This paper examines regional differences in airline profitability through an integrated framework linking macroeconomic conditions, passenger demand growth, capacity development, and operational constraints. The study covers six IATA regions over the 2024–2026 period, combining 2024 observed data with 2025 estimates and 2026 forecasts derived from IATA financial outlooks and IMF economic growth projections. The analysis is based on a comparative approach and incorporates indicators of net profit margin, passenger traffic growth, capacity growth, and profit per passenger as a unit-level measure of demand monetization efficiency. The analysis is descriptive and comparative rather than econometric, while the cross-regional correlations are used as exploratory measures of association across the six IATA regions rather than for statistical inference. The findings indicate that demand growth alone is not sufficient to generate higher profitability, as market structure, capacity management, pricing discipline, and operational efficiency play a decisive role in financial outcomes. The results further show that macroeconomic growth has a stronger relationship with traffic expansion than with airline profitability, while profit per passenger provides additional explanatory value in understanding regional performance differences.
Drone integration in precision agriculture enhances efficiency, sustainability, and resource management. Drones provide high-resolution imaging, real-time data collection, and automated solutions for crop monitoring, irrigation, and pesticide application. The use of drone swarms further optimizes agricultural operations by reducing mission time and enabling large-scale data processing. However, challenges such as regulatory constraints, technological limitations, and high costs remain key barriers to widespread adoption. As drone technology continues to evolve, advancements in AI-driven automation and energy-efficient designs are expected to further enhance their effectiveness in agricultural practices. This paper explores the role of drones in smart agriculture, highlighting their applications, benefits, and advancements within IoT-based farming ecosystems.
This research evaluates the competitiveness of the Republic of Serbia banking sector in the period 2015-2024 and uses a composite competitiveness index (CCI) constructed from key performance indicators. The methodological approach of this paper includes descriptive statistics, comparative analysis with selected countries in the region and the European Union, and correlation and regression analyses. The research results show that the banking sector of the Republic of Serbia has made significant progress in the observed period. Despite positive trends, challenges related to market concentration and long-term efficiency remain. The research contributes to the contemporary literature through a comprehensive index-based assessment of the banking sector's competitiveness in the Republic of Serbia. The research also provides guidelines for economic policymakers to encourage sustainable and balanced development of the banking sector in the future.
This paper analyzes the importance and role of artificial intelligence (AI) in education, with a particular focus on the managerial aspects of its application. The research is aimed at examining the level of AI tool usage among respondents, as well as their attitudes toward dimensions of artificial intelligence use in the educational process. In addition to students, parents were included in the study in order to identify differences in perception, awareness, and attitudes toward the use of AI in education. The research results indicate statistically significant differences among respondents, particularly with regard to age and status, while gender differences were considered only descriptively. It was found that respondents are familiar with the concept of artificial intelligence and have a positive attitude toward its application in education. However, the use of AI tools is mostly limited to basic functions such as information search, translation, and foreign language learning. Most respondents do not perceive AI as a replacement for teachers, although concerns regarding its misuse were identified. The results suggest that artificial intelligence already represents a significant factor in the transformation of the educational system and that its role in the development of competencies and the improvement of the educational process will continue to grow. The findings have important implications for the management of educational institutions, particularly in planning, implementing, and controlling the use of AI technologies. Furthermore, the results can serve as a basis for managerial and strategic decisions in education.
Nonprofit organizations are increasingly striving to improve their performance measurement systems to ensure more efficient resource management and successful achievement of their social objectives. In this context, the Balanced Scorecard (BSC) represents a significant instrument that enables integrated monitoring of organizational performance through financial and non-financial indicators. The aim of this paper is to examine the application of the BSC concept in the performance management of nonprofit organizations, with particular reference to UNICEF. The research focuses on relationships between key dimensions of the performance measurement system, such as performance awareness, the use and relevance of indicators, understanding of the strategy, employee involvement, and monitoring mechanisms. The empirical study was conducted using the survey method, while data analysis included descriptive statistics, Pearson correlation analysis, and multiple regression analysis. The results indicate statistically significant relationships among most analyzed variables, with the use of performance indicators, the relevance of indicators, and understanding of the strategy showing a significant impact on the effectiveness of the monitoring system. The findings indicate the importance of implementing integrated performance measurement systems in the nonprofit sector and contribute to a better understanding of the application of the BSC concept in organizations operating in the field of social development.
