Oeconomica Jadertina publishes research and professional papers in the field of economics and other related scientific fields. Oeconomica Jaderina is primarly oriented on publishing research papers (original scientific papers, preliminary papers and reviews), but professional papers, conference papers and book reviews are also considered for publishing.
Thematic Analysis of Corporate Discourse on Diversity and Inclusion in Organizational Documents
Diversity and inclusion are increasingly integrated into organizational strategies, particularly in the areas of sustainable development, social responsibility, and human resource management. Although these concepts are becoming more prominent in public discourse, it remains insufficiently clear how organizations define and represent them in their official documents. This paper assumes that organizational definitions of diversity and inclusion shape organizational identity and influence the development of management policies and practices. The aim of the study is to examine how these definitions reflect different social, ethical, and managerial orientations and to propose an analytical framework for their classification and interpretation. The research is based on a thematic analysis of organizational documents, through which four functional groups of definitions were identified: motivational–value-based, normative, operational, and declarative. These groups illustrate the different ways organizations conceptualize inclusion, from emphasizing belonging and organizational values, to articulating ethical norms and social responsibility, to operationalizing inclusion through procedures and formal definitions of key concepts. The proposed typology provides a structured framework for understanding discursive approaches to diversity and inclusion and serves as a useful tool for analyzing and evaluating inclusive policies in practice. The findings may support organizations in aligning their stated values with the practical aspects of diversity management and contribute to the development of more coherent and effective inclusion strategies. This further contributes to understanding the role of organizational discourse in shaping inclusive practices and strategies.
diversity, inclusion, organizational culture, organizational discourse, management practices, human resources, business ethics
Residents’ views on intangible cultural heritage and the possibility of improving the tourist offer
Oral traditions should be a key factor in cultural creativity, identity development, and sustainable tourism. This work contributes to a deeper understanding of intangible cultural heritage in the role of building cultural identity. At the same time, it reminds us of their importance as a possible foundation of intangible heritage that can connect the past with the future. The subject of the research is the role and significance of Dalmatian oral traditions as a form of intangible cultural heritage. Through the analysis of intangible heritage, symbolism, and the transmission process within the community, the importance of oral traditions as a key factor in preserving the community's cultural identity is highlighted. The emphasis is on the role of intangible culture in modern society, as well as on the challenges, protection, and reinterpretation in the context of tourism. The work is based on a survey method directed to the residents of destinations through an online questionnaire conducted in May 2025. The results confirm the connection between the local population and oral tradition, with an emphasis on storytelling. It was noted that the majority of respondents believe that folk traditions should have an important role in education and cultural programs. At the same time, the role of tourist boards in activating traditional actors and factors important for the preservation of cultural traditions was recognized. The results indicate that traditions are still represented in the collective consciousness of the community. The need for a multi-layered approach to the valorization of oral traditions through education, state and local governments, media, cultural institutions, and the local community in the process of transmitting traditions to younger generations was identified. Monitoring the attitudes of the community through longitudinal studies in order to improve the tourist offer through the diversification of the tourist product and the development of year-round tourism. The research limitations are in the small sample size. It should be a subject of interest for future researchers of regional traditions.
intangible cultural heritage, oral traditions, local population, protection, sustainability
Implementation of a multi-agent artificial intelligence system for financial trading decision-making process
The application of artificial intelligence in financial analysis leads to the development of advanced multi-agent systems that enable more effective analysis and decision-making than existing methods. This paper presents the development and implementation of a multi-agent artificial intelligence system for generating financial trading recommendations, integrating specialized agents for data collection, technical analysis, news processing, and portfolio management. The system combines quantitative analysis based on technical indicators with qualitative insights from financial news, utilizing natural language processing techniques such as prompt engineering and retrieval-augmented generation. The system's architecture enables autonomous operation of four specialized agents that contribute to generating trading recommendations. An evaluation conducted over six months in 2025 on five representative technology stocks reveals a significant improvement in risk management compared to the "buy and hold" reference strategy. Results demonstrate a significant reduction in volatility and maximum drawdown for most analysed stocks, particularly for highly volatile stocks such as Tesla, where the system maintains a maximum drawdown of 7.72% compared to 47.84% for the reference strategy. The system adapts trading recommendations to various market conditions and the specifics of each stock, thereby maintaining portfolio stability during periods of market instability. Financial news analysis using NLP enables the system to recognize whether news is positive or negative, its importance to the stock, and how it may affect its price. Despite identified limitations in adopting a more cautious approach during strong upward trends, the modularity of this architecture enables the continuous development and optimization of individual components. The research confirms the value of multi-agent approaches in integrating different data sources to improve the trading decision-making process.
