UDC: 338.23:336.74(4-672EU); 007:711]:004
Given the presence of numerous fiscal policy holders and only one central bank within the European Monetary Union, the coordination of macroeconomic policies has two dimensions – the coordination among fiscal policy holders and the coordination among monetary and fiscal policy holders. Under the influence of the Global Economic Crisis, the need arose to enhance the coordination mechanism and to have a new instrumentfor the monitoring and coordination of fiscal and economic policies in the European Union. Using an analytical and deductive methodology, this paper aims to present a brief overview of the existing theoretical research of the said issue, showing at the same time the changes in the EMU coordination mechanism created in consequence of the crisis and emphasizing the challenges that this new mechanism already faces.
Keywords: coordination, monetary policy, fiscal policy, European Semester, European Monetary Union,spillover effect, Global Economic Crisis.
University of Montenegro, Faculty of Economics Podgorica
In this paper we shall consider grosso modo actual opinions regarding advertising and advertising ethics. The emergence of the Internet aroused hope that advertising ethics is not the ultimate oxymoron (Beltramini, 2003). In spite of a negative connotation that postmodernism and globalization added to advertising theory and practice, the appearance of the Internet has really changed business philosophy regarding advertising and emphasized its ethical dimension. Results of our research confirm this thesis.
Keywords: advertising, ethics, postmodernism, globalization, Internet
Belgrade Business School, Serbia
Download article: Has Internet Changed Anything in Advertising?
UDC: 005.35:330.101.32 ; 005.95/.96
The concept of social responsibility in connection with the field of human resource management affects both economic and social relations and also the ways the problems that arise in local and broader communities are addressed. Socially responsible behaviour, which is also promoted by the European Union, can bring a competitive advantage to organisations in various branches of economy, while in the public sector it ensures effectiveand high-quality services for citizens, and, consequently, a reduction of costs for the state. The article presents the Golden Thread project (“Zlata nit” – a media-supported nation wide research project designed to find Slovenia‘s best employers). The project, or rather the model developed, focuses on the quality of the relationship between organisation and employees. The model follows the guidelines of modern approaches in the field of employment and human resource management and can be applied both to business organisations and to the non-business sphere. Since the project is both a research project and a media campaign, one of its aims is the promotion of those organisations that are identified as an example of a good (orbest) employer in Slovenia from the point of view of human resource management and social responsibility. The article also considers the possibility of transferring the project to the public administration and, in particular, to the field of local government.
Keywords: employee satisfaction, best employer, social responsibility, human resource management.
Bernarda Miklavc1, Janez Stare2
1Ministry of economic development and technology, Republic of Slovenia, Market Inspectorate
2University of Ljubljana, Faculty of Administration, Slovenia
A long-time dominant position of protective features in the intellectual property (IP) rights has been neutralized by their commercializing possibilities. Patents, trademarks and other forms of IP are increasingly being seen as trading assets rather than protection agents. The economic approach to intellectual property emphasizes the material value of intellectual property, which can be appropriated only if that property is used economically, regardless of its actual legal protection status. National institutions dealing with IP rights needto have a continuous service-oriented approach with developing new and specialized services to facilitate the needs of societies which tend to base their competitiveness on the strength of knowledge they possess. The process of transformation to a knowledge-based economy demands that companies fully understand and take advantage of the IP system, which is where business support institutions can provide assistance. A contribution to the increase in the use of the IP system by Serbian companies in recent years can be attributed to the introduction of new services by the Intellectual Property Office of the Republic of Serbia.
Keywords: intellectual property, knowledge society, economy, patents, Serbia.
Branka Bilen-Katić1, Nikola Radovanović2
1Intellectual Property Office of the Republic of Serbia
2Intellectual Property Office of the Republic of Serbia
Download article: The Role of Intellectual Property in Developinga Knowledge-Based Society
Development of Teleradiology in Private Practise in Serbia and its Influence on Increased Efficiency and Effectiveness of Medical Professionals
As a system of transmission of radiologic images over a distance teleradiology has been explored for nearly 50 years and has become a widely used concept of telemedicine – providing health care services over a distance. The aim of this article is to show the methodology of development of teleradiologic network and its rolein promoting improved efficiency, effectivity and quality. The choice of adequate however not expensive teleradiologic system and digital radiologic equipment as well as a confident provider are two main conditionsfor a stable teleradiological network in the developing countries. Besides, the involvement of expert radiologists who can provide reliable and fast interpretation of teleradiologic findings is very important as well. We present our teleradiological system exploited in five private radiology centers in Serbia.
Keywords: teleradiology, Internet, private practice, WAN, Serbia.
