Faculty of Economics, Kragujevac

Permanent URI for this collectionhttps://dspace.unic.kg.ac.rs/handle/123456789/8208

Faculty of Economics in Kragujevac was established in 1960 as a department of the Faculty of Economics, University of Belgrade. On December 16th 1975, after fifteen years of intensive development, the Faculty grew into an independent institution. Since May 21st 1975 the Faculty of Economics has been, along with eleven other faculties, a constituent part of the University of Kragujevac.

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The Faculty has facilities with modern equipment, such as three computer rooms for Bachelor studies, a computer room for Master and PhD students, a classroom of the Center for Lifelong Learning, a video-conferencing room, the academic network and the Internet café, as well as the student restaurant.

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Modelling the benchmark spot curve for the Serbian market
(2010) Drenovak, Mikica; Urosevic B.
The objective of this paper is to estimate Serbian benchmark spot curves using the Svensson parametric model. The main challenges that we tackle are: sparse data, different currency denominations of short and longer term maturities, and infrequent transactions in the short-term market segment vs daily traded medium and long-term market segment. We find that the model is flexible enough to account for most of the data variability. The model parameters are interpreted in economic terms.
ICN pharmaceuticals: Corporate governance analysis
(2010) Grove H.; Čupić, Milan
ICN Pharmaceuticals, Inc. (today Valeant Pharmaceuticals International) was a drug developer and manufacturer, known in the medical field for its development of Ribavirin, an antiviral compound used to treat various viral infections. However, ICN will probably be remembered mostly as an example of problematic and inefficient corporate governance. Changes in the management structure of ICN occurred almost at the same time when corporations, like Enron, WorldCom, Tyco, were dealing with financial scandals caused by problems in corporate governance. Since ICN was not a powerful corporation and found a way to deal with its problems, it was not subject of any big financial scandal. Nevertheless, it is interesting how ICN managed to operate, in some years even successfully, with so many corporate governance problems and how Milan Panic managed to stay at the top of ICN for 42 years, in spite of his numerous expensive law suits, scandals and bad decisions.
Exchange-traded funds of the eurozone sovereign debt
(2010) Drenovak, Mikica; Urosevic B.
Periods of high uncertainty bring liquidity concerns to the forefront for sovereign bond investors. Arguably the most liquid and cost-effective way for retail and small institutional investors to gain diversified sovereign bond exposure is through an exchange traded fund (ETF). In this paper we study the performance, country exposure, and replicating characteristics of a sample of 31 European index ETFs with exposure to eurozone sovereign debt. The obtained results are presented in the context of underlying index selection rules, types of replication, and movements in sovereign debt interest rates and sovereign CDS spreads. It is demonstrated that the ETFs focused on accurately track corresponding bond indices. This is consistent with earlier findings for equity index ETFs. Our results may be of interest for institutional investors, regulators, and everyone interested in sovereign debt investments.
Rethinking board role performance: Towards an integrative model
(2011) Babić, Verica; Nikolić, Jelena; Eric Nielsen, Jelena
This research focuses on the board role evolution analysis which took place simultaneously with the development of different corporate governance theories and perspectives. The purpose of this paper is to provide understanding of key factors that make a board effective in the performance of its role. We argue that analysis of board role performance should incorporate both structural and process variables. This paper's contribution is the development of an integrative model that aims to establish the relationship between the board structure and processes on the one hand, and board role performance on the other.
Mathematical analysis of the heart rate performance curve during incremental exercise testing
(2011) Rosic, Gvozden; Pantović M.; Nićiforović J.; Colovic V.; Ranković, Vladimir; Obradović Z.; Rosic, Mirko
In this study we performed laboratory treadmill protocols of increasing load. Heart rate was continuously recorded and blood lactate concentration was measured for determination of lactate threshold by means of LTD-max and LT4.0 methods.Our results indicate that the shape of heart rate performance curve (HRPC) during incremental testing depends on the applied exercise protocol (change of initial speed and the step of running speed increase, with the constant stage duration). Depending on the applied protocol, the HRPC can be described by linear, polynomial (S-shaped), and exponential mathematical expression.We presented mathematical procedure for estimation of heart rate threshold points at the level of LTD-max and LT 4.0, by means of exponential curve and its relative deflection from the initial trend line (tangent line to exponential curve at the point of starting heart rate). The relative deflection of exponential curve from the initial trend line at the level of LTD-max and/or LT4.0 can be defined, based on the slope of the initial trend line. Using originally developed software that allows mathematical analysis of heart rate-load relation, LTD-max and/or LT4.0 can be estimated without direct measurement of blood lactate concentration. © 2011 Akadémiai Kiadó, Budapest.
Geometric hysteresis of alveolated ductal architecture
(2011) Kojić M.; Butler J.; Vlastelica I.; Stojanović, Boban; Ranković, Vladimir; TSUDA A.
Low Reynolds number airflow in the pulmonary acinus and aerosol particle kinetics therein are significantly conditioned by the nature of the tidal motion of alveolar duct geometry. At least two components of the ductal structure are known to exhibit stress-strain hysteresis: smooth muscle within the alveolar entrance rings, and surfactant at the air-tissue interface. We hypothesize that the geometric hysteresis of the alveolar duct is largely determined by the interaction of the amount of smooth muscle and connective tissue in ductal rings, septal tissue properties, and surface tension-surface area characteristics of surfactant. To test this hypothesis, we have extended the well-known structural model of the alveolar duct by Wilson and Bachofen (1982, A Model for Mechanical Structure of the Alveolar Duct, J. Appl. Physiol. 52(4), pp. 1064-1070) by adding realistic elastic and hysteretic properties of (1) the alveolar entrance ring, (2) septal tissue, and (3) surfactant. With realistic values for tissue and surface properties, we conclude that: (1) there is a significant, and underappreciated, amount of geometric hysteresis in alveolar ductal architecture; and (2) the contribution of smooth muscle and surfactant to geometric hysteresis are of opposite senses, tending toward cancellation. Quantitatively, the geometric hysteresis found experimentally by Miki (1993, Geometric Hysteresis in Pulmonary Surface-to-Volume Ratio during Tidal Breathing, J. Appl. Physiol. 75(4), pp. 1630-1636) is consistent with little or no smooth muscle tone in anesthetized rabbits in control conditions, and with substantial smooth muscle activation following methacholine challenge. The observed local hysteretic boundary motion of the acinar duct would result in irreversible acinar flow fields, which might be important mechanistic contributors to aerosol mixing and deposition deep in the lung. © 2011 American Society of Mechanical Engineers.
The impact of fair value accounting on the crisis in banking sector of EU and USA
(2011) Gračanin Š.; Kalač E.
Authors who criticize fair value accounting (FVA) claim that the use of fair value accounting as a measurement attribute had essential impact on the origin, spreading and strengthening of actual global financial crisis. Similar outlook towards the possible impact of fair value accounting on the stability of global financial system and real economy was previously expressed by the European Central Bank (ECB), in its notes and assumptions. In the light of above mentioned criticism, of great number of researches and ongoing debates over the FVA issue, in the center of the world accounting and financial community currently are requirements for a deep reform and even withdrawal of FVA standards. In this work we analyze the correctness of such statements and the impact of fair value accounting on the EU and USA banks financial results before and during the crisis. We will try to answer the questions - Whether the use of fair value accounting contributed to originating and strengthening of the current financial crisis? Would the market have reacted differently if the banks hadn't shown financial losses during 2008? Should regulatory institutions still insist upon the use of fair value? The analysis is based on the secondary data. Sources of secondary data for this topic are surveys, organizational records and data collected through qualitative research in literature.
Empirical research on the internal audit position of companies in Serbia
(2011) Ljubisavljević, Snežana; Jovanović, Dejan
In the context of the globalization of business operations and the increasing use of information technologies, complexity of business transactions, and business risk, the role of internal audit is becoming increasingly important and the range of tasks performed by internal auditors is growing. As a part of the company control system, the internal audit assesses the efficiency, effectiveness, economy, and fairness of the realization of tasks, provides consulting services to the enterprise's management, and promotes the effectiveness of risk management with the aim of creating added value and enhancing business activities. It is the aim of this work, through empirical research conducted in large and medium-sized Serbian companies, to show the degree of development of the internal audit, the perception of accountants in respect to the tasks and responsibilities of internal audit, and whether there is a connection between the enterprise size and legal form on the one hand, and the organization and responsibilities of internal audit on the other.
The impact of the functional characteristics of a credit bureau on the level of indebtedness per capita: Evidence from East European countries
(2011) Simovic V.; Vaskovic V.; Rankovic M.; Malinić, Slobodan
The institution of the credit bureau is one of the most important elements in controlling the indebtedness levels of a population. All credit bureaus have specific functional characteristics which are able to influence the development of indebtedness. This research aims to identify the most important characteristics of a credit bureau, to quantify those characteristics and to identify causal relationships between the characteristics of the credit bureau and trends in indebtedness per capita levels. The paper introduces the Credit Bureau Functional Index which presents a quantified value of the functional characteristics of the Credit Bureau. The paper establishes a correlation between this index and indebtedness per capita and finds the formula governing this relationship to be linear. The paper concludes that indebtedness levels can be targeted through a mix of characteristics of a credit bureau. Research on this theme is absent in academic literature to date.
A critical systems metamethodology for problem situation structuring
(2012) Petrovic, Slavica
The increasing complexity and diversity of management problem situations in organizations, as well as the increasing variety of theories, methodologies, methods, techniques, and models that can be employed in problem situation structuring and solving, must be considered as relevant aspects of management process in contemporary circumstances. Creative holism in management problem situations in organizations is enabled by means of Critical Systems Thinking (CST) as well as Critical Systems Practice (CSP), as the resulting metamethodology. In other words, through CST and CSP, it can be significantly contributed to the management of the increasing diversity and variety of methodologies, methods, techniques, and models, with the aim of improving the management of problem situations in organizations. Copyright © 2012, IGI Global.
The effects of the economic crisis on income convergence in the European Union
(2012) Stanišić, Nenad
This paper evaluates income convergence in the European Union, between old (EU15) and new member states from Central and East Europe (CEE10), and among the countries within these two groups. The GDP per capita convergence should be expected according to the exogenous economic growth model and neoclassical trade theory. The presence of σ-convergence and both absolute and conditional β-convergence is tested for on a sample of 25 European Union countries (EU25). Results confirm the existence of β-convergence of GDP per capita at purchasing power parity among EU25, but not among EU15 and CEE10 countries. σ-convergence has been confirmed among EU25 and CEE10 countries, while GDP per capita has been diverging in the EU15 group of countries. Moreover, the results reveal that recent economic crisis has reversed long-term tendencies and led to income convergence within EU15 and divergence within CEE10. During the crisis, the income differences among the EU25 countries have increased, but the scope and duration of this effect has been limited and has not affected the long term convergence path. However, the obtained long term speed of convergence is significantly lower compared with the previous researches.
Value-based management and corporate governance: A study of serbian corporations
(2012) Stančić, Predrag; Todorovic, Miroslav; Čupić, Milan
The aim of this paper is to determine the place and role of corporate governance and performance measures in the efforts of managers to maximize shareholder value, and the attitude of Serbian corporations toward these issues. The paper first analyses the importance of corporate governance and performance measures in the context of value-based management. Then, through the multiple case study, we investigate the attitude of seven Serbiancorporations toward defining the general corporate objective, corporate governance, and performance measurement. Finally, we point out the factors and preconditions that determine corporate culture, objective definition, and performance measures used by Serbian corporations.
Supplier selection using multiobjective evolutionary algorithm
(2012) Ranković, Vladimir; Arsovski, Zora; Arsovski S.; Kalinić, Zoran; Milanovic I.; Rejman Petrović, Dragana
Supplier selection is one of the most critical activities of purchasing management. Nowadays, supplier selection includes a number of different and usually conflicting objectives. Because of that, modern supplier selection techniques imply solving of multiobjective optimization problems. In this paper supplier selection using evolutionary algorithm (SPEA method) is presented. As criteria for selection optimization we used variance of quality and total costs. Results show that described methodology can be applicable for the practical purposes. © 2012 Springer-Verlag.
Empirical research on the external audit of banks in serbia
(2012) Jovković, Biljana; Ljubisavljević, Snežana; Obradović, Vladimir
The paper first explains the role, importance, and objectives of the external audit of banks through their most important definitions, thus illustrating the subject and aim of the research. The methodology of the research and data on the sample are presented afterwards. Results of the questionnaire survey which comprised 28 banks in the Republic of Serbia (RS) show what bankers prefer, and compared to global experience there is no significant difference. As a final point, the inherent limitations of the research and concluding remarks are presented.
How does management accounting change under the influence of ERP?
(2012) Malinic S.; Todorović, Mirjana
Given the intensive application of Enterprise Resource Planning Systems (ERP), the focus of this study was to assess the ERP influence on management accounting of industrial enterprises. That is, the objectives are the identification and analysis of the ERP impact on the management accounting and management accountants. In order to realize these goals, nine Serbian companies of different industry, which use SAP as a tiding ERP software, have been surveyed. The conclusions are that SAP reduces the time required for the traditional tasks of management accounting, while increasing the time required for the activities of data analysis, performance measurement and subtle strategic reporting. Also, there is a significant change in the role of management accountants.