The paper presents the results of a study conducted by the Academy of Applied Studies Politehnika within the project “Support to the Reform of the Dual System of Secondary Vocational Education and the National Qualifications Framework in the Context of Lifelong Learning in Serbia.” The subject of the research is the analysis of the alignment between accredited dual study programs in higher education and the requirements of the labor market in the Republic of Serbia. The research is based on a qualitative–quantitative approach and includes an analysis of curricula, defined learning outcomes, and the results of a survey conducted among employers. The findings indicate a partial alignment between the competencies acquired by students and the needs of the economy, along with insufficiently developed mechanisms for the systematic involvement of employers in the evaluation and development of study programs. Based on the findings, guidelines are proposed for improving the dual higher education system and increasing the employability of graduates.
In the modern business environment, digital transformation is a key factor of sustainable competitiveness. The aim of this paper is to empirically examine how the level of blockchain technology adoption affects the management of operational efficiency and company profitability. The research was conducted on a sample of 100 companies from the EU, the United Kingdom, and the Western Balkans, with the final analytical sample including 76 companies that implemented blockchain technology and 24 companies that didn’t install these technologies. Using descriptive statistics, correlative analysis, multiple linear regression, and mediation analysis, the results showed that blockchain technology doesn’t have a statistically significant direct impact on the management of operational efficiency and profitability. However, in the sample, a positive pattern was observed, suggesting potential long-term effects. Operational efficiency was confirmed as a strong predictor of profitability (r = 0.991), but its mediation effect was not statistically confirmed. This research provides a realistic insight into the effects of digital technologies and emphasizes the importance of organizational maturity.
Local food occupies an important place in the framework of sustainable development and preservation of the cultural identity of communities. It includes food products that originate from the immediate environment and reflect the special agroecological, social, and cultural characteristics of the region. Encouraging the consumption of local food contributes to reducing the ecological footprint through shorter supply chains and reduced emissions of harmful gases. At the same time, local food production and consumption strengthen the local economy, encourage social cohesion, and improve the quality of life among the population. In this way, local food becomes a key element in the development of sustainable food systems and the creation of modern public nutrition policies. The primary objective of the research presented in this paper is to explore the extent to which sociodemographic characteristics of respondents influence their preferences for purchasing local food, as well as their general eco-behaviors and attitudes. The study was conducted on a sample of 128 respondents, with data collected through an online survey administered between June and August 2025. The results showed differences in green attitudes among different age groups as well as differences in the level of environmental concern among respondents of different education levels. Significant effects of gender, place of residence, and income were not confirmed. The research provides a more profound understanding of the factors that shape environmentally responsible consumption when it comes to sociodemographic factors.
This paper investigates the relationship between digital citizen participation and the development of smart cities in Serbia’s major urban centers. The study aims to determine how core forms of digital engagement - such as social network activity, participation in online forums, and the use of mobile applications - affect key dimensions of smart city advancement, including digital infrastructure, smart governance, and service innovation. Quantitative data were collected from 332 respondents in five cities using a structured online questionnaire. Statistical analysis incorporated descriptive methods, cluster analysis, ANOVA, and multiple regression. Results indicate strong, statistically significant associations between digital engagement and all major smart city dimensions, especially among respondents from Belgrade and Novi Sad. The identification of three distinct clusters also reveals considerable regional disparities in digital maturity and smart city adoption. These findings highlight the urgent need for targeted policies and ongoing educational programs to foster inclusive and sustainable smart urban transformation across Serbia.
The circular economy (CE) represents a regenerative production model aimed at reducing resource consumption, waste generation, emissions, and energy losses through the closing of material and energy loops. Although the concepts of sustainability and CE have gained increasing attention in academia, industry, and policymaking, their interrelationship is often insufficiently clarified. The aim of this paper is to contribute to a clearer conceptual understanding of the relationship between sustainability and the circular economy, while highlighting the role of innovative business models in supporting its implementation. The paper analyzes the environmental, economic, and social impacts of six representative circular business models. The findings indicate that CE integrates sustainability principles with technological innovation and novel business approaches, contributing to more efficient natural capital management and the achievement of sustainable development goals.
