International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management

The Impact of Artificial Intelligence on the Changing Work Environment Based on the Views of Individuals in Slovakia

Tibor Zsigmond, Renáta Machová, Vanessza Bölcsová, Kitti Hajmási — Thu, 04 Dec 2025 00:00:00 +0000

The aim of the research is to investigate the opinions of employees working at Slovakian enterprises with different educational backgrounds, work type and job positions about the impact of artificial intelligence on business in the near future. A questionnaire survey was used to explore the opinions of the subjects in spring of 2024. The questionnaire was created on the Limesurvey platform and sent out online, receiving 311 responses. Finally, 260 responses were received in the course of the present research. SPSS software was used to evaluate the results. The effect of job position (H1) was assessed on the statements about AI (Likert scale). The results showed that differences in the opinions of people in different job positions (owner, manager or employee) were observed for some items (H1). The research is a pilot study to raise awareness of the importance of this topic and to stimulate further research in the management professional community.

Measuring Customer Experience Quality in Banking Services in Serbia: Validation of the EXQ Scale

Đorđe Ćelić, Tanja Džinić, Viktorija Petrov, Zoran Drašković — Thu, 04 Dec 2025 00:00:00 +0000

Customer Experience (CX) has emerged as a key element in business strategies globally. With the increasing focus on the service and experience economy, understanding and managing the customer experience has become essential to achieving business success. As markets become increasingly competitive over time, companies focus on providing exceptional customer experiences as a way to stand out from the competition. CX is formed through direct contacts such as purchasing and using products and services, and interacting with staff; as well as through indirect contacts such as advertisements, user reviews, and social media. There is a growing awareness about critical importance of precise tools for measuring the quality of CX in order to obtain accurate feedback and take appropriate measures for improvement. The most applied scale for measuring CX found in literature is EXQ scale developed by Klaus and Maklan. Original scale was reevaluated, covering three stages in its three dimensions: the brand (pre-purchase), the service provider (during purchase), and post-purchase experience, extending the number of items to 25.

The aim of this paper is to determine the possibility of implementing the reevaluated EXQ scale in financial service sector in Serbia. The validation of the instrument was conducted on a sample that consisted of 702 valid responses to the questionnaire sent to more than 2000 customers of banking services mainly from Vojvodina and Belgrade regions. The evaluation of the psychometric characteristics of the EXQ scale was performed using principal component analysis. The analyses were conducted at the individual level, which means that the sample size on which the analyses were conducted was 702 respondents.

Can Business Benefit from Applying Artificial Intelligence to Project Management? Evidence from Google Scholar Literature

Marjan Angeleski, Olivera Kostoska, Cvete Dimitrieska — Thu, 04 Dec 2025 00:00:00 +0000

This article aims to identify research related to artificial intelligence (AI) and project management (PM), mainly through an analysis of Google Scholar literature selected by clearly defined search criteria. The paper also makes a systematization of areas in which businesses can benefit from the application of AI on PM activities. The results show that the number of titles containing the words “project management” & “artificial management”, as well as “project management” & “AI” has increased enormously in recent years, which makes the importance of this research issue obvious.

Manager's Emotional Intelligence: Impact on Business Performance and Decision-Making

Thu, 04 Dec 2025 00:00:00 +0000

Abstract: Workplace is characterized by significant diversity, dynamism, varied teams, and rapid decision-making, which requires mindful awareness and calmness in interpersonal relationships. Therefore, the use of emotional intelligence elements (self-awareness, self-regulation, empathy, social skills, and motivation) are essential for both understanding and implementation by managers and employees. Managers play a crucial role in the problem-solving process, where emotional intelligence is essential, as emotions influence every phase - from the first recognition of an issue to the choices, assessments, and measures taken to resolve it.

The subject of this study is managers and the impact of emotional intelligence elements on their decision-making and business operations. The aim of this paper is to examine the application of emotional intelligence elements in the management practices of Macedonian companies and to analyze their dependence on specific variables. ? survey method was employed using closed-ended questions and a Likert scale. The anonymous questionnaire was created using Google Forms and distributed via email to 220 companies, obtaining responses from 62 respondents. Descriptive statistics, including the calculation of the arithmetic mean and standard deviation, as well as the ?²-test, were applied in data processing. The collected responses were analyzed using Microsoft Excel and SPSS software.

The majority of managers indicated that elements of emotional intelligence have a significant impact on business operations and play a crucial role in decision-making. Specifically, the findings confirm that the impact of emotional intelligence elements on business performance and decision-making depends on the work experience of the managers and the size of the company.

Blockchain for Supply Chain Efficiency in the Maldives

Ismail Rishwaan Rashid, Gabor Juhasz habil — Thu, 04 Dec 2025 00:00:00 +0000

Blockchain technology presents a potentially transformative opportunity for Small Island Developing States (SIDS), particularly for the Maldives. With inefficiencies in supply chain of primary economic sectors such as tourism, fisheries, and public procurement, blockchain offers solutions for greater transparency, security, and operational efficiency. This study examines the current state of blockchain technology and its adoption in the Maldives, investigating its use in supply chain digitalization, and determining key barriers and facilitators. Findings indicate the Maldives is seeing a growing interest in blockchain, however, there is no legal or regulatory framework in place yet. Although the government has undertaken some initiatives primarily towards enhancing trade facilitation, there is limited evidence of blockchain adoption in the private sector. The study explores the potential benefits of blockchain for supply chain efficiency, focusing on improvements in traceability, transparency, automation, and risk management and the challenges hindering blockchain adoption, including technical, regulatory, financial, and institutional barriers. Finally, it puts forward strategic considerations for blockchain-enabled supply chains in the Maldives and other SIDS, highlighting the importance of investing in complementary technologies, capacity building, regulatory frameworks, and pilot projects.

EU-Serbia Cooperation and Development in the Mirror of Economic Framework

Angela Bikar, Marcial Sánchez-Mosquera — Thu, 04 Dec 2025 00:00:00 +0000

The present work carries out an analysis of the European Union's enlargement policy and their economic impacts from the dissolution of Yugoslavia until nowadays. The analysis focuses mainly on institutional sources and takes into account the Serbian perspective, as an element of originality and innovation. In more detail, the study assesses the quality parameters in relation to the standard required by the EU. The study questions the level of economic preparedness. Serbia is an important partner for the EU in relation to imports and exports, the data shows and justify that economic reform and the consolidation of a market economy is essential for the integration. As a result of economic-regional cooperation, the country is receiving significant financial support under the IPA programs. The regional approach has proven to be beneficial for Serbia and it is highly asymmetric in favour of Serbian interests. Despite some moderate progress, Serbia is not fully prepared in economic terms for accession.

