The Journal of Economics ISSN 1857-9973 is an international, open access, peer reviewed, online journal. The journal focuses on the following areas of publication: Economics (Microeconomics, Macroeconomics, International Economics), Banking and Finance, Accounting and Auditing, Management and Business, Entrepreneurship and Marketing.
Robots as a catalyst for Marketing automation: Potential and limitations
In a world full of technological advancements, change is truly inevitable in every segment of everyday life. Marketing is synonymous with innovation and change. Technological advancements and digital transformation have fundamentally changed the way businesses operate. Rapid automation and the integration of artificial intelligence (AI) have become fundamental strategies for optimizing and redefining business models. Modern machine intelligence, including robots, significantly impacts the lives of people around the world. Robots are increasingly being integrated into marketing as part of innovative solutions to improve services and improve efficiency. The use of robots in marketing opens up new opportunities for automation, personalization, and improving the user experience. In this context, it is necessary to critically analyze the role that robots play in the implementation of marketing and their ability to transform the conventional business model. This paper aims to explore the effects of implementing robots in marketing processes, focusing on their impact on efficiency, productivity, and customer satisfaction. The research will be based on primary and secondary data sources in order to collect relevant information to meet the research objectives. The data analysis shows that adaptation to new technologies is inevitable and should be realized gradually. The results indicate that robots have both positive and negative effects in the implementation in marketing. Although there are concerns about their impact on jobs, robots are proving to be efficient, reliable and innovative tools for improving business processes.
Strategic Event Management and Promotion Enhancing Audience Engagement for Radio Stations
Radio stations must adopt innovative strategies to capture and retain audience attention in an increasingly competitive media landscape. This paper explores the role of strategic event management and promotion as vital tools for enhancing audience engagement in the radio broadcasting sector. By examining contemporary promotional techniques, on-ground and virtual event initiatives, and the integration of digital media platforms, the study highlights how radio stations can create interactive, memorable experiences that strengthen listener loyalty and brand presence. Drawing on case studies, industry reports, and audience behaviour analysis, the research identifies best practices and emerging trends in event-based audience engagement. The findings suggest that well-orchestrated events and targeted promotional campaigns amplify audience participation and contribute to the station’s cultural relevance and commercial success. The paper concludes by offering strategic recommendations for radio managers and event coordinators aiming to optimize engagement through dynamic, audience-centric programming.
Transforming Human Resource Management in Healthcare: The Role of Artificial Intelligence and Industry 5.0
The healthcare sector is undergoing a transformative shift driven by the integration of Artificial Intelligence (AI) and the principles of Industry 5.0. This paper explores how AI is revolutionizing Human Resource Management (HRM) in healthcare, enhancing operational efficiency, optimizing recruitment and talent acquisition, and fostering employee engagement. Industry 5.0 introduces a human-centric approach that emphasizes collaboration between humans and advanced technologies, prioritizing employee well being and creating a more resilient workforce. This study also highlights the experiences of the Western Balkans, where regional adoption of AI in healthcare HRM has demonstrated significant improvements, including reduced recruitment times, enhanced workforce efficiency, and alignment with European Union digital health standards. Through a comprehensive review of current literature, case studies, and statistical data, this paper examines the benefits, challenges, and future implications of AI-driven HRM systems, with a particular focus on predictive analytics, personalized employee development, and proactive workforce planning. It further addresses critical challenges such as data privacy, ethical considerations, and the need for robust governance frameworks to ensure transparency and fairness in AI-driven decision-making. The findings reveal that successful integration of AI and Industry 5.0 principles in healthcare HRM not only enhances organizational agility but also improves public health outcomes, positioning healthcare providers to navigate the complexities of an evolving global healthcare landscape.
Implementation of IFRS 16 and Its Effect on Earnings Management
The adoption of IFRS 16 – Leases has introduced significant changes to financial reporting by requiring companies to recognize lease liabilities on their balance sheets. This shift has potential implications for earnings management practices, as companies may adjust financial reporting strategies in response to the new standard. This study explores the possible effects of IFRS 16 on earnings management, focusing on areas such as income smoothing, financial ratios, and managerial discretion. While IFRS 16 aims to enhance transparency and reduce off-balance-sheet financing, its actual impact on earnings management remains a subject of discussion. By analyzing financial data before and after IFRS 16 implementation, this research seeks to understand whether firms have altered their reporting behavior in response to the standard. The findings contribute to the broader discourse on financial reporting quality, regulatory effectiveness, and managerial incentives under IFRS 16.
