If we start from the generally accepted definition of the budget that it represents a set of all planned income and expenses of an individual, company or state for a period of one year, we come to the conclusion that the amount of the budget itself depends precisely on the amount of the planned income and expenses. Taxes are a significant source of those budget revenues. Personal income tax as a subcategory of direct taxes is a very important source of tax budget revenues. Automatically, with the increase in the amount of income from personal income tax, there is an increase in the amount of the budget, which should ultimately lead to a decrease in the budget deficit. Whether and to what extent there will be a reduction in the budget deficit due to the increase in income from the aforementioned tax will be investigated in the paper itself.
The importance of managing complex human resources, as well as the prior establishment of a sophisticated human resources model, is reflected in the increasing adoption of similar models by domestic companies. This trend is particularly evident in companies originating from developed countries, such as the United States and Western European nations, where the integrated recognition of human resources as a strategically crucial component in organizational and business culture is well-established. The aim of this paper is to present, analyze, and prove the thesis that strategic human resource management can be a key factor in improving productivity and optimizing business operations. Human resources are not merely a mechanism for resolving administrative issues, but a complex component in the systematization of a company, which, when positioned as a strategically important entity, can influence everything from employee care to the prosperity of the company.
Communication is a central function in organizational performance. The level of information, in fact, is the level of development of the system of every modern organization, including health institutions. In order to be able to independently make decisions, propose solutions and organize their work, employees must have all the necessary information. This topic is especially important in crisis situations, when the working conditions are much more sensitive and require additional empathy in understanding the needs of employees and patients, additional strengthening of trust and unity within the team. On the other hand, fast, accurate, consistent and open communication allows organizations to preserve credibility, reduce the spread of misinformation, protect reputation and maintain public trust in times of crisis. The relationship between communication and conflicts deserves special attention at work. Although conflicts are inevitable in any work environment, their timely recognition and resolution depends on the ability of managers to apply the principles of effective communication. In the following sections of the paper, the basic features of this kind of communication will be presented, obtained by the method of content analysis, as a scientific method for the qualitative processing of the available literature in this field and the analysis and synthesis of the knowledge it contains. The results of the analysis showed that effective communication is necessary to maintain the quality of work of health institutions, especially in crisis conditions.
This research paper examines the impact of financial inclusion factors on the GDP growth rate across 100 countries over the period 2006-2021, using the dynamic Generalized Method of Moments (GMM). It analyzes various dimensions of financial inclusion, including access to financial services, usage of financial services, and the quality of financial services. The analysis reveals that access to financial services is a major challenge in many countries, with physical access to financial institutions being the primary issue. The findings also show statistically significant positive relationships between GDP growth and: the number of ATMs, the number of commercial bank outlets per 1,000 square km, and the number of ATMs per 100,000 adults; while negative relationships are observed between GDP growth and: the number of commercial banking institutions, the number of commercial bank branches, the number of commercial bank outlets per 100,000 adults, and the number of ATMs per 1,000 square km. These findings have important implications, including the need to support the development of financial inclusion, improve access to financial services, and enhance financial literacy. It is also necessary to create an enabling regulatory environment and financial infrastructure that support the growth of inclusive financial systems.
The position of the National Bank is determined by constitutional and legal norms. According to those norms, the National Bank of Serbia represents the Central Bank of the Republic of Serbia. The paper also presents views on the legal nature of the National Bank of Serbia. According to some of those views, the National Bank is not part of the state organizational structure, but represents a central issuing bank, which performs monetary and banking-control functions. What gives the National Bank a special character, in addition to significant economic powers, is that it exercises administrative powers, that is, it has the possibility of authoritative representation. Regardless of the fact that the National Bank does not belong to classic state bodies, it is close to them in everything. When it comes to the organizational structure, the paper analyzes the powers of the Governor of the National Bank, the Executive Board and the Council. The paper also presents certain comparative legal solutions related to the organizational structure of the Central Bank. Finally, in the conclusion, in addition to the final review concerning the legal nature of the National Bank, three groups of administrative powers of this bank were pointed out and it was also noted that the conception of its organizational structure is placed on sound foundations.