This paper analyzes the evolving concept of exclusivity in luxury branding, with a particular emphasis on digital marketing. Luxury brands, traditionally defined by limited access, superior craftsmanship, and an affluent clientele, are increasingly challenged by digital democratization while seeking to preserve their exclusive status. The study explores how luxury companies adapt to the digital environment through the use of immersive technologies, personalized artificial intelligence experiences, and targeted social media strategies, while maintaining brand prestige. Drawing on theoretical perspectives and practical examples from established brands such as Chanel, Dior, and Louis Vuitton, the paper addresses the concept of the exclusivity paradox, understood as the need to balance accessibility and desirability. It further argues that digital transformation is reshaping consumer behavior, brand positioning, and the future trajectory of luxury branding.
Knowledge management, particularly the systematic storage of knowledge, plays an important role in achieving project benefits in project-oriented organizations. This paper examines the impact of knowledge storage on project success, together with the role of knowledge management tools and knowledge sharing practices. A quantitative research approach was applied, and the empirical analysis was conducted using Structural Equation Modeling. The study was carried out in fourteen organizations in Southern Serbia and was based on two hundred and forty-four valid questionnaires. The results indicate that knowledge storage has a statistically significant positive effect on perceived project benefits, with a standardized coefficient of β = 0.23. This finding confirms that knowledge storage represents the most important determinant of project success within the proposed model. In contrast, knowledge sharing practices and the use of knowledge management tools did not show a statistically significant direct impact on project benefits. Although barriers to knowledge sharing were identified, such as lack of time, fear of losing professional advantage and low motivation, these factors did not directly influence project outcomes. The findings highlight the strategic importance of systematic knowledge storage as the foundation of organizational learning and project performance.
This study examines the practice and application of Green Human Resource Management (GHRM) in environmental protection institutions in the Republic of Serbia. The research was conducted using a qualitative approach based on semi-structured interviews. Ten respondents from the Ministry of Environmental Protection, as well as environmental protection institutions and organizations, participated in the study. The collected data were analyzed using thematic analysis in NVivo, through which five main themes were identified: (1) green recruitment and selection, (2) environmental training and employee development, (3) motivation and reward systems, (4) organizational culture and leadership, and (5) institutional barriers. The results indicate that management staff generally support the integration of sustainable practices into human resource management, particularly within environmental institutions. However, several barriers remain, including limited funding and the lack of environmentally focused training programs. The findings contribute to a better understanding of the importance of GHRM as a strategic tool for strengthening environmental responsibility within institutions and organizations.
Artificial intelligence (AI) is transforming the hospitality industry by reshaping traditional service practices and managerial approaches. This literature review provides an overview of recent academic research on the application of AI in hospitality. Relevant studies were collected from major academic databases, including Scopus, Web of Science, and ScienceDirect, covering the period from 2019 to 2025. The review focuses on key areas of AI implementation, including automation, personalized services, and data-driven management. The findings indicate that AI enhances operational efficiency, supports environmentally responsible business practices, and improves guest satisfaction through personalized service delivery. In addition, AI facilitates predictive analytics, dynamic pricing, and decision-making processes, contributing to cost reduction and increased productivity. The review also highlights the importance of guest perceptions of AI and trust in intelligent systems as critical factors influencing technology adoption. The successful integration of AI in hospitality requires balancing technological innovation with human values and ethical considerations to ensure long-term sustainability and competitive advantage.