Requirements for a Shift to Sustainable Food Packaging - A Company Approach

Aliz Vuk, Andrea Bauerné Gáthy — Thu, 04 Dec 2025 00:00:00 +0000

The accumulation of huge amounts of plastic waste is causing irreversible damage to nature and human health, and one solution could be to apply the principles of the circular economy. A number of global and European regulations (Sustainable Development Goals, Green Deal) address this issue and aim to apply the circular economy model. However, the practical implementation of the targets in the context of food packaging is also very slow and the decision to influence the process is in the hands of companies. The views of corporate decision-makers in this area are particularly important in the food industry, as these companies either produce the packaging themselves and/or decide which packaging to use. The literature identifies some of the factors influencing business decisions (customer expectations, costs). The aim of this study is to present, analyse and discuss the factors that influence domestic manufacturers in their choice of packaging materials. We conducted semi-structured in-depth interviews with decision-makers from various domestic food and food packaging companies, which were analysed using the Berkana two-loop model. Our results show the current practices and the perceived reasons and options for adopting or not adopting the new system. In conclusion, the study shows that theories and goals for reducing environmental impact are only developed when they are translated into everyday practice. In the case of food packaging, alternatives already exist, but it is easier and simpler for decision makers to maintain the status quo.

Portfolio Selection in the Yield and Semi-Absolute Deviation Space with the Incorporation of an Environmental Indicator

Juraj Pekár, Ivan Brezina, Marian Reiff — Thu, 04 Dec 2025 00:00:00 +0000

Different portfolio models can be used to determine an investor's optimal strategy, diversifying assets to reduce the overall risk of the investment under consideration. In general, the main objectives of portfolio models can be identified as a minimized risk and maximized return. In the case of risk minimization, an investor can use different risk measures. In the paper presented, investment risk is considered to be the semi-absolute deviation from the expected return. Since the focus is also on sustainable investing, the model considered is extended to include environmental burden conditions on the investment based on the E indicator from the ESG indicators concept. It is generally assumed that the implementation of environmental criteria may be associated with increased risk, but even so, sustainable investing may be attractive to the investor for various reasons and the difference in risk between conventional and sustainable investing may not be significant. A possible way of applying the above approach is implemented by the authors on the assets of the Dow Jones Industrial Average (DJIA) stock index.

The Role of Digital Technologies in the Development of Corporate Well-Being Systems in Small and Medium-Sized Enterprises Operating in the Southern Transdanubian Region of Hungary

Attila Nyikos, Fanni Aki, Gabor Juhasz — Thu, 04 Dec 2025 00:00:00 +0000

The application of digital technologies within corporate frameworks is becoming increasingly indispensable in the modern business environment, serving as a competitive factor in enhancing organizational operational efficiency. Digital technologies, which permeate various aspects of organizational operations, now play a central role in the development of HR and related corporate well-being systems. This study aims to highlight the role and significance of artificial intelligence and digitalization in the evolution of corporate well-being systems integrated with HR systems, as well as in improving their effectiveness.

The exploratory, cross-sectional pilot study conducted in the Southern Transdanubian Region of Hungary examines 100 organizations classified as small and medium-sized enterprises (SMEs) based on employee headcount. Our research hypothesis posits that a strong correlation can be demonstrated between the successful implementation of digitally supported corporate well-being systems and increased operational efficiency in SMEs.

Corporate well-being systems aim to preserve employees' physical and mental health, improve their quality of life, and thereby enhance their adaptability, job satisfaction, and productivity. HR-integrated, digitally supported corporate well-being systems contribute to reduced labor costs and increased work efficiency, which manifests in higher productivity. Both artificial intelligence and modern cloud-based solutions facilitate the optimization of human resource strategies in practice and the integration of corporate processes.

The ideal relationship between digitalization and corporate well-being systems enables the automation of workflows and the reduction of workload. The continuous expansion of artificial intelligence and digitalization is expected to further strengthen this relationship. By adopting integrated and digitalized corporate well-being systems, SMEs can gain a competitive advantage through the optimal utilization of human resources, improved workforce efficiency and adaptability, and the long-term retention of valuable employees.

In Hungary, 65.5% of the working-age population is employed in the SME sector (KSH, 2023). In the Southern Transdanubian Region (comprising Baranya, Somogy, and Tolna counties), 7.69% of Hungarian SMEs operate.

Estimation of Risk Spillovers Between Russian Financial Markets in the 2022-2023 Sanctions Period by Wavelet Coherence Analysis

Aleksandr Chernykh — Thu, 04 Dec 2025 00:00:00 +0000

This paper investigates the impact of European Union sanctions on Russian economy during 2022–2023, with a focus on the oil and gas sector. Given the limited availability of Russian macroeconomic data, financial markets serve as key indicators of economic responses to sanctions. Utilizing wavelet coherence analysis (WCA), this study examines contagion effects between the Russian stock market, government bond market, and foreign exchange market to identify vulnerability and transmission of uncertainty. Unlike traditional econometric models such as GARCH, WCA captures the time-varying nature and statistical significance of co-movements between markets across different time horizons, offering a nuanced perspective on short- and medium-term dynamics. The findings reveal that the sixth EU sanctions package in mid-2022 triggered short-term volatility spillovers from the bond market to both equities and the exchange rate. A more complex pattern emerged in autumn 2022, where coherence between equity and debt markets intensified, though it remains difficult to disentangle the effects of the eighth sanctions package from concurrent political developments. In early 2023, the oil price cap introduced renewed volatility, primarily transmitted from the foreign exchange market to the bond and equity markets within days. However, by the end of 2023, markets showed signs of stabilization, suggesting a degree of adaptation by the Russian economy. This study highlights the evolving nature of sanctions' impact and the effectiveness of WCA in tracing financial contagion in turbulent geopolitical contexts.

New Categorization of Income and Expenses in the Statement of Profit or Loss

Sunčica Milutinović — Thu, 04 Dec 2025 00:00:00 +0000

Investors and other users of information from financial statements demand relevance, credibility and transparency in the presentation of entity's financial statements. They are also interested in greater comparability between financial statements, both between different entities, and between financial statements of an entity from several different periods. Their requirements are recognized in the new International Financial Reporting Standard 18 - Presentation and disclosure in financial statements. The aim of the paper is to familiarize with the new approach in the presentation of the statement of profit or loss that will result after the application of the newly adopted standard starting in 2027. With the entry into force of IFRS 18, there should be an improvement in the structure of the statement of profit or loss, and improvement of the comparability of information on the entity's financial performance. The standard will also introduce new specific requirements for disclosure of management-defined performance measures, and criteria with detailed instructions for (dis)aggregation of financial statements’ items. The application of the new provisions from IFRS 18 will enable entities to make their financial statements a truer picture of their operations and financial performance. In this way it will be responded to investors' demand for better information about entities' financial performance. The paper is primarily intended for theoreticians and practitioners in the field of accounting and auditing, regulatory bodies, investors, as well as for all interested parties who use information from financial statements when making business decisions.