The psychology of economic narratives: emotional asymmetry and the paradox of inflation forecasts
This paper investigates the influence of the emotional tone in expert commentary on inflation forecasts while keeping the informational content constant. Utilizing concepts from behavioural economics and cognitive psychology-specifically framing, anchoring, and the positive-negative asymmetry, the research presents the “inverse effect”, namely a counterintuitive pattern that increases inflation forecasts with reassuring commentary, whereas alarmist commentary decreases them. A between-subjects experiment was carried out involving 254 Polish university students chosen for their limited economic knowledge. Participants were randomly assigned to receive either positively or negatively toned commentary that was informationally equivalent, and they provided forecasts before and after the intervention. The data were analysed using nonparametric tests (Mann-Whitney U and Wilcoxon), with effect sizes reported. The results indicate that emotional framing has a significant effect on expectations. The negative tone had a more pronounced effect than the positive tone, aligning with the concept of affective asymmetry; however, the direction of the change was contrary to the initial hypotheses, thereby demonstrating the inverse effect. These results enhance the understanding of how economic communication can shape public perception without the introduction of new information, carrying implications for central banks, policymakers, and the media. Limitations of the study include the non-representative nature of the student sample, the laboratory setting, and the restricted measurement of individual differences. Future research should explore field settings, more diverse populations, and model-based methodologies to examine boundary conditions and confirm the inverse effect across different formats.
sentiment, inflation perception, economic communication, positive–negative asymmetry, inverse effect, cognitive bias
The correlation between organizational climate and employee’s job satisfaction: Results from Croatian enterprises
Organizational climate (OC) impacts and shapes employees’ performance, motivation, and job satisfaction (JS). This satisfaction stems from specific elements that affect the quality of an individual’s work life. The connection between OC and JS is intricate as it relates to every employee’s experience and its understanding. Numerous scientific studies indicate that the leadership style of managers plays a key role in creating JS. This paper examines the ways in which various dimensions of organizational culture (OC) relate to employee job satisfaction (JS) in Croatian companies, based on the primary hypothesis and five supplementary hypotheses. The initial section of the questionnaire pertains to a series of statements connected to the OC. Satisfaction served as a dependent variable, whereas the independent variables represented the five dimensions of the OC: “internal communication,” “enterprise structure,” “enterprise policy,” “employee’s advancement opportunities,” and “regard for employees’ personal interests”. An empirical study was carried out on a random selection of 100 employees from medium and large companies. The findings indicate that the relationship between OC and JS is mainly reflected in the “internal communication” aspect. Thus, enhancing “internal communication” is significantly linked to boosting employee JS in the chosen companies. No meaningful correlation was observed in the other four dimensions. The respondents highly rated their JS and the influence of their superior leaders on the chosen five dimensions. Due to the lack of sufficient empirical studies of this nature in Croatia and the surrounding region, the value of this work lies in its findings that are beneficial both to researchers and professionals. They can improve the design and execution of difficult changes to ensure a positive OC and JS. A relatively small size of the respondent sample and the demographic imbalance further restricted the general validity of the conclusions. In upcoming studies, the authors may explore additional statistical tests and further examine the connections between various forms of OC and specific industries and business operations.
organizational climate, employee job satisfaction, internal communication, leaders’ influence
AI versus Human Content Creation on Instagram: Engagement Outcomes and Consumer Perceptions
The study examines the comparative performance of human- and AI-generated content on Instagram, evaluating both engagement metrics and consumer preferences. The aim is to identify whether AI can match or exceed human content creation in terms of reach, interaction, and perceived quality. A within-subjects field experiment was conducted on an existing Instagram account with 770 followers. Twenty-four single-image culinary posts (12 human-created, 12 AI-generated) were published in alternating order. Engagement data were collected via Instagram Insights and analyzed using the Mann-Whitney U test. Two Instagram Story surveys were conducted to identify which post elements (image, caption, recipe) most influenced engagement. Results showed that AI generated content has the potential to generate similar outcomes in terms of likes, comments, shares, saves, reach, impressions, engagement rate, or engagement score. Human content generated more comments and hashtag impressions, while AI content achieved greater profile visits and higher reach among non-followers. Survey findings indicated that visuals were the most important driver of engagement (64%), followed by recipe/information (26%) and captions (10%). Consumers preferred human visuals and recipes, but AI captions were more appealing. These results suggest complementary strengths, with implications for hybrid content strategies. The study was limited to a single Instagram account in the culinary niche, using static image posts. Results may not be generalized to other industries, platforms, or content formats. Potential platform effects, such as shadow banning, and limitations of the AI tool in generating certain dishes may also have influenced outcomes. Future research should test across industries, platforms, and content formats to explore long-term impacts of AI in content creation.
social media marketing, Instagram engagement, artificial intelligence, content creation, consumer preferences
How does a non-linear fiscal reaction affect Croatia's fiscal sustainability under shifting fiscal policy regimes?
This paper examines the effects of a non-linear fiscal reaction on Croatia’s fiscal sustainability under shifting fiscal policy regimes. The findings confirm a non-linear relationship between the primary fiscal balance and public debt in the baseline model, whereas in the extended models this relationship generally becomes linear, depending on the set of variables considered. This demonstrates that, despite the prevailing linear nature of fiscal policy, policymakers’ fiscal responses are not necessarily homogeneous, as their impulses may vary substantially depending on public-debt thresholds. Moreover, the results corroborate the recessive and regressive character of indirect tax revenues and the progressive character of direct tax revenues. The output gap and direct tax revenues act as corrective stabilisers, exhibiting lower cyclicality and making a significant contribution to improving the State’s overall fiscal position during expansionary phases. Markov-switching models and robustness tests clearly indicate that Croatia predominantly pursues a restrictive and procyclical fiscal policy, and that the implementation of such a policy during recessionary and consolidation phases has further deepened the recession.