Forecasting Industrial Production in the Eurozone: A Scenario-Based Analysis Using Macroeconomic Indicators
This study develops a scenario-based forecasting framework to predict monthly industrial production in the Eurozone using key macroeconomic indicators: inflation (HICP), unemployment, and the business climate index. Recognizing the limitations of traditional quarterly GDP models, which provide less timely data and lower forecasting frequency, the study focuses on high-frequency indicators that can enable more responsive and immediate forecasts. By utilizing Eurostat data from January 2000 to January 2025, this research explores how monthly economic indicators can be leveraged for accurate and adaptive predictions. The forecasting process applies PyCaret, an automated machine learning library in Python, to compare and select the most effective regression model from eleven tested algorithms. The K Neighbors Regressor was identified as the best-performing model, with a Mean Absolute Error (MAE) of 2.30 and a Root Mean Squared Error (RMSE) of 2.68, showing robust accuracy in industrial production forecasting. The model is then applied to simulate two macroeconomic scenarios: an optimistic scenario with lower inflation and improved sentiment and a pessimistic scenario with higher inflation and weakened sentiment, all while keeping the unemployment rate stable. The results highlight that industrial production is more sensitive to adverse macroeconomic shocks than positive ones, underscoring the critical role of inflation and business sentiment as short-term economic predictors. This study demonstrates the potential of combining high-frequency data with automated forecasting techniques. It offers a scalable and actionable approach for policymakers, analysts, and businesses who seek to monitor economic activity under varying economic conditions and uncertainty. The findings emphasize the importance of dynamic scenario analysis in forecasting, providing a flexible tool for real-time economic monitoring.
Economics (Microeconomics, Macroeconomics, International Economics)
Is MBI10 the suitable index for the Macedonian Stock Exchange - Аn overview of MSE
This research paper investigates the suitability of the MBI10 index for the Macedonian Stock Exchange (MSE) by providing a comprehensive analysis of the exchange's structure, stock liquidity, and the performance of the index in comparison to regional and global benchmarks. The paper begins with an introduction to the MSE, detailing the liquidity of the stocks listed, which is critical for understanding market efficiency and investors’ confidence. A thorough analysis of the MBI10 index follows, evaluating its construction, historical performance, and volatility in relation to other significant regional and worldwide indices. Additionally, the research segments the stocks listed on the MSE by sector, proposing new tailored indices that could better reflect the diverse economic activities present within the market. The research pays particular attention to the effects of key events that have impacted stock valuations, including the COVID-19 pandemic, the ongoing Ukraine-Russia war, the introduction of new trading days, and significant mergers and acquisitions (M&A). By examining these elements, we aim to assess the resilience and adaptability of the MBI10 in capturing market dynamics and investor sentiments in an evolving economic landscape. The study employed various quantitative methods, including beta calculations, regression analysis, seasonality analysis, and market ratios, to evaluate the valuation of stocks and the suitability of the index MBI10. Ultimately, this paper contributes to the ongoing discussion regarding the effectiveness of the MBI10 as a representative index for the MSE, providing valuable insights for investors, policymakers and market analysts.
ANALYSIS OF THE POSITIONING OF TRADING COMPANIES IN SERBIA USING THE TODIM METHOD
Researching the positioning of trading companies globally and in each country, which means in Serbia, is a very challenging issue. In doing so, various methods of multi-criteria decision-making are increasingly being used. This provides a realistic basis for improving the positioning of a specific trading company by applying relevant measures. This study investigates the positioning of trading companies in Serbia using the TODIM method. The results of this study show that the top five trading companies in Serbia include: Delhaize Serbia, Lidl Serbia, Mercator-S, Nelt CO and Phoenix Pharma DOO. In Serbia, Delhaize Serbia ranks first in overall performance. The worst-positioned trading company is DOO Vimeksim SRB Novi Sad. To improve the positioning of trading companies in Serbia, it is necessary to manage business income, profit, assets, capital, and human resources as efficiently as possible. In this direction, it is important to adapt as adequately as possible to dynamic business changes. The function of this is the digitization of the entire business.
