The rapid expansion of workfrom-home (WFH) arrangements raises an important question: how does organisational learning travel across individual, team, and organisational levels when work becomes spatially distributed? Drawing on organisational learning and human resource management (HRM) theory, this study examines how individual learning (IL) translates into collective outcomes under WFH conditions. Using survey data from 2,171 employees in Serbia, we analyse the interplay of learning across individual, team, and organisational levels during an abrupt shift to remote work. The findings indicate that learning operates as a multilevel process in which team dynamics act as a critical bridge between individual initiative and organisational adaptation. Individual self-regulation contributes to broader learning only when supported by collaborative teams and enabling organisational structures. Leadership and psychological safety facilitate this cross-level learning, while rigid structures and limited formal systems constrain team and organisational learning. The study contributes empirical insight into multilevel learning during large-scale disruption and highlights the conditions under which individual learning generates collective benefits, particularly in a non-Western, post-socialist context. The findings offer practical implications for designing organisational strategies that support learning in remote and hybrid work environments.
This paper reviews and highlights major shift in views and approaches to the international economic order and the policies aimed at rebalancing that order in the perceived interest of the US by the current Trump administration. It presents the problem of the long-existing US current account and budget deficits and the perception that they present an unsustainable and immediate problem that needs urgent action as the cause of these shifts. It provides an overview of previous actions by presidents Nixon and Reagan regarding the rebalancing of the US current account deficits. The policies of the current US administration regarding the problem of dual deficits is so radical that it has willfully put an end to the international economic order through unilateral action. There have been some attempts at providing an economic analysis and justification for the direction of the applied policies. However, it seems that the policies pursued by the US administration follow an unpredictable path as they are based on bilateral deals and leverage. The paper points out that actions regarding internal macroeconomic balances such as policies that would be in the direction of lowering the budget deficit could have mitigated these problems.
When purchasing different products, consumers often implicitly or explicitly agree to various privacy arrangements. These arrangements may pertain to the regulations surrounding the management of information gathered during product purchases and usage. In his paper, Joseph Farrell discusses a “dysfunctional” equilibrium in the privacy dynamics between firms and consumers, emphasising that consumers have resigned themselves to a reality without privacy. He highlights that the Federal Trade Commission (FTC) acknowledged the necessity of steering clear of such an equilibrium in its report. The EU is also undertaking significant initiatives, as evident in the General Data Protection Regulation (GDPR) and Digital Markets Act. This paper demonstrates that the privacy game in question can be modelled as a simplified ultimatum game, revealing that the dysfunctional equilibrium is subgameperfect. While the evolutionary approach employing replicator dynamics suggests the existence of other local attractors relevant to the original ultimatum game, these attractors, contrary to the fairness analysis, prove insignificant in our case. By combining a simplified ultimatum game with evolutionary dynamics, this paper shows how structural and strategic factors stabilise low-privacy outcomes and evaluates how current EU and US regulatory measures interact with these dynamics, highlighting conditions under which privacy-protective strategies could gain traction.
This article presents a comparative analysis of local tax policies in the 24 largest municipalities in Bulgaria and the 24 “large cities” in Croatia (those with more than 30,000 inhabitants or serving as county seats), with a focus on property-related taxes and other significant sources of local revenue. Since 2007, Bulgarian municipalities have had the authority to set tax rates within centrally defined minimum and maximum thresholds. In contrast, Croatian local self-government units operate under a national legislative framework that allows them to adjust tax rates and introduce various local fees. The study explores three key questions: (i) to what extent local tax policy features prominently on municipal political agendas; (ii) the relative influence of mayors versus municipal or city councils in shaping tax policy; and (iii) the extent to which municipalities utilise maximum allowable tax rates compared to adopting alternative revenue-enhancing measures. The findings offer empirical evidence and comparative insights, highlighting both the strengths and limitations of current local tax policy practices in Bulgaria and Croatia. The article concludes with policy recommendations to improve the effectiveness and autonomy of local fiscal governance in both countries.
This paper focuses on the reciprocal tariffs imposed by the US administration and their strategic consequences for small, open, and non-aligned countries, such as Serbia. After a year, they are replaced with new 15% across-the-board tariffs, but the underlying US trade policy remained the same. In it, geopolitics shapes the world trade order, while military expenditures drive industrial policy. The following topics matter to Serbia in handling American tariffs: changes on the geopolitical map of the world, the gravitational economic power of the main trade blocs (USA and USMCA, China and BRICS, EU), the effect of their relations on third countries (Serbia), economic sanctions in the form of reciprocal US tariffs (including secondary tariffs), the arms race and its impact on reindustrialization, the impact of proxy wars on military expenditures and trade, and Serbia’s position in the global supply chains (especially rare minerals). Due to the American tariffs, Serbia’s position as a non-aligned country is not sustainable anymore. The methodology applied in this paper combines an analysis of geopolitical factors modelling the new world trade order with a classical econometric analysis of the elasticity of trade with respect to income and prices.
