superior risk-adjusted performance relative to traditional index investing via ETFs. Keywords: Investment performance evaluation, global ETFs, dual-momentum strategies, sector investing, retail investors Journal: The European Journal of Applied Economics Pages: 118-129 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-56020 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/enhancing-risk-adjusted-returns-for-retail-investors-an-exploration-of-dual-momentum-strategies-in-global-sector-etf-investing.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/enhancing-risk-adjusted-returns-for-retail-investors-an-exploration-of-dual-momentum-strategies-in-global-sector-etf-investing File-Format: text/html Handle: RePEc:sng:ejae01:226 Template-Type: ReDIF-Article 1.0 Author-Name: Emre Ozan Aksöz Author-Name: Furkan Hafif Title: Investigation of Perceived Risks in Holiday Purchases From Web-Based Travel Intermediaries According to Demographic Characteristics Abstract: The main purpose of this research is to determine the risks in holiday purchasing that tourists perceive in the preferences of web-based travel agencies and risk reduction strategies. The research data were collected from domestic tourists residing in Eskisehir who had previously purchased a holiday. A total of 406 questionnaires were considered valid after the face-to-face survey process. The dimensions of risk most strongly perceived by tourists were identified as performance risk, security risk, and financial risk. Tourists who purchased holidays from a travel agency's sales office, as well as females, singles, and those in the age groups of 18-25 and 50 and older, reported higher perceived risks than others. Based on the research findings, recommendations were provided for industry practitioners and researchers. Keywords: Perceived Risk, E-Holiday Purchases, Web-Based Travel Agencies Journal: The European Journal of Applied Economics Pages: 130-144 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-55534 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/investigation-of-perceived-risks-in-holiday-purchases-from-web-based-travel-intermediaries-according-to-demographic-characteristics.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/investigation-of-perceived-risks-in-holiday-purchases-from-web-based-travel-intermediaries-according-to-demographic-characteristics File-Format: text/html Handle: RePEc:sng:ejae01:227 Template-Type: ReDIF-Article 1.0 Author-Name: Velisav Marković Author-Name: Olivera Avramović Title: Equal Pay for Equal Work or Work of Equal Value: Concept And Application Abstract: The Constitution of the Republic of Serbia and its legal framework guarantee equal pay for equal work or work of equal value for the employee. Work of equal value refers to work that requires the same qualifications, i.e., education, knowledge, and skills, implying that equal work contribution corresponds with equal responsibility. In the paper, the authors, using the normative and comparative law method, deal with the concept, normative structure, and implementation of equal pay for equal work or work of equal value principle. It also investigates the term and legal nature of equal pay and work of equal value, as well as the rights to compensation, providing key examples of judicial practice. Keywords: pay, equal pay, equal work, work of equal value Journal: The European Journal of Applied Economics Pages: 145-155 Volume: 22 Issue: 1 Year: 2025 DOI: 10.5937/EJAE22-55128 File-URL: https://journal.singidunum.ac.rs/files/2025-22-1/equal-pay-for-equal-work-or-work-of-equal-value-concept-and-application.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/equal-pay-for-equal-work-or-work-of-equal-value-concept-and-application File-Format: text/html Handle: RePEc:sng:ejae01:228 Template-Type: ReDIF-Article 1.0 Author-Name: Vesna Filipović Author-Email: vesna.filipovic.23@singimail.rs Author-Name: Saša Mašić Author-Email: sasa.masic@turistickaskola.edu.rs Author-Name: Nikica Radović Author-Email: nradovic@singidunum.ac.rs Title: An Analysis of Labor Productivity in Serbia's Hotel Industry Abstract: Productivity, as a basic indicator of the success of a company's operations, shows the efficient use of labor in the work process. The subject of the research is labor productivity in the hotel industry in Serbia. The work aims to analyze the productivity of work in hotels from a natural and value aspect in 2022 and 2023. The analysis includes hotels according to categorization (number of stars), size, and location of the facility. The research included 31 hotels, according to the categorization with three, four, and five stars. The financial data used in this analysis were taken from the financial reports of the observed business entities, on the Agency for Business Registers website. The obtained results show the growth of business income per employee in 2023 in nominal terms, and, at the same time, a decrease in real terms. Labor productivity shows an increase in hotels of the five-star category, as well as in small and large hotels. Keywords: hotel industry, labor productivity, number of employees, business income Journal: The European Journal of Applied Economics Pages: 1-10 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-56821 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/an-analysis-of-labor-productivity-in-serbias-hotel-industry.