Đorđe Jelić1, Gradimir Dragutinović2
1The Institute for Radiology and Ultrasonic Imaging Eurodijagnostika, Belgarde, Serbia
2The Clinical Centre, Belgrade, Serbia
This paper deals with the position of the countries in nanotechnology by competitive groups in 2005 and 2009. We determined the global competitiveness of countries in the analyzed years and competitiveness in technologies and innovations as partial parameters which are important for their positioning in nanotechnology. Also, we analyzed the changes in the competitive position of the countries in nanotechnology and the global competitiveness of countries in order to determine the relation between the positions they had in 2005 and that they had in2009. A stable relation between competitive positions of the countries in nanotechnology and a global competition will enable the evaluation of their future competitive position in nanotechnology based on global competition.
Keywords: competitive position of the countries, nanotechnology, global competiveness
Vesna Milanović1, Andrea Bučalina2
1Megatrend University, Belgrade, Graduate School of International Economics
2Megatrend University, Belgrade, Graduate School of Business Studies
Download article: Position of the Countries in Nanotechnology and Global Competitiveness
UDC: 659.4:351.74(497.11) ; 659.4:355/359(497.11)
Presented in this paper, resulting from years of work experience in the armed forces is the impact of public relations on citizens’ confidence in the military and the police of the Republic of Serbia. The army and the police, as most essential elements of statehood, have an important role in society. The role of public relations in these organizations is crucial when it comes to understanding the importance of their work and gaining public support. In addition to investment and progress in the technical sense, training and study of new tactical actions and procedures, the modernization of army and police training involves the application of public relations (both internal and external). Public relations as a theory, practice and profession have a non-negligible impact on the modernization and operation of the organization. Weak and inadequate training of managerial staff in these organizations lead to significant misunderstanding of “PR“ as a profession and science as well as of its impact on the social environment. Only after the acceptance, adoption and implementation of scientific achievements important for these organizations in Serbia will we be in a position to talk about the professional structures of defense, namely the Army and the Police.
Keywords: public relations, military, police, education, professionalism, modernization
Download article: PR Impact on Public Confidence in Military and Police in Serbia
UDK: 330.341:620.9(497.11) ; 620.91
This paper is based on the analysis of energy efficiency improvement measures and potential economic ef-fects in Serbia that should be implemented in the forthcoming period. The prevalent research is focused on determination of economic effects and decrease of trade account deficit.
Keywords: energy efficiency, improvement, models, effects
Miloš Erić1, Mihajlo Babin1
1University Singidunum of Belgrade, Faculty of Economics, Finance and Administration
Download article: Potential Economic Effects of Energy Efficiency Improvement in Serbia
UDC: 659.4:792.091(497.11 Beograd)”2010/2011” ; 659.13/.16
The subject of the paper are the PR activities by The National Theatre in Belgrade. The researcher intends to explore and undertake the quantitative and qualitative analyses of Public Relations implemented during the 2010/11 seaso, by The National Theatre in Belgrade. According to the latest updated research, The National Theatre in Belgrade was the most-visited Theatre in our country in the past season, and this paper intends to assess the role and the value of PR activities by the Theatre in gaining the successful rate. Since PR activities are one of the key elements of promotion, the main goal of the paper is to establish the extent of its contribution in the achievement. Special goal is to diagnose the disadvantages in the implementation of Public Relations, followed by further recommendation and potential solutions and options, for the purpose of removing determined irregularities.
Keywords: PR activities, The National Theatre in Belgrade, Marketing, Promotional mix
Svetlana Miladinović1, Dragan Đurić2
1Zvornik Theatre “Kapitalina Eric”, Republic of Srpska
2Ministry of Finance and Economy, Republic of Serbia
Download article: Public Relations of the National Theatre in Belgrade
UDC: 005.591.61 ; 005.52:330.322(4-672EU)
The focus of this paper is the analysis of the most important factors for SMEs’ performance, survival and growthin EU. The main objective is to consider what determines the potential failure of young companies to innovate and grow. The importance for new, young and thus often still small firms to introduce innovations and grow is commonly claimed. Therefore, factors that would inhibit these small, young companies to achieve their goals can have a huge public impact. The research results show that the age of the firm (which reflects its reputation) is important to the degree to which the firm feels financially constrained. Also, finance barriers can be associated with the market failure. Risk and informational asymmetries create capital market imperfections and a firm’s lack of reputation and collateral become crucial elements. Conclusions reveal that the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments require capital and therefore access to finance. Recent policy initiatives aim at improving the financial environment for European entrepreneurial activity and, more specifically, at supporting newly-founded innovative firms in order to increase their global competitiveness and spur innovation.
Keywords: SMEs, financing, innovation, growth.
