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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Item Investment Funds in the Function of Stimulating Economic Growth and Development(2013) Leković, Miljan; Pantić, Nemanja; Stojković, DraganInvestment 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.Item Measuring the performance of mutual funds: A case study(Ekonomski institut, Beograd, 2015) Jakšić, Milena M.; Leković, Miljan; Milanović, MarinaIn 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.Item A multi-methodological approach to complex problem solving: The case of serbian enterprise(2017) Zlatanović, DejanaIncreasing complexity and diversity of management problems in modern enterprises requires the increasing diversity of models, methods, and methodologies. In creatively dealing with these complex, changeable and multidimensional management problems, i.e., problem situations, different systems methodologies for problem situations, structuring have been developed. Since no methodology is able to explore all aspects of the complex problems in enterprises, the topic of this paper is a multi-methodology approach that implies combining selected systems methodologies (Strategic Assumptions Surfacing and Testing, Team Syntegrity and Organizational Cybernetics) within a particular intervention. Therefore, research in the paper is relied on Critical Systems Thinking as a conceptual framework for combined use of systems methodologies. The paper aims to demonstrate how mixing the selected systems methodologies and tools can help managers in solving complex problems, such as the issues of strategy formulation and implementation in enterprises. Accordingly, combining these methodologies to support strategy formulation and implementation is applied to a Serbian enterprise.Item Understanding consumers' continuance intention and word of mouth in mobile commerce based on extended UTAUT model(2019) Marinković, Veljko; Kalinić, ZoranAlthough until recently considered a novelty, mobile commerce (m-commerce) is nowadays one of the most popular mobile services, becoming mainstream in digital commerce. The objective of this study is to determine the predictors of consumers' continuance intention in m-commerce. In addition, it is well known that word of mouth communication is a very effective marketing technique, particularly for new products and services. Therefore, the study also models and examines the determinants of consumers' willingness to recommend m-commerce as a valuable service to their relatives, friends, and peers. The research model is based on unified theory of acceptance and use of technology (UTAUT) model, extended with additional variables like perceived trust and individual mobility. The results show that the main antecedent of continuance intentions towards m-commerce is social influence, while continuance intention was found as the most important predictor of word-of-mouth.Item Impact of Mobile Services on Business Development and E-Commerce(2019) LIEBANA-CABANILLAS, FRANCISCO; Kalinić, Zoran; Ramos de Luna, Iviane; Rodriguez-Ardura, InmaMobile devices have become an essential item in the daily lives of many people. As with any innovation, mobile services present both opportunities and challenges to current business models. The development of mobile communication coupled with evolving mobile services have completely changed the business landscape and have transformed consumer behavior. It is important to understand the impact that these services have on users' lives, business, and society. Impact of Mobile Services on Business Development and E-Commerce is a collection of innovative research that focuses on the importance of mobile services in business development and discusses the provision of decentralized services, mobile commerce and marketing, and new models for the delivery of mobile services such as business-to-consumer and peer-to-peer. While highlighting topics including global market, consumer behavior, and customer satisfaction, this book is ideally designed for business managers, executives, marketers, entrepreneurs, financial advisors, consumer behavior analysts, computer engineers, software developers, IT specialists, students, researchers, and business professionals.Item MODEL FOR MEASURING THE TECHNICAL EFFICIENCY OF THE PRODUCTION PROCESS IN THE AUTOMOTIVE INDUSTRY(2019) Rejman Petrović, Dragana; Arsovski, Zora; Mimović, PredragThe purpose of this paper is to point out the role and importance of measuring the efficiency of the production process in the automotive industry. The paper analyzes the production process in the automotive industry for a period of seven months. On the database obtained from the management information system, which was deliberately developed to control the process in the observed organization, the DEA output-oriented model was applied. The aim of the paper is to contribute to increasing the efficiency of the production process in the automotive industry based on the developed model, through analysis of key indicators of the quality control process.Item ANALYSIS OF THE SERBIA’S INNOVATION PROFILE(2019) Puzović, Sanja; Vesić Vasović, Jasmina; Paunovic, Vladan; Nesic, Zoran; Karapavlović, NemanjaThe paper highlights the importance of strengthening the country's innovative potential due to it’s economic prosperity. Also the paper points out to the importance of application an appropriate metrics for assessing the effectiveness of the national innovation systems and innovation policies. In addition, the Serbia`s innovation profile was presented, through the analysis of innovation potential indicators as the factors that affect how new products, services and processes are generated, developed and implemented. Based on this analysis, proposals have been put forward for strengthening the innovation