The Importance of Management Accounting in Supply Chain Management – Theoretical Framework and Implementation Opportunities

Thu, 04 Dec 2025 00:00:00 +0000

Environmental, social and corporate responsibility are concepts that have received significant attention over the past three decades by researchers and practitioners. The globalized, digitized and changing business environment encourages both the private and public sector to focus on supply chains (SC) and supply chain management (SCM) in the context of sustainable and responsible business. The role of accounting, especially management accounting (MA), in considering this problem is unavoidable. Costing, planning, control techniques and tools have mostly paid attention to supply chain management but have proven to be incomplete. The need to extend cost accounting through the value chain beyond the observed organization and connect it with the organization's suppliers and customers indicates that traditional management accounting must evolve. The subject of the paper are new techniques of modern management accounting in the service of SCM, their theoretical postulates as well as possibilities for practical application. Special attention is paid to the possibility to develop MA techniques and tools that will be useful to non-accountants who most often, in practice, deal with SCM issues. The aim of the paper is to point out the connection between MA and SC through consideration of internal and external supply chain activities, but also research on the connection of SC with costs, performance, lean production and global effectiveness and flexibility of the organization. The intention of the work is to point out the possibilities of practical implementation with a special emphasis on good practices of improving SC and SCM through MA techniques.

Capital Structure and Company Performance: Evidence From Serbian Manufacturing Listed Companies

Miloš Đaković, Jelena Andrašić, Nada Milenković — Thu, 04 Dec 2025 00:00:00 +0000

The study includes an examination of the effects of capital structure indicators, mainly indebtedness, on the company's financial performance. Companies from the manufacturing sector are listed on the Belgrade Stock Exchange as part of the BelexLine stock market index and covering the period from 2006. to 2022. were used as a sample. Indicators of return on assets (Roa) and return on capital (Roe) were selected as dependent variables. In the case of independent variables that present the capital structure, indicators of short-term, long-term, and total debt were used. Size and age variables were also used in the study. The results indicated a negative effect of total and short-term debt on the performance of manufacturing companies, while the indicator of long-term debt indicated a positive effect. The findings serve as a complement to the existing literature on the topic of capital structure, as well as to support financial management in better understanding the effects of indebtedness on the profitability of companies.

Effects of the Implementation of the Balanced Scorecard Model on the Financial Performance of Companies in the Republic of Serbia

Thu, 04 Dec 2025 00:00:00 +0000

The growing complexity and ambiguity of contemporary business environment imply the necessity for using holistic strategic performance measurement systems, such as the Balanced Scorecard Model (BSC Model). BSC has gained significant importance in recent years as a strategic management tool enabling organizations to align their business activities with the vision and strategy of the organization and improve their overall performance. For decades, measuring and evaluating organizational performance was limited to financial performance. In addition to lagging financial metrics, the BSC incorporated leading performance indicators from the perspective of customers, business processes, and learning and growth. A major assumption underpinning the use of BSC in companies is that it has a positive effect on overall performance. The paper aims to demonstrate the effects of the BSC model's implementation on financial performance, specifically on the profitability, i.e. ROA and ROE of companies. Although numerous studies have researched the impact of implementing the BSC on financial performance, these studies have predominantly focused on developed economies, while research in the Republic of Serbia is scarce. Therefore, the contribution of the paper is reflected in the fact that the designed model aims to fill the research gap by investigating the impact of BSC implementation on the financial performance of companies in the Republic of Serbia, i.e. on ROA and ROE, as the most significant measures of company's profitability. The research covered 11 companies in the territory of the Republic of Serbia. The internal consistency of the statements used to measure the variables of the developed model was calculated based on the Cronbach’s ? coefficient. The multiple regression analysis was used to test the main effects. The results of the empirical research show that there is a positive statistically significant impact of the implementation of the Balanced Scorecard on the ROA and ROE of companies. Our research offers meaningful implications for managers who wish to consider adopting and using BSC. We indicate that using the BSC represents an effective means of enhancing organizational performance and designs of managerial practices that might be suitable for pursuing specific strategic priorities. Managers should first align the objectives of the BSC model with the mission and long-term goals of the company. Bonuses, rewards, and promotions of employees should be linked to key performance indicators from the different perspectives of the BSC model that impact the company's profitability. From the customer perspective, the BSC model is used to enhance the value of the market offering. Also, through appropriately set goals from the internal process perspective, it is possible to increase profitability by reducing product and service realization times, improving inventory management, and automating production processes. Additionally, managers should continuously monitor the implementation of the BSC model to identify deficiencies, respond promptly, and adjust the goals of different perspectives to the current business situation. The research was conducted on a limited sample and within the territory of the Republic of Serbia, which means the results cannot be generalized or applied to employees from other countries. Accordingly, future models may include additional variables.

Tax Disclosure as a Key Element of Sustainability Reporting: A Critical Review of GRI 207 Standard

Ksenija Denčić-Mihajlov, Jelena Popov — Thu, 04 Dec 2025 00:00:00 +0000

To combat tax avoidance and enhance corporate accountability, several global initiatives and frameworks have been established. OECD BEPS (Base Erosion and Profit Shifting) Action 13 requires as mandatory Country-by-Country Reporting (CbCR) for large MNCs, ensuring disclosure of taxes paid per jurisdiction. The EU Public CbCR Directive (2021/2101) requires companies operating in the EU to publicly disclose tax payments in each member state, while CSRD (Corporate Sustainability Reporting Directive) includes tax as part of broader ESG disclosures. There are also examples of national tax disclosure requirements (in the USA and UK), and sector-specific reporting requirements (Extractive Industry Transparency Initiative – EITI or UN Principles for Responsible Investment).

GRI 207: Tax 2019 is the first comprehensive voluntary tax transparency standard applied across all industries, that combined elements from above mentioned reporting frameworks. The privately organized Global Reporting Initiative (GRI) has created an approach with the GRI 207 standard that declares tax aspects to be relevant to sustainability. GRI 207 was introduced in December 2019 and became effective on January 1, 2021, as the first standalone tax transparency standard within the GRI framework.

The GRI 207: Tax 2019 Standard is designed to improve corporate tax transparency and accountability. It requires disclosures about tax governance, control frameworks, about how tax strategy aligns with business and sustainability goals (GRI 207-1 and 207-2), and how companies engage with stakeholders regarding tax matters (207-3). Moreover, multinational companies are required to provide tax-related data per jurisdiction, including revenues, profits, taxes paid, and employee numbers (GRI 207-4). Despite positive aspects related to GRI 207 application (alignment with ESG principles or Country-by-Country reporting), it also suffers from weakness and limitations, such as its voluntary nature, enforcement challenges and comparability.

