Akademija strukovnih studija Kosovsko Metohijska
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REDAKCIJA - Primljeni radovi


    Nikola Radivojević, Academy at applied studies Šumadija, Kragujevac
    Željko Dević, Kosovo and Metohija Academy of Applied Studies, Leposavić
    Marko Savić, Kosovo and Metohija Academy of Applied Studies, Leposavić

    Received: ; Accepted:

  • Abstract: This paper examines the impact of intellectual capital on the performance of small and medium IT companies operating in the Republic of Serbia. The research was conducted on the example of 112 IT companies, using panel data analysis, in such a way that the data was collected from the balance sheet and success of IT companies for the period from 2013 to 2020. The primary goal of the research is to determine the importance and impact of intellectual capital on the performance of IT companies, since this is a sector based on the 5th industrial revolution. An additional goal of the research is to answer the question of which element of intellectual capital has the greatest impact on the success of small and medium IT companies in the Republic of Serbia. The results of the research indicate that intellectual capital has an impact on the business performance of IT companies in human and engaged capital. Research has found that structural capital has a negative impact on business performance.

    Keywords: Intellectual capital, VAIC method, small and medium enterprises, IT sector, panel analysis.

    JEL Classification: M210


    Slobodan Milić, Faculty of Philosophy Priština - Kosovska Mitrovica
    Nemanja Anđelković, Faculty of Philosophy Priština - Kosovska Mitrovica

    Received: ; Accepted:

  • Abstract: The text deals with the economic (in)security that modern society is facing. First of all, this paper starts with an explanation of the concept of security, what does it mean, and how is this concept defined in the literature. We also present some of the basic theoretical approaches used in modern security. In the following, we deal with neoliberal economic theory, which we believe has had a massive impact on the economic (in)security not only of Serbia but also for the countries of Southeast Europe, which all experienced a similar outcome with deindustrialization, that is to become dependent countries on the periphery of the world capitalist system. At the end of the paper, we conclude that due to economic uncertainty and in quest of a better standard of living, the countries of Southeast Europe, including Serbia, remained without an immense population, which will be a big problem for them in the future.

    Keywords: security, neoliberalism, migrations.

    JEL Classification:


    Nedeljka Dedović, Kosovo and Metohija Academy of Applied Studies, Department Peć in Leposavić, Leposavić

    Received: ; Accepted:

  • Abstract: Investing is an unavoidable segment of any business activity. Investment decisions are associated with a certain amount of risk. Risk is a state in which there is a possibility of negative deviation from the desired outcome that we expect and hope for. The sensitivity of investments to certain types of risk depends on the specifics of the investment process, environment, type and size of risk. Higher exposure to risk factors results in higher expected returns. Measuring investment risk and reducing it by the method of diversification is the topic of this paper.

    Keywords: investments, risk, risk management, diversification, rate of return, beta coefficient.

    JEL Classification: G11


    Milica Stanković, The Academy of Applied Technical and Preschool Studies – Vranje Department, Republic of Serbia
    Miloš Stanković
    Received: ;

  • Abstract: Given the great importance of innovation for economic development, each country strives to adapt its business environment to the continuous development of innovation. At the beginning of the Covid-19 health crisis, the question was what the impact on innovation would be. Investments in innovations have shown great resilience in the conditions of the pandemic, especially in the field of modern information and communication technologies and scientific research activities. North America and Europe continue to be ahead of other regions in terms of innovation. The aim of this paper is to point out the importance of innovation as a factor of economic development in the conditions of the Covid-19 health crisis. The first part of the paper points out the role of innovation as a factor of economic development. The second part of the paper is dedicated to the analysis of the Global Innovation Index for 2021 and the impact of the Covid-19 health crisis on innovation. The third part of the paper analyzes the innovation in the Republic of Serbia and gives recommendations for improving the innovativeness of the economy of the Republic of Serbia in the conditions of the Covid-19 health crisis. After a comprehensive analysis of the available literature, relevant conclusions are presented.

    Keywords: innovation, economics, health crisis, Covid-19, global innovation index.

