Branimir Kalas - Academia.edu (original) (raw)
Papers by Branimir Kalas
Sustainability
Banks represent important subjects in business, with dominant positions in the financial system i... more Banks represent important subjects in business, with dominant positions in the financial system in the world. Banks developed various financial products and services that can cover most market needs. As a result of adequate portfolio diversifications, banks recorded positive profitability rates. In addition to being adjusted to competition, banks should also focus on the environment. Therefore, banks have recognized an opportunity to offer green products and services and support environmentally-friendly initiatives and projects. The aim of this paper is to identify whether crucial determinants of bank profitability are moderated by the presence of green loans in the bank portfolio. For this purpose, a panel fixed-effects approach was applied to data from the Republic of Serbia (2014–2021). The obtained results indicate that the presence of green loans in a bank’s portfolio moderates the influences of a bank’s liquidity on the bank’s profitability measured by return on assets (ROA) a...
TEME
Value added tax represents one of the main tax forms, because it generates the most revenue and g... more Value added tax represents one of the main tax forms, because it generates the most revenue and greatly contributes to the budgets of many countries. The purpose of this paper is to determine the VAT efficiency level in Visegrad Group countries (Czechia, Hungary, Poland and Slovakia) for the period between 1995 and 2020. The average VAT efficiency in the Visegrad region was 0.51, and this indicator improved after these economies joined the European Union. The results of this empirical research show that gross domestic product per capita, final consumption and value added tax revenue have a positive impact on VAT efficiency, as measured by the C-efficiency indicator. On the other hand, the results demonstrate that an increase in VAT rate lead to a lower level of VAT efficiency in the examined countries. Finally, the EU accession of the Visegrad region had positive implications for the productivity and efficiency of their VAT systems. The results of this study suggest that the governm...
Mathematics
This study aims to determine whether the same bank-specific and macroeconomic determinants affect... more This study aims to determine whether the same bank-specific and macroeconomic determinants affect banks’ profitability and liquidity. To achieve the set goal, panel data regression analysis was applied with fixed effects or random effects depending on the results of the Hausman test, as explained in the Results. The research is based on the use of aggregate data on bank-specific and macroeconomic determinants of banks’ profitability and liquidity in West Balkan countries during the period from 2007 to 2022. The dependent variables in the study are ROA, ROE used as proxies for banks’ profitability, and banks’ liquid reserves to banks’ total assets as a proxy for banks’ liquidity. The findings confirm that the bank-specific and macroeconomic determinants affect both banks’ profitability and liquidity in the same direction, except for a few variables. The main contribution of this research is a comprehensive and parallel view of banks’ profitability and liquidity determinants that enab...
Bizinfo Blace
Policymakers should create a favourable macroeconomic framework to provide positive implications ... more Policymakers should create a favourable macroeconomic framework to provide positive implications on public revenue collection. It implies designing a fiscal policy in the direction of generating the necessary revenues in order to achieve budget stability. Accordingly, identifying determinants that are crucial to generating higher revenues is an important challenge for every country. The aim of this paper is to identify how macroeconomic determinants affect the public revenues and which variable significantly improves public revenues. The subject of the paper includes an empirical analysis of the main macroeconomic variables and their implications on the public revenues level in the Republic of Serbia. The paper estimates the impact of selected explanatory variables such as gross domestic product, inflation, unemployment, export, public expenditures, total investment and population on public revenues in the Republic of Serbia from 2002 to 2020. The empirical findings confirmed macroe...
Ekonomika
The paper analyzes tax elasticity in the Republic of Serbia in terms of tax revenues, personal in... more The paper analyzes tax elasticity in the Republic of Serbia in terms of tax revenues, personal income tax, corporate income tax, value added tax, social security contributions and excises for the period 2005-2019. Tax elasticity manifest sensitivity of tax forms to a change in the gross domestic product, where results have shown that indirect taxes have higher coefficients of elasticity compared to direct taxes. Results of empirical analysis have manifested that tax revenues are elastic to a change in gross domestic product, where 1% increase in GDP makes to a change of tax revenues for 1.31%. Also, tax elasticity is the highest at corporate income tax, while revenues from value added tax and excises are also elastic in the observed period. On the other hand, personal income tax and social security contributions are inelastic to a change in the gross domestic product in the Republic of Serbia.