Loyalty patterns in corporate banking: Insights gained from analysing willingness to recommend and share of wallet concepts
(2012) Marinković, Veljko; Senic V.
The concept of loyalty in retail banking has been widely addressed within the marketing literature. Nevertheless, although corporate clients generate substantial bank revenues, only a limited number of studies have been carried out to improve understanding of loyalty patterns among corporate clients of differing sizes. The study described in the present paper aimed to identify the key antecedents of willingness to recommend (WTR) and share of wallet (SOW). The research also scrutinised the impact of employee numbers as a potential moderator in relationships between WTR/SOW, and their antecedents (service quality, image, service price, and customer satisfaction). The findings indicate that in almost all cases the number of employees has no moderating effect on these relationships. Finally, the research suggests that the degree of WTR and SOW for micro/small enterprises is significantly stronger compared with medium/large enterprises. © 2012 Copyright Taylor and Francis Group, LLC.
Supplier selection using NSGA-II technique
(2012) Ranković, Vladimir; Arsovski, Zora; Arsovski S.; Kalinić, Zoran; Milanovic I.; Rejman Petrović, Dragana
In modern manufacturing industries, supplier selection is increasingly recognized as a critical decision in supply chain management. Supplier selection problem is a typical multiple criteria decision making problem involving a number of different and usually conflicting objectives. Because of that, modern supplier selection techniques imply solving of multi-objective optimization problems. In this paper supplier selection using evolutionary algorithm (NSGA-II method) is presented. Recent investigations show that quality and costs are among the most important selection factors. In this paper the authors used variance of quality and total costs as criteria for selection optimization. Results show that described methodology can be applicable for the practical purposes. Copyright © 2012, IGI Global.
Convergence between the business cycles of Central and Eastern European countries and the Euro area
(2013) Stanišić, Nenad
Comparative study of genotoxicity and antimutagenicity of methanolic extracts from Teucrium chamaedrys and Teucrium montanum in harea (EA) is based only on fulfilment of the Maastricht criteria, implementation of optimum currency criteria and real economic convergence determines the benefits and costs of monetary integration. This paper focuses on the synchronization of business cycles among Central and Eastern European countries (CEECs) and the EA. Business cycles are extracted from GDP data series using a double Hodrick-Prescott filter method. The degree of co-movement of cycles is evaluated on the basis of various methods of rolling correlation. Results show that there is no common CEE business cycle, although a synchronization trend is evident. Similarly, there is a strong trend of convergence of CEEC national business cycles toward that of the EA.
Taxation and forms of organising business activities
(2013) Đinđić, Srđan
This paper takes sample tax regimes and tendencies from the developed countries in the EU-15 and the USA, and uses them to analyse the influence of taxation on the choice of organisational form of profit-oriented entities in Serbia. In order to understand how the procedure of taxation affects the sphere of business decision-making it is necessary to focus on the tax status of business losses and valorisation and the effects of the double taxation of dividends. The rule of successive deduction of losses ensures the fiscally transparent entity receives a tax saving in the form of a reduction of the present value of the total paid tax. Meanwhile the corporation is handicapped because it postpones loss deductions, that is, it postpones tax saving, which directly influences the level of the present value of saved tax. The global trend of gradually moving from the classical system towards shareholder relief provision, above all in the form of a reduced withholding tax rate on dividends, has two opposing features: it simplifies the tax procedure while neglecting the distributional aims (consequences) of taxation. The analysis of a particular practical example from the Serbian tax context enables us to draw a conclusion in relation to the relative taxes paid by entrepreneurs versus enterprises. The developed countries favour fiscally transparent entities, whereas Serbia allocates tax privileges to enterprises.
Synchronization of business cycles in the selected European countries
(2013) Obradović, Saša; Mihajlović, Vladimir
The synchronization of business cycles represents one of the conditions that countries have to fulfil to become part of an optimum currency area, as well as a condition for the efficient implementation of a common economic policy in these countries. This paper examines the extent to which Serbia and its neighbouring countries fulfil these conditions, taking the euro area as an optimum currency area. By applying the Hodrick-Prescott and the band-pass filters, as well as the Pearson correlation coefficient and the Spearman rank correlation coefficient, this paper examines the synchronization of business cycles in these countries. Taking Serbia as an example, the influence of the foreign trade volume between two countries on the similarity of their business cycles is tested. The results show a lower harmonization of business cycles in Serbia with those in the euro area, when compared with the selected neighbouring countries, and do not confirm the thesis on the influence of the foreign trade volume on the harmonization of business cycles.

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