    JEL Classification:


    Marina Jovović, Academy of Vocational Studies South Serbia, Department of Business Studies Blace
    Kristina Cvetković, Academy of Vocational Studies South Serbia, Department of Business Studies Blace

    Received: ;

  • Abstract: The dynamic development of service activities in the world has led to their increasing contribution to the overall economic and social development. The service sector has become the driving force of economic development in most countries and the most dynamic component of international trade. The service sector participates with over 60% in the gross national income of the world economy. While the number of employees in industry and agriculture is rapidly declining, in most developed countries employment in services exceeds 80%. The shift towards services is attributed to the growth of living standards, increase of free time, change of lifestyle, development of technology. Technology development is one of the most important factors in the accelerated development of services. Thanks to the development of information technology and the reduction of communication costs, there has been a significant improvement in international trade in services. The crisis caused by COVID-19 caused huge losses in the export of services, but it pointed out the importance of technology and long-term technological changes in the service sector.

    Keywords: services, service sector, international trade, technologies, economic development.

    JEL Classification:


    Milica Vukićević Petković, Kosovo and Metohija Academy of Applied Studies, Leposavić
    Jasmina Šmigić Miladinović, Kosovo and Metohija Academy of Applied Studies, Leposavić

    Received: ;

  • Abstract: Within a society, not only citizens but also economic entities, social organizations and the state as a complex legal organization can play an important role in achieving common interests. Environmental policy cannot be implemented by just one ministry, one city, one company, environmental protection requires joint work.Today, Serbia is mature enough to take into account every aspect of the life of its citizens and establish harmony between the increase of people's living standards and the preservation of social peace with minimal environmental pollution.
    The paper analyzes the importance of both the private and public sectors in terms of implementing environmental policy and establishing a balance between economic progress and environmental protection. On the other hand, it is pointed out that the adoption and implementation of environmental legislation entails high costs and significant investments, which can be an insurmountable obstacle for countries with poor economic opportunities.

    Keywords: environmental policy, economic entities, local self-government, legal regulations.

    JEL Classification:


    Maja Katanić, Academy of Vocational Studies of Kosovo and Metohija, Leposavić
    Jelena Katanić, College of Modern Business, Belgrade
    Zoran Katanić, Academy of Vocational Studies of Kosovo and Metohija, Leposavić

    Received: ;

  • Abstract: Globalization has produced changes that have fostered technical progress and competition in the hotel business. Two factors are responsible for the success of business in the hotel industry: management and high quality of services. Human resources management represents a new segment of managing and organizing business activities, ie a new method of considering employees and their potentials in the health and tourism center. This paper aims to determine the impact of human resource management on health and motivation, the effect of incentives for motivation, the effect of health and safety on employee performance and the effect of motivation on employee performance.

    Keywords: technical progress, motivation, management, globalization mission.

    JEL Classification:


    Violeta Mihajlović, Kosovo and Metohija Academy of Applied Studies, Leposavić
    Verodrag Miletić, Kosovo and Metohija Academy of Applied Studies, Leposavić

    Received: ;

  • Abstract: Strategic positioning as a critical step in defining the strategy of a company can be seen as one of the greatest contributors to its success in relation to its competition. Eventually, it may be required for an established business to formulate a new strategy when facing revenue loss, or when it is necessary to facilitate faster development inside a changing environment as well as to achieve a competitive advantage. The purpose of this paper is to discuss the identification and reduction of some of the more common limiting factors that influence successful positioning of such a businesson the market.

    Keywords: strategy, positioning, market, limiting factors, competition.

    JEL Classification:


    Dejan Dašić, Faculty of Law, Security and Management "Constantine the Great", Niš
    Ivan Kostadinović, Faculty of Law, Security and Management "Constantine the Great", Niš
    Svetolik Kostadinović, Faculty of Law, Security and Management "Constantine the Great" Niš

    Received: ;

  • Abstract: False news and rumors have grown frequent in today's world. The dissemination of such information has only been helped and hastened by the media and modern information and communication technology, with far-reaching repercussions. Traditional media is losing its audience's confidence, and more and more people are getting their news from their peers through social media. Not only has social media altered the way news is distributed, but it has also called into question long-held views about what news should look like. One thing is certain: this situation cannot be sustained; a new paradigm must be developed to restore trust in the media and the information they provide.

    Keywords: media, fake news, communication, post truth.

