CHECKLIST OF VEGETATION CLASSES OF BOSNIA AND HERZEGOVINA: HOW MUCH DO WE KNOW?

UDK: 581.5(497.6) The beginnings of vegetation research of Bosnia and Herzegovina (B&H), according to Braun-Blanquet’s approach, date back to early 1930s, culminated in the period of 60s-70s, and declined until the end of 20th century. Twenty years after the war B&H vegetation science hasn’t still achieved the pre-war level. The starting point for the preparation of the checklist of vegetation classes was the vegetation database of Bosnia and Herzegovina, which contains 6823 relevés, which were digitized and imported in TURBOVEG database for storage of large relevé datasets. Total of 4780 relevés were collected from 123 references (2906 regularly published, 1331 from grey literature and 543 from manuscripts), while 2043 are unpublished relevés, mainly recorded by the team of the Department of Forest Ecology at the Faculty of Forestry in Banja Luka. Analysis of this dataset suggests that vegetation of Bosnia and Herzegovina comprises 60 classes. According to the overviews of vegetation of Bosnia and Herzegovina published so far, the vegetation dominated by vascular plants numbers 33 and 39 classes respectively. This discrepancy can be partially attributed to different syntaxonomic concepts used in these overviews compared to the latest Checklist compiled at the European level (EuroVegChecklist), which was our guideline, but also to uneven level of elaboration of different vegetation types and geographical regions in B&H. Six classes of forest vegetation share almost 60% of the total number of relevés, while another six classes of various grasslands take another 25%. The other 15% is divided among the rest of 48 classes. Some of the classes without relevés are, in our own opinion, present in B&H, but still need to be confirmed, while the others, even though mentioned in literature, couldn’t be confirmed at the field after extensive research.

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Plant occurrences on the Rybachy and the Sredny Peninsulas, Murmansk Region, Russia: a dataset

Biodiversity Data Journal ◽

10.3897/bdj.10.e77094 ◽

2022 ◽

Vol 10 ◽

Author(s):

Ksenia Popova ◽

Anna Razumovskaya

Keyword(s):

Vascular Plants ◽

Taxonomic Diversity ◽

Vegetation Types ◽

The Past ◽

Vegetation Sampling ◽

Murmansk Region ◽

European Part Of Russia ◽

Vegetation Database ◽

Floristic Data ◽

Species Occurrences

The Rybachy and the Sredny Peninsulas are the northernmost part of Murmansk Region in the European part of Russia. While the most part of the Region is covered by boreal forest, the Peninsulas are covered by tundra. The vegetation and flora of Murmansk Region are well studied at present. The Peninsulas were first studied in 1829 by a Finnish botanist Jacob Fellman. The most comprehensive research was conducted in the late 19th - early 20th century. Nevertheless, the species composition of the Peninsulas' flora has changed significantly over the past 100 years due to land use and climate change. The aim of this dataset is to make the data on species occurrences for this territory digitally available via GBIF. To date, more or less complete digital floristic data were provided only by the project for digitising the book "Flora of Murmansk Region" (1953–1966). The present dataset is a part of the project studying the vegetation of the territory. We recorded the information about species frequency and distribution using the relevé method. We present a dataset based on 991 relevés from all vegetation types, which includes 16,289 records of georeferenced plant occurrences that belong to 568 species. There are 23 species of lichens (Ascomycota), 142 species of mosses (Bryophyta), three species of liverworts (Marchantiophyta) and 400 species of vascular plants (Tracheophyta) in the present dataset. The taxonomic diversity and unevenness result from the vegetation sampling. The data were collected in 2008, 2009, 2011, 2014 and 2015. The dataset cannot be considered as a complete vegetation database or a flora checklist, but it contains the occurrences and frequencies of the species from all the vegetation types.

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Bosnia and Herzegovina in Serbian cultural club concepts

Historijski pogledi ◽

10.52259/historijskipogledi.2020.3.4.108 ◽

2020 ◽

Vol 3 (4) ◽

pp. 108-132

Author(s):

Osman Sušić ◽

Keyword(s):