Oditor
The relevance of value added tax is reflected in the generation of a significant amount of revenu... more The relevance of value added tax is reflected in the generation of a significant amount of revenue and the suppression of tax evasion. The purpose of the research is aimed at assessing collected revenues and measuring the efficiency of VAT revenue collection in the Benelux countries (Belgium, the Netherlands and Luxembourg) for the period 2011-2020. years. Empirical research results indicate that the average VAT efficiency was 59.84% in the observed countries. where the highest degree of efficiency was recorded in Luxembourg, and the lowest value in Belgium. Panel regression results show that economic growth, final consumption, government expenditures and VAT revenues have a positive effect on VAT efficiency in the observed countries. At the same time, variables such as unemployment and inflation, as well as the standard VAT rate, have a negative effect on the efficiency of VAT revenue. The obtained empirical findings can be of help to economic policy makers in the analyzed countrie...
Sustainability
Within the increased concern for environmental protection, an important aspect is related to rene... more Within the increased concern for environmental protection, an important aspect is related to renewable energy not only because of the potential for carbon emission reductions but also because of energy security. Relying on renewable energy sources can be a basis for less dependence of the economy on limited energy sources, especially when considering their potential price fluctuations. The role of banks has already been recognized in the context of supporting the greater use of renewable energy solutions. In this paper, the focus is on green banking (GB) services and customers’ intention to adopt them. For its analysis, the theory of planned behavior (TPB) was applied. It was extended with environmental consciousness, as a predictor of attitude and behavioral intention. Moreover, relations between customer intention and its predictors were examined separately for the male and female gender. To the authors’ knowledge, this is the first research in which behavioral intention toward gr...
Industrija
The paper investigates the relationship between tax wedge and employment rate in thirty-six OECD ... more The paper investigates the relationship between tax wedge and employment rate in thirty-six OECD countries for the period 2000-2020. The aim of this paper is to identify how tax wedge indicators affect the employment level in these economies. The empirical research includes correlation analysis and panel regression to determine character and intensity of nexus among observed variables. The results of Hausman represent that a random effects model is adequate for estimating the effect of tax wedge on the employment rate in selected countries. The model results show a negative correlation between these variables, as well as, that tax wedge indicators have a negative impact on the employment rate in OECD countries for the observed period. The empirical findings manifest that a 1% increase in the average tax wedge leads to a lower employment rate of 0.33% in OECD economies.
Taxes represent one of the most essential component in contemporary business. Their importance is... more Taxes represent one of the most essential component in contemporary business. Their importance is reflected through stability and predictability which are necessary to international capital inflows. Government should create simple tax system that minimizes the burden of business conditions. The topic is insufficiently researched and there is great space for detailed analysis and interpretation of observed indicator. Guided by this fact, the author's efforts were directed at dealing with this issue and the possibility to reflect efficiency and effectiveness of the tax system in different countries within the considered paying taxes indicator. The aim of paper is paying taxes indicator in the Western Balkans countries and Turkey in period from 2008 to 2015. World Bank calculates this indicator within Doing Business analysis. The paper consists three chapters with the first part deals with the methodology and structure of selected indicator, the second part is focused on tax reform...
Strategic Management, 2022
Tourism plays an increasingly important role in the economic flows of each country. Recognizing t... more Tourism plays an increasingly important role in the economic flows of each country. Recognizing the tourist potential of AP Vojvodina is an important task for the creators of the economic policy of our country. In order to make a favourable tourism environment with quality tourist content and products, it is necessary for tourist entities to operate stably and successfully. The aim of this paper is to highlight the importance of financial performance of firms in tourism sector in terms of profitability. The subject of the paper is to analyse the effects of internal factors on profitability level of 3456 firms in tourism sector in AP Vojvodina for the period 2015-2019. The results of the analysis indicate that observed firms were profitable during the analysed period, where average ROA was 1.81% and average ROE was 3.4%. Empirical analysis shows that internal factors such as firm size, sales revenue, earnings before interest and taxes and financial stability have positive impact on p...