    JEL Classification:


    Milan Šoškić, Visoka poslovna škola strukovnih studija "Čačak", Čačak, Srbija
    Ljubiša Milačić, Akademija strukovnih studija Južna Srbija - Odsek Blace

    Received: ;

  • Abstract: Business efficiency is not only reflected in the productivity of the company and financial profit, but we must take into account the communication of employees between themselves and management structures within the company. We will see the importance of employees within the company, and the attitude of the employer towards them. The correct approach of the employer towards the employees is of great importance for the prosperity of a company, and here we can see that employees are an inexhaustible resource that the company has. In the following, I have commented a lot on the attitude of the employer towards its employees and I believe that there are many omissions that lead to major problems within the company. After a critical attitude, I tried to bring closer through this work the way of doing business of successful companies that have been on an upward path for a long time, which are their thoughts on internal communication, internal marketing, status and approach to their employees. Further work will show that it takes very little culture and patience of the employer towards employees in order to achieve even greater success in a changing market. Here we will notice how important and significant the influence of employees is in building the name of the company.


    JEL Classification:


    Mirjana Mrvaljević, Kosovo and Metohija Academy of applied studies, Leposavic, Serbia
    Nenad Kojić, Kosovo and Metohija Academy of applied studies, Leposavic, Serbia
    Nebojša Mitić, Akademija strukovnih studija Južna Srbija - odsek za poslovne studije Blace

    Received: ;

  • Abstract: Financial reports represent the most efficient way to periodically present information on the company's operations to interested parties. The greatest responsibility for the quality of financial statements lies with the company's management and the persons in charge of compiling them. Presenting business results better than they are, the so-called make-up, by owners and managers, has led to many frauds and manipulations in the business of the company, which found their expression in false financial reports. The loss of user confidence in the information presented in the financial statements has unforeseeable consequences for financial markets and the economy as a whole. A large number of examples of fraud and manipulation in financial statements indicate the importance of recognizing them and distinguishing them from technical and unintentional errors. In this paper, we strive to present the motives and goals of fraud and manipulation in financial statements, responsibility for the occurrence and shortcomings that led to embezzlement and abuse, and identify opportunities for their prevention and relativization.

    Keywords: financial reports, fraud, manipulation, management responsibility , false financial reports.

    JEL Classification:


    Jasmina Šmigić Miladinović, Kosovo and Metohija Academy of Applied Studies, Department Peć - Leposavić, Leposavić

    Received: ;

  • Abstract: Risk is an integral part of everyday business. Doing business outside the borders of the national economy implies settlements and payments in different currencies and carries with it the occurrence of risks of changes in exchange rates, interest rates on the international market and the like.
    Globalization has led to the fact that economic entities are necessarily directed to do business with foreign economic entities, either in the role of buyer or in the role of seller. In both cases, payment is implied, but also settlement in domestic and foreign currency, since in the Republic of Serbia the official currency is the dinar, and most foreign exchange operations are performed in euros and dollars. The problem can arise on several grounds, due to the mismatch between the realization of business and payments, due to the overestimation or underestimation of the domestic currency in relation to the foreign currency, but also due to numerous other reasons.
    Having in mind the above, the aim of this paper is to point out the need for risk management in foreign exchange operations of economic entities, which significantly affects the stability of the financial and overall economic system of a particular national economy.

    Keywords: risk, risk management, foreign exchange operations, currency.

    JEL Classification: G32, F31


    Milan Veselinović, Akademija strukovnih studija Kosovsko Metohijska, Leposavić
    Nikola Milošević, Akademija strukovnih studija Kosovsko Metohijska, Leposavić

    Received: ;

  • Abstract: Opšte je poznato da bez nafte i gasa nijedan privredni sistem ne može da funkcioniše i da se ovi energenti smatraju "krvotokom" svake privrede, bilo da se radi o razvijenoj ekonomiji, ekonomiji u razvoju, ili nerazvijenoj privredi. Rezerve nafte prate rezerve gasa, a raspodela rezervi ovih energenata u svetu nije ujednačena. S jedne strane imamo zemlje sa viškovima rezervi ovih energenata, pa su i izvoznici nafte i gasa, a sa druge strane zemlje koje su u deficitu ili ih nemaju, a moraju da ih uvoze.
    Neke zemlje, kao i neke članice Evropske unije, su putem svojih energetskih politika uspele u većoj ili manjoj meri da razviju izbalansiranu energetsku potrošnju na duži rok, dok neke nisu. Zbog oskudacije u rezervama fosilnih goriva i kompleksnosti njihovih privreda mnoge zemlje nisu bile uspešne u tome, te su u i dalje kvalifikovane kao zavisnice od uvoza fosilnih energenata. Pored unapređenja energetske efikasnosti i štednje, skladu sa čestim geoplotičkim nemirima i tenzijama uzrokovane pri nabavci odnosno distribuciji energenata, mnoge zemlje koje su uvozno zavisne od energenata se pre ili kasnije odlučuju za diverzifikaciju nabavke istih, ali i zamenom fosilnih goriva obnovljivim izvorima energije.