Fiscal Policy Effects on the EU Real Economy: Pooled Mean Group Approach

Jovica Pejcic, Olgica Glavaški, Marina Beljić — Thu, 04 Dec 2025 00:00:00 +0000

This paper analyzes the key activities and scope of fiscal policy functioning, providing a balance between stimulating economic growth, as opposed to additional burden on economies due to the financing of public expenditure through borrowing. The subject of the econometric analysis is how the dynamics of public expenditure affect the real gross domestic product (RGDP) in the long-term on a sample of 27 member states of the European Union (EU) in the period 2004q1-2024q2. Based on the results of the research using the macro panel data method (Pooled Mean Group), the conclusion is drawn that there is a long-term positive equilibrium relationship between the increase in public expenditure and the growth of RGDP, confirming the theoretical assumption of the existence of Keynesian effects. However, the speed of adjustment of individual economies to the long-term equilibrium relationship is heterogeneous, due to the absence of a unified fiscal policy within the EU. Individual adjustments were the most intense in small open economies, Slovenia and Slovakia, which implies that in these economies the effects of public expenditure to stimulate the real economy were recorded to a greater extent. Less intense, but statistically significant adjustments were recorded in the central EU: France, Germany and Belgium, as well as the peripheral economies of the EU: Portugal, Spain and Italy. The observed effects imply economic policy makers reconsideration whether this measure of using the fiscal policy mechanism is justified, taking into account the sources of financing public expenditure.

The Impact of Energy Prices and the Real Exchange Rate on the Trade Balance: The Case of Serbia

Aleksandar Sekulić, Emilija Beker Pucar, Stefan Stojkov — Thu, 04 Dec 2025 00:00:00 +0000

The Republic of Serbia consistently records a trade balance deficit (TBD), as the value of imports exceeds the value of exports, with energy import dependency being a significant contributing factor. The aim of this paper is to examine the impact of changes in energy prices, measured by the Energy Price Index (EPI), and the real effective exchange rate (REER) on the TBD in the context of the competitiveness of the national economy. Empirical findings are based on estimated Vector Autoregression (VAR) model comprising the variables of TBD, EPI and REER in order to reveal their dynamic interdependence in the period 2009M1-2023M12 when National Bank of Serbia operates under the monetary framework of inflation targeting. It is expected that REER appreciation and EPI growth will worsen the TBD, which is supported by the results of the estimated VAR model and derived impulse response functions (IRFs). Republic of Serbia, as a small and open economy in the process of real convergence with developed European economies, is highly vulnerable to external shocks and turbulences at international market. Reducing the chronic TBD and energy dependence requires strategic investments in renewable energy sources and energy efficiency on one hand, and improving export performance via structural reforms on the other.

Public-Private Partnership as a Concept for Strengthening the Competitiveness of Small and Underdeveloped Local Governments

Mladen Rebić, Nikola Avram, Arsen Hršum — Thu, 04 Dec 2025 00:00:00 +0000

Bosnia and Herzegovina is a rural country; therefore, rural development should be the primary goal of the development policies of the entire country. Depopulation of villages, migration of rural population, weak economic power and poverty are characteristics of rural communities in Republika Srpska. Small underdeveloped municipalities do not have answers to the challenges and problems that are imposed on them. Given that BiH is gravitating towards the EU, the development policies of rural areas of western countries can offer sustainable solutions for these areas. On the example of the municipality of Kalinovik, primary research was conducted in order to prove the hypotheses of the scientific research. The subject of research in this paper is the applicability of the public-private partnership model in the municipality of Kalinovik and the possibility of adopting this concept as an optimal solution in encouraging rural development in order to strengthen the competitiveness of above-mentioned municipality. The aim of the research within this paper is to offer scientifically based answers to the possibilities of accelerating the process of rural development itself with the application of modern European methods and a comprehensive approach to solving specific problems of the local community in the Republika Srpska. The main hypothesis of this research is that the public-private partnership model represents the optimal solution for encouraging rural development in the Kalinovik municipality. The results of the research show that there is an interest in the development of public-private partnership in the Kalinovik municipality and that the application of this model with the involvement of all levels of government through an integral, multiple approach will bring good results in encouraging rural development and strengthening the competitiveness of this area.

Greenfield Investments in the Western Balkans: A Catalyst for Economic Growth and Development

Jelena Vujadinović, Darko Marjanović — Thu, 04 Dec 2025 00:00:00 +0000

Greenfield investments are an important form of foreign direct investment (FDI) as they contribute to economic growth and development through the creation of new businesses, job creation and technology transfer. Over the last twenty years, Western Balkan countries have actively sought to attract foreign investors through various policy measures and incentives. Based on secondary data from official UNCTAD reports, this paper analyzes the characteristics and dynamics of FDI inflows to the Western Balkans and their impact on economic growth and development, with a special emphasis on new greenfield investments in the period 2015–2023. The results of the study show that the Republic of Serbia is the most attractive investment destination in the region and attracts the largest share of FDI. The Western Balkan countries can further improve their competitiveness in attracting these investments by reforming the institutional framework, improving the regulatory environment and implementing more efficient incentive measures. This analysis is particularly important for policy makers, investors and other economic actors seeking to improve the investment climate. It highlights the need for strategic reforms to maximize the impact of greenfield investments on the long-term and sustainable economic growth of the Western Balkans.

Substitution of Trade Policy Instruments: The Case of Serbia

Radovan Kastratović — Thu, 04 Dec 2025 00:00:00 +0000

In this study, I examine the potential substitutive relationship between tariffs and non-tariff measures, considering the conditions under which such substitution is expected to occur. I develop a deterministic model based on the protection for sale framework, analyzing weighted welfare maximization in a small importing economy. The model derives theoretical conditions for substitution of tariffs with non-tariff measures, highlighting the roles of relative marginal compliance costs between domestic and foreign producers, product price elasticity, consumers’ sensitivity to quality, policymakers’ prioritization of lobbying, and the existence of binding minimal production standards. Notably, the model predicts the lack of substitution effects when minimum standards are binding and compliance costs are comparable, as often expected in sectors with established and well-justified international standards. These predictions are tested empirically using the sample of non-tariff measure usage in Serbia from 2010 to 2021 across HS-2 sectors. The empirical testing was based on estimating a static model using a within regression estimator and a dynamic model of non-tariff measure usage employing the system-generalized method of moments. The empirical results provide significant and robust evidence of substitution between tariffs and technical measures. The identified substitution effects are also found to be scaled by the institutionalization of lobbying, further supporting the underlying theoretical framework. Conversely, only tentative and non-robust evidence of complementarity between tariffs and sanitary and phytosanitary measures was identified. This divergence likely reflects sectoral differences related to standards heterogeneity and domestic competitiveness.

Digitalization in Tourism - Challenge and Opportunity

Aleksandra Stoiljković, Slavica Tomić — Thu, 04 Dec 2025 00:00:00 +0000

Knowledge and modern technologies play a crucial role in enhancing a country's competitiveness in the global market. As information and communications technology (ICT) has become a global phenomenon, tourism was among the earliest sectors to embrace new technologies and platforms. It was one of the first industries to digitalize its business operations worldwide. This paper focuses on digitalization in the tourism sector and analyzes the development and use of ICT infrastructure and digital services that could boost tourism and strengthen Serbia's position in the international tourism market. While digitalization offers numerous benefits, the paper also highlights key challenges—particularly the lack of digital skills, which hinders the effective use of technological advancements in tourism. Improving ICT readiness is essential, as it encourages further digitalization of travel and tourism services. According to the Travel & Tourism Development Index Report, Serbia continues to make strides in ICT readiness, ranking 47th out of 119 countries in 2024, with a score of 5.56.