Elena Veselinova, Marija Gogova Samonikov
Faculty of Economics, Goce Delcev University, Stip, Macedonia
Download article: SMEs Inovation and Growth in EU
UDC: 005.53:658.626 ; 659.442
Modern marketing paradigm is based on the increasing importance of the relational, environmental and socially responsible marketing concept. Modern marketing mix does not take into account only the satisfaction of consumer needs, but the realization of long-term communication with him. The concept of developing brand identity refers to the importance of different marketing tools for the purpose of creating, developing the brand and establishing stronger emotional connection with the consumer. The addedvalue that makes the brand, is related to in addition to functional, its symbolic and emotional sides, in addition to the functional one. The concept of integrated marketing communications enables companies to use various techniques and communication tools to communicate the message the brand has to the target public as credible, consistent and clear.
Keywords: integrated marketing communications, modern concept of marketing, brand identity, media communications.
Marija Jankovic, MsC
University Mediterranean, Faculty of business
“Montenegro Business School“, Montenegro
Download article: Integrated Marketing Communications and Brand Identity Development
UDC: 659.27 ; 659.113.25
The subject matter of this paper is to examine if there are statistically significant differences among various types of consumers and their relations to money. The research was conducted on a sample of 150 working population examinees. For examining the types of consumers, the VALS Technique was used, whose author was Arnold Mitchell. VALS is one of the worldwide most popular techniques nowadays, which is used for examining consumers’ behavior. For examining relationship to money, Money Ethic Scale was used that was created by Thomas Li-Ping Tang. Affective, behavioral and cognitive relations to money are defined by that Scale. Gender, age, education and income amount of the examinees were used as control variables. The results show that, generally, there are statistically important differences among various types of consumers and their behavioral and cognitive relations to money and that only among certain types of consumers, more exactly, between the Thinker and the Careerist, as well as between the Thinker and the Ambitious, there are significant differences regarding their affective relation to money. Regarding the control variables, among the examinees of different gender and with different income, there are no differences in their relation to money, while among the examinees of different age there is difference in the behavioral relation to money, and among the examinees of different education there is difference in the cognitive relation to money.
Key words: type of consumer, relation to money
Zorica Marković1, Iva Antanasijević2, Branko Ninković3
1,2Psychology Department, Faculty of Philosophy, Niš,
Download article: The relation to money as a factor of the consumer´s behavior
The subject of this work is the effect of macroeconomic environment on cultural market development level in acountry. The work presents the analysis of the influence of economic crises on certain segments of culture in chosen developed cultures with the stress on financial resources. The work also analyses the complex situation caused by problems on the cultural market in Serbia as well as the importance of entrepreneurship in culture for finding additional financial resources for funding culture.
This paper highlights the importance of work motivation. It is obvious that universal applicability across cultures of any motivational approach is dangerous. Effective transnational managers must look beyond the theory, personal background, biases, values, and belief systems while introducing the work and cultural environments as employees perceive and interpret it. A close examination of culture, norms, and rituals in a society should be the first step taken by a transnational manager who wants to practice management with a global mind-set.
Doc. Dr Nevena Krasulja, M.Sc. Ivana Radojević (rođ. Gujanica)
Considering the fact that many of the countries are going through a transitional period, the drivers of development should be small and medium enterprises. In this paper an analysis of the meaning of SME’s will be performed in a way to show the huge contribution of SME’s for overcoming the causes of transition and recovering the competition, entrepreneurship and increasing the economy efficiency. The elaboration of perspectives and advantages of small and medium enterprises is given at the end.
Miroslav Gveroski, Aneta Risteska, Stevčo Dimeski
Apstract. How the university leaders see the reality in the university; to establish the university leader capabilityto establish the solution for university development; how the university leader could energize, mobilize people(staff) to fight with the reality, to implement his solution.
Prior work. The concepts of leader and leadership are used in other organizations in Romania and in the world;for increasing the competitiveness of the universities from Romania, the concepts of leader and leadership shouldbe transferred and implemented in universities from Romania; the managers of universities from Romania tomake performance / quality, to turn into leaders should be another policy of recruitment, selection and trainingthem.
Approach. The main methods employeed used: questionnaires, structured interview, literature research, own experience.
Results. The result of research show us: the ability of management to recognize the problems facing nowadays;the solutions they discern for raising quality in higher education; the possibilities of mobilization / training by theuniversity management staff of universities to implement the proposed solutions.
Implication. The paper will help university staff and the politician: to change their attitude related to the leadershipin the Romanian university; to offer some principales, methods procedures, technique to be use for a bettermanagement in the Romanian University development, to choose the right leaders for Romanian University.
Value. The characterization of the leaders in Romanian higher education where does not exist research in the aria.
Data Envelopment Analysis (DEA) is a relatively new nonparametric approach for evaluating the performance of complex entities called Decision Making Units (DMUs) which convert multiple inputs into multiple outputs. In a relatively short period of time Data Envelopment Analysis (DEA) has grown into a powerful, quantitative, analytical tool for measuring efficiency of decision making units. DEA has been successfully applied in many different fields in worldwide. This paper provides introduction to DEA and describes the application of Data Envelopment Analysis in education.
