<abstract xmlns="http://www.w3.org/1999/xhtml">The main motivation for this paper is that a negligible number of reforms in education systems, initiated all over the world, proved to be successful in terms of bringing desired results in promoting educational practice and its final goal - the promotion of students’ learning and knowledge. Regarding the education system and its reform a change of paradigm has recently happened. In some cases, changes were made gradually, whereas in other cases it was completely abandonment of treating them as complicated systems with simple interventions and solutions toward the recognition and respect of their true complex nature. So, this reviewed paper explores new insights and tools derived from the theory of complexity. They can help to better understand and navigate the education system and its reform. Becoming familiarised with methodological implications of viewing the education system and its reform as complex system is recommendation for different stakeholders included in education system, such as teachers, students, researchers, administrators and policy makers. Advance awareness of both urgency and opportunities of analysing and respecting the education system as a complex system would contribute to better understanding the essence of dynamic wholeness of education and, for sure, would provide desired results of educational reform. For all of us that means more successful coping with the world characterised by a growing number of complex systems with growing intensity.</abstract>

Exploring Education and Education Reforms from the Complex Systems Point of View

<abstract xmlns="http://www.w3.org/1999/xhtml">The characteristics of the developing market to which the Serbian market belongs are: illiquidity, low turnover and nontransparency. The aim of this paper is to examine the possibility of application of the Markowitz's model for forming the set of efficient portfolios on the capital market in Serbia. The research is based on previous theoretical and empirical research in the world. Statistical methods of determining return and risk, matrix of variances and covariances for liquid shares have been applied. Portfolio optimization has been conducted by add-in programme Solver included in the Microsoft Excel package, respecting the limitations according to Markowitz's model. The results of the analysis have shown that the set of efficient portfolios, which meets the criterion that they give minimal risk for the given return, can be formed on the capital market in Serbia. The results show that Markowitz's model allows the investors to select the efficient portfolio, but only for liquid shares, depending on the risk they are ready to accept. The findings of this paper indicate that expressive illiquidity on the Serbian market and insufficient number of shares for diversification by sectors make the practical application of the research results difficult.</abstract>

Faculty of legal and business studies dr Lazar Vrkatić

The Application of the Markowitz’s Model in Efficient Portfolio Forming on the Capital Market in the Republic of Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of the paper is to analyse the impact of factors that dominantly influence the choice of trade chains with large purchases in Bosnia and Herzegovina in retail trade, mainly food, beverages and household hygiene products. The survey was conducted using the survey questionnaire on a representative sample of 350 respondents in Sarajevo, Banja Luka and Mostar, with the aim of determining the prevailing buying behaviour of consumers during large purchases in Bosnia and Herzegovina, in retail outlets from large retail chains. For the purpose of analysing the collected data, the statistical package of SPSS was used, and in particular the methods: variance analysis (ANOVA) and multivariate variance analysis (MANOVA). On the basis of the obtained results, factors that have the greatest influence on the selection of retail chains in large purchases in Bosnia and Herzegovina at the level of Sarajevo, Banja Luka and Mostar can be determined. The contribution of this research is reflected in the recognition and understanding of the behaviour of consumers in the selection of retail chains in Bosnia and Herzegovina. The correct understanding of the factors that lead consumers in making large purchases is of essential importance for the business of retail chains in Bosnia and Herzegovina.</abstract>

Factors Influencing the Selection of Retail Chains with Large Purchasing in Bosnia and Herzegovina

<abstract xmlns="http://www.w3.org/1999/xhtml">Under the conditions of ever-increasing competition in the market, companies can reach a competitive advantage only with flexible offer of quality superior and cheaper products/services. In order to achieve this, companies must carry out innovative and effective business processes and manage them appropriately. In this regard, it is important to identify the factors that may be considered critical for improving business process management. The aim of this paper is to identify and analyse key business process management factors, on the example of the electronic industry. The research results show that the factors that are usually accepted as the most important for increasing the maturity of business process management are not recognised as dominant in the electronic industry. One of the findings of the survey reveals, as the main lagging factors, four of the six most important factors for the successful implementation of business processes. Based on results of the research, Managing employees has been detected as the most important maturity factor for companies from the electronic industry; hence, the suggestion is further improvement within this field.</abstract>

