ANALYSIS OF THE IMPACT OF SOCIAL NETWORKS ON THE QUALITY OF LIFE AND EDUCATION OF YOUNG PEOPLE

Social networks are a way of creating a virtual identity and entering into relationships with strangers in a series of interactions that were not known to a man before the existence of the Internet. Mobile phones and the virtual world often create a personality of a person that is not the same in the real world. It can be said that technology has changed the course of humanity and human consciousness and contributed to many changes in the mentality of society, especially among the youth. Children are often overwhelmed by materialism and jealousy, which further encourages them to become an unconscious, immoral and unambitious population. One of the negative effects of social networks is the abuse of privacy, which is also becoming a growing problem everywhere in the world and should not be ignored. However, a positive attitude should be maintained when it comes to social networks, because they facilitate communication, access to information and learning, greater availability of services and free advertising of some products or services. High school students use the Internet intensively every day, and the work raises the question of whether they use it constructively or destructively. The research was conducted in 2019, the population of high school students was observed and 100 students were included on the territory of Belgrade, Niš and Vitina.

BUSINESS GROWTH MANAGEMENT IN REPUBLIC OF SRPSKA

The research methodology starts from the calcu- lation of the coefficient for each individual com- pany in order to obtain the indicators by calculat- ing the arithmetic mean, median and quartile. As econometric stochastic models have little value for predicting or explaining the growth process at the level of individual companies, the central subject of interest is understanding the growth process at the level of an individual company. The sustainable growth rate of a company depends on the activity of the company. Numerous factors can affect the growth of a company, but the influence of individu- al factors on the growth of a company is rarely sig- nificant and permanent. The results of the research indicate a very asymmetric distribution of the size of enterprises, with a small number of large enter- prises and a large number of small enterprises. The model of sustainable growth is an effective tool for financial planning and directing business policy to- wards stimulating growth in certain industries.

MODERN TECHNOLOGIES AS A DETERMINANT OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT OF SMALL OPEN ECONOMIES

The modern age is characterized by strong development and application of information and communication tech- nologies (ICT) and Industry 4.0, which determine sig- nificant changes in the economy and society as a whole, and especially affect production and business processes, economic growth and development, productivity, busi- ness models, required qualifications and workers’ skills, the education system, as well as people’s daily lives. Thanks to that, developed countries are already achiev- ing significant effects in terms of efficiency, productiv- ity, flexibility, gross domestic product (GDP) and living standards growth, and there are opportunities for small open economies to create their own approaches to accel- erate growth and convergence with developed countries. Otherwise, the negative consequences known as digital sharing are also possible. The aim of this paper is to present, based on relevant lit- erature and experiences of individual countries, the po- tentials, challenges and possible responses of economic and business policy makers aimed at the application of ICT and Industry 4.0 in small open economies, such as the Western Balkans. The paper is structured as follows: Introductory remarks - elaboration of the theoretical basis, characteristics and implications of ICT and Industry 4.0 on the economy and society as a whole; Methodology - review of rel- evant current literature; Results - presentation of basic potentials, challenges and possible responses of small open economies in the function of accelerating econom- ic growth; and Discussion - concluding remarks and rec- ommendations for possible responses.

EXTERNAL ADJUSTMENT AND FLEXIBILITY OF THE EXCHANGE RATE REGIME: THE CASE OF TRANSITION COUNTRIES

Milton Friedman’s traditional claim is that flexible exchange rates facilitate external adjustment by means of their cor- rective movements before the balance of payments crisis occurs. In order to test this hypothesis, we employ the first order autoregression based on the panel data on exchange rate regime and external balance expressed as the share of balance of goods and services in GDP. The sample covers 16 Central and Eastern European (CEE) and 12 Common- wealth of Independent States (CIS) transition countries over the period 2000-2019. The results, which are based on the sample of all transition countries, failed to prove that more flexible exchange rate regimes facilitate external adjust- ment. When the analysis was performed on two groups of countries separately, the results showed that the deficit of balance of goods and services in CIS countries has a higher persistence compared to CEE countries. However, a more flexible exchange rate regime does not facilitate external ad- justment. On the other hand, in CEE countries, the relation- ship between exchange rate regime flexibility and the rate of balance of goods and services reversion exists, proving that Friedman’s hypothesis does hold.

CLIMATE CHANGE AND ECONOMY IN NIGERIA: A QUANTITATIVE APPROACH

This study has examined the potential impacts of climate change on Nigerian economic growth using a time series data (1980-2017). In doing so, an econometric model has been constructed based on theoretical and empirical literatures of the climate change economics, then it has employed a growth model adapted from the Solow growth model. The research work found that annual average rainfall has a significant effect on economic growth both short-run and long-run. Also, there is a high degree of positive and significant relationship between carbon emission, foreign direct investment, gross fixed capital formation and economic growth under investigation. The result also revealed that this relationship between climatic factors and economic growth is more noticeable in the long run. In addition, an inverse relationship was found between forest depletion, population growth and economic growth in the long run. Finally, there is unidirectional causality between annual average rainfall and economic growth in Nigeria. It is therefore recommended that the stakeholders and the general public should build green economy that enables sinking carbon and promotes carbon market in the long-run.

PROFITABILITY OF AUDIT COMPANIES IN THE REPUBLIC OF SERBIA: EMPIRICAL RESEARCH IN THE PERIOD 2010-2019

The subject of the research in the paper is profitability assessment of audit companies operating in the Republic of Serbia. The objective of the research is to provide the answer to professional and scientific public whether the profitability of audit companies is conditioned by the impact of the size of audit company, origin of its equity or the existing market participation? The research included the entire population of active audit companies in the Republic of Serbia in the period from 2010 to 2019. Data analysis was performed in the statistical program SPSS, and non-parameter tests Kruskal-Wallis H test and Mann-Whitney U test were used. The research will give the answer to the question whether the profitability of an audit company depends on the source of its equity, the size or market participation it has in provision of audit services. The results of the research have shown that there is an impact of the size of the company, the origin of its equity and market participation on the profitability of audit companies measured by net income and return on total assets.

