<abstract xmlns="http://www.w3.org/1999/xhtml">

Debt has become an important factor in economic activity and its extent has incentivized many researchers to incorporate it into contemporary growth models. On the positive side, debt has the ability to smoothen private consumption, firms’ investment and government expenditure in relation to their corresponding income, subsequently leading to better capital allocation. However, the history of debt defaults and lessons from European sovereign debt crises, which were accompanied by strict austerity measures, have warned us about the danger of debt overhang and unsustainable debt burdens. This paper tackles the question of the existence of a turning point, at which the negative effects of debt start to prevail in the economic process. In the sample of European Union countries in the period from 1995 to 2019, the author of this paper investigated the presence of threshold effects of government, non-financial corporate and household debt on medium-term growth following the paper by Mika and Žumer (2017). The author first confirmed the concave-shaped relationship between public debt and growth with a threshold of 111.6% of GDP, based on Eurostat debt-to-GDP data. In contrast, private debt was found to have first lag effects with an accompanied convex-shaped relationship between private debt and growth and with a corresponding threshold of 149.8% of GDP. Next, the author divided private debt into non-financial corporate and household debt to investigate a more detailed relationship between debt and growth. Corresponding to the Global Debt Database, the concave-shaped relationship between public debt and growth was confirmed with a threshold of 104.8% of GDP. Both of the investigated types of private debt confirmed the previously explored lagged impact on medium-term growth and a convex-shaped relationship between non-financial corporate and household debt and growth. The threshold of non-financial corporate debt stands at 138.3% of GDP, while that for household debt is 145.1% of GDP. Considering the presence of thresholds may offer an important message to economic policymakers, as timely and suitable governance can lead to either higher economic growth or prevent adverse effects of excessive indebtedness.
</abstract>

Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">

In this article, the author examines the impact of government expenditure on economic growth. A review of empirical studies shows that researchers have found a negative link between government spending and economic growth in most cases. This paper is based on yearly data between 1995 and 2020 in euro area countries, with the application of linear regression on panel data. The main purpose is to determine whether government spending affects economic growth and, if so, how. Based on the econometrics model applied, the author established that in panel data, government expenditure has a negative impact on economic growth, more precisely, if government spending as a share of GDP increases by 1%, economic growth decreases by 0.509%. In addition, there is a significant negative relationship between government expenditure and economic growth for each country as well as the entire panel.
</abstract>

Government Expenditure and Economic Growth in Euro Area Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">

Intellectual capital in the knowledge era is a strategic advantage of board structure, which leads to the improvement of a company’s work and the achievement of its goals. The aim of this study is to develop a structural model that connects the corporate governance, intellectual capital and financial performance of the banking sector. Corporate governance is conceptualised by the board of directors as the main internal mechanism of corporate governance, which is measured by the size of the board of directors, the number of independent board members and the female board members. Intellectual capital represents a mediator in this model and its efficiency is calculated through the Value Added Intellectual Coefficient (VAIC) model, while the financial performance of banks is measured through return on assets (ROA) and return on equity (ROE). The results of the study conducted in 22 Serbian banks between 2015 to 2019 show that the size of the board of directors and the number of independent board members have a statistically significant impact on intelectual capital (IC), but there is no impact on total assets (ROA). The number of women in the board of directors does not have a statistically significant effect on either ROA or ROE. The findings also indicate that intellectual capital (HCE, SCE, CEE) has a significant mediating role in the relationship between board structure and bank performance. The results of this study will provide a significant contribution to further investment in intellectual capital as the strongest link in achieving positive effects on bank performance.
</abstract>