The process of strategic decision-making in businesses relies heavily on strategic accounting, as it enables managers to better understand financial aspects of the company and allocate resources to the most promising areas. Accounting information plays a crucial role in decision-making by providing accurate quantitative data that supports strategic planning, identifies areas for improvement, and helps companies adapt to complex and rapidly changing business environments. Organizations that effectively integrate accounting data into strategic processes are more likely to achieve sustainable growth and maintain a competitive advantage. This research examines the impact of strategic accounting on business decisions with long-term implications for company development. The findings indicate that, although most respondents are familiar with the basic principles of strategic management accounting, its practical application remains limited and uneven across sectors. In particular, organizations in the financial and service sectors make less use of accounting information in strategic processes, while manufacturing organizations demonstrate a higher level of implementation. The results highlight the need for additional investment in employee training and the development of tools that support the strategic role of management accounting.
Tourism and fiscal policy are important determinants of the economy and tourism development in every country. Tourism has become not only a key source of income for many countries, but also a significant driver of economic growth, infrastructure development, and job creation. Increased activity in the tourism sector leads to higher consumption and tax revenues. Taxes are compulsory payments to the state by individuals and business entities. Therefore, local and regional taxes are the main sources of revenue. The aim of this paper is to examine the link between fiscal policy and short-term rentals in the context of tourism development, using the case of Split-Dalmatia County for the period 2016–2024. To provide empirical results, the Ordinary Least Squares (OLS) estimation method within the framework of multiple linear regression has been applied. The results show a positive relationship between tourism intensity and tax revenues in the case of Split-Dalmatia County.
The goal of this paper is to estimate the impact of innovative entrepreneurship on regional economic development by applying the methodology of quantile regression analysis over the period from 2011 to 2022. The Pesaran–CIPS test is used to analyze the stationarity of the time series. The results of the quantile regression analysis show a statistically significant and positive impact of business-sector research and development expenditures, as well as the share of small and medium-sized enterprises that have introduced at least one innovation in their operations, on regional economic development. The obtained results can be used for analytical and predictive research related to the analysis of the impact of innovative entrepreneurship on the regional economy. In addition, they may be useful for representatives of regional government bodies in designing regional strategies for innovation and scientific and technological development, thereby improving the quality of regional innovation policy.
This paper analyses the evolution of fiscal decentralization in Serbia from 2000 to 2024, identifying key legislative changes, institutional mechanisms, and practical challenges in transferring fiscal responsibilities from central to local levels of government. Using descriptive and comparative analysis, the research examines fiscal decentralization in the context of broader democratic and economic transition, focusing on the degree of fiscal autonomy of local governments, regional disparities, and sustainability of reforms. The results show a significant gap between the legislative framework and practical implementation, pronounced impact of economic crises on recentralization tendencies, and persistent differences in administrative capacities of local governments. Comparative analysis with relevant experiences of other transition economies enables the formulation of recommendations for improving the system of intergovernmental fiscal relations and achieving a more efficient balance between national fiscal coherence and local autonomy.
The development of electronic and mobile banking has significantly improved the way users conduct financial transactions, making these services an essential part of modern banking. The aim of this paper is to examine the user experience of e-banking and m-banking application users in Serbia, with a focus on perceived usefulness, ease of use, security, and overall satisfaction. The paper also provides an overview of the functionalities offered by selected banks’ electronic and mobile applications in order to illustrate the level of development of digital banking services. The empirical part of the research is based on an anonymous survey and the application of descriptive methods. The results show that most respondents use these applications daily and consider them useful, easy to use, and important for saving time and money. Perceptions of security are generally positive, although some users still express concerns about the possibility of payment errors. The findings indicate that digital banking services are widely accepted and that user experience plays a key role in their adoption. Further improvement of digital skills and strengthening user trust may contribute to even broader usage of these services.
To evaluate hedge fund performance, managers are obliged to follow the trend of the return at any cost. This could be practically done by focusing on fund-specific indicators. Fund-specific indicators offer better understanding of how hedge funds perform since their parameters consist of balance positions from balance sheet and income statement. Furthermore, the data used for the research (AUM, return and incentive fees) is mostly taken from the balance sheet and income statement, except for NAV, whose data is taken from CompaniesMarketCap. This research raises a question on whether and to what extent NAV, AUM and incentive fees affect return. The study covers the hedge fund Man Group which is situated in the United Kingdom and data set covers the 2015-2024 period. By using log-log regression model, results show that NAV and AUM positively affect return, whereas the incentive fees do not have an impact on return.