expansionary and restrictive fiscal policy
Ethics in adult education: Research into the attitudes of adult learners on the use of artificial intelligence in educational systems
In this paper, the attitudes of adult learners toward the ethical aspects of using artificial intelligence (AI) in educational systems are explored. The development and integration of AI technologies in education raise numerous questions related to privacy, bias, transparency, and accountability, which are key ethical issues in modern education. By using a combination of quantitative and qualitative research methods, data were collected from adult learners enrolled in various educational programs to investigate their perceptions and concerns regarding the use of AI in educational systems. The results show that learners have diverse attitudes towards the application of AI, recognizing the potential benefits in personalization and improving the quality of education, while also expressing concerns about possible negative implications for privacy and ethical standards. This paper contributes to a better understanding of the complexity of ethical issues in adult education, particularly in the context of the increasingly prevalent role of artificial intelligence.
ethics, adult education, AI, educational processes
Do football players act sustainably? An explorative study focusing on opportunities and limits of sustainable consumption and disposal of football boots
Football is by far the most popular sport in the world. To pursue this passion, players need the right equipment. The most fundamental utensils needed are football boots. Which football boots are the right ones, every player decides for himself. This study aims to investigate how sustainable is such a football boot from consumption to disposal. Furthermore, the aim of this study is to identify if the idea of sustainability in general has already become established in football. The theoretical background is set by the scientific fields of sports, fast fashion and sustainable consumption. An explorative survey of football players of two amateur football clubs in Southern Germany was executed to generate an overview on purchasing and disposing behaviour concerning football boots. Results show, that players of both football clubs are not very sustainably oriented. The vast majority dispose of their football boots in the trash rather choosing sustainable options. Similarly, not enough attention is paid to environmentally friendly aspects such as sustainable packaging or ecological material when buying. Most players hardly pay attention to these criteria. They pay more attention to comfort criteria such as appearance or fit. This is also reflected in the respondents' prioritization of sustainability. However, the majority of both clubs ensure a longer product life cycle through care and by using their foot-ball boots for a long time.
Football Boots, Football Players, Football, Sports, Sustainable Consumption, Sustainability
Multidimensional digital branding model of intangible cultural heritage – example of Croatian lace making
Heritage economics is an underdeveloped scientific field. Furthermore, with the growing awareness of the importance of valorization and preservation of cultural heritage as an essential feature of the cultural and national identity of each country, the question arises of how to brand elements of cultural heritage, especially for new marketing generations. The problem of insufficient visibility and inadequate branding of heritage has been observed especially when it comes to intangible heritage, which is also the subject of research in this paper. Namely, it seems that marketing efforts in branding heritage have so far been made primarily by UNESCO and its list of protected cultural goods, but elements at the level of national protection and promotion often remain in the shadows, which is also a problem in the Republic of Croatia. The paper explores the branding model of Croatian lace-making, given the fact that in 2009 this traditional Croatian skill was inscribed on UNESCO's Representative List of the Intangible Cultural Heritage of Humanity under the title Lace-making in Croatia. The model presented by the authors in the paper represents a platform according to which elements of intangible cultural heritage that have not reached the level of UNESCO protection, but are protected at the national level, can be branded. The authors' model proposes a multidimensional model of branding Croatian lace-making, with special emphasis on digital technologies. Methodologically, the research was carried out by combining the Delphi method and brainstorming within the author's team of this paper and research through a focus group of full-time students at the undergraduate study of management at the Department of Economics of the University of Zadar. Using these methods, a 4-D model of branding Croatian lace-making was created, as well as a multidimensional model of branding Croatian lace, which are presented in the paper. As a successful case study, and related to the topic of the research - lace-making, a brief review is also given of the lightning-fast increase in the popularity of lace and lace products that was caused among all generations by the Croatian representative at the world-famous Eurosong 2024 Festival, Marko Purišić - Baby Lasagna. At the end of the paper, the authors provide practical implications and guidelines for further research.
economics of cultural heritage, branding of cultural products, marketing of intangible heritage elements, lace making, lace making in Croatia, digital branding, Baby Lasagna phenomenon
Ecosystem services as public goods in the function of tourism in Croatian national parks
Protected areas can represent an important component of the tourism product, and through tourism, the economic role of protected areas can be observed through tourism. However, national parks represent original parts of nature, and the economic use of their resources is prohibited. Therefore, the purpose of this paper is to review and understand the justification for this form of protection of natural values ​​by analyzing the tourism significance of ecosystem services in Croatian national parks. The aim of the paper is to demonstrate the economic role of ecosystem services in protected areas using examples of tourism activities. Starting from the definition of public goods and the ecosystem approach, ecosystem services used in tourism in Croatian national parks are compared. For the purposes of the paper, secondary data available in the management plans of selected protected areas on ecosystem services related to tourism were analysed and compared in detail. The CICES classification was applied to identify and compare the aforementioned services, which are then viewed in relation to the type of good from the aspect of rivalry and exclusivity, which contributes to understanding the problems of managing such goods. Eight classes of cultural services that can be associated with tourism activities in the considered national parks were identified, such as recreational activities, enjoyment of the landscape, resonance with the cultural heritage of the area, as well as additional classes such as the use of visual materials, erosion control, and wind protection. The results of the analysis of the rivalry and exclusivity of the identified ecosystem services indicate the importance of managing tourism activities in the observed national parks.