In today's digital age, the tourism industry faces the challenge of an overwhelming amount of advertisements that bombard consumers daily across various platforms. These ads often promise idyllic destinations, luxurious accommodations, and unforgettable experiences, creating strong visual and emotional appeals. However, amid the sea of promotional content lie the traps of disinformation - fake news that, regardless of their accuracy, have the potential to deceive consumers and lead them to disappointment or even financial loss. The accuracy of information about tourism services has become crucial in this context. Consumers increasingly rely on online sources to plan their trips, searching for reviews, recommendations, and details about destinations and accommodations. However, the spread of false information can seriously undermine their experience and trust. The importance of providing accurate and reliable information about tourism services is not only an ethical obligation but also a key factor in preserving brand reputation and ensuring long-term consumer loyalty. The purpose of this paper is to highlight the importance of truthful information in e-tourism, emphasizing the need for legal regulations that ensure transparency and reliability of information available through digital platforms.
Digital banking operations and the application of modern technologies provide certain opportunities for banks and clients, and favor economic operations. This innovation also brings negativity in society expressed through the emerging problem of money laundering, which is further reflected in the rule of law. Modern business conditions, but also the insufficiently effective European money laundering regulatory system in digital business, attract the interests of criminal organizations. Due to the threats arising from this interest and in the newly created conditions of the execution of the criminal offense, money laundering, as well as the lack of cross-border cooperation of national regulators who work in their jurisdictions with heterogeneous approaches and limited cooperation across borders, attention is paid to the reform of the European regulatory regime for the prevention of money laundering. The aim of this paper is to show the need and possibility for efficient and effective regulatory systems in the European area and risk reduction, as a response to financial crime manifested in the form of money laundering. This goal is confirmed by the need to harmonize the regulatory and supervisory approach to digital business and the necessity of canceling digital threats and risks. The ultimate goal is the suppression of financial crime and money laundering, and thus the protection of banking operations and the preservation of economic and social stability. The problem of combating money laundering is not only of a legal nature, but has pronounced economic repercussions and initiates the question of the stability of the financial system and banking operations.
The common agricultural policy of the European Union is part of the economic policy of this community of states, and its measures direct the sustainable development of agriculture, as well as sustainable rural development within the Union. The common agricultural policy is one of the first defined strategic documents of the Union, which is still in force today. The aim of the paper is to analyze the reforms of the Common Agricultural Policy of the European Union from its formation until today, viewed from the aspect of changing the goals and measures of this policy. The authors analyze the effects of the reforms of the Common Agricultural Policy of the European Union through the change in the economic strength of agricultural farms measured by the standard annual income expressed in euros, based on the results of the Census of Agriculture in the European Union in 2010 and 2020. The authors conclude that in the European Union, in the period from 2010 to 2020, the number of agricultural farms increased in all categories of economic size, i.e. annual income increased from 8,000 euros to over 500,000 euros, which can be interpreted as a result of adequate measures of the Common Agricultural Policy.
Global trade inevitably involves the transportation of goods across different borders and regions, which entails numerous risks and challenges. In light of these challenges, insuring goods in international transport plays a key role in managing and minimizing potential financial losses. This paper deals with a detailed analysis of various aspects of cargo insurance, including the legal frameworks that regulate this area, the risks associated with the transportation of goods, as well as the latest innovations in the insurance industry that seek to improve the efficiency and safety of the process. A special focus is placed on technological innovations such as the use of blockchain technology and the Internet of Things (IoT), which enable better control and monitoring of the condition of goods throughout the entire transport chain. Through an integrative review, the paper highlights the importance of an adequate insurance policy and its continuous adaptation to the dynamic environment of international trade.
The authors consider the problem of the unfavorable position of socio-economic, humanistic disciplines and culture. The result is a crisis in reading literature in this area. This has a negative impact on scientific research and education in this area, as well as on the practice of understanding and solving social problems. Measures and actions at the macro and micro level are needed in order for the social sciences and humanities to be given an appropriate place and role in society. In this regard, the authors suggest socio-economic reading, i.e. reading and studying relevant literature, which has multiple positive effects both on all those engaged in scientific research and educational work, as well as on the activism of citizens in the struggle to build a democratic and free society, based on the functioning of institutions, which have a reputation based on the trust placed in them.
