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The Analysis of Serbian Customers Satisfaction with e-services Quality Dimensions of Lodging e-intermediaries

Abstract

With the constantly rising share of online accommodation bookings, finding out how customers perceive the website e-service quality is becoming increasingly important in order to build strong satisfaction and create loyal customers. The main goal of the study was to analyze how Serbian customers perceive the quality of service provided by lodging e-intermediaries. Correlation matrix and multiple regression analysis were used to determine the impact of each of 6 e-service quality dimensions on satisfaction of e-intermediary customers. The questionnaires were distributed during the research period of 3 months (July-September, 2015). The study has shown that only three out of six dimensions have impact on customer satisfaction, comprising 63.9% of total customer satisfaction: reliability, information quality, and personalization.

Open access
Analysis of the Determinants of Corporate Cash Holdings: Examples from Companies in Serbia

Abstract

In this study, we aimed to analyse the empirical determinants of cash holdings on the sample of non-financial companies operating in the Republic of Serbia. For that purpose, dynamic panel data models were estimated by utilising the generalised method of moments for the period from 2008 to 2013. The econometric analysis indicates that companies with higher cash flow hold more cash in their assets. Larger companies as well as companies with more liquid assets and higher turnover coefficients tend to reduce their cash levels. According to the results, companies operating in the Republic of Serbia tend to hold the optimal level of cash and prefer internal sources of financing, which is in line with the principles of trade-off theory and pecking order theory.

Open access
Insurance Industry in Selected Transition Countries

Abstract

The growth and development goals of a national economy are successfully achieved through implementation of a properly selected investment policy, and for that reason, foreign investments are one of the main fundamental means for reaching the goals of economic and regional development. The insurance is one of the industries that have gone furthest ahead in globalization of the world markets. The main focus of this article is the insurance industry and economic development of the selected transition countries, some of them already members of the European Union, others still in the EU accession procedure. The importance of the insurance industry can be seen in the results of the displayed types of insurance in the period from 2010 to 2014. Transition countries may expect a significant encouragement to economic development by investments in the insurance industry. The subject of this study is to determine if these expectations are met or the improvements are achieved only in the domain of types and ways of selling insurance products.

Open access
International Regulatory Changes in Financial Systems as a Factor of Stability

Abstract

The necessity of regulating certain legal and finance systems derives from the possibility that they may have a major impact on essential processes in countries. Therefore, depending on the market conditions and integration intentions of specific political or financial groups, the countries are forced to implement new regulations. Such regulations are different everywhere in the world; there are hundreds of laws and legal acts arising from national and local governments, which cover various aspects of the economy. The paper examines the international capital agreements and legal acts responsible for the stability of the finance sector and its members, which lead to overall stability of a society. Analyzing the contemporary literature reveals the countries which have successfully managed to implement the high-demand criteria.

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Serbia’s Competitive Position in the Regional Tourism Destination Market

Abstract

The paper analyzes a competitive position of Serbia as a destination in the regional tourism market. The regional market includes Serbia’s neighboring countries enhanced by Austria, Slovenia and Greece to provide a better view of the competitive landscape of the Southeast European region, herein termed the “Extended Balkans”. The gap analysis was applied to the selected number of global secondary indices to highlight the differential effects that impact Serbia’s position in different domains and categories, which in turn, has a profound effect on Serbia’s ability to attract, delight and retain visitors. The emphasis of this theoretical paper is placed on the concept and methodology rather than on the selection of indices. The paper caters to both practitioners and academics by contributing to the literature on destination competitiveness through the lens of the positioning theory.

Open access
Accessibility to Nodes of Interest: Dislocation of the Industrial Districts of Tuscany

Abstract

The present research starts by a series of experiences gained by the author on the theme of attractiveness/accessibility of territories, in light of the most recent dynamics for the analysis. The equation model used is of gravitational type. Specifically, the impedance function is used in the form of logistics, which has so far provided the best results in the analysis of territories. The research is conducted at the municipal level. The paper aims to analyze the connection between these works and the map of industrial districts, recently produced by ISTAT. The analyzed region, as in other publications, is Tuscany, which provides the details on the municipal map of accessibility in relation to the location of industrial clusters. The metropolitan city of Florence is treated separately. The aim is to provide policy makers with the best socio-economic information for the economic and financial administration of territories.