protected areas, ecosystem services, CICES, public good problem, economic valuation of the environment
Strategic decision-making, marketing investments, and game theory: Optimal competitive strategies between Coca-Cola and Pepsi
The market rivalry between Coca-Cola and Pepsi throughout history represents a paradigmatic example of dynamic and long-standing competition within the soft drink industry. Although both companies offer similar products and target the same market segments, their business models and strategies differ significantly. Over the years, PepsiCo has benefited from early diversification, expanding its portfolio to include non-carbonated beverages and snack products, while Coca-Cola has remained strongly focused on the carbonated beverage segment, relying on global brand recognition and a traditional marketing approach. Despite their differing strategies, both companies continuously adapt their business models to respond to changing consumer preferences, making them a fascinating example of long-term corporate rivalry. This research is motivated by the need for a deeper understanding of the complex aspects of competitive dynamics between Coca-Cola and PepsiCo, particularly in the context of marketing investments and their role in ensuring market dominance. Despite extensive literature on market competition, the scientific research environment has not yet fully utilized the theoretical frameworks of game theory to analyze the strategic decisions of these companies. Therefore, the aim of this study is to model the market interaction between Coca-Cola and Pepsi through the Prisoner's Dilemma game, applying three key strategies: maintaining equal investment, reducing investment, and increasing investment in marketing activities. The analysis is based on empirical data on marketing investment costs for the period 2014–2023, enabling a quantitative modeling of competitive decisions. Additionally, the study explores the possibility of extending the model through the application of mixed strategies, allowing for a more realistic simulation of uncertainty and changing market conditions. The findings of this research can serve as a foundation for making optimal investment strategies, where corporate decisions will not only impact their individual profitability but also shape the overall market dynamics of the soft drink industry. Expanding the model to include multiple players, including other major competitors in the soft drink industry, could further enhance the understanding of market competition.
strategic decision-making, game theory, prisoner's dilemma, marketing investments, Coca-Cola, Pepsi
Enhancing Organizational Commitment: The Role of Job Satisfaction in the Relationship Between Compensation and Work Environment in High Schools
In the school context, organizational commitment greatly affects the quality of teaching, interaction between teachers and students, and overall academic progress. The purpose of this study is to examine and analyze the effect of compensation and work environment on organizational commitment mediated by job satisfaction in high schools in north Indonesia. This research uses quantitative methods and is analyzed using structural equation modelling partial least squares (SEM-PLS). The number of respondents in this study was 58 respondents because the target of this study was non-permanent teachers. The results of this study indicate that compensation has a positive insignificant effect on organizational commitment, compensation has a positive significant effect on job satisfaction, (3) work environment has a negative insignificant effect on organizational commitment, work environment has a positive insignificant effect on job satisfaction, job satisfaction has a significant positive effect on organizational commitment, job satisfaction mediates the relationship between compensation and organizational commitment, job satisfaction does not mediate the relationship between work environment and organizational commitment. Furthermore, future research can also conduct a comparative study with permanent teachers to ascertain the established or otherwise relationship of the research constructs.
Compensation, Work Environment, Job Satisfaction, Employee Commitment
Smart Money Moves: The Role of Financial Literacy & Inclusion in Boosting SME Performance in Indonesia
More than 60% of Indonesia's GDP comes from Micro, Small, and Medium-Sized Enterprises (MSMEs), which also employ a sizable percentage of the labor force across a range of industries. But even with their significant contribution, a lot of MSMEs struggle with access to formal financial services and financial management. The primary barriers to their expansion and sustainability are low financial literacy and restricted financial inclusion. The management and financial performance of MSMEs are hampered by low financial inclusion and financial literacy. Through financial management practices, this study seeks to examine how financial inclusion and financial literacy affect the financial performance of MSMEs in West Nusa Tenggara (NTB). A quantitative approach using the Partial Least Square-Structural Equation Modeling (PLS-SEM) technique is the study methodology employed. A survey of 100 MSMEs in NTB was used to gather data. The findings demonstrated that financial management behavior is positively and significantly impacted by financial inclusion and financial literacy. Financial performance is positively and significantly impacted by financial management practices and financial inclusion. However, financial performance is significantly and negatively impacted by financial literacy. Furthermore, the relationship is mediated by financial management practices.
Evaluation of the operational efficiency of GH Zadar department using the DEA method
This paper analyzes the efficiency of hospital departments at Zadar General Hospital using Data Envelopment Analysis (DEA). The focus is on optimizing input and output activities of these departments to enhance their operational efficiency. The methodology involves constructing a linear frontier function based on collected input and output departmental data. The analysis employs the following parameters - inputs: number of hospital beds (P) and number of employed physicians (L), and outputs: number of discharged patients (BOB) and number of performed examinations (BOP). The CCR model is utilized to analyze hospital efficiency, demonstrating how departments could reduce their inputs while maintaining the same output levels, or alternatively, increase their outputs while maintaining current input levels. Data Envelopment Analysis is employed to measure the relative efficiency of departments compared to their peers and to identify specific factors that explain their efficiency. Results indicate significant variability in departmental efficiency, suggesting opportunities for improvement. Key findings emphasize the need for continuous evaluation and enhancement of departmental operational efficiency, coupled with the implementation of targeted training programs and technological investments. Specific strategies are proposed, including consolidation, specialization, and improved resource management to achieve optimal efficiency. In conclusion, this study provides empirically-grounded guidelines for decision-making and resource optimization, contributing to improved hospital operational efficiency. This analysis can serve as a model for similar studies in other healthcare institutions, aimed at enhancing their efficiency and quality of services provided.