Qualitative Assessment of Tax Procedures for SMEs in the Republic of North Macedonia: Insights from the COVID-19 Pandemic and Energy Crisis, Based on a Questionnaire Survey of SMEs in the Municipality of Strumica
This research examines the qualitative aspects of tax procedures in North Macedonia, focusing on small and medium-sized enterprises (SMEs) during the COVID 19 pandemic and the energy crisis. Through a questionnaire survey of SMEs in Strumica, the study explores how these crises have affected perceptions of tax fairness, administrative efficiency, and compliance challenges. Key areas of investigation include the effectiveness of government support measures, the adaptability of tax procedures, and the administrative burdens on SMEs. The findings reveal that SMEs faced significant disruptions and increased challenges in navigating tax procedures, with many respondents reporting difficulties in compliance and a greater need for support from tax authorities. The study highlights both successful government initiatives and areas for improvement, offering recommendations for enhancing the resilience of tax procedures to better support SMEs during future crises. These insights are crucial for policymakers and tax administrators in creating a more responsive tax environment for SMEs in North Macedonia.
Does the ECB's quantitative easing stimulate the Eurozone stock prices?
This study delves into the nuanced relationship between quantitative easing (QE) programs implemented by the European Central Bank (ECB) and asset prices in the Eurozone, focusing particularly on the short-term effects. Through the utilization of alinear regression model, supplemented by the introduction of a binary variable designed to isolate the immediate impact of ECB announcements, the analysis aims to disentangle the multifaceted influences of monetary policy communication and broader QE measures on stock price dynamics. The findings of this investigation reveal notable insights into the effects of ECB QE initiatives on asset prices. While certain components of the ECB's QE programs, such as the asset-backed securities purchase program and the third covered bond purchase program, exhibit statistically significant effects on asset prices, others, including the corporate sector purchase program and the public sector purchase program, do not. Additionally, the statistical analysis does not provide sufficient evidence to conclusively support the hypothesis that ECB QE programs lead to increased asset prices in the Eurozone, particularly in the short term. Despite the empirical evidence presented, it is crucial to acknowledge the methodological limitations inherent in the study. Endogeneity, anticipation of market behavior, and qualitative market dynamics pose notable challenges to the interpretation of results. Nevertheless, this study contributes to a deeper understanding of the mechanisms through which monetary policy influences financial markets in the Eurozone. The implications of these findings extend beyond academic discourse, carrying significance for policymakers, investors, and market participants. By offering insights into the effectiveness of QE measures as tools for promoting economic stability and growth, this study informs decision-making processes and shapes expectations regarding the impact of ECB policies on asset prices in the Eurozone. In conclusion, while the analysis presented in this study represents a step forward in unraveling the complexities of the relationship between ECB QE programs and asset prices, further research is warranted to address the methodological limitations and refine our understanding of this crucial aspect of monetary policy transmission mechanisms.
Shaping the Next Generation of Online Entrepreneurs: A Policy Framework
This paper presents a comprehensive policy framework aimed at fostering the next generation of online entrepreneurs. Recognizing the rapid rise of digital entrepreneurship, particularly among youth, the framework outlines strategic interventions across various stages of education and entrepreneurial development. The framework begins with early exposure to entrepreneurial mindset development through creativity, problem-solving, and leadership activities in primary and high school. It then progresses to advanced digital and financial literacy training, business model development, and practical skills-building during university education and in incubators outside the formal education. Mentorship, networking opportunities, and access to capital are emphasized as key enablers of entrepreneurial success. Developing digital skills such as coding, web development, content creation and digital marketing is also recognized as an important, if not curtail aspect for successful digital entrepreneurship. The integration of self-efficacy development throughout these stages ensures that young entrepreneurs are equipped with the confidence and resilience necessary to navigate the complexities of the digital economy. Additionally, the framework highlights the importance of incubator and accelerator programs, regulatory simplification, and access to digital infrastructure as critical components of a supportive entrepreneurial ecosystem. By adopting these policy recommendations, governments, educational institutions, and incubators can create a conducive environment for digital entrepreneurship, ultimately driving innovation and economic growth. The proposed framework aims to provide actionable insights for policymakers, educators, and ecosystem developers in their efforts to nurture and support the next generation of online entrepreneurs, ensuring they are equipped with the skills, mindset, and resources required for success in the digital age.