    Keywords: diverzifikacija rizika, distibucija nafte i gasa, uvoz nafte i gasa, uvozna zavisnost.

    JEL Classification: Q31, Q34


    Slaviša Milić, Akademija strukovnih studija Kosovsko Metohijska, Leposavić

    Received: ;

  • Abstract: Polazeći od opšteprihvaćenog stava da je prodaja jedna od ključnih funkcija u organizacionoj strukturi preduzeća, sve veći zahtevi koji se postavljaju pred menadžment prodaje, doprineli su snažnoj profesionalizaciji ove poslovne i marketing funkcije. U skladu sa marketinškim načinom poslovanja, prodaja usklađuje napore prodavaca sa potrebama kupaca i ukazuje kupcima da su prodavci spremni i voljni da izađu u susret njihovim zahtevima. Prodaja je profesija koju nije lako savladati. Na svom najkompleksnijem nivou, ona uključuje učenja i veštine koje podrazumevaju koncepte i principe: psihologije, sociologije, komunikacija, menadžmenta, ekonomije i marketinga, što podrazumeva bihejvioristički pristup prodajnim aktivnostima kompanija.

    Keywords: prodaja, kupci, strategija, menadžment, marketing, organizacija.

    JEL Classification:


    Slavica Anđelić, College of Modern Business, Belgrade
    Biljana Ilić, Faculty of Management in Zajecar

    Received: ;

  • Abstract: When we mention social entrepreneurship, we mean primarily the good use of the principles of classical or traditional entrepreneurship, in terms of the application of adequate processes and operations, to recognize social problems and achieve certain changes. In this way, social entrepreneurship strives to identify or recognize problems, but also to overcome them. Although Social Entrepreneurship is associated with change, it does not have to be profound, ie it does not have to include a complete solution to the social problem. It is necessary and necessary to apply adequate research, define the social problem, and then move on to the phase of forming smaller goals and the application of management in the endeavor that would lead to the desired changes. Social entrepreneurship can focus on improving certain social circumstances over a very long peri. The paper will emphasize the importance of social entrepreneurship and management that is related to it, but through a new framework in which the emphasis is placed on women's entrepreneurship.

    Keywords: Social entrepreneurship, changes, social problems, improvement, women's entrepreneurship.

    JEL Classification:


    Miloš Tošić, Visoka medicinska škola strukovnih studija "Milutin Milanković", Beograd

    Received: ;

  • Abstract: Kao što je veoma bitna uloga lidera u upravljanju kompanijama, tako poslednjih godina raste interesovanje za ulogu lidera u institucijama visokog obrazovanja. Visokoškolske institucije rade u složenom okruženju koje uklјučuje uticaj spolјnih faktora, nove tehnologije za nastavu i učenje, globalizaciju i promenu demografije studenata. Upravlјanje takvom složenošću i promenama zahteva strategiju liderstva koja je fleksibilna i održiva. Upravljanje promenama zahteva od zaposlenih u organizaciji da usvoje nova znanja, prikupe više informacija, odgovore novim zadacima, poboljšaju svoje veštine, te često menjaju svoje radne navike, vrednosti i stavove. Ovo uključuje promene u ljudima - kod uprave i zaposlenih, njihovih sposobnosti, motivacije, ponašanja i delotvornosti na radu, odnosa, uticaja, stila upravljanja.

    Keywords: Upravljanje, Kadrovi, Ljudski resursi, Visoko obrazovanje.

    JEL Classification: M12, M54


    Aleksandra Kovačević, Tehnički fakultet "Mihajlo Pupin", Zrenjanin

    Received: ;

  • Rezime: Cilj ove analize je utvrditi u kojoj meri zaposleni smatraju da je menadžmen znanja tj dodatnih edukacija ima uticaj na poslovni uspeh preduzeća. Definisani ciljevi istraživanja odnose se na pretpostavku da postoji povezanost sa godinama starosti zaposlenih o stavu koji se odnosi na primenu menadžmenta znanja. Savremeno društveno poslovanje se temelji na modernoj tehnologiji, znanju kao i novim teorijama upravljanja. Primena novih tehnologija pomogla je u velikoj meri da se poboljša kvalitet ljudskog delovanja u mnogim oblastima kako poslovnim tako i društvenim. Preduzeća u sve većoj meri pridaju važnost kvalitetu. Kako bi se u potpunosti ostvario sistem kvaliteta potrebno je da se jasno i precizno definišu ciljevi i strategije kojim se vodi preduzeće. Smatra se da obrazovanje, usavršavanje nisu samo želje zaposlenih već potreba. Edukacija pomaže ne samo pojedincima već i široj društvenoj zajednici.