efficiency, analysis, hospital, DEA, data envelopment analysis, DMU, decision making units
Consequences of the deactivation of the European Union’s fiscal rules and their reinstatement
This article examines the deactivation and the subsequent reinstatement of the European Union fiscal rules in response to the COVID-19 pandemic and its aftermath. It aimsto evaluate the macroeconomic and fiscal consequences of suspended fiscal rules and their role in addressing unprecedented economic challenges. A review-based methodology is employed, utilizing secondary data from authoritative sources, including the European Commission and Eurostat. The findings reveal that suspending fiscal rules enabled EU Member states to implement expansive fiscal measures, mitigating the pandemics economic impact but significantly inreasing public debt levels.Despite these interventions, disparities in fiscal responses and outcomes among Member States persist. We also highlight the challenges of reinstating fiscal rules amidst high debt levels and evolving economic conditions, emhasizing the need for flexibility and tailored approaches. Limitations include reliance on the aggreagate data and a lack of primary empirical evidence. Future research should focus on the long-term implications of reinstated fiscal rules on economic recovery, public investment and EUs green and digital transitions. Recommendations include improving fiscal governance frameworks to balance sustainability with flexiblity and enhancing compliance mechanisms for Member States.
Green Organization - Arrived in companies or still a vision? An exploratory study based on an expert survey on the significance of sustainability and the implementation of sustainability management in companies
Scientists and activists have been taking part in the sustainability debate for decades and calling for a rethink in politics and society. A change is becoming noticeable that is also having an impact on companies. They cannot avoid dealing with the issue of sustainability, as internal and external stakeholders exert pressure on them due to their interests. Based on an online survey, this explorative empirical study identifies and analyses what companies understand by the term "sustainability" and what importance is currently attached to sustainability management in companies. In addition, the main advantages of sustainable management for companies and obstacles to the implementation of sustainability in companies are also identified. The results of the study show that sustainability is of great importance to the companies surveyed. For the most part, companies have an understanding of sustainability. Reasons for "sustainable entrepreneurship" are based in particular on economic and "green" motives; the main reason is therefore to improve the image of the companies. The main obstacles to implementing "sustainable entrepreneurship" are the time required, the high costs and uncertainty about the economic benefits. The sustainability requirements are hardly or only partially perceived as a burden. Corporate goals and guidelines together form an important factor in establishing sustainability in the organizational culture. Companies voluntarily align themselves partially or completely with standardized environmental management norms.
green organization, sustainability, sustainability management
Key factors for developing sustainable wine tourism in the West Herzegovina Canton
This study aims to provide a situational analysis of the current development of wine tourism in the West Herzegovina Canton, especially highlighting key factors for developing sustainable wine tourism as perceived by winery owners and/or managers. Scientific and professional literature, online sources, and empirical research using the e-Delphi technique were utilised to investigate the topic. In addition to quantitative data analysis, the results were analysed and explained using the PEST matrix. Low interest among public policy stakeholders in its development was identified as the most problematic issue, while the quality of wine was recognised as the most important opportunity. Taking into account all the issues and opportunities, and considering the broader context of the West Herzegovina Canton's development, key factors for developing sustainable wine tourism include: increasing the interest of public policy stakeholders and investments in wine tourism development; implementing comprehensive marketing strategies for the promotion of wine tourism and its placement in the tourist market; encouraging cooperation among all stakeholders, improving communication, and fostering synergy; educating winemakers and other stakeholders directly involved in wine tourism; enhancing ecological wine production and wine quality; expanding capacity and modernising existing wineries; promoting wine tourism and improving the region's image; developing other specialised forms of tourism; advocating for supportive public policies and removing administrative obstacles; and managing the sustainable development of wine tourism. The research limitations included the absence of the Vineyard and Wine Register, the lack of operational tourist boards in three out of four municipalities in the West Herzegovina Canton, and issues with participant engagement during the empirical research. Future research recommendations include verifying the factors listed in the study's limitations and examining the structure of wine tourism at the time, identifying weaknesses, strengths, opportunities, and threats. New empirical studies could uncover additional factors crucial for wine tourism development in the West Herzegovina Canton and Bosnia and Herzegovina.
Development of wine tourism, sustainable development, West Herzegovina Canton.