Open access
Aspect of Fiscal Consolidation: Evidence from Serbia

Abstract

In contemporary market conditions facing continuous debt crisis, the notion of fiscal consolidation is one of potential solutions for solving the main economic issues in any country. As regards fiscal consolidation, it necessary to point out to the importance of developing strategies aimed at minimizing deficit and debt level. Serbia is among those countries in which irrational spending is widely present with unfavourable tendency regarding the aspect of production and consumption. Over the past 25 years, Serbia has spent much more than it has produced, which has led to large budget deficits and debt level. The aim is to point out to the concept of fiscal consolidation and its implementation in Serbia, while the subject of this paper is to present the package of measures and strategies defined by the government of the Republic of Serbia and the Fiscal Council Program.

Open access
Contemporary Forms of International Movement of Capital

Abstract

International movement of capital is one of the most important forms of international economic cooperation and achievement of strategic goals of enterprises. It leads to international diversification of business activities, strengthening of competitive advantage, changes in economic structures, employment rates and economic stability of participating countries. The present research addresses the contemporary forms of international movement of capital, with an emphasis on the public-private partnerships and concessions. The creation of different forms of public-private partnerships (PPPs) in Serbia gained in importance in the early ‘90s of the 20th century. PPP implies joint activities within the framework of which the public and private sector pool resources, especially financial capital and expertise in order to meet the public needs of local, regional or national significance for adequate resource allocation. This type of partnership between the public and private sector has become an effective way towards a more rational use of limited resources and development of business entities from different sectors. The partnership of the public and private sector is particularly important in the construction and maintenance of transportation and other infrastructure facilities. Concessions represent a special form of public-private partnerships.

Open access
Economic Openness and Economic Growth: A Cointegration Analysis for Asean-5 Countries

Abstract

The paper considers three channels of economic openness, namely FDI, imports, and exports, and examines their short-run and long-run effects on the economic growth in the five founding member countries of the Association of Southeast Asian Nations (ASEAN) over the period from 1980 to 2014. Besides the impact on the economic growth, the authors analyze all possible causal interrelationships to discern patterns and directions of causality among FDI, imports, exports, and GDP. The quantitative analysis, which is based on the vector error correction co-integration framework, is conducted separately for each country in order to assess their individual experiences and allow for a comparative view. Although the precise details differ across countries, the findings indicate that there is a long-run equilibrium relationship between economic openness and GDP in all ASEAN-5 economies. FDI, imports and exports have a significantly positive short-run and long-run impact on the economic growth. Our results also show that export-led growth is the most important economic growth factor in most countries, followed by FDI-led growth. Another crucial finding is the bi-directional causality between exports and FDI across the ASEAN-5 countries. This indicates the presence of direct and indirect effects on GDP and a self-reinforcing process of causality between those two variables, which strengthens their impact on the economic growth.

Open access
Forensic Accounting in the Fraud Auditing Case

Abstract

This paper presents a real case of digital forensic analysis in organizational fraud auditing process investigated using two different forensic tools, namely Tableau TD3 Touch Screen Forensic Imager and Access Data FTK Imager. Fraud auditing is more of a mindset than a methodology and has different approaches from financial auditing. Fraud auditors are mostly focused on exceptions, accounting irregularities, and patterns of their conduct. Financial auditors place special emphasis on the audit trail and material misstatements. A fraud case investigation of non-cash misappropriations committed by an employee, the warehouseman, will be presented herein in order to highlight the usefulness of fraud auditing, which can reveal many forms of financial crime and can be used in both private and public sector companies. Due to the computerized accounting environment, fraud investigation requires a combination of auditing, computer crime and digital forensic investigation skills, which can be achieved through joint efforts and cooperation of both digital investigator and fraud auditor as proposed herein.

Open access