The Main Trends of Management Consulting in Serbia Based on Research Results From 2024

Thu, 04 Dec 2025 00:00:00 +0000

Management consulting provides knowledge-based inputs to guide and strengthen the business processes of organizations. Specially trained professionals provide consulting to various organizations, thereby assisting the client organization in identifying and analysing management problems. Management consulting plays a significant role in the development of businesses in the developed market economies. Today, there is hardly any business area that cannot be linked to consulting activities. The business environment brings radical challenges to business life the companies have to face with and often they can effectively answer to these challenges only by engaging specialized consulting companies. These changes have shaped the areas of management consulting, too. The leading consulting firms today organize their business around subdivisions (e.g., strategy, HRM, Big Data, etc.), specializing in one or more of them.
Before the 2020 management consulting in Serbia was in the beginning phase of development due to various effects of the historical traditions, elements of the organizational culture and economic situation. After the political and economic changes in 2000 there was a return of Serbia into international economic flows, which, in turn, caused a significant increase in demand for new knowledge, experience and expertise, including those in the form of consultancy services. The COVID-19 pandemic resulted in radical changes of the work conditions, communication and leadership style in almost each organization. Today the geopolitical crisis and the implementation of artificial intelligence in the business processes represent the main challenges why organizations need the help of a competent management consultant.
The aim of this paper is to analyse the main trends of management consulting in Serbia in the current business context based on a research project conducted by online surveys at the end of year 2024.

Dominant Work Patterns in the IT Sector of the Republic of Serbia

Tamara Jevtić, Dimitrije Gasic — Thu, 04 Dec 2025 00:00:00 +0000

The conducted research focuses on work patterns in the IT sector, analyzing office-based work, the hybrid work model, and remote work. Previous studies have highlighted the choice of work pattern as a significant factor in organizational efficiency and employee well-being within the IT sector. The primary objective of this research is to determine the most dominant work pattern in organizations operating within the IT sector of the Republic of Serbia. The study was conducted on a sample of 190 employees from organizations in the Serbian IT sector. Data collection took place from September to December 2024 using an electronic questionnaire via Google Forms. The most dominant work pattern was identified through descriptive statistics using the statistical software SPSS IBM. The main findings indicate that the hybrid work model (a combination of office-based and remote work) is the most prevalent work pattern. Organizations that implement the hybrid work model can retain and attract highly qualified talent while providing greater flexibility to employees.

Digitalization of the Supply Chain in Support of the Circular Economy

Dušan Cvrkušić, Marko Aleksić, Radmila Bjekić — Thu, 04 Dec 2025 00:00:00 +0000

Abstract: The aim of this paper is to investigate the role of digitization of business processes in supply chain management and its contribution to the implementation of circular economy principles. Special focus is placed on the possibility of unifying data from various specialized software solutions to enable more efficient analysis of supply chain performance and making informed decisions that support sustainable development.

The methodology of the work is based on the analysis of existing research and examples from practice, whereby the connection of digital technologies with the improvement of energy efficiency and the use of renewable energy sources is examined. The circular economy, in part, is based on the principle of promoting and expanding opportunities for the use of renewable energy sources with the goal that all systems reach the level of constant use of renewable and sustainable energy sources and on the principle of encouraging human activity and utilization of resources in order to achieve new value. It is precisely in the supply chain management segment in the context of business digitalization that the principle of encouraging human activities to follow technological trends can be reflected. Also, innovative approaches in business that can contribute to the optimization of resources and the reduction of the ecological footprint are being considered.

The conclusion of the paper indicates that digitization is a key tool for the implementation of the circular economy, enabling more efficient management of data and resources in the supply chain. Through the integration of digital solutions, companies can redefine their strategies and harmonize economic, environmental and technological goals, which opens up space for sustainable economic development.

Development Tendencies of Production Capacities in the Context of Digitalization of Business

Miloš Todosijević — Thu, 04 Dec 2025 00:00:00 +0000

The paper discusses the importance and impact of digitization in terms of improving production capacities through the application of digital tools. Artificial intelligence and new digital infrastructures are significantly changing today's business at high speed. The applicability of digital tools can be seen in all branches, from agriculture using drones and smart technologies for better planning of orchards, to large production lines of the automotive industry, small and medium-sized enterprises of service activities and many others. Digital technologies, remote data storage and the development of artificial intelligence will increasingly replace the workforce and classic procedures and processes of organizational systems. The expectations are that artificial intelligence will lead to a high degree of determination in the design of organizational and generally existing systems, which confirms its persistence through the characteristic of universal diffusion. The goal of this work is to show, based on qualitative and quantitative analysis of the digital tools applied in practice, their importance and impact on the quality of input and the level of technical modernity of the means of work, which should result in the quality and level of usability of the output. Adequate response of each company is extremely important, because without constant adaptation and active feedback, there is no progress. There is no absolute progress without relative regression.

The Economics of Soil: Does Higher Productivity Guarantee Greater Farm Profitability?

Teodora Tica Ilić, Nikola Rakić, Bojana Vuković, Dejan Jakšić, Nedeljko Tica — Thu, 04 Dec 2025 00:00:00 +0000

Agriculture plays a crucial role in Serbia’s economy, with small and medium-sized farms forming the backbone of rural livelihoods. This study examines the nexus between productivity and farm profitability in Serbia. The sample consists of, on average, around 500 crop farms per year that have been actively operating over a period between 2018 and 2022, resulting in a total of 2,696 observations. Using financial data from the Farm Accountancy Data Network (FADN) and employing panel data analysis, this study will examine the impact of ten key variables on farm profitability, measured by Return on Assets (ROA), with a particular focus on three core determinants: land productivity, labor productivity, and total factor productivity (TFP). Based on previous research, we hypothesize that total, land and labor productivity have a positive and statistically significant effect on the farm profitability in the Republic of Serbia. The results indicate that land productivity has a positive and statistically significant effect on profitability, as higher land efficiency leads to increased revenue and lower per-unit production costs. Contributing factors include modern farming techniques, government support, and economies of scale. However, TFP does not exhibit a significant impact on profitability, likely due to rising input costs and the fragmented nature of Serbian farms, which limits the benefits of efficiency gains. Similarly, labor productivity does not significantly affect profitability, as small farms rely predominantly on low-cost family labor with limited mechanization. The findings emphasize the importance of improving land productivity as a key driver of farm profitability, suggesting that government policies should focus on expanding access to modern agricultural technologies, financial resources, and sustainable farming practices. Additionally, effective financial management strategies, such as optimizing external capital use and subsidies, could further enhance profitability. Despite these insights, the study acknowledges limitations, including potential data inaccuracies, the exclusion of other external profitability factors, and the relatively short timeframe analyzed. These findings hold significant implications for These findings are important for policymakers, agricultural experts, and farmers because they highlight that improving land productivity can boost farm income. Our study highlights the need for adaptive strategies and robust risk management frameworks to navigate through such turbulent times. Policymakers and industry stakeholders must work together to bolster the resilience and sustainability of the food sector in the face of ongoing and future uncertainties.