Sustainability, 2022
Since the beginning of the application of the Data Envelopment Analysis (DEA) model in various ar... more Since the beginning of the application of the Data Envelopment Analysis (DEA) model in various areas of the economy, it has found its wide application in the field of finance, more specifically banks, in the last few years. The focus of this research was to determine the sustainability of the intermediate function of banks, especially in recent years when interest rates on deposits have been at a minimum level. The research was divided into two parts, wherein the first part determined the efficiency of the intermediate function of banks in the countries of the Western Balkans in the period from 2015 to 2019. The second part approached the regression analysis in which we determined the influence of the bank size, type of bank, and mergers and acquisitions (M&A) activity on the defined efficiency. In the first stage we applied the output-oriented DEA model using deposits, labor costs, and capital as input variables; on the other side, we used loans and investments as output variables....
Economic Themes, 2021
The issue of security and safety i s a fundamental condition for stable economic trends. Military... more The issue of security and safety i s a fundamental condition for stable economic trends. Military expenditure can be a very powerful tool for a rapid economic growth. The paper examines the long-run relationship between military expenditure and economic growth in the selected Balkan countries, such as Albania, Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia, Serbia and Slovenia for the period 2004-2018. The analysis implies a panel unit root test, a panel cointegration test, as well as a panel Granger causality test. The results have identified a long-run relationship between military expenditure and economic growth in the Balkan countries based on panel data analysis. Also, empirical findings have confirmed that shock experience in one of the countries’ military expenditure and economic growth have effect on other countries. Finally, the results have determined unidirectional causality from military expenditure to economic growth in these countries and not vice versa.
Anali Ekonomskog fakulteta u Subotici, 2020
This research examines the relationship between indirect taxes and gross domestic product per cap... more This research examines the relationship between indirect taxes and gross domestic product per capita in the Republic of Serbia from 2005 to 2019. The aim of this paper is to evaluate the long-run relationship between value added tax, excises and gross domestic product per capita based on Johansen cointegration test. The empirical analysis includes descriptive statistics, unit root test, cointegration test and FMOLS model. The results reveal a long-run relationship between indirect taxes such as value added tax and excises and the gross domestic product per capita in the Republic of Serbia for the observed period. Empirical findings confirm that revenues of value added tax and excises have positive and significant effect on the gross domestic product per capita in the long-run.
TEME, 2021
The purpose of this paper is to investigate the impact of macroeconomic variables on bank profita... more The purpose of this paper is to investigate the impact of macroeconomic variables on bank profitability indicators in Central and Southeastern European countries (CESE). The research sample includes 13 countries of CESE countries: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia, for the period 2008-2015. The core idea is to empirically evaluate the impact of the main macro indicators, such as gross domestic product, inflation and the real interest rate on bank profitability and their potential relationship. The subject of this paper applies a two-step model: model 1 includes return on asset (ROA), while model 2 includes return on equity (ROE) as the dependent variable. On the other hand, independent variables are gross domestic product (GDP), inflation (INF) and real interest rate (RIR). The results of the panel study indicate that there is a significant effect of GDP and INF on ba...
Economic Analysis, 2017
National competitiveness has become one of the central preoccupations of government in every nati... more National competitiveness has become one of the central preoccupations of government in every nation. International capital flows affect diversification of business activities and intensifying competitive advantage. Market liberalization, open economy, and economic integration have become a key principle of globalization and the disregard of them reduces the possibility of a certain economy to be competitive in global terms. This assertion is primarily directed towards small countries and countries which aren't economic strong enough to withstand the competitive pressure and they are forced to economic integrated. The aim of the paper is to draw the attention to the significance of competitiveness and tax rates in the economy. The subject of the paper is showing thecompetitive position of Serbia with special emphasis on the WEF indicators and tax rates.
