Igor Todorovic - Academia.edu (original) (raw)

Papers by Igor Todorovic

Montenegrin journal of economics, 2013

International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by... more International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by any standards. Yet, this has not resulted in a significant poverty reduction outcome. According to all relevant indicators B&H is ranked near the bottom of all European countries. Even when we take into consideration the tremendous loss of wealth during the war, given the size of aid provided, the economic development has fallen below the expect rate of recovery. This is particularly evident in the areas of SME and formal enterprise development. In this paper we argue that the major reason for a sluggish recovery was failure to implement structural reforms and that this failure is in direct relation with the international aid in B&H. We suggest that the principal-agent relationship inherent in the international aid structure can be applied to the B&H experience in order to explain this phenomenon. Particularly revealing is the microfinance sector which was supposed to act as a catalyst for the poverty reduction. We find that the model of microfinance itself does not provide proper incentives for the actors involved in order to strengthen the sustainable SME sector. Instead, enterprise development policy should be based on the lessons learned from the venture capital model.

Montenegrin journal of economics, 2012

Corporate governance is a key element for improvement of investors' confidence, increase of compe... more Corporate governance is a key element for improvement of investors' confidence, increase of competitiveness and improvement of economic growth. Corporate governance is on the top of agenda for international development as stated by James Wolfensohn (1998) that "the governance of the corporation is now as important in the world economy as the government of countries". Modern legislations of corporate governance is based on vast experiences from good practices and corporate scandals from many countries and presents standards for governance of companies accepted by investors, governments, companies and other stakeholders. Compliance with modern legislations of corporate governance is important for every company and government in order to grow, develop, attract investors, lower risks and avoid corporate scandals and lawsuits. In the paper it will be discussed about the compliance of legislations of the Republic of Srpska with modern legislations of corporate governance. Moreover, the paper will analyze implementation of corporate governance principles and legislations in companies in the Republic of Srpska. The results of implementation of the principles of corporate governance in companies in the Republic of Srpska will be presented using the Scorecard analysis for evaluation of the implementation of (good) practices and principles of corporate governance in companies which are listed on the Official market of the Banja Luka Stock Exchange.

International Journal of Sustainable Development and Planning, Feb 28, 2023

Recently, there has been much discussion about the importance of sound financial regulation and s... more Recently, there has been much discussion about the importance of sound financial regulation and supervision in light of the increasingly integrated financial markets. CAMELS rating is an established method to compare the performance of banks and the performance of financial institutions. This study compares India's working public sector banks based on the CAMELS rating parameters. The solvency position and the probability of bankruptcy are also measured with the help of the Z score. Twelve banks have been selected for the study over 6 years between 2015 and 2021. Hence, this paper determines the performance and degree of insolvency among the working public sector banks. The findings from this study show that the banks' probability of insolvency has been reduced, and the return on assets is also recovered after negative ROA during the study period.

Journal of corporate governance, insurance and risk management, Apr 20, 2015

One of the biggest questions battling governments is performance of Electric Utilities, as they a... more One of the biggest questions battling governments is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as electricity market has been liberalized and fully opened. Before market liberalization state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies have to be more competitive than before in order to grow and survive new competition from EU countries. Paper analyses performance of State Owned Electric Utilities from Bosnia and Herzegovina, Slovenia and Croatia. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability. Electricity market in Slovenia and Croatia have been fully opened in analyzed period while electricity market in Bosnia has been closed. The results reveal that State Owned Electric Utilities operating in opened market have better performance and are more competitive than State Owned Electric Utilities which operate in closed market. The broad conclusion that emerges from the results is that market opening and new competition entering markets has pushed companies to improve their governance practices and performance in order to survive on the market.

Knowledge International Journal, Apr 15, 2021

Montenegrin journal of economics, 2013

Corporate governance is system by which companies are directed and controlled, but also the relat... more Corporate governance is system by which companies are directed and controlled, but also the relationship between companies and interest groups which determines its strategic direction and performance. Through appropriate application of the principles of corporate governance a company increases profitability and returns, improves its competitiveness, credibility and reputation and improves relations with key stakeholders such as investors, business partners, employees, customers, etc. Companies that insist on the highest standards of governance reduce many risks that arise from daily operations. Such companies are able, by better performance and returns, to attract investors whose investments could help finance further growth and development. The study will assess the level of implementation of corporate governance and level of performance in companies from the Republic of Srpska. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance on a sample of 19 companies which are listed on the Official market of the Banja Luka Stock Exchange. Level of performance will be assessed by determining the net profit margin and earnings per share for the same sample of companies. Results will be compared with results obtained by a similar analysis conducted for companies listed on the Vienna Stock Exchange to determine the impact of corporate governance on performance of companies.