Identification and Analysis of Key Business Process Management Factors

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this paper is to explore the development of the compensation practice in the context of human resource management (HRM) in Serbia. The objectives are to detect the extent of the usage of different elements in the compensation packages, the level of negotiation during the determination of the basic pay, the responsibility for decision making process regarding basic pay, the extent of the usage of different types of benefits, and to explore the differences between these data in the two research periods, 2008-2010 and 2014-2016. The methodology in this paper includes the theoretical analysis of the compensation systems, as well as the comparative analysis of the data on compensation in Serbia based on the Cranet research. The sample of the study consisted of 210 organisations from Serbia, 50 organisations in the 2008-2010 period and 160 organisations in the 2014-2016 period. This paper brings new insights to the development of comparative compensation management since it points to the development/changes of the compensation practice (in years) in Serbian HRM.</abstract>

The Development of Compensation System in Serbia: A Comparison of Two Successive Cranet Research Rounds

<abstract xmlns="http://www.w3.org/1999/xhtml">According to the temperature, thermomineral water can be used for various balneological treatmens, as well as for agriculture, communal economy, electro economy, etc. This paper analyses homeohtermal (36°C) and hiperthermal (78°C) waters of the spa Jošanička banja which, together with that of Sijarinska (70°C) and Vranjska banja (90-110°C) are some of the hottest waters in the Republic of Serbia. Besides the temperature for balneo and wellness therapies, also very important are mineral properties which show that the water of the spa in question is characterised by the law level of mineralisation with slightly increased concentration of fluorine, sulfate, metabolic acid, silicon dioxide and similar compounds, which makes them suitable for the treatment of degenerative and inflammatory rheumatism, muscle disease, lumbago, sciatica etc. Based on the analysis of the water temperature and yield of dozens of springs with hiperthermal water, thermal capacity of spa water is determined as well as the possibility of using it in the electro economy, communal economy and agriculture. In conclusion, the use of thermomineral water during balneological treatmens can have different, more practical and more economic model. Practice shows that partial use of healing thermomineral water represents a significant loss in energy on the one hand, where, on the other hand, direct discharge of hot water can negatively affect individual components of the enviroment.</abstract>

Faculty of Natural Sciences and Mathematics

Conditions and Possibilities of Geothermal Energy Utilization to Enhance Economic-Touristic Development of Jošanička Banja

<abstract xmlns="http://www.w3.org/1999/xhtml">In recent decades, from a global scale aspect, tourism demand is becoming more differentiated. On one hand, a preserved natural environment and clean air are demanded, while, on the other hand, a growing number of tourists want to travel and see cultural and historical heritage of the area in which they are spending their holiday. In order to compete in the world tourist market, an area must possess various and extensive resources. Therefore, new destinations that, above all, have a rich original tourist offer are required. Since Western Serbia has significant natural and anthropogenic resources, this paper explores its original tourist potential. In this sense, with the use of modern methodologies for evaluating the still untapped potential tourist area, this paper presents an approach to valorisation, both natural and anthropogenic resources of Western Serbia. The research aims, through this evaluation, to show how, in what way these resources can be placed in the function of tourism exploitation and greater involvement of Western Serbia in contemporary touristic trends.</abstract>

The Resourse Valorisation of Authentic Tourist Offer of Western Serbia

<abstract xmlns="http://www.w3.org/1999/xhtml">IFRS 3 have been adopted to increase the relevance of information on business combinations. Consequently, it is expected that information on goodwill will contribute to that goal. By analysing the sample of the most important companies in the Republic of Serbia, this paper identifies several key areas of disclosure regarding recognition, initial recognition, and subsequent measurement of goodwill. All companies listed on the Belgrade Stock Exchange (BSE) which prepare consolidated financial statements are taken for the sample. In addition, the paper includes selected non-listed companies (that are most important for the Serbian economy according to the criteria of revenue, number of employees, and the share in the total GDP) in the sample. The final sample consists of 156 consolidated financial statements of 43 groups in the analysed four-year period (2013-2016). Descriptive statistic is used. The author found a low level of disclosure, which is further accompanied by misapplication of IFRS.</abstract>

Do Serbian Companies Provide Relevant Disclosures About Goodwill?

AHEAD OF PRINT

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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. 