Enhancing Agricultural Decision - Making: A TOPSIS - Based Framework for Crop Selection

Reka Korhecz, Anja Dacić — Thu, 04 Dec 2025 00:00:00 +0000

Multi-Criteria Decision-Making (MCDM) is a widely used approach for solving complex decision-making problems. With the help of advanced computational tools, these methods can now be applied efficiently across various fields, including medical sciences, marketing, engineering, and agriculture. MCDM methods enable quick problem-solving and detailed analysis to identify optimal solutions. This study focuses on one such method, the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution), and explores its theoretical foundations and practical applications in agriculture. Specifically, the research demonstrates how TOPSIS can be used to select the most suitable field crop.

Five crops—wheat, corn, sunflower, soybean, and sugar beet—were evaluated and ranked using six key criteria: yield per hectare (in tons), purchase price per kilogram (in dinars), production costs (in dinars per hectare), total domestic consumption (in thousands of tons), exports (in thousands of tons), and adaptability to climatic conditions (drought, frost, floods). The selected crops are widely cultivated in Serbia, making them relevant to the local agricultural context. The criteria were chosen to cover a range of factors, including market dynamics, production efficiency, and economic viability. Using the TOPSIS method, the relative closeness of each crop to the ideal solution was calculated. The results showed that corn performed the best, being closest to the ideal solution, followed by sugar beet in second place and soybean in third. Wheat ranked fourth, while sunflower was identified as the least suitable crop under the given conditions.

The TOPSIS method provides a systematic way to identify efficient and cost-effective alternatives, making it a useful tool for decision-making in agriculture. This study highlights its potential benefits, such as saving time, reducing costs, and improving energy efficiency, which can be valuable for farmers, managers, agronomists, and other agricultural professionals.

Technical Efficiency of Serbian Vegetable Oil Processing Industry

Sanja Titin, Rade Popović, Marija Jeremić — Thu, 04 Dec 2025 00:00:00 +0000

The objective of this paper is to analyse the technical efficiency of the sunflower oil production sector in the Republic of Serbia using Data Envelopment Analysis – DEA methodology. The analysis is conducted on representative sample of 10 companies classified under code 1041- Production of vegetable oil and fats. The study utilized data for the year 2023. Results provide insight into how firm size affect the technical efficiency of oil producers. In addition the analysis identifies key sources of inefficiency, most commonly stemming from suboptimal utilization of inputs such as raw material, energy, labor and others

The Generators of Generation Z’s Positive WOM in the Organic Food Market

Sanja Džever, Dražen Marić, Ksenija Leković, Dunja Kostić — Thu, 04 Dec 2025 00:00:00 +0000

The global purchase of organic food products has risen significantly over the past two decades, reflecting a shift in consumer behavior towards more sustainable practices. Marketing researchers have consistently examined the factors influencing these purchasing decisions, including the role of consumer recommendations. However, a review of both domestic and international literature reveals a significant research gap, particularly regarding Generation Z, a demographic poised to become a crucial segment in the food market. This paper aims to address this gap by examining the positive word-of-mouth (WOM) of Generation Z specifically in the context of the organic food market. While existing studies predominantly focus on the impact of WOM on purchasing decisions, there remains a lack of exploration into the generators behind such WOM. Accordingly, this research aims to identify the variables correlated with Generation Z's positive WOM in the organic food market. The empirical research was conducted in the Republic of Serbia, utilizing a sample size of 810 respondents. Research hypotheses were tested using the statistical software platform IBM SPSS Statistics, applying Pearson’s correlation test. The findings indicate that all hypothesized variables (Health Consciousness, Ethical and Environmental Dimensions, Personal Attitude, and Subjective Norms) are statistically significant and positively correlated with Generation Z's positive WOM in the organic food market. Notably, the strongest correlation was found with the Ethical and Environmental Dimension, highlighting consumers' sense of obligation to choose organic food products. These results suggest that Generation Z's motivations for promoting organic food are deeply rooted in their values and awareness of ethical and environmental issues.

Characteristics of Rural Tourism Supply in the Federation of Bosnia and Herzegovina - Possible Perspectives Based on the Demand Model

Nerma Čolaković-Prguda, Irma Đidelija Čolaković — Thu, 04 Dec 2025 00:00:00 +0000

Abstract: Rural tourism has become increasingly popular, due to a new perception of travel. It has a high potential to stimulate local economic growth and social change because of its complementary with other economic activities. Local and national governments have found that rural tourism can benefit communities by increasing business, employment and income. Most rural areas around the world, and also in Bosnia and Herzegovina, are facing population decline and changes brought about by industrialization and urbanization. Rural tourism is recognized as a significant factor in the recovery and preservation of nature, landscapes, historical sites and traditional lifestyles.The most important consequence of the development of rural tourism in the Federation of Bosnia and Herzegovina is the progress of rural communities and rural tourism supply, and also the improvement of the socioeconomic status of the rural population.The aim is attracting more tourists who will be satisfied with rural tourism supply.

That's why the following hypothesis is put in the paper: "The development of rural tourism has a statistically significant effect on the level of satisfaction of tourists in the Federation of Bosnia and Herzegovina." The questionnaire research technique was used to collect data for both the dependent and independent variable of the defined hypothesis. For both variables, the survey question was asked in the form of a Likert scale with five levels. Considering the above data, both the dependent and independent variables of this hypothesis are were of a quantitative nature, so the statistical method of least squares, the linear regression method, was used to test the hypothesis. The results of the conducted research show that the development of rural tourism affects the satisfaction of tourists in the Federation of Bosnia and Herzegovina (correlation and determination show a connection of medium strength, and the model is significant at level 1 % statistical significance, p=0.001). So, it can be concluded, regarding the results, that the development of rural tourism has a significant effect on the level of satisfaction of tourists in the Federation of Bosnia and Herzegovina.

Implementation of IPARD Funds in Serbia: Analysis of the Current State and Perspective of Rural Development

Žana Jurjević, Bojan Matkovski, Stanislav Zekić — Thu, 04 Dec 2025 00:00:00 +0000

The IPARD is a key financial mechanism of the European Union aimed at improving agriculture and rural development in candidate countries and potential candidates for EU membership. The aim of this work is to analyze the current implementation of IPARD funds in Serbia, with a special focus on the efficiency of using available funds, institutional capacities and obstacles in the implementation of the program. The research is based on the analysis of relevant strategies and reports on the implementation of IPARD measures. The results show that the key challenges in the implementation of IPARD in Serbia are complex administrative requirements, insufficient information of potential beneficiaries, and the slowness of the approval and disbursement procedures. On the other hand, IPARD funds enabled the modernization of agricultural holdings and the development of rural infrastructure, which indicates their significant potential for long-term sustainable rural development. The conclusions of the work provide recommendations for improving the efficiency of the IPARD program in Serbia, including simplifying administrative procedures, strengthening technical support for users and increasing the transparency of the funding allocation process. These steps are key to maximizing the benefits that IPARD funds can bring to Serbian agriculture and rural areas in the EU accession process.