As the digital economy continues to evolve, the demand for humancentric competencies is becoming increasingly critical. This study examines the role of soft skills in bridging the skills gap in modern business environments, with a focus on communication, teamwork, adaptability, and emotional intelligence. Based on a survey of 71 senior managers and executives from diverse business sectors in Bosnia and Herzegovina, the findings indicate that communication skills are the most highly valued, followed closely by teamwork and adaptability. At the same time, emotional intelligence, though necessary, ranks comparatively lower. To contextualise these insights, the study incorporates ICT adoption data from the Agency for Statistics of Bosnia and Herzegovina to explore how digitalisation is reshaping workforce demands. The observed trends suggest that the need for problem-solving, adaptability, and interpersonal competencies could intensify as automation and digital tools become more integrated into business operations. The study highlights the growing need for interactive, feedback-driven training methods rather than traditional instructional approaches to develop these skills effectively. The findings inform strategic recommendations for human resource development, educational curricula, and organisational policies to ensure that businesses can cultivate a workforce capable of navigating the challenges of an increasingly digitalised economy.
This article produces monthly GDP estimates in response to the need for growth indicators that are updated more frequently, providing timely information about the Turkish economy. In this context, a dynamic factor model and an expectation-maximisation algorithm were applied using high-frequency macroeconomic indicators for the period 1998–2024. A 29-month indicator was chosen to represent the general structure of the Turkish economy, which is characterised by the dominance of the industrial and services sectors. A high level of agreement was observed between the estimated common factor and the quarterly GDP data published by the Turkish Statistical Institute. It was noted that the model was particularly successful in detecting turning points. In addition, significant and strong correlations were found between the leading indicators of the Central Bank of the Republic of Türkiye and the estimated monthly GDP series. This supports the usability of the indicator in monitoring current economic activity for policy-making purposes. The model is evaluated both insample and out-of-sample, achieving 90% directional accuracy in out-of-sample forecasts. However, the model’s performance deteriorates during structural shifts, such as major monetary policy transitions. Nevertheless, the study contributes to the literature by providing a monthly GDP estimate with a real-time and structural approach for the first time in Türkiye.
Grounded in the Theory of Planned Behaviour (TPB), this study examines whether homeownership intention – driven by consumption needs rather than investment motives – encourages individuals to overlook financial risks in pursuit of immediate housing benefits. Using quota sampling, data were collected from 420 non-homeowners and analysed with partial least squares structural equation modelling. The findings show that attitudes, perceived homeownership control, subjective norms, financial risk perceptions, and household debt significantly affect homeownership intention, whereas credit access does not. Moreover, neither credit access nor household debt moderates the relationship between financial risk perceptions and homeownership intentions. Nevertheless, financial strain emerges as a hidden pressure that undermines the psychosocial drivers of homeownership intentions. These results extend the TPB by integrating behavioural-finance insights, revealing that homeownership intentions are shaped not only by attitudes, norms, and perceived control but also by financial anxiety. For policymakers, the implications are evident: strengthening self-efficacy, social support, and financial literacy may prove more effective and sustainable than merely expanding credit access in enabling vulnerable households to achieve their first step on the property ladder.
This paper examines postpandemic shifts in the seasonality of Greek air-tourism demand over 2019–2024. It compares Athens International Airport with a group of 14 regional airports operated by Fraport Greece, which mainly serve leisure destinations. Seasonality is assessed using three standard inequality and concentration measures (Gini, Theil T and Herfindahl–Hirschman indices) applied to monthly passenger shares, complemented by heat maps and coefficient-of-variation checks. The data cover the pre-pandemic, pandemic and recovery phases, capturing both the one-off COVID-19 shock and subsequent adjustment. The share of traffic in the shoulder months rose modestly (Athens: from 38.4% to about 41%; regions: from 48.5% to around 49%), but the concentration indices for Athens fell below their 2019 levels, indicating a clearer rebalancing of demand across the year. In contrast, regional airports remain strongly dependent on the July–August peak, despite some easing of seasonality. The findings suggest that COVID-19 acted as a catalyst for seasonality smoothing at the metropolitan hub, while adjustments in island destinations have been slower. These results underline the importance of destination management, coordinated airline–airport strategies and targeted incentives for off-peak traffic as part of broader sustainable-tourism and climate policies in Mediterranean countries.