Serbian Journal of Management, 2020
Inflation can be simply defined as a price rise in the general level in one country. Friedman (19... more Inflation can be simply defined as a price rise in the general level in one country. Friedman (1976) points out that inflation is always and everywhere a monetary phenomenon and low inflation has an important place in the economic policy of each country because in the case of the pronounced volatility of this indicator may lead to adverse implications for economic growth (Klomp & Haan, 2009). Haderi et al. (1999) point out that when a country moves from a planned economy to a market economy, inflation could be a direct problem for the government. In the past, countries of the former Yugoslavia had negative experiences with inflation and Žižmond
Economic Research-Ekonomska Istraživanja, 2020
The global economic crisis destabilised the public debt of many countries. The purpose of this pa... more The global economic crisis destabilised the public debt of many countries. The purpose of this paper is to investigate the predictors of public debt in European Union countries divided into nonmember countries and members of the European Monetary Union in the period from 2001 to 2018. The aim is to discover their relationship with public debt and make recommendations for economic policy-makers. The empirical analysis was based on comparative research design, quantitative methodology and secondary data collection. It included 13 variables, with public debt being the dependent variable and the selected 12 economic indicators were treated as predictors. The analysis was based on a procedure for linear mixed models in the IBM SPSS. The basic finding was that only unemployment was statistically significant predictor of public debt in both groups of countries. Other predictors differed, and there were statistically significant differences in the magnitude of their impacts. Obtained results indicate that unemployment is one of the most important problems of all European Union countries. In addition, a major challenge for monetary and fiscal policy-makers will be profiling adequate tax, credit, and interest rate policies to reduce debt and accelerate economic growth.
Industrija, 2017
The aim of the paper is to show the relevance of nexus between tax forms and economic growth and ... more The aim of the paper is to show the relevance of nexus between tax forms and economic growth and how they affect on gross domestic product in Serbia for the period 2006-2015. The impact is manifested through the analysis of three main tax forms: personal income tax (PIT), corporate income tax (CIT) and value-added tax (VAT) and their effect on the macroeconomic indicator as gross domestic product (GDP). The analysis is for a period of ten years in Serbia, where the regression model is constructed so that the GDP is defined as the dependent variable, while the tax forms are set as independent variables. To ensure correctly specified regression model, authors used the next test: VIF test, BP and BPG test, as well as Ramsey reset test. Results show a high degree of positive correlation between the observed variables and the positive impact of the personal income tax, corporate income tax and value-added tax on the gross domestic product, but it is only the impact of value added tax statistically significant.
Ekonomika poljoprivrede, 2017
Takeover processes imply integration of different organizational cultures, especially in case of ... more Takeover processes imply integration of different organizational cultures, especially in case of crossborder takeovers. Using a survey questionnaire, authors conducted a research to examine the changes and satisfaction with all interest groups in taken over companies operating in fields of food industry, retail sector and financial activity in the Serbian market. Method applied to process the data is discriminant analysis, and research results are presented tabular form as well as graphically in form of ellipses. The aim of the study is to examine the differences of impact of takeover processes on various interest groups of production company, retail chain and financial institution and assessment of their satisfaction. Study's contribution is an informative support for managers of both company acquirer and target company in future acquisition processes, because analysis of differences, change and satisfaction of employees provides a concrete answer regarding elements influencing success of takeover process in terms of management of human.
Industrija, 2018
This study analyses the characteristics of target companies from food industry that were taken ov... more This study analyses the characteristics of target companies from food industry that were taken over by foreign investors in the Serbian market. The aim of the study is to determine: Can future target companies be predicted based on the characteristics of target companies that have already been taken over in the Serbian market? The study compares the indicators of profitability, liquidity, leverage and efficiency of 30 target companies from the food industry with the industry' average. The study includes multivariate analysis of variance (Manova) and Discriminant analysis in order to identify the difference between observed indicators. The liquidity and leverage indicator showed a statistically significant difference compared to average values. Group classification is 95% and sample homogeneity is 90% which leads to a conclusion that target companies can be predicted with extremely high reliability.