Bosnia And Herzegovina ◽

Second World War ◽

World War ◽

Entire Area ◽

The Balkans ◽

Starting Point ◽

The Government ◽

The Right ◽

Banja Luka ◽

Second World

This paper covers the period from 1937 to 1945, the period of the establishment and works of the Serbian Cultural Club. The paper will discuss the political circumstances in the Kingdom of Yugoslavia in wich Serbian Cultural Club was founded, as well as the program goals and its activities in Bosnia and Herzegovina. Special emphasis will be put on the period of the Second World War in the Bosnia and Herzegovina and the former common state and the activities of the Serbian Cultural Club in the Second World War. The work and achievement of the program goals of the Serbian Cultural Club in the Second World War will be presented through the work of the Exile Government in London and the activities of the Chetniks Movement in the Bosnia and Herzegovina and the former common state. The Serbian Cultural Club was formed as a form of political association and activity, which included politicians, public workers, scientists, members of various political organizations, representatives of state and parastate bodies and organizations, under the slogan "Serbs for Reunion". The club acted as a unique and homogeneous organization, regardless of the composition of the membership, with the goal of saving Serbia and Serbs. This most clearly expressed his overall activity, composition and degree of influence on state policy. The most important issues of state or Serbian nationalist policy for the interest of the Government were discussed in the Club, so the club had an extensive network of boards and several media. Professor and Rector of the University of Belgrade, Dr. Slobodan Jovanović, was elected the first president of the Serbian Cultural Club. He was the ideological creator of this organization (and he set out the basic tasks and goals of the Club). The vice presidents were Dr. Nikola Stojanović and Dr. Dragiša Vasić, and Dr. Vasa Čubrilović the secretary. Dr. Stevan Moljevic was the president of the board of the Serbian Cultural Club for the Bosnian Krajina, based in Banja Luka. According to Dinić, the initiative for the formation of the Serbian Cultural Club was given by Bosnian-Herzegovinian Serbs Dr. Nikola Stojanović, Dr. Vladimir Čorović, Dr. Vladimir Grčić and Dr. Slobodan Jovanović. The activities of the Serbian Cultural Club can be divided into two stages. The first from its founding in 1936 until the signing of the Cvetković-Maček agreement, and the second from 1939 to 1941. The program of the Serbian Cultural Club was a sum of Greater Serbia programs of all major political parties that operated in Serbia with the help of state institutions. The goals of the Serbian Cultural Club were mainly: expansionist policy of expanding Serbian rule to neighboring areas, denying the national identity of all other Yugoslav nations and exercising the right to self-determination. The program goals of the Serbian Cultural Club were to propagate Greater Serbian ideology. With its program about Greater Serbia and its activities, the Serbian Cultural Club has become the bearer of the most extreme Serbian nationalist aspirations. After the Cvetković-Maček agreement of August 1939, the Serbian Cultural Club demanded a revision of the agreement, calling for a Serbo-Croatian agreement based on ethnic, historical or economic-geographical principles. The adoption of one of these principles was to apply to the entire area inhabited by Serbs. The subcommittees of the Serbian Cultural Club in Bosnia and Herzegovina had the primary task of working to emphasize its Serbian character, and after the Cvetkovic-Macek agreement to form awareness that the whole of Bosnia and Herzegovina should enter the Serbian territorial unit. With the prominent slogan "Wherever there are Serbs - there is Serbia", the Serbs in Bosnia and Herzegovina were marked as the "vigilant guardian of the Serbian national consciousness". The leadership and most of the members of the Serbian Cultural Club joined the Chetnik movement as Draža Mihailović's national ideologues. The policy of the militant Greater Serbia program and Serbian nationalism of the Serbian Cultural Club was accepted as the program of Draža Mihailović's Chetnik movement. Some of Draža Mihailović's most important associates belonged to the Serbian Cultural Club. The main political goals of the Chetnik movement are formulated in several program documents. The starting point in them was the idea of a "Greater and Homogeneous Serbia", which was based on the idea that Serbs should be the leading nation in the Balkans.

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Balkan Vegetation Database (BVD) – updated information and current status

Vegetation Classification and Survey ◽

10.3897/vcs/2020/61348 ◽

2020 ◽

Vol 1 ◽

pp. 151-153

Author(s):

Kiril Vassilev ◽

Hristo Pedashenko ◽

Alexandra Alexandrova ◽

Alexandar Tashev ◽

Anna Ganeva ◽

...

Keyword(s):

Bosnia And Herzegovina ◽

Data Access ◽

Balkan Peninsula ◽

Current Status ◽

Vegetation Types ◽

Plot Size ◽

Total Cover ◽

Phytosociological Relevés ◽

Vegetation Database ◽

Different Levels

The Balkan Vegetation Database (BVD; GIVD ID: EU-00-019) is a regional database, which was established in 2014. It comprises phytosociological relevés covering various vegetation types from nine countries of the Balkan Peninsula (Albania – 153 relevés, Bosnia and Herzegovina – 1715, Bulgaria – 12,282, Greece – 465, Croatia – 69, Kosovo – 493, Montenegro – 440, North Macedonia – 13 and Serbia – 2677). Currently, it contains 18,306 relevés (compared to 9.580 in 2016), and most of them (82.8%) are geo-referenced. The database includes both digitized relevés from the literature (65.6%) and unpublished data (34.5%). Plot size is available for 84.7% of all relevés. During the last four years some “header data information” was improved e.g. elevation (now available for 83.4% of all relevés), aspect (67.7%), slope (66%), total cover of vegetation (54.3%), cover of tree, shrub, herb, bryophyte and lichen layers (27.1%, 20.1%, 40.2%, 11.5% and 2.1%), respectively. Data access is either semi-restricted (65.6%) or restricted (34.4%). Most relevés (84.6%) are classified to syntaxa of different levels. The database has been used for numerous studies with various objectives from floristic, vegetation and habitat-related topics, to macroecological studies at the local, regional, national, continental and global levels. During the last four years, BVD data were requested from 111 different projects via the EVA and sPlot databases.

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ЕКОЛОГО-ЦЕНОТИЧНА СТРУКТУРА ФЛОРИ ЗАКАРПАТСЬКОЇ РІВНИНИ

Scientific Issue Ternopil Volodymyr Hnatiuk National Pedagogical University. Series: Biology ◽

10.25128/2078-2357.19.3.1 ◽

2019 ◽

Vol 77 (3) ◽

pp. 6-12

Author(s):

O. V. Pryhara

Keyword(s):

Vascular Plants ◽

Vegetation Types ◽

Meadow Steppe ◽

Ruderal Vegetation ◽

Zonal Vegetation ◽

Genetic Types ◽

Edaphic Conditions ◽

Leading Position ◽

The Right ◽

Black Mountain

The Transcarpathian plain is the northeastern part of the large Middle Danube lowland in the Transcarpathian region. The length of the plain is 80–90 km, the width is 22–23 km, the height is 102–120 m asl. Within the Transcarpathian plain stands out the Berehiv hills, represented by single volcanic mountains of 300-500 m altitude (Black Mountain – 568 m asl, Shalanka – 372 m asl. and other). The Transcarpathian plain is located mainly on the right bank of the Tisza River. Soil-forming rocks are mostly acidic. The climate of the Transcarpathian plain is humid, temperate and continental. The spontaneous flora of the Transcarpathian plain consists of 1209 species of higher vascular plants. Depending on the ecological and coenotic affiliation of flora species to the main zonal vegetation types, seven florencoenotypes were identified in the territory of the studied region: 1) Immoral (Nemoralophyton) – 375 coenoelements (33.33% of the total number of species). In the composition of the Nemoralophyton the florencoenosvites are distinguished: a) oak-hornbeam (Querceto-carpinetophytum) – 130 coenoelements (10.75%); b) helio-quercetal (Quercetophytum) – 171 coenoelements (14.14%); c) fagetal (Fagetophytum) – 74 coenoelements (6.12%); 2) Meadow (Pratophyton) – 220 coenoelements (18.2%). As a part of the Pratophyton the florencoenosvites are: а) flood-meadow (Humidopratophytum) – 92 coenoelements (8.02%); b) land-meadow (Mesopratophytum) – 132 coenoelements (10.92%); 3) Meadow-steppe (Prato-Steppophyton) – 164 coenoelements (13.56%); 4) Xerothermic shrub (Xerothamnophyton) – 32 coenoelements (2.65% ); 5) Marsh (Paludophyton) – 31 coenoelements (2.56%); 6) Hygro-hydrophilic (Hyhro-Hydrophyton) – 129 coenoelements (10.67%). As a part of the Hygro-Hydrophyton the florencoenosvites are: a) coastal-water (Hygrophytum) – 79 coenoelements (6.53%); b) aqueous (Hygrophytum) – 50 coenoelements (4.13%); 7) Synanthropic (Synantropophyton) – 285 coenoelements (23.57%). In the composition of the Syntantropophyton the florencenosvites are as follows: a) vegetative vegetation (Segetalophytum) – 132 coenoelements (10.92%) and b) ruderal vegetation (Ruderalophytum) – 153 coenoelements (12.65%). The results of the analysis of the ecological-coenotic structure of the flora of the Transcarpathian plain showed that the leading position is occupied by species of the immoral florenceonotype (Nemoralophyton) (with the predominance of the helio-quercetal florencoenosvita (Quercetophytum); meadow (Pratophyton) (with the predominance of land-meadow florencoenosvita (Mesopratophytum) and meadow-steppe (Prato-Steppophyton) florencoenotypes. The distribution of species by major ecological-coenotic groups reflect the features of the main genetic types of vegetation, climatic, edaphic conditions and terrain of the territory under study

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Modelling Bark Thickness of Norway Spruce (Picea abies Karst)

South-east European forestry ◽

10.15177/seefor.19-17 ◽

2019 ◽

Vol 10 (2) ◽

pp. 125-135

Author(s):

Jusuf Musić ◽

Velid Halilović ◽

Jelena Knežević ◽

Admir Avdagić ◽

Aida Ibrahimspahić ◽

...

Keyword(s):

Norway Spruce ◽

Bosnia And Herzegovina ◽

Timber Harvesting ◽

Bark Thickness ◽

Optimal Model ◽

Breast Height ◽

Starting Point ◽

Mean Diameter ◽

The Mean ◽

Actual Method

Background and Purpose: Bark thickness and its share in the volume of roundwood are the most important characteristics of the bark, particularly in the process of timber harvesting, and during scaling of processed logs. Therefore it is very important to have at disposal relatively accurate data regarding these characteristics of bark for particular tree species. The main goal of this paper is to investigate the thickness of the bark and its share in the volume of roundwood of Norway spruce. Materials and Methods: The research was carried out in the area of the Canton 10 of the Federation of Bosnia and Herzegovina and it encompassed 393 trees of Norway spruce from 10 cm to 115 cm of thickness at breast height. Measuring of the mean diameter and double thickness of bark was conducted by section method. In total, 4,647 diameters and bark thicknesses were measured in different relative lengths of stems or in average 10.6 measurements per one stem. Results: As an optimal model for the evaluation of double thickness of the bark of Norway spruce depending on mean diameter of roundwood the function with designated determination coefficient of 0.7142 was selected. The obtained results have confirmed the previously defined relations of investigate characteristics, which are as following: a) with the increase of mean diameter of roundwood (section) double bark thickness is increased from 9.26 mm (thickness class 12.5 cm) to 31.65 mm (thickness class 92.5 cm); b) with the increase of mean diameter of roundwood the share of bark in its volume decreased from 14.26% (thickness class 12.5 cm) to 6.73% (thickness class 92.5 cm). Conclusions: By the actual method of estimating bark thickness or the share of bark in the volume of roundwood of Norway spruce in the forestry of the Federation of Bosnia and Herzegovina a significant error was created which increases with the increase of mean diameter. The obtained results point to the necessity of investigation of these bark characteristics in Bosnia and Herzegovina and represent an inevitable starting point for making adequate tables of bark thickness and its percentage share in the volume of roundwood of Norway spruce.

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Urbanizacija bosanskohercegovačkih prostora u vrijeme rimske uprave / The urbanisation of Bosnian and Herzegovinian areas under the Roman rule

Journal of BATHINVS Association ACTA ILLYRICA / Godišnjak Udruženja BATHINVS ACTA ILLYRICA Online ISSN 2744-1318 ◽

10.54524/2490-3930.2017.56 ◽

2017 ◽

pp. 56-77

Author(s):

Mersiha Imamović ◽

Bego Omerčević

Keyword(s):

Bosnia And Herzegovina ◽

Social Relations ◽

Road Network ◽

Road Construction ◽

River Valley ◽

Eastern Coast ◽

Special Role ◽

Economic Activities ◽

Positive Effects ◽

Banja Luka

After the conquest of the Bosnian and Herzegovinian territory, the Romans launched numerous campaigns so this region and its population could be incorporated into the Roman life and Roman civilization of that period as quickly as possible. They believed that this is the only and the best way to make themselves the masters of this region. As part of their extensive activities, those that focused on systematic and full implementation of urbanization in the present-day Bosnia and Herzegovina were especially important. This long process encompassed the infrastructure construction, modelled on the Italic cities, villages, economic and other facilities. The first steps of the Roman authorities were to construct modern and high-quality roads, i.e. a powerful road network that would facilitate a faster and stronger connection between settlements and economic resources around present-day Bosnia and Herzegovina. Publius Cornelius Dolabella, who served as an imperial governor of the province of Upper Illyria from 14 th to 20 AD, had a special role in the implementation of this plan. The construction of the first roads began upon his initiative and under his strict supervision. He intended to establish a better connection between the regions of present-day Bosnia and Herzegovina with the eastern coast of the Adriatic Sea. These first roads created good foundation for a complete urbanization of this area. th Along with the road construction, the Romans launched the activities that included new settlements, firstly along the Roman roads, then at the crossroads, and then in the regions had were rich in resources. Each settlement, in its appearance, dimensions and layout of facilities and its infrastructure, had to correspond to the Roman building standards. The first settlements were built along the roads. The most famous sites of urban settlements include: Grkovci and Pelva (Livno plateau), Halapići and Salvium (Glamoč plateau), Pecka (the Sana river valley), Baloie (Šipovo), Bjelajac (Mrkonjić Grad), Castra, Laktaši, Gornji Šeher (Banja Luka), Servitium (Bosanska Gradiška), Delminium (Duvno plateau), Varvara (Rama river valley), Ad Matricem (Gornji Vakuf), Bistue Nova (Bugojno), Višnjica (Kiseljak), Ilidža (Sarajevo plateau), Domavia and Skelani (central Podrinje), Blagaj, Maslovare and Bosanski Novi (the Sana and Japra rivers valley), Golubić (Bihać), Bigeste (Čapljina), Leusinium (Bileća), Diluntum (Stolac), Ad Drinum (Drinjača) as well as many others, but less known. Urbanization had many positive effects in all aspects of work and life of local inhabitants from that period in the region of present-day Bosnia and Herzegovina. A road network was established, as well as numerous economic activities, lifestyle standard and social relations were raised to a significantly higher level, many settlements (cities and villages) and many cultural monuments were built.

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Morphological evaluation of common bean diversity in Bosnia and Herzegovina using the discriminant analysis of principal components (DAPC) multivariate method

Genetika ◽

10.2298/gensr1303963g ◽

2013 ◽

Vol 45 (3) ◽

pp. 963-977 ◽

Cited By ~ 3

Author(s):

Jasmin Grahic ◽

Fuad Gasi ◽

Mirsad Kurtovic ◽

Lutvija Karic ◽

Mirha Djikic ◽

...

Keyword(s):

Discriminant Analysis ◽

Common Bean ◽

Bosnia And Herzegovina ◽

Principal Components ◽

Morphological Characteristics ◽

Principal Component ◽

Discriminant Functions ◽

Factor Loadings ◽

Geographical Regions ◽

High Level

In order to analyze morphological characteristics of locally cultivated common bean landraces from Bosnia and Herzegovina (B&H), thirteen quantitative and qualitative traits of 40 P. vulgaris accessions, collected from four geographical regions (Northwest B&H, Northeast B&H, Central B&H and Sarajevo) and maintained at the Gene bank of the Faculty of Agriculture and Food Sciences in Sarajevo, were examined. Principal component analysis (PCA) showed that the proportion of variance retained in the first two principal components was 54.35%. The first principal component had high contributing factor loadings from seed width, seed height and seed weight, whilst the second principal component had high contributing factor loadings from the analyzed traits seed per pod and pod length. PCA plot, based on the first two principal components, displayed a high level of variability among the analyzed material. The discriminant analysis of principal components (DAPC) created 3 discriminant functions (DF), whereby the first two discriminant functions accounted for 90.4% of the variance retained. Based on the retained DFs, DAPC provided group membership probabilities which showed that 70% of the accessions examined were correctly classified between the geographically defined groups. Based on the taxonomic distance, 40 common bean accessions analyzed in this study formed two major clusters, whereas two accessions Acc304 and Acc307 didn?t group in any of those. Acc360 and Acc362, as well as Acc324 and Acc371 displayed a high level of similarity and are probably the same landrace. The present diversity of Bosnia and Herzegovina?s common been landraces could be useful in future breeding programs.

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Managing Borders During Public Health Emergencies of International Concern: A Proposed Typology of Cross-border Health Measures

10.21203/rs.3.rs-278629/v1 ◽

2021 ◽

Author(s):

Kelley Lee ◽

Karen A Grépin ◽

Catherine Worsnop ◽

Summer Marion ◽

Julianne Piper ◽

...

Keyword(s):

Public Health ◽

Research Policy ◽

Grey Literature ◽

World Health ◽

Border Health ◽

Policy And Practice ◽

Public Health Emergencies ◽

Cross Border ◽

Health Measures ◽

Starting Point

Abstract BackgroundThe near universal adoption of cross-border health measures during the COVID-19 pandemic worldwide has prompted significant debate about their effectiveness and compliance with international law. The number of measures used, and the range of measures applied, have far exceeded previous public health emergencies of international concern. However, efforts to advance research, policy and practice to support their effective use has been hindered by a lack of clear and consistent definition. ResultsBased on a review of existing datasets for cross-border health measures, such as the Oxford Coronavirus Government Response Tracker and World Health Organization Public Health and Social Measures, along with analysis of secondary and grey literature, we propose six categories to define measures more clearly and consistently – type of movement (travel and trade), policy goal, level of jurisdiction, use by public versus private sector, stage of journey, and degree of restrictiveness. These categories are then be brought together into a proposed typology that can support research with generalizable findings and comparative analyses across jurisdictions. The typology facilitates evidence-informed decision-making which takes account of policy complexity including trade-offs and externalities. Finally, the typology can support efforts to strengthen coordinated global responses to outbreaks and inform future efforts to revise the WHO International Health Regulations (2005). ConclusionsThe widespread use of cross-border health measures during the COVID-19 pandemic has prompted significant reflection on available evidence, previous practice and existing legal frameworks. The typology put forth in this paper aims to provide a starting point for strengthening research, policy and practice.

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Morphologic variability of the Acer campestre L. populations in Bosnia and Herzegovina

Acta Biologica Sibirica ◽

10.3897/abs.7.e73001 ◽

2021 ◽

Vol 7 ◽

pp. 327-343

Author(s):

Stjepan Kvesić ◽

Mirzeta Memišević Hodžić ◽

Matijaž Čater ◽

Dalibor Ballian

Keyword(s):

Bosnia And Herzegovina ◽

Interactive Effect ◽

Morphological Variability ◽

Geographical Distance ◽

Multivariate Statistical ◽

Acer Campestre ◽

Tight Connection ◽

Banja Luka ◽

Leaf Parameters ◽

Ecological Distance

Morphologic variability from 25 populations of Acer campestre L. in Bosnia and Herzegovina was analyzed. Morphometric structure of variability and between-population variability was performed based on 10 fruit-parameter characteristics and 19 leaf-parameter characteristics using multivariate statistical analysis. Results confirmed the separation of three submediterranean populations as a group in relation to other tested populations, from which the Banja Luka population is different. Measured leaf parameters were confirmed as a predominant carrier of the morphologic separation between populations. In other Acer species populations within A. monspessulanum and A. intermedium species are separated mainly by fruit and much less by leaf parameters. The southernmost submediterranean populations from Trebinje, Ljubu&scaron;ki, and Mostar regions have smaller leaf areas, which consequently places them within the same morphologic group; their variability is in tight connection with eco-geo-graphical factors, where the ecological distance is a much better predictor of morphological variability compared to geographical distance. The air temperature had the biggest influence on morphological variability regarding the highest in-between correlation. Achieved results may serve for the continuation of the research in other areas of Acer campestre to determine the interactive effect of ecological, geographical, climatic, and migrational factors on their morphologic population plasticity.

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Value Added as a Measure of Economic Profit

ACTA ECONOMICA ◽

10.7251/ace1829009o ◽

2018 ◽

Vol 16 (29) ◽

Author(s):

Silvije Orsag ◽

Ante Džidić

Keyword(s):

Bosnia And Herzegovina ◽

Cost Of Capital ◽

Value Added ◽

Business Success ◽

Stock Exchanges ◽

Cost Of Equity ◽

Economic Profit ◽

Company Value ◽

Banja Luka ◽

The Cost

Economic profit is the concept immanent for the value added. It is an attempt to analyze properly the business success in terms of contribution of profit to the increase in the company value and the stockholders’ wealth. Fundamentally, value added is a measure of the business success where all standard costs and the costs of invested capital are excluded from the realized revenues. Profit as a traditional measure of business success ignores the cost of equity, although equity is the most expensive form of capital. To illustrate better this concept, we made an analysis of the most profitable corporations in Bosnia and Herzegovina listed on Banja Luka and Sarajevo stock exchanges. The analysis showed that the majority of these corporations operate poorly because they do not meet the implicit cost of capital, essentially losing the value of capital entrusted to them by their stockholders. Also, this analysis questioned the importance of the industries which are usually considered to be the most important in BiH economy.

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