This article explores the relationship between trust in the manager and job satisfaction of employees. Data was collected via a structured questionnaire from 591 respondents in Bulgaria. The correlation analyses confirm the two hypotheses formulated regarding positive relationships between trust in the manager and specific facets of job satisfaction (H1) and overall job satisfaction (H2). The relatively low levels of trust in the manager and job satisfaction align with previous conclusions that the country is a low-trust society. Cross-tabulation analyses and ranking of the relationships’ strength between each of the trust indicators (dependability, reciprocity, and shared understanding) and job satisfaction indicators (several specific facets and overall satisfaction) are interpreted. The findings are complemented through the lens of other national culture dimensions (power distance and individualism). This study’s conclusions highlight the need for a more comprehensive understanding of trust and the mechanisms through which it shapes the organisational context and outcomes, especially in low-trust societies.
The paper explores the phenomenon of asymmetric price adjustments of petroleum products to changes in oil prices on the Bosnian and Herzegovinian market. We examine the existence of an asymmetric response of retail diesel and petrol prices to changes in oil prices, analysing whether there is a slower adjustment in the case of a decrease in oil prices compared to an increase. The study is conducted using monthly data, for the period from 2010 to 2024. The methodological framework includes the Engle–Granger cointegration test, the error correction model, and the Wald test to check for short-term asymmetric effects. The findings show that there is a long-term equilibrium in crude oil and petroleum products prices, with the degree of adjustment in derivatives prices being significant but not complete.
The audit of financial statements represents a highly important and indispensable area of accounting, focused on assessing the reliability and fairness of a company?s financial reporting. The purpose of conducting an audit of financial statements is to issue an audit opinion. Therefore, this study aimed to identify factors that may indicate the issuance of either a modified or unmodified audit opinion. The study included 52 companies operating across various industries within the Republic of Serbia over a period of three years. Limitations include the focus on a single country and a relatively small sample. Future studies could include companies from neighbouring countries and increase the number of observed entities. The theoretical implications of this study lie in expanding understanding of the factors influencing the issuance of modified and unmodified audit opinions. Practical implications, on the other hand, reflect the relevance of the results for auditors and company management. The findings indicate a statistically significant relationship between factors such as profitability, liquidity, size, and growth of a company, on the one hand, and the issued audit opinion, on the other.
This study examines the effect of economic complexity on inclusive growth from 2000 to 2021 based on a sample of 68 developing countries. Applying the two-stage least squares approach (Lewbel method), we find that economic complexity has a significantly positive effect on inclusive growth. This result is robust with quantile, Tobit, Poisson, and negative binomial methods, applied per continent. Our results challenge the conventional focus on economic growth as the sole policy objective and highlight the importance of considering the quality and distribution of growth. Specifically, the findings suggest that countries with a more complex economic structure tend to experience higher levels of inclusive growth, emphasising the need for policies that foster economic diversification and sophistication. Additionally, factors such as government spending, taxation, and public debt are identified as key determinants that can either support or hinder inclusive growth in developing countries. This study contributes to the ongoing debate on inclusive growth and provides valuable insights for policymakers promoting sustainable and equitable development strategies in developing countries.
This paper examines the short-term and long-term relationship between disposable income and consumption to evaluate the Keynesian absolute income hypothesis (AIH) for Bangladesh. Data from 1974 to 2021 were sourced from the WDI and the Policy Research Institute of Bangladesh. The OLS model, which segments the period into different parts as well as the entire timeframe, provides evidence supporting Keynesian AIH. Additionally, error correction models were used to analyze the relationship between disposable income and consumption. The negative and significant error correction coefficient indicates that the marginal propensity to consume (MPC) adjusts toward its long-run level even though it fluctuates in the short run. The pairwise Granger causality test was performed, and a bidirectional relationship between consumption and income was found. Various diagnostic tests were conducted to verify the robustness of the results, which strongly support the AIH for Bangladesh. Based on these findings, several policy recommendations are proposed for implementation by governments to help strengthen the economies of developing countries such as Bangladesh.
This study investigates the factors influencing women?s saving behaviour for economic advancement in developing countries. A total of 418 individuals aged 18 to over 50 years old from various demographic backgrounds in Bangladesh were included in the study. The data was processed and analysed with structural equation modelling using Smart PLS (version 4.1.0.3). This study concluded that financial inclusion, technology, and digital inclusion have a notable positive influence on the economic empowerment of women and, consequently, women?s economic empowerment leads to the economic advancement of the nation. The study highlighted how the factors influencing women?s saving habits are connected to the economic freedom of women and the reciprocal effect that is generated on the nation?s economic development by dint of better decisionmaking, diverse investment options, resource allocation, and agency formation by women in general. Consequently, it is crucial to have strategies that focus on improving these factors and enforcing actions that promote gender equality and economic independence for women to unleash their potential as catalysts of sustainable economic development in developing countries.