Contemporary needs of animation programmes in business tourism
Tourism is most often viewed as a human need arising from the modern way of life, characterized by a specific need for activity, participation, and engagement. Business events and tourism are different but closely related services that a destination offers to visitors who seek a different experience during their stay. Every tourist destination and facility must diversify its service offerings by relying on various attractions, where animation holds great potential for expanding the offer, especially in terms of diversity. Animation, as a type of activity, explains its attractiveness through innovative content, diversity of technological approaches, and the broad possibilities of using and implementing animation in various spheres of socio-cultural activities. Accordingly, animation programs as part of the business tourism offering are an important element in meeting the needs of the modern guest, as they represent an aspect that can provide more than expected. Delighting participants after or outside of business activities is a challenge that offers an opportunity for significant growth and development among competing events. Participants expect nothing less than an unforgettable experience, which creates additional pressure on organizers to find ways to add value to the event experience. The constant pursuit of differentiation is key to capturing guests' attention and ensuring the success of the event and this is precisely the research problem. Which trends in animation programmes are best suited to the needs of modern business event users. The research was conducted through interviews with six respondents directly involved in the organization of business events. The research was conducted during February and March 2023. The results showed that, alongside leading trends in technology and sustainability, innovation and creativity stand out the most. Therefore, digital solutions at live events, combined with well-designed sustainable and socially-oriented animation programs, have the potential to become an integral part of the business industry. The contribution of this work is reflected in the analysis of trends in animation programs at business events and in defining specific trends that will characterize the offerings of animation programs in business tourism in the coming period.
animation programs; business tourism; trends; technology; sustainability
Evaluation of trade performance dynamics in Serbia using ARAT and Rough MABAC methods
Recently, there has been an increasing amount of literature dedicated to the importance and specifics of applying multi-criteria decision-making methods in trade. These methods, given that they are based on a mathematical approach, provide realistic results of the analysis of the treated problem. Based on that, this study investigates the dynamics of trade performance in Serbia based on the ARAT (Interval and Iterative Preference/Priority Scale), and the Rough MABAC (Multi-Attributive Border Approximation Area Comparison) method. The results of the study show that in 2023, the best performance of trade in Serbia was achieved. The worst performance of trade in Serbia was achieved in 2018. The ranking of trade performance in Serbia is as follows: 2023, 2022, 2021, 2020, 2019 and 2018. The performance of trade in Serbia has continuously improved. Effective management of human resources, investments, capital, sales, and profit contributed to this. Certainly, the positive influence of other relevant factors (foreign direct investments, new business models - multichannel sales: store and electronic, private brand, sale of organic products, the concept of sustainable development - economic, social, and environmental dimensions, the idea of social responsibility) must not be neglected. , digitization of the entire business, etc.). To achieve the target profit in Serbian trade, adequate adaptation to dynamic complex changes in the business environment and macroeconomic trends (geopolitical situation, energy crisis, inflation, exchange rate, interest rates, etc.) is important. In all this, digitizing the entire trade business plays a significant role.
Content marketing: Gender and age differences in generation Z
There is a growing number of users who expect personalised information and experiences that meet their personal needs and preferences. Therefore, companies emphasise that creating valuable content through digital channels is a vital element for the success and reputation of companies which also creates greater value for their users. The objective of this research is to determine the differences between the age and gender of Generation Z in relation to attitudes towards content posted on Instagram. The sample contained of 311 Generation Z social media users who were surveyed between April and June 2024. Non-parametric statistical methods such as the Mann Whitney U-test and the Kruskal-Wallis H-test were used in this study. The results show that there are statistical differences between age and attitude towards Instagram content. The research results show that there are partial differences between gender and users' activities on Instagram, but not in their intention to follow content in the future. There are also statistical differences between time spent on Instagram and attitude towards Instagram content. The results of this study contribute to the theoretical background of the literature on social media content marketing and also provide an empirical contribution for companies creating customized social media content, especially on Instagram, for Generation Z.
The IMF through the lens of Keynesian theory and econometrics: Examples of Ukrainian economic crises in 2008 and 2014
Many economist and academics attribute very negative connotations to the IMF and its stand-by programs. One example is the paper by the authors Chletsos and Sintos (2023). This paper hypothesizes that the assumptions of the negative impact is incorrect and seeks to illuminate the positive consequences of IMF programs and conditionality using the examples of Ukraine's economic crises in 2008 and 2014. To prove this hypothesis, the paper uses Keynesian theory based on the work „The General Theory of Employment, Interest, and Money“, as well as a series of Keynesian modular equations such as: investment multipliers, price elasticity, aggregate investments, user cost, and others. The paper also utilizes Keynesian econometric models for marginal prosperity to consume and marginal efficiency of the capital. The first heading presents a series of academic criticisms directed at the IMF, while the next heading presents Keynesian theory in depth, which serves as the support for the before mentioned econometrics and modular equations. The third heading demonstrates the IMF-Ukraine cooperation during the stand-by arrangement in 2008. Using the previously mentioned econometrics and modular equations, the positive connotation of IMF conditionality is proven in: limiting fiscal spending, restricting monetary policy, and anti-mercantilist measures. In the following heading, the paper shows Ukraine’s acceptance of the IMF program and its implementation, followed by the results. Using Keynesian theory, econometrics, and modular equations, it is proven that the criticisms of IMF conditionality by Chletsos and Sintos (2023) are not supported by empirical evidence. It also shows how the entire program had positive consequences on the Ukrainian economy. The second part of the paper focuses on presenting the causes of the 2014 economic crisis, while the IMF conditionality measures are again justified through Keynesian economic theory and modular equations. After showing Ukraine's implementation of the program, the positive effects of the IMF are demonstrated through econometric models of marginal prosperity to consume and the marginal efficiency of capital. As with the first parto of the paper, the overall review of the 2014 crisis concludes that the IMF measures and conditionality played a postive role for Ukraine’s recovery. The causality of such movement it to be found in the programs close connectivity to Keynesian theory, thus proving thesis of Chletsos and Sintos (2023) to be incorrect.