External value measures are the favorite tools of modern investors and managers to assess current and prospective company’s ability to achieve the goal of maximizing shareholder value. They provide a market assessment of intrinsic value of a company, and management’s performance and strategy. The aim of this paper is to examine the applicability of some external value measures for assessing the success of management to create shareholder value. The paper points out that managers can only partially affect the market share price, hence the amount of these measures. Therefore, a particular problem is to determine the part of shareholder value, which was created thanks to management of a company.
All economies generate or exploit new technology and knowledge, but some are more intense in this process than others. High technologies are very important for this study, as they provide firms with competitive advantage by changing the key success components. High technology economies are the primary source for generating money in contrast to the economies dependent upon resources, labor and capital, which have been dominant during the last century. The significance of certain countries that have made a great technological impact, which was made possible due to their continual investments in science and technology and R&D were also shown in the study. The OECD acknowledges four groups technologies as competitive advantages in the field of advanced technology (low, medium-low, medium-high and high technology), in respect to their R&D intensity.
Mr Aleksandra Tošović-Stevanović
Modern business conditions demand a new kind of approach in process management areas and development of competition. Changes in market area produce a direct impact upon the way of thinking that is related to the company management so that generation and conservation of advantageous position over competition must be a result of a constant periodic process. The basic elements of advantage over competition are the dominance in expertise and in assets. A continual improvement of efficiency of knowledge and work efficiency is a basic imperative of modern economy and the most significant factor in the competitive activity of a company in world market, where the key players are Corporations. This knowledge needs to be built in business policy of every business organization. Assets dominion is a tangible advantage that is acieved by investing into automated processes, computerized and robotized production means, trade marks, and production quantity. By recognition of its values and by investing in these items, the company takes a new position as regards the consumers. Technological sciences, as multi disciplinary scientific areas, have to develop new kinds of knowledge in designing new products and processes, including complex systems and methods for protection of living environment. Ecology, technology and environment protection, with successful interaction, should point toward a possibility of further improvement of living quality.
Given the current economical crisis, surviving seems to be first thing for many manufacturers. Too often their policies are limited to drastic cost cutting activities, without a clear vision how to thrive to operations excellence. Nevertheless, aligning the business and manufacturing processes, the organization and the supporting tools is the core of the strategy and activities of the surviving manufacturers, successfully thriving for operations excellence. This paper has been presented at the SPIN09 conference in Belgrade on November 5, 2009
The issue discussed is bond yields and yields variations on bonds in Montenegro. Specifically, we consider the frozen foreign currency savings bonds (FFCS bonds) and bonds issued to compensate the insured through the State-operated pension and disability insurance system (PandD bonds). Both classes of bonds are issued by the Central Government. Both are zero-coupon bonds, and mature in tranches: FFCS bonds mature annually, from 2004-2017 (as by tickers: OB04-OB17), while PiO bonds mature semiannually, from 2008-2011 (as by tickers: P08P, P09P, P09D, P10P, P10D, P11P). The former are issued to compensate natural persons whose foreign currency deposits became frozen, amid the collapse of the banking system during 1990’s (at the time State-owned), while the latter are issued to compensate for the controversial adjustment of pensions and other remunerations during the July 2002 - December 2003 period. The aforementioned bond classes are considered for various reasons, the most important being their highest trading volume among all the bonds. In addition, let us mention that after the new capital markets had been established in Montenegro, only one corporate bond issue was achieved.
dr Vladimir Kašćelan, mr Borko Božović
In this paper we analyze the motivating factors for the company management using the questionnaires. We apply the cluster analysis to divide the employees into similarly motivated and oriented groups. The resulting information concerning motivational factors can be later utilized in creation of a company motivational program..
Miloš Hitka, Mária Sirotiaková
The research within this work is aimed at determining the effects of allocating larger funds for university education upon the development of companies. The corporate development can be based on the rise in the number of employees who are studying for the doctoral degree and attend the courses in permanent training and education. The analysis of the transmission mechanism of alternative measures of fiscal policy used to increase the funds allocated for the university education will help establish whether the larger funds allocated for the university education can be justified.
This paper analyzes the relationship between the degree of implementation of the different quality management (QM) practices, knowledge transfers and firm’s performance. The proposed model and the hypotheses were tested on a sample of 102 managers from 34 Serbian firms. The analysis of obtained results was conducted using Structural Equation Modelling (SEM). The results confirm the importance of the teamwork and process control as QM practices on internal knowledge transfers and strong positive correlation between internal knowledge transfers and firm’s performance.
Dragan Manasijević, Živan Živković, Ivan Mihajlović
|Faculty of Organizational Sciences|
Adress: Jove Ilića 154, 11000 Belgrade