Serbia has experienced an acceleration of its GDP growth rate in recent years, to a large extent thanks to strong inflows of foreign direct investment (FDI). Given that such favourable trends may not continue in the coming years as multinational companies move to other locations, it may be wise to reflect on a different type of industrial policy. Rather than relying predominantly on attracting foreign investors, Serbia could implement a more diversified industrial policy that would place major emphasis on internal sources of growth, in this way embedding recent economic successes into the local economy. Serbia?s economic growth could be accelerated by implementing several groups of inter- related measures: increasing domestic investments while targeting priority sectors more efficiently; devoting major attention to R&D, innovation and education; offering more adequate support to local enterprises, particularly SMEs; and devising measures to facilitate the green and digital transitions. Deeply rooted institutional weaknesses must also be addressed through better governance within both state and non-state institutions.
This study examines the key factors driving inflation in the European Union (EU) member states, focusing on both cost-push and demand-pull effects. By analysing monthly data from January 2005 to February 2023, the study investigates how inflation dynamics have evolved over time, particularly in response to external shocks such as rising energy prices. Inflation reached its highest levels in recent decades in 2022, driven by a combination of costpush factors, such as rising crude oil prices, and the demand-pull effects that emerged in late 2021. The study employs fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods to analyse long-run inflation determinants. These econometric techniques are used to address potential issues of endogeneity and serial correlation in the dataset, providing robust and reliable estimates of inflation trends across the EU. The findings reveal that inflation was initially driven by cost-push factors, but these pressures subsided as energy price growth decelerated. From October 2021 onwards, demandpull effects became more pronounced as aggregate demand surged. Additionally, the study highlights significant disparities in how EU member states responded to external energy price shocks, underscoring the need for more coordinated EU energy policy. Its results suggest that EU policymakers need to implement more coordinated fiscal and energy policies to mitigate the impacts of external price shocks. Future research should focus on country-specific drivers of inflation and assess the long-term effects of coordinated energy strategies within the union. This study contributes to the literature by using advanced econometric methods to analyse inflation dynamics over an extended period and provides valuable insights for policymakers, particularly in addressing the varying impacts of external shocks across EU member states.
This paper analyses how deviations in nominal exchange rates have an effect on domestic prices - also known as exchange rate pass-through (ERPT) to inflation - in Bangladesh using time series data from 1989 to 2022 and employing the econometric methods of the Engle-Granger 2-step cointegration model and the Vector Error Correction (VECM) model. Understanding the extent of ERPT is important as it has consequences for domestic and export prices and exchange rate stability. This paper confirms the significant negative impact of escalating nominal exchange rates on inflation, i.e., devaluation of the taka leads to inflationary burdens within the internal economy. The VECM model shows that a one-per-cent decrease in the nominal exchange rate tends to raise inflation by 0.76 per cent, while the corresponding longrun impact as reflected through the Engle-Granger estimation is 0.89 per cent. These results bear important policy implications for managing prices and incentivising exports.
The increasing prominence of environmental protection reflects its integral role in shaping global economic and social agendas. As the consequences of human activity increasingly extend beyond financial implications to affect broader societal well-being, environmentally conscious policy design has become essential. In this regard, proactive environmental strategies are crucial not only for ecological sustainability but also for strengthening the overall quality of human capital. This study investigates the relationship between environmental protection efforts and human development through a panel data analysis of 15 OECD member states, from 2010 to 2021. The empirical findings reveal a longterm equilibrium relationship among the variables, with environmental protection expenditures contributing positively to improvements in the Human Development Index. Conversely, long-run coefficients for public expenditures on education and health appear to have a negative association with human development. Furthermore, causality tests indicate the presence of unidirectional causal links between the examined variables. Based on these results, the study offers policy insights that underscore the importance of effectively channelling resources toward environmental initiatives to support sustainable human development.
With the year 2030 rapidly approaching, most African nations are facing difficulties meeting their sustainable development goal (SDG) commitments. “Good health and well-being”, as outlined in SDG 3, continue to be high on the agenda of nations around the world. A number of factors, including weak institutions, deteriorating environmental conditions, and socioeconomic challenges, among others, have contributed to the difficulties that many sub-Saharan African (SSA) countries face in reaching SDG 3. This study therefore analyses the role of institutions and environmental and socioeconomic factors in achieving good health and wellbeing of 45 SSA nations from 1996 to 2018. Three estimators, pooled OLS, fixed effects, and system GMM, form the basis of our empirical findings. Our finding shows that human outcomes were negatively impacted by the deteriorating environmental quality. Furthermore, weak institutional frameworks explain the region’s poor health outcomes. Concerning the socioeconomic factors, there is substantial statistical evidence linking rising income to better health outcomes. The region’s health status improves once literacy and basic school enrolment increases. Furthermore, investing in infrastructure improves health outcomes through better energy and sanitation. Macroeconomic stability measured by low inflation and net official development assistance improves health outcomes. However, population growth and urbanisation contribute to SSA’s poor health outcomes. The findings provide input into formulating sound health policies for attaining SDG 3.