    Ključne reči: menadžment ljudskih resursa, znanje, edukacija, savremeno poslovanje, industrija 5.0.

    JEL Classification:


    Nikoleta Mihajlović, Faculty of Philosophy, Department of English Language and Literature, University of Priština, Kosovska Mitrovica

    Received: ;

  • Abstract: Over the decades, English, more specifically Business English, has become a lingua franca in the business world. Intercultural communication is becoming more prevalent and essential with the ever-changing and ever-merging world economy. Adopting economic terminology is crucial in these conditions and improving communication skills for efficient and effective results is becoming imperative in the business world. English proficiency has become a matter of course, particularly in occupations such as banking, international trade, business informatics, marketing, economics, communications, business law, tourism and the like. Global business relations, now more than ever, necessitate contact between people from various socioeconomic classes, cultures and languages. This paper explores the nature and linkages of Business English and intercultural communication, as well as factors that influence intercultural competence.

    Keywords: Business English, intercultural communications, intercultural competence, global business.

    JEL Classification: M10, Z13


    Mirjana Štaka, Data d.o.o., Istočno Sarajevo, BiH
    Aleksandar Đukić, Ugostiteljsko trgovinsko turistička škola, Banja Luka, BiH
    Višnja Kojić, Panevropski Univerzitet Aperion, Banja Luka, BiH

    Received: ;

  • Abstract: Više od 150 godina nakon dokumenta Engel "Die Productions und Consumptionsverhaltnisse des Königreichs Sachsen", ekonomisti i kreatori politike posvećuju neumornu pažnju njegovom radu, posebno njegovoj primjenjivosti i relevantnosti u različitim ekonomskim kontekstima. Prema Engelovom zakonu, u ekonomiji postoji hijerarhija potrošnje. Domaćinstva sa niskim životnim standardom će potrošiti više novca za pokrivanje osnovnih potreba (hrana, odjeća, stanovanje, itd.) Kako se prihodi povećavaju, potrošnja se usmjerava na kupovinu dobara za njihovu udobnost (zdravstvo, transport, rekreacija i kultura, turizam). Cilj rada je da se ispita vrijednost Engelovog prvog zakona u potrošnji domaćinstva Bosne i Herzegovine u periodima od 2004, 2007, 2011 i 2015. godine. Za tumačenje dinamike domaćinstava upotrijebljeni su sekundarni podaci iz sljedeće baze podataka: CeicData, Worldbank, Eurostat i Agencije za statistiku BiH. Istražili smo odnos između potrošnje i prihoda kroz analizu regresije i otkrili da se Engelov zakon primjenjuje u ekonomiji BiH, sa specifičnim razvojem i uticajima. U razvijenim ekonomijama prelazak na usluge i potrošnju je brža. Udio potrošnje hrane evoluira u obrnutom odnosu sa dohotkom i koeficijent elastičnosti ove vrste potrošnje je veći od 1, što implicira da će pri porastu prihoda od 1% porast potrošnje biti manji od 1%. U slučaju potrošnje usluga, koeficijent elastičnosti je veći od 1, što znači da će povećanje prihoda od 1% dovesti do povećanja potrošnje usluga većeg od 1%. Elastičnost neprehrambene potrošnje održava se oko 1. U ovom radu biće upotrijebljen nelinearni dvojno logaritamski regresioni model kako bi se testirala validnost Engelovog prvog zakona uticaja dohotka na vrijednost utrošenu na kupovinu hrane i bezalkoholnih pića. Rad je organizovan u četiri cijeline na sljedeći način: nakon pregleda literature, izloženi su podaci i metodologija studije, četvrti dio je usmjeren na rezultate istraživanja, a posljednji dio posvećen je zaključcima.

    Keywords: Engel, rashodi, dohodak, potrošnja i zakoni.

    JEL Classification: