Innovative entrepreneurship and economic growth in emerging markets

The paper analyses the contribution of different types of innovative entrepreneurship: new products entrepreneurship, new technology development entrepreneurship, high growth expectation entrepreneurship and average growth expectation entrepreneurship to economic growth in emerging markets. The aim of paper is to identify types of innovative entrepreneurship which have the greatest contribution to economic growth in emerging markets and propose measures that macroeconomic policy makers could implement to achieve sustainable economic growth. The regression analysis is performed in order to estimate the impact of different types of innovative entrepreneurship on economic growth in 13 emerging markets. The results have shown that a high growth expectation entrepreneurship has the greatest influence on economic growth. Also, results have shown that impact of new products entrepreneurship is bigger than impact of technology development entrepreneurship on economic growth in emerging markets.

Tax control and inspection supervision in the Republic of Serbia: Characteristics of the legal framework and the need for coordination

Today, the success of entire tax system is viewed through the effectiveness of tax control. Tax control activities are performed by tax inspectors with special authorities, duties and responsibilities, and its purpose is to control whether taxpayers activities comply with tax laws and regulations. With the adoption of the Law on inspection supervision, the Republic of Serbia has implemented a crucial, comprehensive reform of inspection bodies and the process of inspection supervision which has been of great significance for public administration, economy and citizens. The provisions of this law are applied to tax procedures based on the principle of subsidiarity, while the activities of tax inspection are mostly based on the provisions of the Law on tax procedure and tax administration. In tax procedures, the issues which are not regulated by the general Law on inspection supervision, are the subject of another specific law-however, the direct application of the specific law cannot rule out or restrict the application of the law which governs the issues of inspection supervision and official control which are not regulated by the specific law. In this paper, the author discusses the similarities and differences between two laws and solutions for their harmonization underlining their advantages and weaknesses aimed at ensuring the maximum compliance with tax laws and reduction of tax evasion and shadow economy.

Corporate bonds as a way of financing companies in the Republic of Serbia

The security of sources of financing is of undoubted importance for the continuous and sustainable operation of economic entities, which is a long-term interest of persons interested in the operation of economic entities. In the structure of possible sources of financing of economic entities, corporate bonds are of great importance everywhere in the world, and their application in the Republic of Serbia could bring a great contribution to the domestic economy. Corporate bonds are debt obligations issued by corporation to debt refinancing, improvements, expansions or acquisitions. The bondholders are the issuer's creditors and for the money invested in the company, they expect earnings. The main goal of this paper is to consider the conditions and importance of issuing corporate bonds by medium and large companies in Serbia and the advantage over other sources of financing. Based on the obtained research results, it can be concluded that the issuance of bonds is a good alternative to other sources of financing the company's operations, but the corporate bond market in Serbia is in the development phase. Bond issuers with listing on the regulated market of the Belgrade Stock Exchange include, in addition to the state, only certain commercial banks and international financial organizations.

FDI inflows in selected Emerging European economies with reflections on economic growth

The objective of this paper is to identify the top destination for FDI inflows as well as to analyze related growth progress in selected Emerging European Economies (EEEs) in order to suggest significant implications towards economic policy creators in Western Balkan countries. The authors conducted descriptive statistical analysis together with correlation analysis in the time period 1997-2019. The analysis of average FDI inflows includes following country groups: Visegrad States, Baltic States, Western Balkan and eleven new EU member states with regard to the structural break of Global Financial Crisis (GFC). The results suggest that the Visegrad States (particularly Poland) were the top locations for foreign investors in the analyzed time period. Having in mind a positive correlation link between significant FDI inflows, especially greenfield FDI inflows and economic growth, we suggest that Western Balkan countries should implement adequate measures to attract greater greenfield FDI inflows in order to stimulate real convergence towards developed European economies. Therefore, recommendations are directed towards economic policy of less developed countries of Western Balkan that need to continue to improve the quality of public institutions and infrastructure, as well as business environment and implementation of nonfinancial measures of promotional activities, in order to raise attractiveness of national market for foreign investors.

Determination of the importance of evaluation criteria during the process of recruitment and selection of personnel based on the application of the SWARA method

Personnel selection for an organization is an extremely important process. Modern organizations strive to improve the process of recruitment and selection of personnel as much as possible, in order to provide the organization with quality personnel and thus long-term competitiveness. In addition, the evaluation criteria on which the recruitment and selection process is based is also important, as it has a large impact on the final selection of candidates. Therefore, the aim of this paper is to propose the application of multi-criteria decision-making methods for the process of determining the weighting coefficients of evaluation criteria. Accordingly, the SWARA (Step-Wise Weight Assessment Ratio Analysis) method for determining weights was applied in the paper. The SWARA method proved to be extremely reliable when it comes to defining the weights of evaluation criteria, primarily due to its simplicity and the fact that respondents and domain experts could easily express their views on the issue.

Socio-demographic characteristics of digital financial services users: Evidence from Serbia

Given the importance of digital financial services on financial inclusion, the authors examined the socio-demographic characteristics of users of digital financial services in the Republic of Serbia. The authors hypothesized that age, education, employment, and income are key socio-demographic characteristics that have influenced digital financial services. The Global Findex database of the World Bank was used to analyze the socio-demographic characteristics of digital financial service users in the Republic of Serbia, with a sample of 1000 inhabitants older than 15 years. To test differences between the analyzed characteristics, a t-test was applied using SPSSv25. The results show a difference among most of the analyzed characteristics. Socio-demographic characteristics, apart from gender and income, are statistically significant. The results show a statistically significant difference in the age of users of digital financial services and non-users of digital financial services. Also, users of digital financial services are highly educated and more often employed. Based on the results, it can be concluded that the average user of digital financial services is younger, more educated, more often employed and uses various banking services, such as credit and debit cards, savings and borrowing more often than non-users of these services.

Interplay between digital technologies and business performance in banking industry: Global and regional perspectives

In order to remain competitive on both domestic and global market as well as to satisfy evolving consumers' needs, modern banks must not ignore the potential of digital and smart technologies. Taking into consideration the importance of digitalization as a new standard in business practice, the aim of this paper is to evaluate the impact of digitalization on the performance of banking sector globally and in SEE region. The main purpose of this paper is to test if the investments in information and communication technologies (ICT) contribute to the growth of profitability of banking sector as well as to the reduction of OPEX. In order to test the influence of investments in ICT on banking performance adequately, the static panel data models of fixed effects models were used. The results indicate that the influence of investments in ICT on OPEX defers on global and regional level. The results also indicate statistically significant positive relationship between investments in ICT and banks' profitability in SEE region.

The relations between contemporary leadership styles and the dimensions of national culture in modern business environment

The subject of this paper is the relationship between contemporary leadership styles and the dimensions of national culture. Leaders manifest a particular style of leadership, created under the influence of a large number of elements that determine it. Thus, the national culture is related to the behaviour of leaders in the business system. The aim of the paper is to show how national culture shapes a leadership style. Basic analytical and synthetic methods, methods of induction, deduction and generalization, exploratory method and content analysis were used in the paper. The paper will show that it is important to recognize the influence of the dimensions of national culture on leadership style, as these are concepts that can determine the success of a business. The importance of the work is reflected in the synthesis of literature review on the link between leadership styles and dimensions of national culture and is intended for contemporary leaders who need to improve their business.

Relationship between social competences of manager and leadership outcomes

In today's turbulent business environment, acquiring and developing leadership skills is one of the key challenges for managers, and emotional and social competencies are predominant among such skills. Possession of this specific set of competencies is a key factor necessary for building a positive psychological climate in an organization. The subject of the paper is the analysis of social competencies of manager, particularly social awareness (empathy and organizational awareness) and relationship management (conflict management, coach and mentor, influence, inspirational leadership and teamwork), as well as the analysis of leadership outcomes manifested through perceived leadership effectiveness by the employees, employee satisfaction with immediate superiors and encouraging employees by managers to put an extra effort into doing their job. The aim of this paper is to determine the relationship between social competencies of manager and the outcomes of leadership. The research was conducted on a sample of 30 employees in 8 organizations with more than 50 employees. Standardized ESCI (Emotional and Social Competency Inventory) and MLQ (Multifactor Leadership Questionnaire) questionnaires were used for the purpose of the research. Data analysis was performed using Spearman rank correlation and standard multiple regression. SPSS 25.0 software was used for data processing. A limitation of the study is the sample size.

SMEs ecosystem and banking finance support in Serbia

There is increasing awareness that the current liquidity crisis could lead to a solvency crisis, as many SMEs compensate declining revenues by taking on more debt, often with government support. In 2020 the level of insolvencies and bankruptcies were kept in check, the number of bankruptcies is expected to spike in 2021. This raises the question of efficiency of ecosystem, about policy approaches to support SMEs in need of finance, while not overburdening them with debt, what motivated the authors of the paper to research the banking loans as the access to external sources of finance within the SMEs ecosystem support. Also is analyzed the quality of the sub-dimensions, the legal and regulatory framework, collateralization options, credit information systems and the financial literacy. Descriptive statistical methods, as well as field and desk research, were used in the elaboration of the results. Key results confirmed that SMEs create more lucrative returns to the whole national economy in the improved access to finance if provided with better service models enabled by technology and new propositions as clients - the hypothesis of the research.