<abstract xmlns="http://www.w3.org/1999/xhtml">CRM (Consumer Relationship Management) is a recent concept. Development and introduction of this concept in the banking operations started in the ‘90s. Due to complex market conditions and the current environment in which banks operate, it is necessary to have a new method for doing business, which will provide quick and efficient recognition of clients. This business concept entirely replaces the traditional operating methods of the bank, where the focus is on clients, their needs, and wishes. The CRM concept enables the bank to respond to the individualized demands of the clients with quality banking products and services. With this, the banks manage to deal with the tough competition and make a profit. The goal of this paper is to examine the importance, development, and implementation of the CRM in the banks. The paper tries to prove the hypothesis: Introduction of the CRM philosophy in the banking operations leads to increased profitability of the bank.</abstract>

Effects of the Application of the <italic>CRM</italic> Concept to Profitability of the Banks

<abstract xmlns="http://www.w3.org/1999/xhtml">Organizations in today’s environment are relied on teams and their learning as key determinants for survival and success. The aim of this paper is to identify the key team learning processes and activities in organizations and to examine how the eventual appearance and growth of the problems in team impact on those processes and activities. Research was conducted in nine teams with 79 members in one public service organization located in Belgrade, Serbia, using interview and questionnaire techniques. Descriptive analysis, linear regression and Pearson correlation coefficient were used for processing and interpreting collected data. The results show that undefined roles of team members, a lack of trust among them, inadequate rewards, inadequate leadership and team management, will cause a moderate decrease in team learning processes and activities. The value of this research is that growing reliance on teamwork in organizations put pressure on leaders and managers to understand the factors that enable and stimulate team learning processes and activities, but also to identify and overcome all problems that may arise in teams and slow down the learning in teams as one of the most important processes.</abstract>

Team Learning Processes and Activities in Organization: A Case Study

<abstract xmlns="http://www.w3.org/1999/xhtml">The issue of improving the efficiency of business operations is of particular importance in the conditions of modern business environment. For managers, the big challenge is how to achieve and to maintain, not to mention how to improve efficiency in a highly heterogeneous, complex, uncertain and unpredictable business environment. Significant sources of enterprise efficiency in a modern business environment are enterprise restructuring, business activities, as well an integrated approach to cost management, which is becoming an increasingly important determinant of business success and a source of competitive advantage. The paper provides an overview of theoretical and empirical research of the effects of certain sources on the performance of the enterprise. The conclusion is that only the complementary exploitation of all sources contributes to improving the efficiency of the enterprise in the long run.</abstract>

Enterprise Efficiency Sources in the Contemporary Business Environment

<abstract xmlns="http://www.w3.org/1999/xhtml">Are there significant regional differences in regional retail development in Serbia? This was the main research question at the beginning of writing this paper. The main goal of this paper was to analyse regional differences in retail development based on existing statistical data. The idea was to point out regions with underdeveloped retailing and the one with endangered retail competition. Thorough desk research has been performed. It included both literature review and data collection from available official sources. Existing retail data have been analysed. However, the lack of data at lower levels of aggregation (regional and local) prevents the authors from getting strong conclusions. In addition, the lack of data also altered the main research question, which has now become adequacy of data in the retail sector and potential solutions for that problem. The noted lack of crucial data and solutions for solving this problem were the main purpose of this paper. The main finding is that decision makers in Serbia do not have adequate information about retail network. This is a problem because it is very hard to prove anticompetitive actions or to plan (stimulate) retail development without relevant data from both government and business point of view. Retail census would help getting key indicators about development of retailing in certain regions and municipalities. However, the solution needs to be sustainable. Therefore, some legislative requirements should provide information for census update.</abstract>

Regional Retail Sector Development in Serbia – Key Performance and Development Indicators’ Gap