Board Structure and Bank Performance: The Mediating Role of Intellectual Capital

<abstract xmlns="http://www.w3.org/1999/xhtml">

One of the key activities of any company is the management of documents, which are created on a daily basis. Classic document management cannot follow the needs of the market for companies with a desire to be agile and modern. Therefore, companies need to offer employees a solution that allows them to carefully store and archive documentation, while at the same time giving them enough time to perform their main daily tasks. Electronic management of documents not only influences companies’ workflows, savings and adaptions to market needs but also influences their digital transformation. It is also necessary to consider the influences on the environment. The influence of the production and use of paper in daily business has burdened the environment a lot in the past and it is about time that this matter is addressed. Implementation of a document management system (DMS) is now almost a must-have for companies wanting to be competitive in the market and with a desire to digitalise its processes, and is also surely a good step in the right direction for the environment. The aim of this paper is to define the advantages of disadvantages of a DMS as part of companies’ digital transformation as well as to provide an overview of the process of implementation and to analyse future trends and predictions in this field. For better understanding, the authors also included some examples of the implementation of a DMS in Slovenian companies.
</abstract>

Document Management System – A Way to Digital Transformation

<abstract xmlns="http://www.w3.org/1999/xhtml">

Human resource (HR) management is one of an organisation’s most important core activities. As new technologies and software applications spread, it is important to recognise that human resource management must also mature and, to this end, must apply new technological guidelines. Artificial intelligence (AI) is one such promising technology trend that is likely to change the existing methods of HR management. This paper examines the attitudes that AI evokes among practicing HR professionals and assesses the potential for the practical application of these technologies. A survey, in the form of a questionnaire, was conducted among Hungarian HR managers, which allowed the collection of first-hand data. The survey was conducted in winter 2021 using the snowball method sampling procedure. The questionnaire mainly contained Likert-scale questions. The results of the research show that survey participants have mixed emotions about AI. The respondents largely agreed that the tools provided by AI are effective and their use helps HR management. The main limitation of the research is that it is limited to just one country, since the COVID-19 pandemic made it difficult to find and involve respondents in the research.
</abstract>

Analysis of the Attitude of Hungarian HR Professionals to Artificial Intelligence

<abstract xmlns="http://www.w3.org/1999/xhtml">

According to several previous studies, entrepreneurial risk-taking is an important aspect that can lead to prospective business opportunities, hence improving entrepreneurial outcomes such as enterprise performance. The main purpose of this paper is to examine the extent and degree of impact of entrepreneurial risk-taking (ERT) as one of the dimensions of entrepreneurial mindset on the performance of micro enterprises in Skikda, Algeria. Based on a self-administered survey questionnaire, data were collected from a random sample of 142 micro-enterprises in Skikda. The study adopted descriptive, correlation, and regression analyses to estimate the impact of entrepreneurial risk-taking. collected data were analyzed using the Statistical Package for Social Sciences (SPSS 22) programme. The findings demonstrate that entrepreneurial risk-taking significantly affects the performance of micro enterprises in Skikda. Of the total variance of the performance of micro enterprise’s, 9.2% can be explained by the variability of entrepreneurial risk-taking. A small percentage is expected and can partly be explained by the presence of other factors that affect the performance of these enterprises as well as the negative effects of the COVID-19 pandemic on the process of economic activity and available business opportunities worldwide, especially these very small enterprises. However, the presence of this positive impact calls for a focus on raising the risk-taking spirit of existing and potential Algerian entrepreneurs, by holding conferences, forums and entrepreneurial programmes that enhance and support this characteristic of the entrepreneurial mindset.
</abstract>

Does Entrepreneurial Risk-Taking Affect the Business Performance of Micro-Enterprises? Evidence from Skikda in Algeria

AHEAD OF PRINT

Volume 70 (2024): Issue 1 (March 2024)

Volume 69 (2023): Issue 4 (December 2023)

Volume 69 (2023): Issue 3 (September 2023)

Volume 69 (2023): Issue 2 (June 2023)

Volume 69 (2023): Issue 1 (March 2023)

Volume 68 (2022): Issue 4 (December 2022)

Volume 68 (2022): Issue 3 (September 2022)

Volume 68 (2022): Issue 2 (June 2022)

