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

This paper investigates the intercompany-specific characteristics as a determinant of the sustainable growth rate. We researched a sample of companies listed on the Macedonian stock exchanges. We found that the average actual growth rate for the 2010-2019 period is only 0.38%, while the sustainable growth rate was 1.42%. This is because of the poor operating performance of the companies, moderate leverage, and average retention ratio of 82.5% for the whole sample. The actual growth rate in specific years is drastically higher than the sustainable growth rate, while in certain years it is negative. The sustainable growth rate is positively affected by the profit margin, retention ratio, asset turnover, financial leverage, and ROE, and it is negatively affected by the operating cash flow, company size, growth opportunities, and non-debt tax shield.
</abstract>

Financial Policy and Companies’ Sustainable Growth

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The role of international trade was irreplaceable at the start of the COVID-19 pandemic crisis, especially the trade in medical supplies and food for all affected countries. Trade as a part of this crisis, certainly should not be an element of further countries` closing and new trade barriers implementation. On the contrary, it could be a way to exceed these problems, especially if all participants in the trade point out the same aims of the normal trading during the pandemic crisis and implementation of Trade Facilitation Agreement provisions. The effects of Trade Policy measures during the COVID-19 crisis and their relation with the Trade Facilitation Agreement were analyzed in this paper. Trade measures applied at the beginning of the crisis have dual character, trade facilitating and trade restricting. This paper highlights the tariff reduction and non-tariff barriers decrease, as possible approaches for the trade policy. The aim of this paper is to show the extent to which the TF agreement, ratified recently, could be applied during the time of the pandemic. This paper provides an overview of a number of trade policy measures that have slowed down the implementation of this agreement. It also points out the role of this agreement, as one of the most important instruments that could be used to expedite the movement of goods, which is especially necessary during the pandemic.
</abstract>

Trade Facilitation During COVID-19 Pandemic

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The purpose of this study is investigating the homogeneity of the European Union countries (hereinafter: EU countries) according to the achieved level of environmental performance in agriculture and climate change in 2020. The data used for this study are from an internationally comparable database. For the purpose of validation of the laid hypothesis, methods of statistical analysis were employed. The study focuses on Climate change and Agriculture, two factors of the Ecosystem Vitality component, which will be considered in more detail, as well as the indicators included in the Environmental Performance Index (hereinafter: EPI) structure. The empirical findings revealed the existence of a medium and a positive quantitative agreement between the two environmental policy areas, agriculture and climate change. Also, the cluster analysis showed that most of the countries selected for the research apply agricultural production with controlled use of nitrogen, which further affects the reduced emissions of greenhouse gases and thus minimally contributes to climate change.
</abstract>

Relationship Between Climate Change and Agriculture at the EU Level

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This paper uses dynamic panel data methods to examine the political indicators and governance quality indicators as determinants of foreign direct investment (FDI) into the Balkan and non-Balkan countries in transition. Our empirical model shows that the determinants, such as political terror scale and the control of corruption, have significant and plausible effects in the Balkan and non-Balkan countries in transition. In addition, analyzed factors such as government effectiveness and regulatory quality, which play important political roles in determining foreign direct investment flows into countries in transitions and help explain the differing attractiveness of individual countries to foreign investors in our empirical model, do not play a significant role in the inflow of foreign direct investment
</abstract>

Political Risk and Quality of Governance as Determinants of Foreign Direct Investments in the Transition Countries

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

Due to the influence of numerous factors that make it difficult to find the innovative solutions to social and environmental problems that social enterprises deal with, there is a need for a joint action of social enterprises, both with each other and with other actors operating in their environment. In order to overcome the challenges more easily, which they face in their business, social enterprises and social entrepreneurs should take advantage of networking. Business networks can bring many benefits to their members, and networks in the social sector are of particular importance. Recently, networking has taken place within the broader framework of so-called ecosystems. With this in mind, the aim of this paper is to shed more light on the specifics of networking of social enterprises, i.e. their connection to ecosystems. The Social Entrepreneurship Network (SEN) has played a key role in the development of this sector in European countries. Also in the Republic of Serbia, networking of social enterprises with civil society organizations has significantly contributed to the creation of public policies and the promotion of social enterprises.
</abstract>

Ecosystem of Social Enterprises - A Comparative Review of the Practice of European Countries and the Republic of Serbia

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Given that data and information have become the most valuable assets of companies that can be efficiently and economically stored in the cloud infrastructure, there is great pressure on business entities to capitalize on this business and technological opportunity. There is a particular pressure on oil companies to find new ways to create a competitive advantage by using the opportunities offered by cloud-based businesses. This is primarily a result of the fact that the reorientation of business activities to this type of storage and integration of data and applications represents a major change in the business world, and the growth trend continues in all aspects of the business. This paper deals with the possibilities and challenges of applying cloud technology in oil companies operating in turbulent conditions caused by fluctuations in oil prices in the global market..
</abstract>

The Challenges of Cloud Technology Implementation in Oil Companies

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Auditing firms are very important for business decision-makers and they have a large impact on business development, due to issued reports and competent opinions contained in such reports. The purpose of this paper is to present, to professional public, the current condition and changes of business results achieved by active auditing firms in the Republic to Serbia over the period of eleven years. The goal of the paper is an objective assessment of the state of play and operations of active auditing firms, as well as a determination of business trends and monitoring of the results achieved in the audit services market. The paper analyzes the changes in individual balance sheet items and profitability indicators, that is their average growth during the eleven years. The results indicate that the members of the "Big Four” had not acquired a leadership position in the market, observed according to the productivity indicators. Actually, the results indicate that the auditing firms with the largest growth of net results, in the observed period, are not the leaders according to the criterion of assets growth. At the same time, the firms with the greatest growth of business income in the observed period are not at the same time the most productive firms, measured by net result per employee. The results obtained in this paper contribute to the formation of a realistic view of the situation in the audit services market, as well as the perspectives and tendencies in the development of audit firms.
</abstract>

Dynamic Analysis of Business Development of Auditing Firms: Case of the Republic of Serbia 2010-2020

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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. 