THE STRATEGY OF INCREASING PRODUCTION COMPETITIVENESS IN FOOD INDUSTRY OF THE REPUBLIC OF SRPSKA BY STIMULATING A NEW PRODUCT DEVELOPMENT

Food processing enterprises could ensure production competitiveness by improving product quality and harmonising it with consumer requirements. The non- communicable diet-related diseases have been increas- ing rapidly among consumers in the last decade as well as the impact on people’s attitudes towards nutritional aspect of the quality of food products and healthier diet. The aim of this paper is to illustrate the methodology for increasing production competitiveness in food industry of the Republic of Srpska, based on consumer-oriented food product development and healthy diet. The struc- tured questionnaire and scientific methods were used in young consumer representatives’ research regarding food product development in the target market. Exactly 720 participants were recruited from public educational institutions in the Republic of Srpska. The descriptive statistics and correlation were used for the data analysis. The results indicated positive statistically significant correlation coefficients (p0.05) between consumer interest in new products and: healthy diet preferences; product ingredients; product higher nutritive value (vi- tamins, minerals, dietary fibres content); fruit, fruit juice and low-energy beverages consumption. Also, knowl- edge on diet-related diseases was in significant posi- tive correlation with them. The data analysis revealed that an increase in production competitiveness could be assessed through developing food products based on nutritive elements, modelling and consumer interest in new food products with higher nutritive quality.

CONFLICT OF STRATEGIES – BOSNIA AND HERZEGOVINA DEVELOPMENT STRATEGY AND SUPPORT STRATEGIES OF INTERNATIONAL FINANCIAL INSTITUTIONS

Over the past twenty five years, Bosnia and Herzegovina has been experiencing, with more or less oscillations, low and stagnant economic growth. Planning and economic policy documents shaped the vision of rapid transition and successful economic growth, which was supposed to enable the sustainability of the economic system and its elements. The strategic commitment to integrate into the European Union system has not changed. It was confirmed by signing the Stabilization and Association Agreement in 2008. International financial institutions have even provided financial support to the economic programs in BiH and its entities to an extent greater than their capacity to use, but below the economic needs of the country as a whole. In these circumstances, the issue of a possible conflict between the economic development goals of Bosnia and Herzegovina and the objectives of financial support provided by the international community has been raised. Circumstances such as a long period of time, modest economic performance, lost opportunities and dangerous negative trends indicate the need to reconcile the conflicting strategies and interests of two parties - Bosnia and Herzegovina and the international community.

COVID-19 PANDEMIC CHALLENGES TO MICRO, SMALL AND MEDIUM ENTERPRISES IN NIGERIA: STRATEGIC OPTIONS FOR SURVIVAL

COVID-19 Pandemic posed a great threat and challenges to the business world, especially the Micro, Small and Medium Enterprises (MSMEs). Many of these enterprises suffered a great downturn in business activities and reduction in profit volume. Many of them were forced to close down while others survived on the margin. The government and other stakeholders in the MSMEs have provided solutions to their problems but most of them have not really yielded the desired result. This paper investigates the challenges that MSMEs in Lagos State encountered as well as the strategic options for their survival during the Covid-19 Pandemic era. A survey research design was adopted and primary data were collected with the help of questionnaire. The population of study was 3,224,324 registered MSMEs in Lagos State, while the sample size of 400 was determined with Yamane (1967) formulae. A simple random sampling technique has been employed to administer 400 copies of questionnaire out of which 297 were properly filled and returned. The findings from the regression analysis and the descriptive statistics revealed that there is no significant effect of MSMEs Covid-19 challenges (such as: decline in productivity, business closure, supply chain breakdown, low customer demand, reduction in profit volume, self-isolation, reduced opportunities to meet new clients) on business survival. Also, it was revealed that most of the respondents adopted cutting expenses as a strategic option for the survival of their businesses. However, the study concluded that Covid-19 Pandemic is a major threat to MSMEs survival and growth. It was recommended that MSMEs should embark on cutting expenses in order to survive Covid-19 and further, they should embrace crisis management response, finance and liquidity, operation and supply chain, determine and activate the business continuity plan, monitor the implementation to enhance their survival and readjust their response approach towards environmental changes.

ESTIMATING THE GROSS DOMESTIC PRODUCT OF NIGERIA DURING MILITARY AND CIVILIAN REGIMES: A CHOW TEST

Gross domestic product is the commonest economic vari- able that is used to measure economic performance, either for intertemporal or international comparison. Nigeria as a country has been ruled since independence by two sets of regimes: the military and the civilian. Arguments were and still are concerned with which of the two regimes favoured the country economically. The study therefore estimates the gross domestic product of Nigeria using Chow test. The essence of Chow test is to determine if there was structural break from the point the country fully began civilian dis- pensation from the previous military regime. Using both the F statistic and the Chow test, the results show that there was indeed structural break between the military regime and the civilian regime. This result was further confirmed by the Cusum Square test that shows that the overall model was unstable before the correction. The results further show that out of five components of aggregate demand, four of the variables have coefficients higher during the civilian than the military regime. The study therefore concluded that civilian rule is better economically than military rule in Nigeria. It was recommended that politicians and politi- cal office holders should act within the ambit of the law to sustain the democracy the country is currently enjoying.