Faculty of Hotel Management and Tourism, Vrnjačka Banja

Permanent URI for this collectionhttps://dspace.unic.kg.ac.rs/handle/123456789/8218

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We are located in Vrnjačka Banja, a well know Serbian tourist destination with a tradition of over 175 years. Our curriculums offer you theoretical and practical training with access to numerous hotels, restaurants, travel agencies and catering companies.

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INTERNA KONTROLA I RAČUNARSKO OKRUŽENJE
(2022) Mitrovic, Aleksandra; Ognjanović, Jasmina; Milašinović, Marko
The increasing development of information technologies and their application, imposes more and more questions and relat-ed risks. Internal control brings great benefits to all company ac-tivities, but there are also risks associated with it. The advantag-es of using information-commu-nication technologies are mul-tiple, but the computer envi-ronment, in addition to numer-ous advantages, has also led to many problems. This paper ex-amines internal control in a com-puter environment. The advan-tages and disadvantages of in-ternal control are pointed out and the ways of future research of these topics. The conclusion is that the internal control sys-tem has been raised to a high-er level in the computer environ-ment. The higher level of devel-opment opens new questions, and new opportunities and prob-lems arise.
Work-life balance and work-related attitudes of employees: Case study in Serbian hotel industry
(Singidunum University, Belgrade, 2022) Ognjanović, Jasmina; Mitrovic, Aleksandra
The hotel industry is recognized in the labor market as insufficiently attractive for potential employees. Accordingly, hotel management must pay special attention to ensuring a balance between business and family obligations of employees, to create more favorable working conditions. Respecting the family obligations of employees results in positive work-related attitudes toward employees. This paper aims to investigate the nature of the connection between work-life balance and the work-related attitudes of employees. The research was conducted on a sample of 90 employees in three-, four-and five-star hotels in Serbia. The testing of the set research hypotheses was carried out using a non-parametric test for comparing groups, correlation analysis, and regression analysis. Using a non-parametric test to compare groups, a difference in the level of experience of work-life balance between male and female respondents was determined. It was also noted that men rated work-life balance worse than women. The results indicate a strong, positive, and statistically significant correlation between work-life balance and work-related attitudes of employees. Work-life balance contributes positively to the work-related attitudes of employees.
Intellectual capital and productivity of managers: The case study of hotel industry in Serbia
(Akademija strukovnih studija Južna Srbija, Odsek Visoka poslovna škola Blace, 2022-06-07) Ognjanović, Jasmina; Mandaric, Marija; Sekulic, Dejan
Intellectual capital is the part of intangible assets that affects value creation. Intellectual capital includes human capital, structural capital, and customer capital. The paper aims to investigate the relationship between intellectual capital and the managers’ productivity in hotel companies. The research included 80 hotels with 3-stars, 4-stars, and 5-stars. Testing of research hypotheses is performed by application of multiple regression analysis and ANOVA test. The obtained results support the positive contribution of the components of intellectual capital on the productivity of managers in hotel companies. Also, the results show that there is no significant difference in the level of achieved manager’s productivity between hotels of 3-stars, 4-stars, and 5-stars.
Intellectual capital and financial performance of entrepreneurs in the hotel industry
(Fakultet za hotelijerstvo i turizam u Vrnjackoj Banji, 2022-06) Ognjanović, Jasmina; Slavković, Marko
Intellectual capital is recognized as a key factor in creating value and gaining and maintaining a competitive advantage among service companies. Intellectual capital can be a useful tool for improving the entrepreneurial performance if it is managed properly. The existing literature does not provide enough insight about the role and importance of intellectual capital among entrepreneurs in the hotel industry. The main goal of the paper is to identify the relationship between intellectual capital and financial performance of entrepreneurs in the hotel industry. The descriptive statistics, correlation analysis and multiple regression analysis were applied. Based on the applied statistical methods, it is concluded that intellectual capital has an impact on operating profit and productivity of entrepreneurs in the hotel industry. The results also indicate that human capital had the greatest contribution to improving the financial performance of entrepreneurs in the hotel industry
Contribution of the Investment Funds Industry to Development Performances of the Republic of Serbia
(2018) Leković, Miljan; Gnjatović, Dragana
The level of economic development of the country is a key determinant of the achieved level of development of the respective investment fund sector. The tendency of the development of the investment fund industry in the world frames the need to examine its significance for the economies of individual countries. In this regard, the paper examines the achieved level of development of the Serbian investment fund industry and the contribution of this sector to development performances of the Republic of Serbia. On the basis of the conducted analysis, it becomes clear that the Republic of Serbia significantly lags behind the countries in the region with regard to the development of the investment funds sector and that the modest economic strength of the Serbian investment funds implies a modest contribution of these institutional investments to economic development and growth of the country.