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/an-analysis-of-labor-productivity-in-serbias-hotel-industry File-Format: text/html Handle: RePEc:sng:ejae01:229 Template-Type: ReDIF-Article 1.0 Author-Name: Dušan Mandić Author-Email: dmandic@singidunum.ac.rs Author-Name: Dejan Ječmenica Author-Name: Nataša Stanišić Title: The Future of HR in Hospitality: Technology-Driven HRM Practices Abstract: HR has a crucial role in creating and implementing plans to attract, retain, and motivate staff in the highly competitive hotel industry. HR sector is facing labor challenges, including high turnover rates and a shortage of skilled workers. To overcome these obstacles, they need to develop creative strategies that boost both employee engagement and productivity. By optimizing hiring procedures, increasing retention, and personalizing career progression, technology-based HR strategies—such as AI-enhanced recruitment, gamified training, predictive analytics, and digital wellness programs—are revolutionizing workforce management. Predictive analytics enables HR professionals to identify potential departing employees and implement targeted retention strategies, while virtual reality (VR) onboarding and AI-powered performance monitoring enhance the efficacy of training. However, despite these benefits, there are still challenges that must be resolved, such as data privacy concerns, employee resistance to digital adoption, and high initial expenses. Through the effective integration of data-driven technologies and human-centered approaches, hotels may assure long-term success in a rapidly evolving business, increase employee productivity, and improve guest satisfaction. Keywords: hospitality industry, human resource management (HRM), technology integration, employee engagement, artificial intelligence (AI) in HR Journal: The European Journal of Applied Economics Pages: 11-26 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-56949 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/the-future-of-hr-in-hospitality-technology-driven-hrm-practices.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-future-of-hr-in-hospitality-technology-driven-hrm-practices File-Format: text/html Handle: RePEc:sng:ejae01:230 Template-Type: ReDIF-Article 1.0 Author-Name: Sonja Jovanović Author-Email: sonja.jovanovic@rs.ey.com Author-Name: Aleksandar Petrović Author-Name: Lazar Dražeta Author-Email: ldrazeta@singidunum.ac.rs Title: An AI Approach to Analyzing and Enhancing Employee Wellbeing and Productivity Abstract: This paper explores the complex concept of well-being, emphasizing its significance in both personal and professional contexts. Well-being encompasses physical, mental, emotional, social, spiritual, financial, career, occupational, intellectual, digital, and environmental dimensions. The COVID-19 pandemic has intensified global awareness of mental and physical well-being, prompting organizations to prioritize these aspects. Effective well-being strategies enhance productivity, resilience, and overall organizational success. Remote work, a growing trend, offers flexibility and improved work-life balance. However, it also presents challenges such as social isolation and the blurring of boundaries between personal and professional life. By understanding the evolution of remote work and implementing strategies to support employee well-being, organizations can foster a harmonious and productive work environment. Artificial intelligence is emerging as a powerful tool for increasing employee performance, enabling more accurate analysis and prediction of work trends. This paper explores the importance of personalized well-being approaches, recognizing that individual needs vary, for which generic solutions are not appropriate. Ultimately, prioritizing employee well-being leads to sustainable personal and professional growth Keywords: well-being, flexibility, resilience, remote work, artificial intelligence Journal: The European Journal of Applied Economics Pages: 27-41 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-59959 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/an-ai-approach-to-analyzing-and-enhancing-employee-wellbeing-and-productivity.