Activities related to risk assessment have always exerted a prevalent influence on the formalization of policies and normative solutions. This particular circumstance is especially critical for the complex system of critical infrastructures. Recent analyses and more nuanced insights derived from contemporary scientific studies suggest that the primary focus has long been placed on the assessment of individual risks, most often at the national level, while issues related to cross-border, transnational or subnational threats, hazards and risks have been largely neglected and marginalized. This situation has somewhat improved in recent years, as attention has shifted towards two central areas: multi-hazard and cross-border risks, which have increasingly become a subject of interest not only to the academic community but also to policymakers, decision-makers, professionals, the media, and practitioners themselves. The paper first identifies and then contextually analyzes the dominant cross-border risks within the European Union, since these represent new challenges not only for the Brussels administration but also for the EU Member States. The analysis of cross-border risks through the prism of natural disasters and anthropogenic influences encompasses numerous technological, socio-economic challenges and threats. Research findings indicate the importance of an integrated approach and qualitatively improved data exchange among Member States, with the aim of more effective forecasting, preparedness, and the development of new strategies and operational responses to potential disasters with cross-border impacts.
Pro-environmental behavior, alongside environmental awareness and knowledge, appears as the key factor in environmental protection worldwide. However, scientific research has proven that many industry fields face lagging behind environmental awareness and knowledge in this domain. This empirical research article aims to explore the type and level of corporate pro-environmental behaviour in the Serbian healthcare system. The pro-environmental behaviour is observed from two aspects - actual involvement and proactive involvement in environmental practices of healthcare organizations. The sample included 101 healthcare organization managers from Serbia. Computer Assisted Web Interview - CAWI was chosen as a technique of testing. The level of corporate pro-environmental behaviour in the Serbian healthcare system is found to be higher in the domain of actual environmental involvement, but lower in the domain of proactive environmental involvement compared to environmental awareness level. Based on these results, recommendations for healthcare environmental policy are provided.
In the realm of higher education, understanding the intricate relationship between university ranking indicators and university business processes is paramount for enhancing institutional competitiveness. However, existing scientific literature presents a notable gap in establishing a clear linkage between these two domains. This study endeavors to bridge this gap by investigating the correlation between global university ranking indicators and university business processes. The primary goal of this research is to establish a connection between the indicators of global university ranking systems and university business processes. Through a systematic literature review, we identify the relationships and significance of selected ranking indicators in the implementation of specific university business processes. The study identifies significant correlations between global university ranking indicators and various business processes, particularly within the research domain. The study faces certain limitations, primarily due to the limited availability of scientific literature that directly explores the relationship between university ranking indicators and business processes. It can be concluded that the research process area is crucial for enhancing the university's competitiveness.
This paper describes the status changes of business entities from both legal and accounting perspective. The concept and types of status changes are defined, along with their effect on financial reporting. The focus is placed on status changes, including absorption, merger, division, and separation of companies, as well as their accounting treatment. The accounting aspects of goodwill, share premium, and capital are outlined, as well as the tax implications of status changes. The aim of the paper is to highlight what is achieved through the status changes of business entities and to define the obligations of those involved in status changes regarding financial reporting and tax regulations.
This paper demonstrates the application of a qualitative methodology, specifically in-depth interviews, in the research on consumer trust in electronic shopping. The research conducted according to the given research design would represent a preliminary study or an introduction to further quantitative research. Along with formulating the problem, defining the subject, and outlining the importance and objectives of the research, the population being researched, and the structure of the research, topics, and subtopics of the conversation were worked out in detail. The creation of the questionnaire followed this. Through the work, the expertise, training, knowledge, skills, and dexterity of the researcher for obtaining quality data are emphasized. The necessity of certain procedures is highlighted, and recommendations are provided to ensure the success of the interview process and its outcome. An experienced researcher, concerned with the methodological (technical) rules of in-depth interviews, can also respect the personality and dignity of the respondents, thereby obtaining data of inestimable value. The paper demonstrates how such results can inform later research, utilizing methods and techniques that incorporate measurement. In other words, emphasis was placed on the importance of combining qualitative and quantitative methods in researching trust in electronic shopping.