Creating a strategic competitive advantage through branding
The focus of this research paper is the analysis of the creation of a competitive advantage through branding, as a prerequisite for the strategic long-term survival of the organization in conditions of intense competitive structure on the market. The main goal is to define and sublimate the need to understand competition, as well as consumers through researching competition, understanding the basics of competitive marketing strategy, based on creating values for consumers, as well as recognizing the need to balance consumer orientations and competitors in building a true market oriented organization. The results of the research lead to a conclusion emphasizing that companies today are facing the toughest competition ever. Understanding the customers is an important first step in developing customer relationships, but it is not enough. To gain a competitive advantage, companies have to use this understanding to design market offers that deliver greater value than those of competitors vying for the same customers. Competitive intelligence provides great advantages in the area of product development. Knowing the progress of competitors' products, processes and technology is very useful in a competitive market. An information that creates value for the company, often creates great curiosity among competitors. Companies sometimes go to great lengths to reveal these secrets. They develop techniques to obtain information, sometimes at the boundaries of ethics and law. The brand is the most powerful weapon a company can have, providing a competitive advantage over other companies. Today, consumers are not satisfied only with a product that would satisfy their basic needs. Building a recognizable brand is a challenge for any company. The fact that only 10 companies control the majority of the market in the world speaks volumes about the power that the brand has. What is important is that every company applies a strategic approach in its operations when it comes to this issue. Precisely, to perceive these tendencies, this research paper integrates several hypotheses. The focus is on the basic hypothesis related to "Corporate brand: sources of value for business". While separate Hypothesis 1 tests the market share of strong brands and Hypothesis 2 tests the entry barriers of competitors created by strong brands. In order to obtain a more complete and realistic picture of the investigated problem, and taking into account the advantages and weaknesses of the research methods, qualitative and quantitative research methods were used. The results are combined and processed, based on which, conclusions are drawn. Some of the methods used are: analysis, survey, interview, observation, comparison and statistical data processing.
Research of the dynamics of the economic performance of the Serbian economy based on LMAW-DNMA methods
The issue of analyzing the factors of the dynamics of the economic performance of every economy, which means Serbia as well, is continuously very current, challenging, significant, and complex. Adequate control of key factors can significantly influence the achievement of the target economic performance of the economy. The application of multi-criteria decision-making methods enables adequate control of the key factors of economic performance of the economy. Bearing that in mind, this paper analyzes the dynamics of the economic performance of the Serbian economy in the period 2013 - 2022 based on the LMAW-DNMA method. The top five years according to the economic performance of the Serbian economy according to the LMAW-DNMA method are in order: 2021, 2019, 2018, 2013, and 2022. The worst economic performance of the Serbian economy was achieved in 2014. Recently, the economic performance of the Serbian economy has improved significantly. Adequate management of the analyzed statistical variables (gross domestic product, inflation, agriculture, industry, export, import, capital, income, and taxes) influenced this. Likewise, the geopolitical and economic climate, foreign direct investments, the COVID-19 pandemic, the energy crisis, the digitalization of the entire company's operations, and other factors. Their adequate control can greatly influence the achievement of the target performance of the Serbian economy.