Sustainability
Banks represent important subjects in business, with dominant positions in the financial system i... more Banks represent important subjects in business, with dominant positions in the financial system in the world. Banks developed various financial products and services that can cover most market needs. As a result of adequate portfolio diversifications, banks recorded positive profitability rates. In addition to being adjusted to competition, banks should also focus on the environment. Therefore, banks have recognized an opportunity to offer green products and services and support environmentally-friendly initiatives and projects. The aim of this paper is to identify whether crucial determinants of bank profitability are moderated by the presence of green loans in the bank portfolio. For this purpose, a panel fixed-effects approach was applied to data from the Republic of Serbia (2014–2021). The obtained results indicate that the presence of green loans in a bank’s portfolio moderates the influences of a bank’s liquidity on the bank’s profitability measured by return on assets (ROA) a...
TEME
Value added tax represents one of the main tax forms, because it generates the most revenue and g... more Value added tax represents one of the main tax forms, because it generates the most revenue and greatly contributes to the budgets of many countries. The purpose of this paper is to determine the VAT efficiency level in Visegrad Group countries (Czechia, Hungary, Poland and Slovakia) for the period between 1995 and 2020. The average VAT efficiency in the Visegrad region was 0.51, and this indicator improved after these economies joined the European Union. The results of this empirical research show that gross domestic product per capita, final consumption and value added tax revenue have a positive impact on VAT efficiency, as measured by the C-efficiency indicator. On the other hand, the results demonstrate that an increase in VAT rate lead to a lower level of VAT efficiency in the examined countries. Finally, the EU accession of the Visegrad region had positive implications for the productivity and efficiency of their VAT systems. The results of this study suggest that the governm...
Mathematics
This study aims to determine whether the same bank-specific and macroeconomic determinants affect... more This study aims to determine whether the same bank-specific and macroeconomic determinants affect banks’ profitability and liquidity. To achieve the set goal, panel data regression analysis was applied with fixed effects or random effects depending on the results of the Hausman test, as explained in the Results. The research is based on the use of aggregate data on bank-specific and macroeconomic determinants of banks’ profitability and liquidity in West Balkan countries during the period from 2007 to 2022. The dependent variables in the study are ROA, ROE used as proxies for banks’ profitability, and banks’ liquid reserves to banks’ total assets as a proxy for banks’ liquidity. The findings confirm that the bank-specific and macroeconomic determinants affect both banks’ profitability and liquidity in the same direction, except for a few variables. The main contribution of this research is a comprehensive and parallel view of banks’ profitability and liquidity determinants that enab...
Bizinfo Blace
Policymakers should create a favourable macroeconomic framework to provide positive implications ... more Policymakers should create a favourable macroeconomic framework to provide positive implications on public revenue collection. It implies designing a fiscal policy in the direction of generating the necessary revenues in order to achieve budget stability. Accordingly, identifying determinants that are crucial to generating higher revenues is an important challenge for every country. The aim of this paper is to identify how macroeconomic determinants affect the public revenues and which variable significantly improves public revenues. The subject of the paper includes an empirical analysis of the main macroeconomic variables and their implications on the public revenues level in the Republic of Serbia. The paper estimates the impact of selected explanatory variables such as gross domestic product, inflation, unemployment, export, public expenditures, total investment and population on public revenues in the Republic of Serbia from 2002 to 2020. The empirical findings confirmed macroe...
Ekonomika
The paper analyzes tax elasticity in the Republic of Serbia in terms of tax revenues, personal in... more The paper analyzes tax elasticity in the Republic of Serbia in terms of tax revenues, personal income tax, corporate income tax, value added tax, social security contributions and excises for the period 2005-2019. Tax elasticity manifest sensitivity of tax forms to a change in the gross domestic product, where results have shown that indirect taxes have higher coefficients of elasticity compared to direct taxes. Results of empirical analysis have manifested that tax revenues are elastic to a change in gross domestic product, where 1% increase in GDP makes to a change of tax revenues for 1.31%. Also, tax elasticity is the highest at corporate income tax, while revenues from value added tax and excises are also elastic in the observed period. On the other hand, personal income tax and social security contributions are inelastic to a change in the gross domestic product in the Republic of Serbia.