Digital Transformation of Financial Services: Global and Regional Aspects

Filip Marković — Thu, 04 Dec 2025 00:00:00 +0000

The digitalization of financial services, which is rapidly expanding, brings numerous changes through mobile banking, digital payments, and fintech innovations. The aim of this paper is to analyze global and regional trends and their application in Serbia. The study utilized secondary source analysis and a comparative method. The results indicate growth in digital services, accompanied by various regulatory and user trust challenges. Further development depends on regulatory support and digital education.

Current Trends in Supply Chain Management

Thu, 04 Dec 2025 00:00:00 +0000

Modern companies must manage their supply chain to ensure efficiency, cost reduction, customer satisfaction, and overall profitability. In the past 15 years, revolutionary changes have occurred in the field of information technology that have inevitably influenced the development of supply chain management. Having that in mind the main goal of the paper is to identify perspectives and issues discussed in the area of Supply Chain Management. The authors analyzed abstracts of research papers registered in the Scopus database in the period 2010–2025. Latent Dirichlet Allocation Analysis was used in the analysis of abstracts of research papers. All calculations were conducted using programs prepared in the Python language. The paper analyzes the most significant topics identified in the published research papers.

Artificial Intelligence in Business – From Basics to Implementation: A Workshop Agenda for Managers

Bojan Djuric — Thu, 04 Dec 2025 00:00:00 +0000

This paper presents a comprehensive analysis of the syllabus for a two-day executive workshop titled "Artificial Intelligence in Business – From Basics to Implementation". Developed for middle and senior-level managers, the syllabus is designed as a structured and practical guide for understanding, adopting, and managing AI technologies within various business environments. It offers a step-by-step approach to AI integration, combining foundational knowledge with applied learning, tailored specifically to decision-makers who are responsible for driving innovation and organizational change. The workshop agenda covers a range of key topics, including the basic principles of AI, its capabilities and limitations, and the most relevant legal and ethical frameworks — such as the EU AI Act, GDPR, and emerging global standards. In addition, the syllabus emphasizes AI governance, risk management, and responsible use of AI tools. Through interactive sessions and case-based learning, participants are introduced to practical tools like ChatGPT, Copilot, Midjourney, and Jasper, with hands-on opportunities to explore their application in domains such as operations, finance, marketing, HR, and product development. A special focus is placed on guiding managers through the process of preparing their teams and organizations for AI-driven transformation. The syllabus includes frameworks for change management, strategies for overcoming internal resistance, and methodologies for aligning AI tools with business goals. The final part of the workshop explores the future of AI and its expected impact over the next 1, 5, and 10 years, encouraging participants to build forward-looking strategies. By analyzing the content, structure, and intended outcomes of the workshop syllabus, this paper contributes to the ongoing discussion on how to effectively educate business leaders in the age of AI. The syllabus is presented as a replicable and adaptable model for executive training, with the potential to accelerate responsible and strategic AI adoption across industries.

Software Engineering - Knowledge Area - Software Maintenance: Analysis of the Logistics of Business Services of the e-citizen System

Vladimir Šimović, Ivana Vugdelija Tičarić, Dušan Bobera — Thu, 04 Dec 2025 00:00:00 +0000

The knowledge area of software maintenance is related to all other aspects of software engineering and because knowledge area description applies to all other knowledge area of software engineering, in this research paper we made analyses the logistics of business services of the Croatian e-citizen system, focusing on the knowledge area and user satisfaction with recommendations for improvement. Our analyses the logistics of business services of the Croatian e-citizen system, focusing on the post-delivery phase. Post-delivery activities of the Croatian e-citizen system include software monitoring, modification, training, and working with or liaising with the help desk. Software operation and maintenance support activities of the Croatian e-citizen system are performed during the pre-delivery phase and during the post-delivery phase. Pre-delivery activities of the Croatian e-citizen system include planning post-delivery operations, maintainability, and determining the logistical support required to transition from development to maintenance. The research aims to determine the extent to which Croatian e-citizen system, as a digital public administration service, meets logistics and user needs and identifies the business managerial challenges they face. In the first part of the research, we provide an overview of the theoretical framework of e-government and the digitalization of public services, with a short analysis of examples from other EU countries and region near Croatia (with examination the logistic and development of the Croatian e-citizen system in detail, including its functionality and usage statistics). In the second part of the research, which is empirical part of the research, we made analyses the logistics of business services of the Croatian e-citizen system, focusing on the knowledge area and user satisfaction with recommendations for improvement. Analytical results, about the logistics of business services of the Croatian e-citizen system, show that most of users recognize the importance of the Croatian e-citizen system for modernizing public administration but point out shortcomings in the intuitiveness of the user interface and limited-service integration. Based on these findings, several measures are proposed to improve the logistics of business services of the Croatian e-citizen system and enhance user satisfaction.

Recommender Systems for Personalized Offers

Mirjana Marić, Rade Božić, Olivera Grljević — Thu, 04 Dec 2025 00:00:00 +0000

The development of information and communication technologies has forced companies to keep pace with technological innovations. This is referred to as digitalization, which leads to significant changes in companies' processes. It reshapes business environments, reconfigures business models and strategies, and enhances overall business performance and competitiveness. Compared to small and medium-sized enterprises, large companies tend to adopt digitization and digital transformation more quickly. However, their long-term survival in the market requires that small and medium-sized enterprises engage in digitization and digital transformation processes, as well. Digitalization is strongly linked to user experience, while personalization is the key to improved experience and satisfaction. It also influences sales and improves competitive position, while targeted advertising contributes to the optimization of the company's budget through more effective marketing campaigns that maximize return on investment. Concerning said, one of the challenges that small and medium-sized companies face is related to the application of information and communication technologies in the personalization of the product/service offer and targeted advertisement. As a limiting factor, the authors recognize insufficient knowledge and understanding of the possibilities and limitations of digital technologies, particularly artificial intelligence (AI), for improving the personalization of the offer and targeting customers by their preferences, habits, and aspirations. AI-driven product recommendation systems are key to improving customer experience and sales growth. To generate personalized recommendations that will align with individual preferences or behavior, recommendation systems utilize advanced machine learning algorithms and natural language processing techniques and process large amounts of customer and product-related data, both structured and unstructured. The paper aims to contribute to understanding the possibilities and benefits of applying AI-based recommendation systems in customer offer personalization through a review of current literature, with a closer look at the types of recommender systems and the possibilities and limitations of their functioning or implementation.