Volume 68 (2022): Issue 1 (March 2022)

Volume 67 (2021): Issue 4 (December 2021)

Volume 67 (2021): Issue 3 (September 2021)

Volume 67 (2021): Issue 2 (June 2021)

Volume 67 (2021): Issue 1 (March 2021)

Volume 66 (2020): Issue 4 (December 2020)

Volume 66 (2020): Issue 3 (September 2020)

Volume 66 (2020): Issue 2 (June 2020)

Volume 66 (2020): Issue 1 (March 2020)

Volume 65 (2019): Issue 4 (December 2019)

Volume 65 (2019): Issue 3 (September 2019)

Volume 65 (2019): Issue 2 (June 2019)

Volume 65 (2019): Issue 1 (March 2019)

Volume 64 (2018): Issue 4 (December 2018)

Volume 64 (2018): Issue 3 (September 2018)

Volume 64 (2018): Issue 2 (June 2018)

Volume 64 (2018): Issue 1 (March 2018)

Volume 63 (2017): Issue 4 (December 2017)

Volume 63 (2017): Issue 3 (September 2017)

Volume 63 (2017): Issue 2 (June 2017)

Volume 63 (2017): Issue 1 (March 2017)

Volume 62 (2016): Issue 4 (December 2016)

Volume 62 (2016): Issue 3 (September 2016)

Volume 62 (2016): Issue 2 (June 2016)

Volume 62 (2016): Issue 1 (March 2016)

Volume 61 (2015): Issue 6 (December 2015)

Volume 61 (2015): Issue 5 (October 2015)

Volume 61 (2015): Issue 4 (August 2015)

Volume 61 (2015): Issue 3 (June 2015)

Volume 61 (2015): Issue 2 (April 2015)

Volume 61 (2015): Issue 1 (February 2015)