Islamic Banking-A challenge for the Turkish financial system
The Islamic banking model based on the zero interest rate or in practice, the enormously low reference interest rates and the fair distribution of profit and loss is seen as a challenge for economies that have long had the conventional economic model as their basis. The Republic of Turkey, which is one of the world's largest economies, for ideological reasons made an attempt to introduce the Islamic banking model, which required a significant reduction in the reference interest rate by the National Bank of Turkey, and as a result of this, the country faced a rapid growth in inflation, which in a given period reached over 80%, the Turkish lira recorded a historic devaluation, and the Istanbul Stock Exchange noted significant oscillations in the direction of the accelerated growth in the value of the BIST 100 (XU100) index. The focus of this research paper is to examine the effect of the introduction of the Islamic banking model on the financial system with special reference to the financial market of the Republic of Turkey, that is, the Istanbul Stock Exchange and the representative index BIST 100 (XU100). According to the results of the research, it can be concluded that the Islamic banking model, which contradicts the principles of the conventional economy which was based on the Turkish financial system, has caused significant destabilization of the Turkish financial system, that is, the financial market. Namely, the growth of inflation contributes to the growth of the BIST100 (XU100) index and changes in the functioning of financial flows.
Analysis of the circular economy of Serbia based on the Cobra method
Recently, the problem of the circular economy has been very topical. In the literature, it is investigated from different angles. This study analyzes the problem of the circular economy in Serbia based on the COBRA method. The results of the COBRA method show that the best performance of the circular economy in Serbia was in 2021. The worst was in 2016. Recently, generally speaking, the performance of the circular economy in Serbia has been improving. To improve the performance of the circular economy in Serbia, it is necessary to have a continuous, adequate action plan to manage the recycling of municipal waste, production of municipal waste, dependence on the import of materials, resource productivity, and energy from renewable sources as efficiently as possible. Likewise, other relevant factors. There is no doubt that the increasing application of the circular economy principle contributes significantly to the preservation of the environment in Serbia.
performance, circular economy, Serbia, COBRA method
AI impact on traditional credit scoring models
Credit scores are an integral part of a bank's lending process because they provide insight into the creditworthiness of each borrower. The traditional credit scoring models offer a standardized approach, but they come with certain shortcomings. AI and machine learning credit scoring models overcome the negative aspects of traditional models while offering banks and borrowers more accurate techniques for risk assessment. Even though AI-powered models are superior to the traditional, they do come with certain challenges related to potential bias, transparency, privacy, and regulatory compliance. It is anticipated that in the future, hybrid credit scoring models will most likely be developed by banks in their efforts to emphasize the advantages and reduce or eliminate the shortcomings of the different models.
The need, practice, and values of micro-credentials in the academic and business sector
Industry 4.0 - the new order that reflects today's technological reality has only opened the "infinite Universe" of various possibilities and satisfaction of practical and business needs, so that the challenges in this sphere still exist, both in terms of improving and increasing the overall system of micro-credentials. Such changes have undoubtedly opened new industry sectors and professional disciplines and created some professions in more specific subspecialties, creating a greater need for continuous upskilling and improvement. Micro-credentials as a modern concept of designing an educational-practical mix of knowledge and skills strengthens competitiveness in every industry and business environment. The concept of Micro-credentials also means setting up an adequate number of courses, practical skills within the academic and business community, or institutions that are accredited to combine such practical trainings, without having to invest in an expensive long-term educational and teaching process. Some typical examples of micro-credentials can be find in inter-modal domains as well as to acquired knowledge in ICT, digital entrepreneurship, digital marketing, data analytics, finance, corporate planning etc. Micro-credentials can also play an active role and support the professional development and mobility of workers, including people in non-standard forms of work, such as those in the platform economy (all economic activity arising out of actual or intended commercial transactions in the internal market and facilitated directly or indirectly by online platforms, in particular online - intermediation services and online search engines), and who may have difficulties accessing training depending on their work status. 76 In that regard, the institutions in the EU give an appropriate place to the concept of micro-credentials. According to the EU recommendation, the support is aimed to the development, implementation, and recognition of micro-credentials across institutions, businesses, sectors, and borders. An effective culture of lifelong learning is key to ensuring that everyone has the knowledge, skills, and competences they need to thrive in their personal and professional lives. The aim of this paper is to explain key concepts and provide description and specific position of the micro-credentials in academic and business sector as a stackable certification and a flexible way to address the demand for continuous learning and the need for agile, targeted education and skills development in response to rapidly changing job requirements and employability.