potential of Serbia and creating conditions in which organizations across the country can successfully innovate.Item The criminal offense of tax evasion in the law of the republic of serbia and international standards(2020) Šemović A.; Gračanin, Šaban; Koca D.This paper addresses the challenges of Tax evasion and the degree to which the Republic of Serbia’s laws have been harmonized with international standards in this area. Tax evasion is a problem faced by every country in the world to a greater or lesser degree. Crimes of tax evasion are often followed by money laundering and other methods of financial fraud, which creates an even more significant problem. These financial crimes, which jeopardize the financial systems within countries, have led to the establishment of international instruments in which countries cooperate to combat these crimes. The Republic of Serbia is also faced with this problem, leading to its formal criminalization under the Criminal Code. However, the use of this criminalization in practice causes numerous problems related to differing interpretations of tax codes on account of the complexity of the financial laws and regulations.Item Promoting entrepreneurship in HEIs: Leading and facilitating university spin-off ventures(2020) Erić J.; Stojanović-Aleksić, Vesna; Bošković, AleksandraThe European Commission considers entrepreneurship a key to ensuring economic growth. Entrepreneurship competence is the ability to transform ideas and opportunities into action by mobilizing resources. Entrepreneurship education refers to a wide range of skills, knowledge, and attitudes necessary to generate creative ideas, achieve goals, and create new value. Transformational leadership is positively associated with student motivation, satisfaction, academic performance, affective and cognitive learning, enhancing innovation in universities. Close cooperation with business helps HEIs to backup students developing mind-sets for the job market by driving innovation. University spin-offs constitute an economically important sub-group of high-tech start-up firms: they have, consequently, engendered substantial academic interest. The purpose of this chapter is to extend understanding of the emergence of an entrepreneurial initiative in academic context through analysis of university spin-of ventures.Item University mergers: New strategies for higher education institutions(2020) Savović, SlađanaThe purpose of this chapter is to examine university mergers, their motives, problems, and challenges that emerge during process implementation, as well as their effects. Research results show that rarely there is one motive for merging institutions of higher education, but there are, most often, multiple motives. Furthermore, results of the analysis indicate that the efficiency of university mergers is different and that more successful mergers among institutions of different sizes, as well as among complementary institutions. Additionally, research results demonstrate that the most important challenge related to the implementation of university mergers refers to the conservatism of traditional academic cultures and the existence of strong employee resistance toward change. Finally, results of this study show that the key factors of the success of university mergers are successful management of human resources, leadership quality, communication on important aspects of changes, achieving cultural compliance of integrated institutions.Item Higher education financial sources and models: A comparative analysis in selected EU countries(2020) Grbić, Milka; Jakšić, Milena M.; Todorović, VioletaThe objective of the chapter is to evaluate trends in higher education funding using the example of EU countries and their comparative analysis, and to look at possible directions for improving higher education institution funding in the Republic of Serbia. In accordance with the defined objective, after the introductory notes, the chapter points to the importance of investing in higher education. What follows is an elaboration of the characteristic funding models and their (possible) effects on higher education, in particular the European model. The following segment focuses in particular on a comparative analysis of higher education funding in selected European countries. Then, in accordance with the process of higher education reforms, the current state and directions of future changes in the higher education financing system in the Republic of Serbia are examined.Item Handbook of research on enhancing innovation in higher education institutions(2020) Babić, Verica; Nedelko Z.Innovation in higher education is a process of institutional adaptation to changes in the environment that enables higher education institutions to improve their existing practice and to be innovative at different levels and in different forms. Moreover, innovativeness is also related to internal characteristics of higher education institutions. Innovation in higher education can be observed as a result of the changing contexts in which higher education institutions function. Adjacently, a comprehensive approach to considering innovativeness is needed in order to enable the examination of different elements of innovativeness in higher education, that is, to identify the key factors that (de)stimulate innovations and affect their interactions with other relevant stakeholders at the national level and beyond. The Handbook of Research on Enhancing Innovation in Higher Education Institutions is a critical scholarly book that examines innovativeness in higher education and its complications and diversity. Starting from the view that higher education is currently confronted by global forces that require new research ideas, the publication suggests that comprehensive understanding of innovativeness is imperative for