The Role and Importance of Quality Financial Reporting
(Association of Serbian Banks, Belgrade, 2013) Leković, Miljan; Arsenović, Slavica
he primary task of financial reporting is the creation of a high quality financial reports that are enhancing investor confidence, that of the creditors and other stakeholders, thus creating a favourable climate for investment activities and economic activities in general. Providing high quality financial statements in addition to respecting the professional and legal frameworks, involves the observance of ethical norms, i.e. an ethical conduct by those composing financial reports. Especially important is also harmonisation of the accounting and auditing practices which facilitates accounting -financial communication between economic stakeholders throughout the world, bridging in this manner accounting obstacles on the road to reaching a higher degree of freedom in the circulation of goods, services and capital.
Integrated Мarketing Communications as a Function of Brand Development
(Construction of unique buildings and structures, 2014) Melović, Boban; Mitrović, S; Djokaj, A; Nesic, A; Leković, Miljan
Modern brand management represents the integrated management of all contacts of the brand with the consumer. Brand is also an instrument and a subject of market communications. In this respect, it is necessary to harmonize the different forms of communication with the company’s defined brand strategy. Authors put forward the hypothesis that the appropriate choice of the communication resources and the message sent to consumer are in direct positive correlation with effects that can be produced to existing and potential customers in order to stimulate the purchase. The ultimate goal is to devise a communication method (message) which would be adequately understood and received in the appropriate environment and that would produce the desired effects for the advertisers.
Profile of human development in Serbia
(Fakultet za hotelijerstvo i turizam u Vrnjačkoj Banji, 2015) Leković, Miljan; Pantić, Nemanja
Human development is the process of improving human well-being and expansion of human freedoms and opportunities. Human development includes various areas of human life from health and education, through environmental protection and human rights, to the cultural and political participation. It is a multidimensional concept that should not be equated with economic growth, since economic growth does not guarantee the socio-economic welfare of the whole society. The aim of the paper is to analyze the achieved level of human development in Serbia. The research finds that Serbia is a country with a high level of human development, but also with a declining HDI rank, which suggests that the growth of HDI index in Serbia in the reporting period was slower than in other countries in the world.
Macroeconomic Indicators of International Tourism of the Republic of Serbia
(Fakultet za hotelijerstvo i turizam u Vrnjačkoj Banji, 2015) Gnjatović, Dragana; Leković, Miljan
This paper examines the position of international tourism in the balance of payments of the Republic of Serbia and the impact of foreign currency inflow from tourism on export and overall performances of the domestic economy. The analysis of relevant macroeconomic indicators is based on generally accepted methodology of balance of payments of the International Monetary Fund and integral international system of national accounts (System of National Accounts – SNA, 2008). On the basis of this analysis, it is concluded that tourism has not yet made positive impact on the overall balance of payments flows of the Republic of Serbia. In addition, the contribution of international tourism to the export and economic growth performance of the country is still a quite modest scale, which is inconsistent with the strategic orientation of the Republic of Serbia. The comparative analysis of relevant macroeconomic indicators for South Eastern European countries confirms this statement.
Supporting the sustainable development in the Republic of Serbia
(Fakultet za hotelijerstvo i turizam u Vrnjačkoj Banji, 2016) Stojković, Dragan; Leković, Miljan
Aspiration for enormous profits, under conditions of strong competition and growing production, often leads to excessive and irrational use of renewable and non-renewable resources. This raises the need of forming various associations and organizations aimed at preserving the living environment, in order to achieve a balance between economic and environmental objectives. The development that meets the needs of present generations without compromising the ability of future generations to meet their own needs is called sustainable development which is the result of congruence of economic, environmental and social objectives in the long term. At the global level, there is a large number of documents setting out the principles of sustainable development, among which the most important are Declaration on Environment and Development (1992) and document RIO+20 (2012), both defined in Rio de Janeiro. Since 2008 the Republic of Serbia has the defined National strategy for sustainable development which is in line with all global documents in this field and provides a framework for defining local sustainable development strategies.