Industry 4.0, new digital era, micro-credentials, skills anticipation, digital skills, digital business practices
Assessment of the current energy and price crisis impact on the Macedonian business sector
In the past few years the world economy has faced with several serious economic crises, which have overlapped with each other. Firstly, the crisis determined by the Covid-19 pandemic, that has begun in 2020 as a health crisis in a short time has been recognized as a biggest economic shock of the 21st century on a global scale. Secondly, the period of economic recovery that took place in 2021, in the same time with the economic growth brought an increase in energy prices, especially oil and natural gas prices, as well as in food prices. Such tendencies have significantly intensified with the beginning of the war in Ukraine in February 2022, and plunged the world economy into a new energy and price crisis. All these subsequent crises dealt a heavy blow to the world population from an economic and social aspect and made it difficult for companies to operate normally on global scale. All these circumstances from the world economic scene have been quickly spilled over into the Macedonian economy, plunging the country into several overlapping crises. The aim of the paper is to provide more in-depth inside into the impact of the energy and price crisis on the performance of the Macedonian business sector. To fulfil this goal, we conduct a survey for the business sector. The paper is organized as follow. At the beginning of the paper an overview of the economic impact of Covid-19 crisis and energy and price crisis on the global scale is given. Further in the paper the economic implication of the pandemic and the current energy and price crisis in North Macedonia are elaborated. Analyzes of the economic impacts of the crises is based on the movement of the key macroeconomic indicators as: GDP growth rates, inflation, industrial production, gross debt, etc. Within the paper is also analyzed the impact of the current energy and price crisis on the Macedonian business sector based on the results of our own survey, conducted by the Center for Strategic Research “Ksente Bogoev” of MANU. The questionnaires used as an instrument for data collection were distributed electronically to the respondents (enterprises). The data collection period was one week (from 1 to 7 March, 2023). The survey was responded by 38 enterprises. The survey results give us a more comprehensive picture about the situation in the country, referring to the economic implications of the energy and price crisis on the business sector and satisfaction of the business sector with the implemented government measures.
Business sector, Covid-19 crisis, economic implications, energy and price crisis, North Macedonia.
Public Trust in the Auditors’ Work and the Prevailing Macroeconomic Conditions
This paper aims to explore whether the audit profession is impacted by global economic growth, how, and to what extent. In that manner, the study paper explores the interrelationship between the public trust in the auditors’ work and the prevailing macroeconomic conditions. For the applied research methodology, the proportion of audit company revenue, for the period from 2005 through 2022, derived from audit services and non-audit services, is used as a proxy to measure ‘the public trust in the auditors’ work’ and ‘the audit expectation gap’. These resultants are multiplied to calculate the ‘public interest’, which is juxtaposed against the global gross domestic product growth for the same period, to support the conceptual assertion that the public interest follows the current trends in the global economy. The study finds that public interest is directly related to the public trust in the auditors’ work. In this view, enhanced demand for audit services implies an increased public trust in the auditors’ work. The higher the demand for audit services, the bigger the public trust in the auditors’ work. The function of the audit expectation gap implies the general public to obtain a bigger scope of data and information regarding the operational activity of the auditees. The audit profession is connected with global economic growth through the public interest. This is because public interest follows the current trends in the global economy. The higher economic growth is accompanied by bigger public interest. In this regard, bigger public interest implies a bigger demand for audit services which in turn increases the public trust in the auditors’ work. This paper which uses the public interest as an indicator for global economic growth, contributes to understanding the relationship between the audit profession and prevailing macroeconomic conditions.
Audit Expectation Gap; Economic Growth; Public Interest; Public Interest Entities; Public Trust in the auditors’ work
Emprirical analysis of financial intermediation and economic growth: The case of Macedonian economy
The main goal of the paper is to examine the relationship between the financial sector and economic growth in the Republic of North Macedonia. The Macedonian economy has been facing slow development dynamics and low rates of economic growth for a long period of time. The reasons are certainly multidimensional and identifying them is quite complex. Hence, our task in the paper is to examine the impact of the financial sector on economic growth as one of the factors. First we provide a theoretical model for the analysis of the relationship between the financial sector and economic growth, while in the second part of the paper we use a methodology based on the single-country regression analysis to investigate the relationship between the financial sector measured through the lending activity of banks to private sector and economic growth measured as real GDP growth. Furthermore, we present a comparative analysis of the trend in the level of banking intermediation. The results of the analysis indicate that financial intermediation is a significant factor for the growth of the Macedonian economy through gross investments, which depicts that improving financial intermediation and reducing the interest rate will increase investments and encourage the growth of the Macedonian economy.