<abstract xmlns="http://www.w3.org/1999/xhtml">International trade quite often includes intra-industry trade (IIT) – definition classifies IIT as trading with similar goods or services belonging to the same industry; which are simultaneously imported and exported by a particular country during the specific time period, mainly on a yearly basis. On the other hand, foreign direct investments (FDI) directly influence international trade, and intra-industry trade, as well. According to the recent research during last decades a revival of interest in intra-industry trade has been noted; both on micro and macro level. The standard Grubel-Lloyd formula is still being used for empirical work. This however refers only to international trade, disregarding capital flows, and FDI. Given the overwhelming importance of the latter, this paper tries to research for relevant data in this regard. The objectives of the paper are to present fundamental theoretical framework linked to IIT, and more specifically to research a direct link that IIT and FDI form in contemporary international economic relations. In addition to presented theory related to the subjects of research, further observation includes analysis of empirical research and case studies. This enables the authors to draw conclusions and, therefore, suggest potential implications for development policy.</abstract>

The Link of Intra-Industry Trade with Foreign Direct Investments

<abstract xmlns="http://www.w3.org/1999/xhtml">The concept of an efficient financial market, in literature known as efficient market hypothesis (EMH), has had a long and difficult development path from the idea itself to its final conception, as one of the central paradigms in modern finance. It has been tested and critically reviewed for decades, and the two basic types of problems it has encountered are theoretical paradoxes and market anomalies. The aim of the paper is to examine the validity of EMH through various financial market efficiency tests and the results of previous research. The intention is to answer the question of whether, despite theoretical paradoxes and market anomalies, the notion of validity can be attributed to the concept of an efficient financial market. In this regard, the paper presents plenty of evidence for and against the validity of weak, semi-strong, and strong form of EMH, to conclude that, even after more than half a century of research, financial literature has not reached a consensus on the presence or absence of the validity of this hypothesis.</abstract>

Evidence for and Against the Validity of Efficient Market Hypothesis

<abstract xmlns="http://www.w3.org/1999/xhtml">The views regarding the role and the need for state development banks have evolved in the 20th century, from considering their role as very important in the 1950s, through the stance of their inadequacy and ineffectiveness, to a renewed interest for public development banks at the beginning of 21st century. In this study we will concentrate on the state development banks as an important instrument of state financial support to small and medium sized enterprises (SMEs). The Republic of Srpska Investment-Development Bank (RSIDB) provided the empirical context for our research. By applying the Mann-Whitney U Test and the correlation analysis the authors examined the effect of RSIDB loans on certain business performance indicators of SMEs. From the results of Mann-Whitney U Test it can be concluded that the average sales, number of employees and net profit in the five-year period after using the RSIDB loan is statistically significantly higher for the RSIDB borrowers compared to non-borrowers. The results of correlation analysis show that there is statistically significant positive correlation of medium strength between the use of RSIDB loans and the total sales, net profit and number of employees in the 5-year period after using the RSIDB loan. The study showed the positive impact of RSIDB loans on the growth of sales, net profit and employment of SME borrowers.</abstract>

The Effects of State Development Banks on the Performance of Small and Medium Enterprises

<abstract xmlns="http://www.w3.org/1999/xhtml">Technological advancement enhanced by rising competition in a globalising world led to the acceleration of innovation activity. Literature implies that corruption, share of state ownership, and expertise of top management can have a strong influence on firms’ performance and innovation-based sustainability. Using the BEEPS 2012-2014 database, this paper applies cross section analysis to examine this literature implication. Our results imply that larger manufacturing enterprises with experienced top management and international quality assurance certificates that operate in environments with increased corruption levels and competition have higher levels of innovation. In addition, the results show that state ownership is insignificant for innovation activity. In terms of regional analysis, we find that corruption, top management experience, and possession of international quality assurance certificates lead to an increase in product innovation in Balkan and former Soviet countries, while these factors do not create any significant impact on innovation activity within Central European countries. Enterprises faced with fierce competition levels are more innovative in former Soviet and Central European countries than in the Balkans.</abstract>

Determinants of Innovation-based Sustainability in Transition and Developing Economies

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Economic Themes

 The Faculty of Economics in Niš publishes the journal Economic Themes within the Center for Publishing. According to the categorization of the Ministry of Education and Science of the Republic of Serbia the journal is classified as the leading journal of national importance (M51) and is issued quarterly (in Serbian and English). In the upcoming period we wish to implement two important aims: first, to continually enhance the quality of the journal in compliance with generally accepted standards and second, to improve the ranking of the journal in the following years. All articles sent for publishing are anonymously reviewed.  Rejection Rate   App. 28%  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 