Evidence for and Against the Validity of Efficient Market Hypothesis
(Univerzitet u Nišu Ekonomski fakultet, 2018) Leković, Miljan
The concept of an efficient financial market, in literature known as efficient market hypothesis (EMH), has had a long and difficult development path from the idea itself to its final conception, as one of the central paradigms in modern finance. It has been tested and critically reviewed for decades, and the two basic types of problems it has encountered are theoretical paradoxes and market anomalies. The aim of the paper is to examine the validity of EMH through various financial market efficiency tests and the results of previous research. The intention is to answer the question of whether, despite theoretical paradoxes and market anomalies, the notion of validity can be attributed to the concept of an efficient financial market. In this regard, the paper presents plenty of evidence for and against the validity of weak, semi-strong, and strong form of EMH, to conclude that, even after more than half a century of research, financial literature has not reached a consensus on the presence or absence of the validity of this hypothesis
Investment Funds in the Function of Stimulating Economic Growth and Development
(2013) Leković, Miljan; Pantić, Nemanja; Stojković, Dragan
Investment funds are one of the generators of economic growth and economic development. They are present in all developed countries of the world, contributing to the establishment of liquidity and macroeconomic stability. For investment funds is often said to have renovated the total financial system of the world. Their function is to encourage savings, the concentration and efficient allocation of capital that is very important for all countries, especially those that are scanty in capital. The future of investment funds industry in Serbia is determined by the further development of capital markets, improvement of legislation, the achievement of macroeconomic and political stability, educating and informing the investing public.
Real Estate Investment Trusts Specialized for Investing in Hotels
(Fakultet za hotelijerstvo i turizam u Vrnjačkoj Banji, 2017) Leković, Miljan; Stanišić, Tanja
The chance for the development of Serbian hotel industry and tourism in general should be sought in the investment of real estate investment trusts specialized for investing in hotels. Regarding this, the objective of this paper is acquainting investment public in Serbia with the basic characteristics of real estate investment trusts and the importance of real estate investment trusts specialized for investing in hotels. The development of the hotel sector of Serbia will be accelerated and significant contribution to increasing the capacity of domestic hotel in the future can be provided by the establishment of these funds. Therefore, the way of Serbian hotel sector development should be focused on attracting funds of foreign hotel real estate investment trusts and the establishment of national hotel real estate investment trusts.
The implementation of the neural networks to the problem of economic classification of countries
(Ekonomski fakultet, Kragujevac, Fakultet za hotelijerstvo i turizam u Vrnjackoj Banji, 2014) Obradović, Saša; Leković, Miljan; Marinković, Miloš
This paper shows practical implementation of the multilayer feedforward neural network, trained by supervised backpropagation algorithm, to the problem of automatic classification of countries into beforehand predefined categories of economic development, contained in the United Nations report entitled World Economic Situation and Prospects 2012. The goal of the paper is to automate the process of classification of countries, to define a set of key measurable economic development indicators, as well as to emphasize significance of neural networks for solving classification problems. The research includes classification of 168 countries in 4 groups of economic development, based on 7 selected measurable indicators. The data from the official reports of the international economic institutions served for training of the intelligent decision-making system based on neural network, and as a measure of quality of training, confusion matrix was used, showing the precision of the intelligent system by determining the percentage of overlap with empirically obtained data. Precision of automatic classification speaks of neural networks as powerful apparatus for solving classification problems, but also of justification of choice of classification parameters and their importance. The importance of selected indicators is reflected in the fact that knowledge of their value is sufficient condition for automatic classification with reliability level of 80%.
Državna finansijska podrška i kapitalne investicije kao faktori razvoja srpskog turizma
(Faculty of Hotel Management and Tourism in Vrnjačka Banja, 2014) Leković, Miljan; Pantić, Nemanja
The Republic of Serbia is still unrecognizable destination on the world tourist map and Serbian tourism sector has comparable yet not competitive advantages. An unenviable position of Serbian tourism indicates the necessity of urgent public financial support for this sector in the form of subsidies, guarantees issued, tax incentives, soft loans and similar means of financial help. For overcoming recession, capital investments are as necessary as state financial support and they are an instrument of healthy long-term development; thus they should be a priority.