Financial intermediation, economic growth, single-country regression, North Macedonia
Municipal Fiscal Capacity in North Macedonia
The topic of fiscal capacity in Macedonian municipalites have become one of the essential aspects of local fiscal policy within the upcoming and curently stalled proces of fiscal decentralziation in N. Macedonia. It procures arguments that could enable independent and effiecent process in collection of own revenues. The size of fiscal capacity would help significantly in creating efficient tax and budget policy in central and local government. It could also help in achieving larger independence from the central government, but also would help to achieve equallization in some financialy endangered municipalities. Therefore, the fiscal capacity sugests that the tax collection is determined from tax capacity and capacity of the administration. Differences that apear in the colected own revenues are the reason for fiscal disparity. Fundamental part of the paper is the intention to determine the main methods of estimating fiscal capaciy and to measure the potenial fiscal disparity between some of the macedonian communities. It considers the potential revenues of the municipality obtained under the curent tax base with average tax effort. It is essential that the municipality controls those sources of revenue, such as the own revenues, common taxes and earmarked conditional transfers. Statistical data sugest that the discrepancies in fiscal capacity or collected real estate tax and development fee are predetermined from the differences arising from municipal tax base and the fiscal effort. Those variations are significant between urban, rural and city of Skopje. General transfers from the central government, especialy VAT subsidies, can achieve to some extent equalization in the revenue discrepancies.
Fiscal capacity, intergovernment transfers, fiscal disparity, fiscal equalization, own revenues.
Economic and Financial Determinants of Gold ETF Price Volatility on the U.S. Futures Market (COMEX)
The price of gold ETFs on the COMEX market in the USA is influenced by both domestic and international economic and political factors. In our study, we focus on domestic economic variables as key drivers of gold ETF prices, using the Newey-West estimator to assess their impact, particularly in the presence of significant autocorrelation. Our analysis of domestic determinants over the past 15 years revealed noteworthy insights. CPI, the US dollar exchange rate, interest rates, and crude oil prices negatively affect gold prices. However, the 30-year fixed mortgage rate and the U.S. Economic Policy Uncertainty index had a positive impact. Gold remains a safe haven in times of economic uncertainty, but our model displayed some weaknesses with strong positive autocorrelation and heteroscedasticity in residuals. To address these issues, we constructed an alternative model, focusing on the most recent five years. Since 2017, we've observed a shift where inflation and interest rates no longer significantly affect gold prices. Recent interest rate hikes and high inflation had minimal impact, especially during stock market declines. Gold does not appear to act as a hedge against bear markets as it did during the Global Financial Crisis; instead, the US dollar may fulfill this role. Given the unprecedented economic disruptions caused by the Covid-19 pandemic, further research is needed to explore the effects of domestic financial and economic KPIs on gold prices and their interconnections and spillover effects.
ETFs; Commodity Exchange; US Commodities; Gold Futures; Quantitative Analysis
Managing the economic and financial efficiency of an investment financed through local bonds
The intention of the authors of this paper is to prove the efficient use of funds acquired from a local bond by investing in a self-sustaining project that generates returns - a rehabilitation center that will exploit the Kezovica thermal spring in the Municipality of Stip. The economic-financial efficiency of the investment financed through the issue of local bonds is shown through investment criteria that prove the profitability and liquidity of such an investment. In this way, the justification for the issue of local bonds as an alternative way of financing and supporting local economic development is achieved. The purpose of this paper is to evaluate the return on investment potential, that is, the efficiency and profitability of a project that significantly contributes towards the increase of value of local output as a component of national economic growth, and even more, taking into account the increased current demands for socially responsible behavior, how it demonstrates value for a wide range of stakeholders in the long run. The results of the research, projected in the form of conventional investment criteria, combined with a short financial ratio analysis, confirm that the efficient use of municipal bonds as an alternative way of financing local economic development can be achieved by investing in a long-term sustainable and profitable project such as is the analyzed example of the rehabilitation center.