The paper examines the significance of key macroeconomic and microeconomic factors on the business performance of agricultural enterprises in the Republic of Serbia. The research was conducted using panel data on a sample of 30 agricultural enterprises. Data were collected for the period from 2015 to 2023. Various estimators capable of addressing endogeneity in the data were employed to assess the dynamic panel data model. The research results show that the most significant factor is the success from the previous period, as well as policies and institutional support for agricultural enterprises. The results of the research also show that investment in fixed assets, human and structural capital, as well as the size of the agricultural enterprise, are significant factors in the success of agricultural enterprises. The research results show that strict employee protection regulations, complex credit procedures and committed capital have no impact on the success of these companies.
The subject of this research is the minimization of natural gas risk, a key global energy source that has experienced significant price fluctuations in recent years. This volatility exposes investors in gas to financial risk, and the goal is to reduce this risk by creating a bivariate portfolio using the Markowitz methodology. Gas is combined with four different auxiliary instruments: gold and wheat futures, as well as composite indices from the USA and China-the S&P 500 and SHCOMP. The constructed portfolio is referred to as the minimum variance portfolio, which has the lowest variance among all possible combinations of the two instruments. The analysis is based on eight years of daily data from January 2017 to December 2024, to identify the best auxiliary instrument that, when combined with gas, would result in the lowest risk. The results indicated that, among the four portfolios created, the combination with gold yielded the best outcomes. Additionally, the hedging efficiency index demonstrated that the portfolio with gold achieves the highest degree of gas risk reduction, at 98.55%. As far as we are aware, no previous research has examined the integration of these four assets with oil within a bivariate portfolio framework. This gap in the literature serves as the central rationale for conducting this study.
This study attempts to explore in detail the performance of implemented anti-money laundering (AML) policies within the banking industry in the Republic of Serbia through the analysis of relevant literature and credible publicly available data sources in the field of risk management related to money laundering. Based on the results obtained, an assessment of the performance and efficiency of AML policies in banks has been provided. The results suggest that banks have an AML regime aligned with national and international regulations, as supported by the Basel AML Index. Also, this study highlights that financial sector respondents in Serbia recognize the growing risks of money laundering, emphasizing the role of technological innovations, regulatory frameworks, and international organizations, while also noting the increasing use of advanced tools and the need for further training on international regulations and practical case studies.
This research investigates the influence of economic development on the implementation of circular economy (CE) practices in Balkan countries from 2013 to 2022. By analyzing key economic indicators such as GDP per capita, Gross Fixed Capital Formation (GFCF), employment, and Human Development Index (HDI), the authors examine their impact on resource productivity, waste generation, and material import dependency. Results reveal that while economic growth reduces material import dependency, it can negatively affect resource productivity, suggesting that without targeted CE policies, higher consumption may undermine resource efficiency. Additionally, employment and HDI did not have a significant impact on the reduction waste generation. These findings underscore the need for targeted investments, improved urban waste management, and sustainability education to align economic development with CE goals. The study highlights the importance of integrating circular economy strategies into the broader development agenda to ensure sustainable growth in the region.
Work-life balance represents a critical challenge for employees in the hospitality industry due to specific working conditions, including long shifts, unpredictable work hours, and seasonal fluctuations. This paper examines the main challenges and strategies for achieving work-life balance, as well as its impact on employee well-being and work efficiency. Through an empirical study conducted in hotels in Western Serbia, key factors influencing employee satisfaction, motivation, and workplace performance are analyzed. The research relies on a combination of quantitative and qualitative methods, including questionnaires and interviews with hotel employees and managers, to identify strategies used to improve work-life balance. Results indicate that adequate working time management policies, flexible work arrangements, and employer support significantly contribute to greater employee well-being and productivity. The conclusion emphasizes the importance of an integrated approach to human resource management in the hospitality industry that considers both employee needs and business objectives. The implementation of specific strategies adapted to the local context is recommended to enhance work culture and reduce the negative effects of employee overload. This study provides relevant insights for managers and researchers in the hospitality field, focusing on creating sustainable solutions to improve employee well-being and increase work efficiency.