Oditor
The relevance of value added tax is reflected in the generation of a significant amount of revenu... more The relevance of value added tax is reflected in the generation of a significant amount of revenue and the suppression of tax evasion. The purpose of the research is aimed at assessing collected revenues and measuring the efficiency of VAT revenue collection in the Benelux countries (Belgium, the Netherlands and Luxembourg) for the period 2011-2020. years. Empirical research results indicate that the average VAT efficiency was 59.84% in the observed countries. where the highest degree of efficiency was recorded in Luxembourg, and the lowest value in Belgium. Panel regression results show that economic growth, final consumption, government expenditures and VAT revenues have a positive effect on VAT efficiency in the observed countries. At the same time, variables such as unemployment and inflation, as well as the standard VAT rate, have a negative effect on the efficiency of VAT revenue. The obtained empirical findings can be of help to economic policy makers in the analyzed countrie...
Sustainability
Within the increased concern for environmental protection, an important aspect is related to rene... more Within the increased concern for environmental protection, an important aspect is related to renewable energy not only because of the potential for carbon emission reductions but also because of energy security. Relying on renewable energy sources can be a basis for less dependence of the economy on limited energy sources, especially when considering their potential price fluctuations. The role of banks has already been recognized in the context of supporting the greater use of renewable energy solutions. In this paper, the focus is on green banking (GB) services and customers’ intention to adopt them. For its analysis, the theory of planned behavior (TPB) was applied. It was extended with environmental consciousness, as a predictor of attitude and behavioral intention. Moreover, relations between customer intention and its predictors were examined separately for the male and female gender. To the authors’ knowledge, this is the first research in which behavioral intention toward gr...
Industrija
The paper investigates the relationship between tax wedge and employment rate in thirty-six OECD ... more The paper investigates the relationship between tax wedge and employment rate in thirty-six OECD countries for the period 2000-2020. The aim of this paper is to identify how tax wedge indicators affect the employment level in these economies. The empirical research includes correlation analysis and panel regression to determine character and intensity of nexus among observed variables. The results of Hausman represent that a random effects model is adequate for estimating the effect of tax wedge on the employment rate in selected countries. The model results show a negative correlation between these variables, as well as, that tax wedge indicators have a negative impact on the employment rate in OECD countries for the observed period. The empirical findings manifest that a 1% increase in the average tax wedge leads to a lower employment rate of 0.33% in OECD economies.
Taxes represent one of the most essential component in contemporary business. Their importance is... more Taxes represent one of the most essential component in contemporary business. Their importance is reflected through stability and predictability which are necessary to international capital inflows. Government should create simple tax system that minimizes the burden of business conditions. The topic is insufficiently researched and there is great space for detailed analysis and interpretation of observed indicator. Guided by this fact, the author's efforts were directed at dealing with this issue and the possibility to reflect efficiency and effectiveness of the tax system in different countries within the considered paying taxes indicator. The aim of paper is paying taxes indicator in the Western Balkans countries and Turkey in period from 2008 to 2015. World Bank calculates this indicator within Doing Business analysis. The paper consists three chapters with the first part deals with the methodology and structure of selected indicator, the second part is focused on tax reform...
Strategic Management, 2022
Tourism plays an increasingly important role in the economic flows of each country. Recognizing t... more Tourism plays an increasingly important role in the economic flows of each country. Recognizing the tourist potential of AP Vojvodina is an important task for the creators of the economic policy of our country. In order to make a favourable tourism environment with quality tourist content and products, it is necessary for tourist entities to operate stably and successfully. The aim of this paper is to highlight the importance of financial performance of firms in tourism sector in terms of profitability. The subject of the paper is to analyse the effects of internal factors on profitability level of 3456 firms in tourism sector in AP Vojvodina for the period 2015-2019. The results of the analysis indicate that observed firms were profitable during the analysed period, where average ROA was 1.81% and average ROE was 3.4%. Empirical analysis shows that internal factors such as firm size, sales revenue, earnings before interest and taxes and financial stability have positive impact on p...