Opportunities and Challenges of ERP System Implementation in the Context of Digital Business Transformation of Enterprises

Srećko Ilić, Srđan Damjanović — Thu, 04 Dec 2025 00:00:00 +0000

Digital business transformation is a concept without which many things in the 21st century would not look the same. The integration of digital technologies into business processes enables more efficient functioning and the execution of tasks that are part of a business process. In the context of digital business transformation, technologies and tools such as IoT (Internet of Things), cloud computing, big data, artificial intelligence, ERP systems, and many others are used. The focus of this paper is on ERP systems and their role in the context of digital business transformation. ERP systems facilitate easier coordination, monitoring, and optimization of various business processes and their integration into a unified whole. Since ERP systems are centralized, all business processes are fully tracked. This reduces the time spent on various activities within a business process, as all relevant information is available at the right time and in the right place. The implementation of ERP systems brings numerous benefits to a company, one of which is labor cost savings, as the application of an ERP system ensures a reduction in the number of employees. Although the benefits of applying digital technologies in daily business operations are significant, there are also many challenges that companies face during the process of digital business transformation through the application of various technologies, including ERP systems. This paper will first discuss the concept of digital business transformation, followed by a discussion of ERP systems in the context of digital business transformation, where an overview of their opportunities and challenges will be provided. The first part of the paper will utilize the literature review method. In the final part of the paper, a case study example will be used to describe the application of ERP systems in the operations of courier companies in Bosnia and Herzegovina, which will help in understanding both the opportunities and challenges of ERP system implementation.

Antecedents of Co-Creation of Experience in the Hotel Industry

Veljko Marinković, Julija Vidosavljević — Thu, 04 Dec 2025 00:00:00 +0000

The focus on consumers is prevalent in numerous service industries, including the hotel sector. In this context, it is crucial for management to analyze guest experiences continuously. This is particularly significant for luxury hotels offering wellness spa services. Through the use of these services, guests have the opportunity to experience individual transformation, both physical and psychological. The achieved sense of well-being surpasses satisfaction and often fosters a willingness among consumers to participate in improving existing services and actively creating new ones. One of the well-known models highlighting the key components of consumer experience is the new Experienscape model. According to the structure of this model, the following components of consumer experience are distinguished: sensory, functional, natural, social, cultural, and hospitality cultural components. In the Experienscape model, the consumer is an active participant who strives to co-create their experience, transform it, and achieve satisfaction with the service and their life. This paper aims to identify the components of the Experienscape model that most significantly drive the co-creation of consumer experience. Structural equation modeling was applied to test causal relationships. The results of the study can provide a valuable foundation for improving the strategy of developing long-term relationships between hotels and users of their wellness spa services.

Consumer Perceptions of AI Use in Retail

Nikola Milićević, Nenad Đokić, Ines Đokić — Thu, 04 Dec 2025 00:00:00 +0000

All supply chain members, from suppliers to retailers, should adjust and synchronize their activities to meet consumer needs. Consumers are not only the final destination in the flow of products and services but also a crucial starting point for many supply chain management (SCM) activities. Various technologies and advancements are continuously developed and implemented to ensure the right value is delivered at the right time and place. Among these technologies, artificial intelligence (AI) has gained increasing attention, influencing nearly all aspects of supply chain management. From a consumer perspective, the application of AI is particularly significant in the retail sector, where both online and offline transactions take place. To effectively integrate AI solutions with consumer preferences, it is essential to analyze their perceptions. Therefore, in addition to discussing supply chain management and the application of AI technology, this research examines consumer perceptions of AI use in retail.

Research of the Dynamics of Trade Performance in Serbia Using the PIPRECIA-S and MARCOS Methods

Radojko Lukic — Thu, 04 Dec 2025 00:00:00 +0000

It is of great importance to measure the dynamics of Serbian trade performance using different methods of multi-criteria decision-making. In this way, a more realistic performance picture of trade in Serbia is obtained. Because several criteria are taken into account, the importance of which is determined mathematically. In this study, with this in mind, a study of the dynamics of trade performance in Serbia was carried out using the PIPRECIA-S (Pivot Pairwise Relative Criteria Importance Assessment) and MARCOS (Measurement Alternatives and Ranking according to Compromise Solution) methods. The results of the research show that trade in Serbia achieved the best performance in 2023. Next: 2022, 2021, 2020, 2019, etc. Efficient management of human capital, assets, capital, sales, and profit contributed to this. Also the increasingly favorable macroeconomic trends, as well as the increasing digitization of the entire business.

Comprehensive Analysis of the Performance of the FMCG Trade Chains in the Republic of Serbia with a Focus on Retail Prices

Thu, 04 Dec 2025 00:00:00 +0000

The business performance of FMCG trade chains in the Republic of Serbia came to the fore after the recently conducted investigation by the Commission for the Protection of Competition at the end of 2024 as well as after the mass boycott of large trade chains by consumers in the Republic of Serbia in February 2025. Do large retail chains in Serbia make extra profit? Are the price margins of large retail chains in Serbia unreasonably high? Are the prices on the domestic market significantly higher compared to the prices of the same products abroad? Is the FMCG trade sector in Serbia liquid, efficient and productive? This scientific work will try to answer these and other questions by analyzing a large number of business indicators of some of the largest trade chains in the Republic of Serbia. Indicators such as ROA, ROE, net profit margin, financial leverage, productivity coefficients, liquidity coefficients, short-term asset turnover rate, inventory turnover rate and others were used in the analysis. Gross margin and gross margin rate were used in order to analyze the size of price margins and the movement trend of those margins in previous years. The retail chains included in the analysis are the largest retail chains in the Republic of Serbia, therefore they are good represent of the entire branch. Analysed chains in this paper will not be mentioned by name, which will not diminish the importance of the analysis, since the subject of the analysis is the entire market. The aim of this work is to determine current situation and trends in the FMCG market, as well as to determine the adequacy and justification of the price policy of large retail chains in the Republic of Serbia.

Green Supply Chain Management and Artificial Intelligence: A Review and Bibliometric Analysis

Katarina Božić — Thu, 04 Dec 2025 00:00:00 +0000

Green Supply Chain Management (GSCM) has emerged as a crucial approach for enhancing environmental sustainability in supply chain operations. In parallel, Artificial Intelligence (AI) technologies are revolutionizing decision-making processes, optimization strategies, and overall supply chain efficiency. This paper presents a comprehensive review and bibliometric analysis of the relationship between GSCM and AI, highlighting key research trends, influential authors, and major thematic areas. Using the Bibliometrics R package, relevant publications from the Web of Science Core Collection are analyzed to identify new patterns, collaboration networks, and technological advances that drive sustainability in supply chains. The findings provide valuable insights into how AI-powered solutions, such as machine learning, predictive analytics, and blockchain, contribute to greener and more efficient supply chain practices. This study also outlines future research directions, emphasizing the role of AI in advancing circular economy principles and reducing the environmental impact of supply chain operations.