Modeling Investment Strategies in Contemporary Art in the Context of the Yugoslav Wars
This research advances a methodological framework for developing predictive models to guide investment strategies in contemporary art across the post-Yugoslav Wars Balkan region. The study examines key determinants of artwork valuation and risk profiles in Bosnia and Herzegovina, Croatia, and Serbia using a mixed-methods approach that synthesizes meta-analysis, expert Q-sort analysis, and hierarchical cluster analysis. The empirical findings demonstrate the enduring influence of the Yugoslav Wars on art market dynamics, underscoring the significance of sustainable intelligence principles and technological innovation in risk mitigation strategies. The analysis identifies critical valuation determinants, including artistic recognition, sociopolitical stability, and cultural significance, while establishing distinct market segments characterized by differentiated risk-reward profiles. The proposed framework incorporates geopolitical risk indicators, artwork and artist attributes, sustainable investing criteria, and technological enablers, emphasizing machine learning algorithms for market forecasting and portfolio optimization. While this framework constitutes a substantial advancement in modelling art investment strategies within post-conflict contexts, limitations persist regarding data availability, model interpretability, and ethical considerations. The study demonstrates the framework's potential to generate value while contributing to cultural heritage preservation and socioeconomic development in the Balkan region, establishing a foundation for subsequent scholarly inquiry into art market analysis within post-conflict societies.
The Spillover Effects of Short-Term Shocks of Exogenous Macroeconomic Determinants on Pension Funds: Modelling on a Sample of Croatia
The study examines the spillover effects of exogenous macroeconomic shocks on Croatia's pension system, focusing exclusively on the short-run (up to one year). The study’s methodology is based on an alternative approach through structural VAR modeling and variance decomposition (shock variance determination) to assess the strength of short-run shocks. The results indicate heterogeneity and asymmetry in the effects of short-run shocks on contributor trends and the asset value of contributions in both mandatory and voluntary (open) pension funds. Accordingly, two key findings emerge from the results. First, there is a statistically significant correlation between the spillover effects of shocks in most independent variables on the dependent ones in the models, with a particular emphasis on interest rate shocks within restrictive monetary policy. A specific time cycle is generally required to deepen the negative gap caused by shocks, typically from the third month onwards, with each percentage point shock leading to delta changes ranging from -1.2 to +1.4 p.p. Second, the cycle of restrictive monetary policy through interest rate increases impacts the structure of contributors and the assets/contributions in mandatory and voluntary pension funds in a heterogeneous and asymmetric manner. In mandatory pension funds, the negative impact mainly affects assets, while in voluntary funds, the negative impact extends to both the user/contributor trends and the funds’ asset values. The increase in interest rates under restrictive monetary policy leads to a decline in the value of existing bonds in fund portfolios due to the inverse relationship between interest rates and bond prices, which, in the short-run, results in a decrease in the funds' asset values. Over the long-run, this same monetary policy cycle is expected to yield higher returns on new bonds, stabilizing assets through portfolio diversification. Mandatory pension funds, within the framework of their investment strategies, show lower volatility in contributor trends but are more sensitive to changes in asset value. Open voluntary pension funds, with their more flexible investment strategies, exhibit greater sensitivity to shock-induced changes in interest rates and inflation.
Overview of Physical Climate Risks and Their Impact on the Economy and Financial System of Croatia
This paper employs an interdisciplinary approach, merging climatology with economic and financial analysis, to deepen understanding of how climate change affects the economy and financial system of Croatia. Using geospatial analysis of data from the IPCC and Copernicus programmes, we have identifed regions within Croatia variably exposed to climate risks, enabling more precise risk assessments for banks and financial institutions. The work also contributes to the theoretical understanding of the relationships between climate change and macroeconomic variables and provides a framework for analysing the long-term economic effects of climate change. The research results can serve as a basis for developing adaptation and mitigation strategies to climate risks at the national level. Specifically, this paper also serves as a data source for formulating policies aimed at reducing the economy’s vulnerability to climate change.
Transition Risks of Climate Change: An Analysis of Greenhouse Gas Emissions in Croatia and the Euro Area
This paper analyses data from the United Nations Framework Convention on Climate Change (UNFCCC) on greenhouse gas emissions. The aim is to identify the sectors that contribute most to climate change, assess their effectiveness in implementing emission reduction policies, and achieve sustainable development goals. Based on the analysis, it is clear that the energy, transport, and industrial processes sectors are key in the context of sensitivity to EU climate policies. In contrast, the Land Use, Land-Use Change and Forestry sector stands out as offering unique opportunities for mitigating climate change through carbon sequestration activities and thereby achieving climate neutrality.