Naše gospodarstvo/Our economy

 Naše gospodarstvo/Our economy – Journal of Contemporary Issues in Economics and Business (NGOE) is a quarterly, double-blind peer reviewed international scientific journal, focusing on economics and business sciences. Scientific articles and review papers provide new insights into the research topics of both disciplines. The journal aims to provide a venue for high quality theoretical and empirical articles that significantly contribute to the disciplines of economic and business sciences.   NGOE promotes particularly the publication of articles that address issues in the following areas of economics and business sciences: Business Economics, Economic Growth and Development, Economic Policy, Economic Theory, Econometrics and Statistics, Financial Economics, History of Economic Thought, International Economics, Labour Economics, Political Economy, Public Finance, Social Policy, Social Economics, Sustainable Economics, Accounting, Auditing, Banking and Finance, Change Management, Corporate Law, Corporate Social Responsibility, Crisis Management, Decision Making, Education Management, Entrepreneurship, Ethics in Business, Health Management, Human Resource Management, Information Management, Innovation Management, International Business, Logistics and Supply Chain Management, Marketing, Operations Management, Organizational Behaviour, Organizational Development, Portfolio Management, Product Development Management, Production Management, Project Management, Public Administration, Risk Management, Services Management, Strategic Management, Systems Theory, Taxation, Tourism Management, Sustainable Business.   Why Subscribe and Read   The articles published in NGOE aim to synthesise and integrate the advanced knowledge of economics and business research, to promote the enrichment and integration of ideas among the areas of economics and business sciences.   Why Submit   Published continuously since 1955, NGOE is moving towards higher publication standards and we have taken important steps towards reaching global readership. We maintain a rapid review and publication process. The double-blind peer review process takes between five and seven weeks on average.   Publication Charges   There is no article processing charges (APC) nor article submission charges.   Peer review process   The aim of the peer review process is to ensure that high-quality and original research is published. All articles published in the Journal of Contemporary Issues in Economics and Business Naše gospodarstvo/Our Economy (NGOE) are peer-reviewed and all papers submitted follow the procedure outlined below.   Initial paper evaluation   All papers submitted for publication consideration in NGOE are first evaluated by the Editor-in-Chief. Papers which fall outside the aims and scope of the journal or fail to meet the requirements of a scientific research will either be rejected at this initial point or returned to the author for revision. Papers are never accepted by the Editor-in-Chief without the reports of two reviewers, at least.   Plagiarism checking   Papers that pass the initial evaluation stage are subject to a similarity/plagiarism scanning by using a plagiarism screening program. Any paper with a similarity percentage (excluding references) greater than 25 % will be rejected. Manuscripts that pass the initial evaluation stage and have a similarity rate below 25 % proceed to the referee process. All submitted papers are subject to anti-plagiarism control in the iThenticate system.   Peer review   NGOE employs double-anonymous reviewing, where both the referee and author remain anonymous throughout the process.   Instructions for reviewers   The primary objective of the reviewer's evaluation is to provide sufficient and unambiguous answers to the following questions and also recommendations for possible changes and improvements to the paper:    does the title match the subject of the paper and does the subject of the paper correspond with the area of interest of the journal (according to "Aims and Scope"),   is the Abstract correct, i.e. short but presenting the main results of the researches and conclusions based on these results,   does the Introduction present the subject and the objective of the researches correctly,   are the implemented methods used properly and is the research material sufficient,   are the results described, analyzed, commented on and presented correctly, without repetitions of data in tables and diagrams,   is the discussion presented correctly, based on actual knowledge and with the use of properly chosen scientific literature (as recent as possible),   do the conclusions generalize the obtained results and provide recommendations, which are appropriately prepared on the basis of results and are not merely the repetition of those results,   does the paper introduce new and interesting information and does it have sufficient impact and add to the knowledge base.    The formal evaluation of the paper should include answers to the following questions:    whether the layout and contents of tables and graphs is readable and convenient for recipients   is the information in tables not repeated in graphs and vice versa,   are there no reservations about the length of the paper, its linguistic correctness, the method of citation of the literature and usage of units, etc.?    Reviewers' evaluation   Papers are sent to at least two reviewers assigned by the Editor-in-Chief or Co-editor. The reviewers are chosen according to their expertise. Reviewers are asked to evaluate the manuscript’s originality, methodology, contribution to the literature, presentation of results and support for the conclusions, and appropriate referencing of previous relevant studies. Reviewers may either recommend accepting the manuscript, rejecting the manuscript or may require a revision for content and/or technical issues. When making a final recommendation, the reviewers should clearly state whether the paper is suitable for publication in journal. In the case of a positive answer, the reviewers indicate whether:    it might be accepted without changes,   it might be accepted after minor changes, suggested by the reviewer in the manuscript or in his/her opinion,   it might be accepted after major changes (please indicate them).    The detailed evaluation criteria are outlined in the Paper Review Form.If the reviews are positive they are sent for the reviews to the corresponding author. For a paper to be accepted for publication, two positive reviews are required. In case one reviewer's report is negative while the other is positive, the paper is forwarded to a third reviewer for additional evaluation. When a revision is required by the reviewer, the author(s) are to consider the critical observations and suggestions offered by the referees, and a revised paper should be submitted within a set deadline, otherwise it will be assumed to have been withdrawn. Reviewers may request more than one revision of a paper.   Final evaluation   Based on the corrected versions of the paper and the answers to the reviews the Editors take the final decision as to whether to publish the paper or not.Proofs are sent to the corresponding author and should be returned within the set deadline.Every year a list of Reviewers collaborating with the Editors of the NGOE is shown on the Journal's website when all four issues of the journal have been sent to print.   The data on society or institution responsible for the journal and the country where it is based:   University of Maribor, Faculty of Economics and Business, Slovenia     Publication Frequency   NGOE is published quarterly.   Plagiarism Prevention Policy   Original unpublished scientific papers which have not been submitted for publication elsewhere can be submitted to NGOE. 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.   Archiving   Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections. 