higher education's institutions in the 21st century. Analyzing the recognized trends within the publication and concluding which aspects should be taken to improve innovativeness in higher education, this reference book outlines quality and innovation in teaching, innovative university-business cooperation, institutional framework and governance of higher education institutions, knowledge management, and leadership and organizational culture. It is ideal for curriculum designers, administrators, researchers, policymakers, academicians, professionals, and students.Item The importance of HEIs and firm relationships in innovation-driven models(2020) Slavković, Marko; Veselinović, PetarThe current paradigm of change, which is essentially based on the digitization and greater application of modern ICT, is changing the established patterns of business, not only in firms but also in other industries that are important for the functioning of a society. In the era of rapid change, innovation is qualified as the key to comparative advantage. Innovation is certainly a central and decisive factor in current competitive relations and, as such, it seeks a strong link between higher education institutions and firms in the practical field of action. Therefore, the main goal of the article is to map the domains of cooperation between higher education institutions and firms, through the identification of innovative processes, on the basis of which it is possible to determine their character and directions for enhancing innovation capacities, both at the micro and macro level.Item Government expenditures on higher education and innovativeness: Does quantity or quality matter?(2020) Slavković, Marko; Simic M.Current trends such as globalization and the growing importance of intangible assets and a knowledge-based economy makes a significant contribution to highlighting the importance of higher education funding. Classified as one of the key factors determining the level of innovation and competitiveness, both at the micro and macro levels, education and especially higher education have been funded in different ways in different countries. Therefore, the main objective of the research is to determine the impact of higher education expenditure on innovation in Serbia and Slovenia, on the basis of which a comparison of results can be made. Analyzing the data for the period 2007-2016 and based on the results of the regression analysis, we conclude that there is a negative significant impact of the share of the state allocation for higher education on the level of innovation in Serbia, while the results relating to the situation in Slovenia are contrary and indicate a positive significant impact.Item Higher education institutions as viable systems: A cybernetic framework for innovativeness(2020) Zlatanović, Dejana; Babić, Verica; Nikolić, JelenaIn a knowledge-based economy, higher education institutions (HEIs) are a key factor in fostering innovation and play a central role in sustainable economic growth and development. Growing complexity of HEIs and their environments requires systemic, i.e. cybernetic approach to innovation. The chapter highlights the importance of introducing a cybernetic framework for innovativeness of higher education institutions by their examination in conceptual framework of organizational cybernetics (OC). The purpose is to demonstrate how viable system model (VSM) as a key methodological tool of OC can help understanding the viability and innovativeness of HEIs. In addition, higher education institutions are investigated in a conceptual framework of VSM through the case of the public higher education institution (HEI) in Serbia. The main contribution of the chapter is related to practical implications of presented framework including the strengths and weaknesses of a VSM application.Item REAL CONVERGENCE IN EU: IS THERE A DIFFERENCE BETWEEN THE EFFECTS OF THE PANDEMIC AND THE GLOBAL ECONOMIC CRISIS?(2021) Fedajev A.; radulescu, magdalena; Babucea G.; Mihajlović, VladimirThis paper aims to shed some light on the real convergence process among EU economies in the context of the COVID-19 pandemic crisis in comparison to the real convergence in 2008, when the last financial crisis erupted. According to entropy method results, the most pronounced difference between effects of the current pandemic and the global financial crisis are registered in the unemployment rate, while the difference in the current account balance and GDP per capita are much less noticeable. The results of the entropy method also suggest that the greatest difference among EU economies in 2020 is registered in the current account deficits; a slightly lower difference is registered in the unemployment rate, while the divergence in GDP is much less pronounced. To explain the results of the entropy method, a hierarchical cluster analysis is performed and three clusters are derived. Based on the identified characteristics of the derived clusters, some policy recommendations for overcoming the current crisis are defined.Item Using the UTAUT model to analyze user intention to accept electronic payment systems in Serbia(2022) Tomić, Nenad; Kalinić, Zoran; Todorović, VioletaThis study applies The Unified Theory of Acceptance and Use of Technology (UTAUT) to explain the acceptance of electronic payment systems in Serbia. We used extended model that incorporates several external variables, such as perceived security, trust, privacy, convertibility and financial costs, along with basic UTAUT predictors. The sample comprised of 457 respondents. We applied structural equation modelling to develop the model and draw conclusions. The results showed that performance expectancy, perceived security, trust and social influence had strong positive effects on behavioral intention. Conversely, we found behavioral