Sustainability, 2022
Since the beginning of the application of the Data Envelopment Analysis (DEA) model in various ar... more Since the beginning of the application of the Data Envelopment Analysis (DEA) model in various areas of the economy, it has found its wide application in the field of finance, more specifically banks, in the last few years. The focus of this research was to determine the sustainability of the intermediate function of banks, especially in recent years when interest rates on deposits have been at a minimum level. The research was divided into two parts, wherein the first part determined the efficiency of the intermediate function of banks in the countries of the Western Balkans in the period from 2015 to 2019. The second part approached the regression analysis in which we determined the influence of the bank size, type of bank, and mergers and acquisitions (M&A) activity on the defined efficiency. In the first stage we applied the output-oriented DEA model using deposits, labor costs, and capital as input variables; on the other side, we used loans and investments as output variables....
Economic Themes, 2021
The issue of security and safety i s a fundamental condition for stable economic trends. Military... more The issue of security and safety i s a fundamental condition for stable economic trends. Military expenditure can be a very powerful tool for a rapid economic growth. The paper examines the long-run relationship between military expenditure and economic growth in the selected Balkan countries, such as Albania, Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia, Serbia and Slovenia for the period 2004-2018. The analysis implies a panel unit root test, a panel cointegration test, as well as a panel Granger causality test. The results have identified a long-run relationship between military expenditure and economic growth in the Balkan countries based on panel data analysis. Also, empirical findings have confirmed that shock experience in one of the countries’ military expenditure and economic growth have effect on other countries. Finally, the results have determined unidirectional causality from military expenditure to economic growth in these countries and not vice versa.
Anali Ekonomskog fakulteta u Subotici, 2020
This research examines the relationship between indirect taxes and gross domestic product per cap... more This research examines the relationship between indirect taxes and gross domestic product per capita in the Republic of Serbia from 2005 to 2019. The aim of this paper is to evaluate the long-run relationship between value added tax, excises and gross domestic product per capita based on Johansen cointegration test. The empirical analysis includes descriptive statistics, unit root test, cointegration test and FMOLS model. The results reveal a long-run relationship between indirect taxes such as value added tax and excises and the gross domestic product per capita in the Republic of Serbia for the observed period. Empirical findings confirm that revenues of value added tax and excises have positive and significant effect on the gross domestic product per capita in the long-run.
TEME, 2021
The purpose of this paper is to investigate the impact of macroeconomic variables on bank profita... more The purpose of this paper is to investigate the impact of macroeconomic variables on bank profitability indicators in Central and Southeastern European countries (CESE). The research sample includes 13 countries of CESE countries: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia, for the period 2008-2015. The core idea is to empirically evaluate the impact of the main macro indicators, such as gross domestic product, inflation and the real interest rate on bank profitability and their potential relationship. The subject of this paper applies a two-step model: model 1 includes return on asset (ROA), while model 2 includes return on equity (ROE) as the dependent variable. On the other hand, independent variables are gross domestic product (GDP), inflation (INF) and real interest rate (RIR). The results of the panel study indicate that there is a significant effect of GDP and INF on ba...
Economic Analysis, 2017
National competitiveness has become one of the central preoccupations of government in every nati... more National competitiveness has become one of the central preoccupations of government in every nation. International capital flows affect diversification of business activities and intensifying competitive advantage. Market liberalization, open economy, and economic integration have become a key principle of globalization and the disregard of them reduces the possibility of a certain economy to be competitive in global terms. This assertion is primarily directed towards small countries and countries which aren't economic strong enough to withstand the competitive pressure and they are forced to economic integrated. The aim of the paper is to draw the attention to the significance of competitiveness and tax rates in the economy. The subject of the paper is showing thecompetitive position of Serbia with special emphasis on the WEF indicators and tax rates.