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/an-ai-approach-to-analyzing-and-enhancing-employee-wellbeing-and-productivity File-Format: text/html Handle: RePEc:sng:ejae01:231 Template-Type: ReDIF-Article 1.0 Author-Name: Marija Jonović Author-Email: marija.jonovic.23@singimail.rs Author-Name: Lidija Barjaktarović Author-Email: lbarjaktarovic@singidunum.ac.rs Author-Name: Nikola Stefanović Title: Evaluating the Impact of Integrated Management Systems on Operational Risks and Financial Performance in a Research Organization Abstract: The study builds on the findings of Jonović et al. (2024) and aims to: 1) determine whether the implementation of Integrated Management Systems (IMS) based on the Committee of Sponsoring Organizations (COSO) Enterprise Risk Management (ERM) model enhances sustainable operational risk management (ORM) and financial performance in a Scientific research organization; and 2) develop a method for improving (ORM) and financial outcomes. Primary research of Strengths, Weaknesses, Opportunities, and Threats (SWOT) analyses conducted from 2021 to 2024, with an average response rate of over 71%, confirms a sustainable business context. Following the Plan-Do-Check-Act (PDCA) cycle, it strives to enhance the response of scientific research organizations to strategic goals and operational risks. The analysis of financial indicators and Pearson’s correlation supports the impact of IMS on the organization's financial and operational stability, as outlined in the COSO ERM model. It emphasizes the importance of effective ORM for achieving better financial performance. However, it suggests that implementing IMS is not sufficient for upgrading ORM within the organization. Future research will compare the Institutes of National Importance in the Republic of Serbia to refine risk management and enhance financial performance. Keywords: operational risks, COSO, ERM, (IMS), SWOT analysis, scientific research organization Journal: The European Journal of Applied Economics Pages: 42-58 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-57120 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/evaluating-the-impact-of-integrated-management-systems-on-operational-risks-and-financial-performance-in-a-research-organization.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/evaluating-the-impact-of-integrated-management-systems-on-operational-risks-and-financial-performance-in-a-research-organization File-Format: text/html Handle: RePEc:sng:ejae01:232 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Kljajić Author-Email: mkljajic@singidunum.ac.rs Author-Name: Mina Jovanović Author-Name: Nataša Kilibarda Author-Email: nkilibarda@singidunum.ac.rs Author-Name: Vule Mizdraković Author-Email: vmizdravkovic@singidunum.ac.rs Title: Biological Assets in Financial Statements: Challenges and Applications of IAS 41 in Serbia Abstract: Due to several specific characteristics, agricultural activities are regulated by a separate standard – International Accounting Standard 41 – Agriculture, which clearly distinguishes between biological assets and agricultural products. The purpose of this paper is to examine how biological assets are presented in the financial reporting of public companies in the Republic of Serbia. We also analyzed the audit reports of these companies to determine if their financial reporting of biological assets complied with the regulatory framework. The research was conducted on two samples. The first included 582 public companies listed on the Belgrade Stock Exchange in 2017, and the second involved a content analysis of audit reports of 397 public companies in 2018. The results of the research show that in the sector of agriculture, forestry and fisheries, the most common item is the value of biological assets, where 17 public companies disclosed the value of biological assets according to IAS 41. The analysis of auditor reports revealed that, in general, sampled companies complied with IAS 41 and other regulatory frameworks when reporting on biological assets. Keywords: agricultural sector, fair value, IFRS, IAS, financial reporting Journal: The European Journal of Applied Economics Pages: 59-69 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-57230 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/biological-assets-in-financial-statements-challenges-and-applications-of-ias-41-in-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/biological-assets-in-financial-statements-challenges-and-applications-of-ias-41-in-serbia File-Format: text/html Handle: RePEc:sng:ejae01:233 Template-Type: ReDIF-Article 1.0 Author-Name: Slobodan Popović Author-Email: slobodan.popovic49@gmail.com Author-Name: Ivan Arnautović Author-Name: Dejan Sredojević Author-Name: Aleksandra Brakus Title: The Importance of Implementing Financial Management, Control, and IT in Public Sector Operations in the Republic of Serbia Abstract: The aim