Measuring the performance of mutual funds: A case study
(Ekonomski institut, Beograd, 2015) Jakšić, Milena M.; Leković, Miljan; Milanović, Marina
In this paper we evaluate the performance of eight open-end mutual funds in the Republic of Serbia for the period 2009-2012, with the aim of testing the justification of active portfolio management of mutual funds, and determining the selection capability of Serbian portfolio managers. Risk-weighted returns of mutual funds are compared with the risk-weighted return of the leading Belgrade Stock Exchange index, Belex15, whereas the following are used as performance measures: Sharpe ratio (Si), Treynor ratio (Ti), and Jensen's or Alpha index (αi). The results suggest that the portfolio of Serbian mutual funds has inferior performance compared to the market portfolio, which indicates the lack of selection capabilities of domestic portfolio managers.
Integration of spa and rural tourism – Affirmation of Lemeška spa in a rural tourist attraction
(Faculty of Tourism and Hospitality, Ohrid, North Macedonia, 2020) Cvijanović, Drago; Gajić, Tamara; Leković, Miljan
Rural tourism is an insufficiently valorized resource in Serbia, although it is becoming a daily necessity of the people, as well as a segment that can significantly contribute to the development of the economic sector in the future of the country. The authors of the paper presented a research on the possibility of turning Lemeška Spa into an attraction that would affect rural tourism development. Lemeška Spa has not been in operation for many years, and since a feasibility study for its revitalization project has been made, the authors conducted a survey of the local population regarding the importance of the potential affirmation of the complex in the tourist market of spa tourism, as well as in the rural tourist attraction. Obtained data undoubtedly show support for the development and revitalization of spa tourism, which would trigger rural tourism of the area and environment.
Contribution of International Tourism to Export and Development Performance of Serbia
(Faculty of Hotel Management and Tourism in Vrnjačka Banja, 2016) Gnjatović, Dragana; Leković, Miljan
The development tendencies of international tourism in global framework create a need for examining its importance for the economies of individual states. In that sense, this paper examines the impact of international tourism on export and development performance of Serbia. On the basis of conducted analysis we conclude that international tourism cannot still be labelled as the generator of exports and economic growth. Through comparative analysis of the effects of international tourism on the economies of the neighboring countries we conclude that export and development oriented economy of Serbia has relatively weak reliance on tourism. Policy makers are facing a challenge of the development of international tourism which corresponds directly to overall economic development of the country
Capital Asset Pricing Model Versus Arbitrage Pricing Theory
(Faculty of Economics, Kragujevac, 2018) Leković, Miljan; Stanišić, Tanja
: Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT) have been a major challenge for economic theorists and practitioners for decades. Unlike the well-documented contribution of these models to understanding the relationship between return and risk and valuing assets on the capital market in developed countries of the world, literature on the topic of the CAPM and APT models is relatively poor in the Republic of Serbia. This creates the need to process this issue in order to at least partially mitigate the insufficiency of domestic literature in this field. In this regard, the subject of research is a comparative analysis of the CAPM and APT models, with the inevitable critical review of these models and emphasizing their positive and negative aspects. The aim of the research is to find answers to the questions which of these models is superior and which corresponds more to reality. By presenting the realistic theoretical and practical range of CAPM and APT models, it was concluded that neither of the these models is perfect and we can not talk about the general superiority of one or the other model, as both models contain equally serious imperfections that prevent them to accurately evaluate the assets. Indeed, the APT model achieves preponderance over the CAPM model in a theoretical, but not in a practical view. Practitioners still prefer to use the CAPM model, while the APT model is more useful in academic circles as theoretical construction with insufficient use in practice. The general conclusion and, at the same time, the main result of the research is that the APT model is the theoretical winner, and the CAPM model is the winner in practice. Due to the equal complexity of the problems that these models face, significant efforts have been made in empirical research and theoretical discussions to improve their accuracy and applicability. However, half a century of research was not enough to eliminate the imperfection of the CAPM and APT models, which does not reduce their significance as the starting point for the development of more advanced equilibrium models of asset valuation in the future.
Upravljanje investicionim rizikom primenom savremene portfolio teorije
(2015) Jakšić, Milena M.; Leković, Miljan
Investment risk is the principal threat to the assets side of the balance sheets of financial institutions. It is evident that investors who concentrate their wealth on one type of securities can rarely be found. Instead, they tend to invest diversified portfolio of securities. This reduces the degree of risk of the expected return, which depends both on the absolute risk of each investment in the portfolio, and the relationship that exists between individual investments within the portfolio. The paper analyzes the investment risk management by using modern portfolio theory in both national and global financial f lows. At the same time, the paper considers the risk management models that ensures efficient portfolio diversification, aiming at investment risk reduction. It is pointed out that the investment risk management in modern financial f lows is a complex process, and that the development of financial theory goes towards improving, soft risk management method.

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