Serbian Journal of Management, 2020
Inflation can be simply defined as a price rise in the general level in one country. Friedman (19... more Inflation can be simply defined as a price rise in the general level in one country. Friedman (1976) points out that inflation is always and everywhere a monetary phenomenon and low inflation has an important place in the economic policy of each country because in the case of the pronounced volatility of this indicator may lead to adverse implications for economic growth (Klomp & Haan, 2009). Haderi et al. (1999) point out that when a country moves from a planned economy to a market economy, inflation could be a direct problem for the government. In the past, countries of the former Yugoslavia had negative experiences with inflation and Žižmond
Economic Research-Ekonomska Istraživanja, 2020
The global economic crisis destabilised the public debt of many countries. The purpose of this pa... more The global economic crisis destabilised the public debt of many countries. The purpose of this paper is to investigate the predictors of public debt in European Union countries divided into nonmember countries and members of the European Monetary Union in the period from 2001 to 2018. The aim is to discover their relationship with public debt and make recommendations for economic policy-makers. The empirical analysis was based on comparative research design, quantitative methodology and secondary data collection. It included 13 variables, with public debt being the dependent variable and the selected 12 economic indicators were treated as predictors. The analysis was based on a procedure for linear mixed models in the IBM SPSS. The basic finding was that only unemployment was statistically significant predictor of public debt in both groups of countries. Other predictors differed, and there were statistically significant differences in the magnitude of their impacts. Obtained results indicate that unemployment is one of the most important problems of all European Union countries. In addition, a major challenge for monetary and fiscal policy-makers will be profiling adequate tax, credit, and interest rate policies to reduce debt and accelerate economic growth.
Industrija, 2017
The aim of the paper is to show the relevance of nexus between tax forms and economic growth and ... more The aim of the paper is to show the relevance of nexus between tax forms and economic growth and how they affect on gross domestic product in Serbia for the period 2006-2015. The impact is manifested through the analysis of three main tax forms: personal income tax (PIT), corporate income tax (CIT) and value-added tax (VAT) and their effect on the macroeconomic indicator as gross domestic product (GDP). The analysis is for a period of ten years in Serbia, where the regression model is constructed so that the GDP is defined as the dependent variable, while the tax forms are set as independent variables. To ensure correctly specified regression model, authors used the next test: VIF test, BP and BPG test, as well as Ramsey reset test. Results show a high degree of positive correlation between the observed variables and the positive impact of the personal income tax, corporate income tax and value-added tax on the gross domestic product, but it is only the impact of value added tax statistically significant.
Ekonomika poljoprivrede, 2017
Takeover processes imply integration of different organizational cultures, especially in case of ... more Takeover processes imply integration of different organizational cultures, especially in case of crossborder takeovers. Using a survey questionnaire, authors conducted a research to examine the changes and satisfaction with all interest groups in taken over companies operating in fields of food industry, retail sector and financial activity in the Serbian market. Method applied to process the data is discriminant analysis, and research results are presented tabular form as well as graphically in form of ellipses. The aim of the study is to examine the differences of impact of takeover processes on various interest groups of production company, retail chain and financial institution and assessment of their satisfaction. Study's contribution is an informative support for managers of both company acquirer and target company in future acquisition processes, because analysis of differences, change and satisfaction of employees provides a concrete answer regarding elements influencing success of takeover process in terms of management of human.
Industrija, 2018
This study analyses the characteristics of target companies from food industry that were taken ov... more This study analyses the characteristics of target companies from food industry that were taken over by foreign investors in the Serbian market. The aim of the study is to determine: Can future target companies be predicted based on the characteristics of target companies that have already been taken over in the Serbian market? The study compares the indicators of profitability, liquidity, leverage and efficiency of 30 target companies from the food industry with the industry' average. The study includes multivariate analysis of variance (Manova) and Discriminant analysis in order to identify the difference between observed indicators. The liquidity and leverage indicator showed a statistically significant difference compared to average values. Group classification is 95% and sample homogeneity is 90% which leads to a conclusion that target companies can be predicted with extremely high reliability.