intention, convertibility and financial costs to be significant drivers of user behavior. We consider the inclusion of convertibility in the model and proving its significance to be the main practical implications of our research, and also suggest to be considered as a factor in models designed for countries with low purchasing power of national currency.Item Economic, ecological, and health aspects of β-diketonate application in the process of water purification(2022) Branković, Snežana; Bugarčić M.; Bugarčić, Filip; Ostojić, Aleksandar; Petronijević, Jelena; Rosic, Gvozden; Radojevic, Ivana; Selakovic, Dragica; Simić, Zoran; Joksimović, NenadWater pollution is a constant challenge for humanity. Sustainable economic development and environmental protection through a green economy structure provide the opportunity to project a model of scientific, social, and economic flows. Considering new chemical use in water treatment, we tested two β-diketonates that we previously synthesized in the reaction between methyl ketone and diethyl oxalate under basic conditions. For water treatment, we used the appropriate salts of the mentioned compounds due to better solubility in water. In cooperation with the partner organizations PUC (public utility companies) Kragujevac, LTD (Private Limited Company), “Rudnik,” and FIAT (Fabbrica Italiana Automobili Torino), we conducted research on their wastewater treatment. The results appeared to be more convincing in practice than the conventional methods. As a result of the study, no negative effects exerted on living organisms were found. Therefore, we are on the right track for potential application in the treatment of drinking water. Appropriate β-diketonates were tested on twelve microorganisms (isolates from the wastewater and standard strains of bacteria and yeast). One of the two tested compounds showed promising antimicrobial activity. Further investigations showed that the tested compounds significantly reduce the concentration of heavy metals, which was confirmed by statistical calculations. Also, the main advantage of this method is a small volume of waste requiring disposal, no need for driving off excess moisture, used recyclability of the coagulants, reducing hazardous waste, and therefore reducing the costs for water treatment.Item Efficiency of digital business transformation in the Republic of Serbia(2022) Rejman Petrović, Dragana; Krstić, Ana; Nedeljković, Ivana; Mimović, PredragPurpose: The aim of this paper is to evaluate the intensity and success of the digitalization process, by measuring the efficiency of the use of information and communication technologies in business in the Republic of Serbia (RS) in the period from 2006 to 2019. Design/methodology/approach: The data envelopment analysis method is applied and due to the sensitivity of the results to measurement errors, the robustness analysis of the obtained values of average efficiency is performed, using the bootstrapping method. Findings: The results show an intensive, expansive and relatively efficient process of digital business transformation in the RS. The results indicate inefficient use of software packages, While the efficiency of e-commerce in companies in most years is over 80%. Research limitations/implications: The research is limited to the RS, so the conclusions cannot be generalized in a broader context. Practical implications: The biggest problem in the implementation of digital business transformation in the RS is the understanding of management and employees in organizations that digital business transformation will take place only if software solutions are purchased and installed, with less attention paid to their proper application and low use of their maximum capabilities. Originality/value: Digital transformation measurement is the subject of a very small number of studies. Through a review of the literature, the authors of this paper do not find the use of data envelopment analysis to measure the efficiency of digital business transformation in the way they present it in this paper.Item Enhancing PLS-SEM-Enabled Research with ANN and IPMA: Research Study of Enterprise Resource Planning (ERP) Systems’ Acceptance Based on the Technology Acceptance Model (TAM)(2022) Sternad Zabukovšek S.; Bobek S.; Zabukovšek U.; Kalinić, Zoran; Tominc P.PLS-SEM has been used recently more and more often in studies researching critical factors influencing the acceptance and use of information systems, especially when the technology acceptance model (TAM) is implemented. TAM has proved to be the most promising model for researching different viewpoints regarding information technologies, tools/applications, and the acceptance and use of information systems by the employees who act as the end-users in companies. However, the use of advanced PLS-SEM techniques for testing the extended TAM research models for the acceptance of enterprise resource planning (ERP) systems is scarce. The present research aims to fill this gap and aims to show how PLS-SEM results can be enhanced by advanced techniques: artificial neural network analysis (ANN) and Importance–Performance Matrix Analysis (IPMA). ANN was used in this research study to overcome the limitations of PLS-SEM regarding the linear relationships in the model. IPMA was used in evaluating the importance and performance of factors/drivers in the SEM. From the methodological point of view, results show that the research approach with ANN artificial intelligence complements the results of PLS-SEM while allowing the capture of nonlinear relationships between the variables of the model and the determination of the relative importance of each factor studied. On other hand, IPMA enables the identification of factors with relatively low performance but relatively high importance in shaping dependent variables.