of this paper was to assess the level of trust among top managers of commercial banks, management bodies of local self-government units, and top executives of public companies regarding the implementation of financial management and control through the use of information technology. The findings revealed significant differences between entities that have implemented financial management and control into their regular operations and those that have not. Moreover, a range of heterogeneous factors influencing overall business performance should be considered in future evaluations. Key factors include the strength of beliefs regarding the economy at work, business efficiency, effective business, contribution to the development of a public company, and the overall performance. These factors are analyzed in relation to the presence or absence of financial management and control implementation. This study suggests that it is possible to forecast future business based on all three levels of management, with a particular focus on the public sector, which is very important for business in the Republic of Serbia. Keywords: financial management and control, IT, public company, valuation Journal: The European Journal of Applied Economics Pages: 70-81 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-60489 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/the-importance-of-implementing-financial-management-control-and-it-in-public-sector-operations-in-the-republic-of-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-importance-of-implementing-financial-management-control-and-it-in-public-sector-operations-in-the-republic-of-serbia File-Format: text/html Handle: RePEc:sng:ejae01:234 Template-Type: ReDIF-Article 1.0 Author-Name: Nastiti Anggita Sari Author-Email: andrian.huruta@uksw.edu Author-Name: Andrian Dolfriandra Huruta Author-Email: andrian.huruta@uksw.edu Author-Name: Robiyanto Robiyanto Title: The Easterlin Paradox in ASEAN: Welfare and Economic Growth Abstract: A country’s ultimate goal is to achieve prosperity. Welfare serves as a benchmark for evaluating a country’s progress. This article aims to analyze the economic welfare of ASEAN (Assotiation of Southeast Asian Nations) countries by examining key indicators, such as happiness, gross domestic product (GDP) per capita, unemployment, dependency ratio, and human development index (HDI). Although welfare has been objectively measured using the GDP, in recent research, happiness is rather used as a subjective indicator of well-being. This study analyzes components affecting 9 ASEAN countries’ welfare from 2006 to 2023 using the System Generalized Method of Moments (SYS-GMM). The data were obtained from the World Happiness Report, World Bank, and the United Nations Development Program. The results show that GDP per capita and the dependency ratio have a strong and positive effect on the happiness index. The Easterlin Paradox theory of happiness is relevant in ASEAN, since GDP per capita positively affects happiness. Nevertheless, the happiness index is unaffected by the HDI and unemployment. To achieve inclusive prosperity, ASEAN governments must strengthen and expand regional collaboration in ASEAN’s major industries and in technology, health, and education. Keywords: happiness, GDP per capita, unemployment, dependency ratio, HDI, SYS-GMM Journal: The European Journal of Applied Economics Pages: 82-98 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-58000 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/the-easterlin-paradox-in-asean-welfare-and-economic-growth.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-easterlin-paradox-in-asean-welfare-and-economic-growth File-Format: text/html Handle: RePEc:sng:ejae01:235 Template-Type: ReDIF-Article 1.0 Author-Name: Jovana Davidović Author-Email: jsdavidovic@gmail.com Author-Name: Danijela Pantović Author-Name: Andrej Mićović Title: Agritourism as a Catalyst for Sustainable Rural Development: A Literature Review Abstract: Agritourism plays a crucial role in promoting sustainable development in rural areas by integrating tourism with agricultural practices. As a form of rural tourism, it not only contributes to the preservation of natural and cultural heritage but also promotes economic revitalization and social cohesion in communities often challenged by depopulation and economic stagnation. Sustainable practices within agritourism, such as organic farming, energy efficiency, and eco-friendly activities, further reinforce its potential as a strategic tool for rural development. This paper reviews existing literature on agritourism as a key strategy for sustainable rural development, focusing on its potential application in the Republic of Serbia. In addition, relevant statistical data from national databases are presented to illustrate the current