<abstract xmlns="http://www.w3.org/1999/xhtml">The starting hypothesis is that the market structure to a large extent determines the conduct and the level of the achieved performance of economic entities. The aim of this paper is to determine the theoretical and empirical correlation between market structure, conduct, and performance of economic entities. The paper provides an analytical overview of the mobile telecommunications market in the Republic of Serbia. By using different indicators (the Concentration ratio, the HHI, the Lorenz curve, and the Gini coefficient), the supply concentration in this market is measured and the nature of competition is analysed. By using statistical methods (correlation and simple linear regression analysis), the correlation between the variables, which confirmed the existence of a strong positive correlation between the degree of supply concentration on the market and the level of achieved performance is examined.</abstract>

Measuring the Level of Competition on the Serbian Mobile Telecommunications Market

<abstract xmlns="http://www.w3.org/1999/xhtml">An ethical dilemma is a situation of making a choice between two or more alternatives. An agent is in unpleasant and difficult situation because he/she often needs to make a choice between ethical and unethical alternatives, and when it comes to the ethical alternatives, he/she should choose the best one. Selection reflects to a large number of principals, so this situation causes conflicts between different levels of ethical dilemmas, but also the conflicts within the same level. These conflicts can be solved by applying the hierarchy and priority rules which are incorporated in the procedure and, in particular,in the strategy for solving the ethical dilemmas. Through many case studies this paper points out the importance of an ethical dilemma in making business decisions, the so-called business ethical dilemma. It is the result of the incompatibilities between altruism, egoism and the common good. Neglecting the need for establishing the compatibility not only creates an ethical dilemma, but it becomes deeper, which is firstly manifested through the loss of reputation of the company, then through decreasing the financial results, and, in the worst case, in closing the company. Therefore, an ethical dilemma must be continuously managed.</abstract>

Managing an Ethical Dilemma

<abstract xmlns="http://www.w3.org/1999/xhtml">The interdependence of leader behaviour, leadership styles and interpersonal relations with followers suggests a need to investigate various aspects of leadership from the perspective of a follower, which is the main subject of the paper. The study aims to determine the quality of leader-member exchange (LMX) in order to reach a conclusion on whether the perception of followers on the quality of LMX affects the leadership style and which style is the most commonly used. The empirical research was conducted in 2015, in the Republic of Serbia, on a sample of 100 respondents, employees in 12 organisations, using the survey method. The results show there is the highest positive correlation between high quality LMX and participatory leadership style. In the opinion of the followers, achievement-oriented style is the most common, regardless of the fact that there are high quality LMX in the majority of companies in the sample. The importance of research is in highlighting the role of followers in the process of organisational leadership, as active and equal participants. Practical contribution is reflected in giving guidance for leaders for more active involvement of followers in the decision making process and adapting leadership style to specific traits of followers and the situational circumstances. Studies of this type are not often in the local organisational theory and practice.</abstract>

University of Kragujevac, Faculty of Economics,

University of Kragujevac , Faculty of Technical Sciences,

The Interdependence of Leader-Member Exchange Relation and the Leadership Style: Research in Serbian Organisations

<abstract xmlns="http://www.w3.org/1999/xhtml">Changes in the world of technology have enabled banks to use new channels for distribution of banking services to its clients. With the appearance of of smart phones, WEB mobile banking is developed,and it provides a possibility for greater integration between the bank and the client. WEB mobile banking is increasingly gaining in importance, especially in developed countries, while this process in our country is much slower. The aim of this paper is to point out the benefits that WEB mobile banking offer to users, but also to point out its weak presence in the Nisava District and Serbia in general. Also the identification of the main reasons forweak presence of mobile banking in our region, aims to point out in which way can in the future this banking be quickly disseminated among users. In order to achieve the defined objectives, the authors used descriptive method, method of compilation, comparison, deduction and induction and statistical method which is used for testing of independence between variables and calculation of coefficient of contingency.</abstract>

The Importance of Mobile Banking in the Nisava District

<abstract xmlns="http://www.w3.org/1999/xhtml">Hotels offer different types of services which have different impacts on the users’ satisfaction and have an influence in various extents on decision making, when it comes to the selection of hotels. As a part of research, empirical analysis based on the importance of different services which hotels provide, was conducted. The idea of research is to determine the importance of different types of services for users. The survey was conducted on a sample of 850 respondents in Serbia. The study used AHP methodology which is used in the decisionmaking process analysis and is suitable for studies defining the rank of relevance of individual elements. The obtained results presented in the study provide information such as, what services offered by hotels have the greatest importance for users. Based on the obtained results in empirical research, and by applying cluster analysis, two different segments of hotel guests are identified based on the preferred services. Segments are statistically different and can represent various targets in the hotel business policy.</abstract>

University of Belgrade, Faculty of Economics, Belgrade

University of Belgrade, Faculty of Economics, Belgrade,

Importance of Various Service Types in Hotels - Empirical Analysis

<abstract xmlns="http://www.w3.org/1999/xhtml">The establishement of uniform rules and principles for the recognition and evaluation, requirements for presentation and disclosure of elements of the financial statements provides global comparability, harmonisation and high quality financial reporting. Taking into account the simpler requirements of small and mediumsized entities in relation to large entities, the International Accounting Standards Board (IASB) has created a financial reporting standard to meet the needs and capabilities of small and medium-sized entities with no public accountability, which, although the reduced volume and simplified requirements, does not diminish the quality or transparency of financial reporting. The author aims to point to the justification of the need to establish a standard for medium and small entities, analyzes its basic characteristics and examines the relations with full standards and EU regulations. Mandatory application of the standard for small and medium entities in the Republic of Serbia is justified, but other conditions are also required for its successful implementation, which are not provided due to the alternative use of national legislation that is incomplete and vague, and inconsistent with the standards, concludes the author.</abstract>

Accounting Regulation of Financial Reporting By Small and Medium-Sized Entities with No Public Accountability

<abstract xmlns="http://www.w3.org/1999/xhtml">As a rule, long-term bank loans entail solid security - a mortgage, regardless of their purpose. The mortgaged property has its specific market value during the loan approval period but during the repayment period, the value of the real estate varies. This is the reason why the initially specified indicator of the coverage of loans with the value of the mortgage - the LTV ratio changes, which in turn increases the risk of loan repayment. The aim of this paper is to draw attention to the necessity of establishing adequate initial LTV ratios (together with other important ratios). This would help nullify the risk of any variations in real estate prices, the loan currency risk, the interest rate risk, as well as the risk of an increase in bank's claims because of a long foreclosure process. The paper analyses effects of changes in LTV ratios caused by varying circumstances using the case study method. The comparative method analyses the changing trends of data on the LTV ratios for the already approved loans over a seven-year period by comparing the flow of the loan capital sum with the real value of the mortgage for three types of loans. The conclusion reached is that commercial banks should establish the initial LTV ratio for various long-term loan products and thus prevent its rise. Banks should do this by taking into account all the factors that cause the ratio’s increase, and thus give preference to the reduction of the credit risk and not the attractiveness and accessibility of loan products.</abstract>

Realistic Evaluation of the Ratio: Loan-To-value – The Key to Minimising the Credit Risk

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. 