Self-sustaining project, local bonds, investment criteria, profitability, rehabilitation center
Mass media usage from emerging adults in times of crisis: evidence from the COVID-19 pandemic
The objective of this research paper is to investigate the media consumption habits of emerging adults during the Covid-19 crisis, with a particular focus on traditional media. A Google Search survey was conducted, in which 284 respondents participated. The survey aimed to gather information on various aspects of their media consumption, such as demographic information, previous experience with mass media communication, frequency of usage of different mass media, perception of the significance of mass media, and perception of TV as a mass medium on several topics. The results of the study indicated that TV was the most frequently used medium among the respondents, given its importance in disseminating information and their previous experience with it. Radio was the second most popular medium, followed by print media. However, a closer examination of the TV data revealed that only 4.6% of the respondents completely agreed that TV messages were a good source of information, and only 8.5% had complete trust in the credibility of the information provided on TV. Additionally, only 5.3% of the respondents had a completely positive attitude towards the TV. In summary, although TV was the preferred medium compared to radio and print media, emerging adults did not have a wholly positive attitude towards TV, nor did they perceive it as a reliable source of information.
mass media, emerging adults, communication, crisis, covid pandemic
Logistics costs and their impact on performance
The development of an efficient and effective logistics system within a national economy has a direct impact on the work of enterprises, their management as well as their financial performance. To enable a good logistics system, it is necessary to achieve costs of a different nature, which vary depending on different factors. Logistics costs depend on the activities that the entity undertakes in its operations, that is, which part of the logistics it has in its operations. Globalization and the process of digitization have provided ways to make savings in the logistics costs that can be achieved by exploiting innovative ways of working. Lower costs largely mean a greater competitive advantage for the company as well as a higher profit.
logistics system; performance; digitization; competitive advantage; profit
Supply chain mapping as advanced business model
Supply chain mapping is an essential part of every business activity, in order to develop and grow up competitive company positions. Supply chain mapping like an ongoing activity means gathering information on suppliers and sub-suppliers. and the people who work in your supply chain to create a global map of your supply network. This information can be held in a single data platform for ease operate and to facilitate analysis. This process aims to increase the traceability and transparency of the entire supply chain. The supply chain is considered a network of people interacting through the movement of a product or specific services from supplier to customer. In order to be able to achieve the highest level of operational efficiency in the coordination of activities between all subjects involved in Supply Chain Management, more and more companies are oriented towards the application of Supply chain mapping. It is a model where the company collects information on suppliers and subsuppliers managing high-level positions. This process aims to increase the traceability and transparency of the entire supply chain. The mapping can and should be used for supplier profiling and collecting information on a whole range of issues, including quality, sustainability and compliance issues. This information is a key for meeting sustainability standards and for improving working conditions for all workers involved in the supply chain.
Supply chain mapping, Supply chain management, logistic sustainability, logistic operabillity
Methods and policies for inventory management
Inventories are goods that a company holds for sale. Since it is difficult to predict the amount of goods that are needed in the market, in order to prevent situations in which they do not have enough produced goods, manufacturers create inventories. The demand is not constant and producers are never sure how much inventory they will need, therefore stocks should be properly managed in all reproduction stages, i.e., in the various stages of conversion. The most important stages of inventory conversion are: inventory of raw materials, inventory of work in progress and inventory of finished products, and therefore they should be analyzed separately, identifying all the factors that affect them. Inventory control represents the performance of a large number of activities such as measuring, checking, examining and comparing in order to determine whether they are in accordance with the actual conditions. Inventory control methods serve as a means of determining the optimal inventory size, as well as deciding when and in what quantity to make a specific order of the necessary supplies. The optimal inventory size should be evaluated in terms of the flexibility that can be given to the inventory. In determining their optimal size, the company's management must balance the benefit on the economy of production, the procurement and the increased demand for products, with the costs of maintaining additional inventory. Therefore, the main research goal of this paper will be the application of management methods and policies in functionof optimization of inventory and achieving good financial results from the companies’ operations.
inventory management, inventory optimization, inventory conversion, inventory control