state of agritourism in the country. The paper emphasizes the importance of effectively managing sustainable agritourism development and proposes key research questions for further exploration. These questions aim to enhance understanding of sustainable agritourism in the Republic of Serbia. By synthesizing existing findings, the paper also highlights the need for continued research in this field to support evidence-based policymaking and the design of effective rural development strategies. Keywords: sustainable development, rural tourism, rural areas, rural tourist households Journal: The European Journal of Applied Economics Pages: 99-117 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-57241 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/agritourism-as-a-catalyst-for-sustainable-rural-development-a-literature-review.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/agritourism-as-a-catalyst-for-sustainable-rural-development-a-literature-review File-Format: text/html Handle: RePEc:sng:ejae01:236 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir Mitić Author-Email: mitic.vladimir1982@gmail.com Author-Name: Milica Čolović Author-Email: mcolovic@singidunum.ac.rs Title: The Most Commonly Used Communication Channels as a Source of Information for Organic Food Buyers in Serbia Abstract: The organic food market has shown constant but insufficient growth in recent decades due to a number of factors, the most notable of which are high prices and limited consumer awareness. Better consumer awareness can be achieved by using the most effective digital and traditional marketing channels. The aim of this paper is to examine which digital and traditional marketing channels are used by buyers to collect information about organic food. The research included 600 respondents from Serbia, and the SPSS program was used for data processing. The study used descriptive statistics and non-parametric techniques due to the distribution of scores that deviate from normal. The research results showed that buyers of organic food rely more on digital marketing channels, primarily social networks and websites. Among traditional marketing channels, TV, radio and newspapers remain the most influential sources of information. Keywords: organic food, customers, digital marketing, traditional marketing, awareness Journal: The European Journal of Applied Economics Pages: 118-134 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-59194 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/the-most-commonly-used-communication-channels-as-a-source-of-information-for-organic-food-buyers-in-serbia.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-most-commonly-used-communication-channels-as-a-source-of-information-for-organic-food-buyers-in-serbia File-Format: text/html Handle: RePEc:sng:ejae01:237 Template-Type: ReDIF-Article 1.0 Author-Name: Vlastimir Vučić Title: The Role of Energy Storage Technologies in Decarbonizing Energy Sector Abstract: The requirement to increase the storage capacity of wind and solar energy technologies leads to a higher demand for energy storage, which is reflected in scaling up a diverse blend of hardware and software technology solutions. The literature on energy storage supports an integrated approach, incorporating different factors to explain and handle energy decarbonization. The present research builds on this inquiry and investigates the general attitude toward energy storage adoption and use, covering issues such as economic constraints, industry acceptance, contemporary technology, and regulatory barriers. The researcher used a focus group methodology, bringing together seven participants to generate data. This approach capitalized on communication and interaction between research participants. They were asked about their opinions on the investigated model and were guided through the research questions via a facilitated discussion. Research has shown that energy produced from wind and solar energy requires additional storage capacity. While decreasing battery prices contribute to the growth of energy storage, grid-scale battery additions still need to increase. For this reason, the role of international financial institutions in unlocking capital and knowledge, particularly in the context of developing countries, becomes even more prominent. Keywords: renewables, wind energy, solar energy, lithium-ion, energy finance Journal: The European Journal of Applied Economics Pages: 135-150 Volume: 22 Issue: 2 Year: 2025 DOI: 10.5937/EJAE22-56845 File-URL: https://journal.singidunum.ac.rs/files/2025-22-2/the-role-of-energy-storage-technologies-in-decarbonizing-energy-sector.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-role-of-energy-storage-technologies-in-decarbonizing-energy-sector File-Format: text/html Handle: RePEc:sng:ejae01:238