Liquidity score and bid-ask spread nexus: Empirical researchon exchange traded bonds
Recognition of the liquidity of financial assets is importance management and accounting requirement in holding of the bank or trade book of financial security position. Financial theory explains the securities prices bid-ask spread and market liquidity nexus. Market liquidity decreases inventory costs of market makers and reduces the spread value. After the 2007 global financial crisis, Bloomberg has developed a new comprehensive measure of liquidity, accepted by market professionals. Finding the liquidity score and bid-ask spread nexus is the base research objective of the paper. The research of the correlation between bid-ask spread and liquidity score value is done on the public listed fixed income securities on Euronext and London Stock Exchange. The significant negative relations exist only on high liquid debt securities, as well as non liquid securities. Researching results can be used in investing decisions strategies and in security portfolio classification under the International Financial Reporting Standards requirement.
liquidity measures, bid-ask spread, liquidity score, IFRS 13
Toxic supervision, dehumanisation and SMEs performance in Nigeria: Moderating role of resilience
This quantitative research explores the moderating role of resilience in the relationship between toxic supervision, dehumanisation, and the performance of small and medium-sized enterprises (SMEs) in Zamfara State. Using a survey and cross-sectional research technique, data were obtained from 658 employees of SMEs in Zamfara state, Nigeria. The research increased the sample size by 30% to account for any non-response error, ensuring that the analysis was robust. Using Structural Equation Modelling (SEM), the data demonstrate strong direct and moderating effects. First, toxic supervision has a negative influence on SME performance, underscoring the critical role of leadership behaviour. Furthermore, dehumanisation was shown to have a considerable negative effect on SME performance, highlighting the need to preserve humane treatment in the workplace. Notably, resilience appeared as an important moderator, buffering the negative impacts of toxic supervision and dehumanisation on SME performance. The study underscores the importance of building employees’ resilience in the workplace to act as buffer of the negative work trends like dehumanisation and toxic supervision by management of organisations. The model accounted for 42.8% of the variation in SME performance, demonstrating moderate explanatory power, and had a Q-Square value of 0.155, indicating medium predictive significance. This research adds to our knowledge of organisational behaviour in SMEs by providing insights into techniques for building resilience and improving performance in difficult working situations.
Understanding Environmental Transparency: A Study of Saudi Arabian Companies
This study explores the determinants of corporate environmental disclosure (CED) practices among listed companies in Saudi Arabia through an integrated agency theory and legitimacy theory lens. Drawing from a sample of 87 non-financial firms over 2015-2019, the analysis examines how corporate governance attributes like board size, board independence, and audit committee independence, as well as firm-specific characteristics including size, leverage, and international diversification influence the extent of environmental disclosure. The findings reveal positive associations between CED levels and factors such as larger firm size, greater international presence, and operations in environmentally-sensitive industries. Conversely, increased leverage and surprisingly, larger board sizes exhibited negative relationships with disclosure extent. Board independence and audit committee independence showed no significant impact. To the best of the authors' knowledge, this represents the first investigation within the Saudi context examining the effects of audit committee independence and internationalization on CED. With a comprehensive set of explanatory variables and 435 firm-year observations, a larger-scale analysis is enabled compared to prior Saudi studies. By adopting the Global Reporting Initiative (GRI) environmental disclosure index, the study enhances comparability and precision in tracking CED trends over time. However, the study is limited by its reliance on annual report disclosures alone and the cross-sectional nature of the data. Future research could explore CED determinants through different theoretical lenses, such as stakeholder theory, institutional theory, and signaling theory, assess disclosure quality dimensions, and employ longitudinal panel analyses to provide further insights. The findings nonetheless underscore the need for stricter corporate governance regulations clarifying director independence criteria and sustainability reporting standards in Saudi Arabia to enhance transparency and environmental stewardship.
Overview of debt crises in the Eurozone - experiences and lessons
The subject of this paper is the European debt crisis, which is usually placed in the period 2008-2015. in which several European countries experienced the collapse of financial institutions, high national debt and large differences in yields on government bonds. The aim of the paper is to present the causes of financial crises and ways of solving and avoiding financial contagion and the collapse of the euro. The debt crisis is thought to have started in 2008 with the collapse of Iceland's banking system and then spread primarily to Portugal, Italy, Ireland, Greece and Spain in 2009, giving rise to the popular relatively insulting name (PIIGS). Peripheral eurozone member states such as Greece, Spain, Ireland, Portugal and Cyprus could not repay or refinance their national debt by the end of 2009. The banking system was on the verge of collapse, and the help of third-party financial institutions such as the European Central Bank (ECB) or the International Monetary Fund (IMF) was crucial. The crisis was eventually controlled by financial guarantees from European countries that were afraid of the collapse of the euro and the financial contagion that threatened in particular from Greece. Based on such experience, the European Stabilization Mechanism (ESM) was launched in the eurozone in 2012 as an intergovernmental organization of eurozone member states with the mission of avoiding and overcoming financial crises and maintaining financial stability. In the end, the European Central Bank (ECB) joined everything, which with its non-standard monetary policy measures since mid-2014 through asset purchase programs (APP-Asset Purchase Programs) mainly from the public sector (PSPP-Public Sector Purchase Program) with the aim of supporting the overall economic growth within the framework of inflation at the target level of 2%. Nevertheless, the inflationary shock from the beginning of 2022, combined with the energy crisis, pushed to the fore the issue of the increase in yield (interest) on the national debt against the low rates of economic growth throughout the eurozone. The purpose of the work is achieved by updating the issue of the sustainability of existing risk management models for preserving financial stability and by raising awareness about it, especially in the context of the so-called new EU fiscal rules in 2024.
debt crisis, eurozone, national debt, Greece, Italy, Spain, Portugal, Ireland, ECB, fiscal rules