Journal of corporate governance, insurance and risk management, Mar 24, 2015

Journal of corporate governance, insurance and risk management, Aug 30, 2016

Fraud is global social problem and they occur in all activities. The term fraud implies corruptio... more Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it's a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.

Journal of corporate governance, insurance and risk management, Aug 30, 2016

Fraud is global social problem and they occur in all activities. The term fraud implies corruptio... more Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it's a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.

Journal of corporate governance, insurance and risk management, Apr 30, 2018

The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environmen... more The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environment to explore corporate governance practices. The paper will assess effects that ownership structure of companies has on the level of implementation of corporate governance in companies listed on the Official market of the Banja Luka Stock Exchange. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance for companies which are listed on the Official market of the Banja Luka Stock Exchange. Ownership structure will be presented in three groups of owners determined by controlling owner: government, domestic and foreign owners. Paper will show correlation and effect which different owners of companies have on the level of implementation of corporate governance in these companies.

Journal of corporate governance, insurance and risk management, Nov 30, 2017

The paper analyses influence of global economic crisis on enterprises from developing countries. ... more The paper analyses influence of global economic crisis on enterprises from developing countries. Analysis is conducted with the goal of determining the reason of crisis and imposing recommendations for mitigation of effects arose from crisis. Main assumption is that irresponsible behaviour of decision makers is the main cause of economic crisis. Due to this, standards and good practice of corporate governance in OECD countries and the Republic of Srpska are analyzed with goal to indicate the omissions in their implementation. Also attitudes of OECD action plan for improvement of corporate governance are presented and recommendations for improvement for state of corporate governance in the Republic of Srpska are imposed.

Journal of Corporate Governance, Insurance, and Risk Management

Journal of Corporate Governance, Insurance, and Risk Management

Paper examines the impact of a going-concern audit opinion on the corporate governance, measured ... more Paper examines the impact of a going-concern audit opinion on the corporate governance, measured by the changes in board of directors’ composition. External auditor’s opinion is used as a measure to address agency problems in companies. We examine this impact on sample of 55 companies listed on the Banja Luka Stock Exchange which have received going-concern audit opinion for 2013 financial reports. In this paper, the relationship between going-concern audit opinion and the corporate governance is investigated observing changes in board of director composition and additional requests for rigorous board performance evaluation after the shareholder’s assembly have received external auditor’s report. Results show that board of directors of companies that received going-concern audit opinions have not suffered serious consequences such as rigorous board performance evaluation, reduction of board size or changes of board members. This highlights the importance of measures that need to be ...

International Journal of Sustainable Development and Planning

In today's world, one cannot deny the magnitude of energy use. It is a necessity in every fie... more In today's world, one cannot deny the magnitude of energy use. It is a necessity in every field and can be categorized as renewable and non-renewable energy. The importance of renewables cannot be overstated since the non-renewable resources will not last forever. Once they are used, we must remember to consider their effect on the environment. This paper highlights how deploying renewable energy sources instead of non-renewables improves the Indian Economy. To do this, we gathered time series data and applied the statistical test for analysis of variance (ANOVA) to measure the strength of the impact of selected variables. Findings show that renewable energy sources have become progressively critical in terms of the fossil fuel recession. Energy-efficient technologies and sustainable energy applications and their impact on the Indian Gross Domestic Product (GDP) demonstrate that renewables significantly impact the Nation's growth prospects.

Journal of economic and social development, Sep 30, 2020

One of the biggest questions battling government of Bosnia and Herzegovina is performance of Elec... more One of the biggest questions battling government of Bosnia and Herzegovina is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as of January 1st 2015 electricity market has been liberalized and fully opened and all customers have the ability to freely choose their supplier of electricity. Before January 1st 2015 state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies will need to be more competitive than before in order to grow and survive new competition from neighboring countries and EU. Paper analyses performance of State Owned Electric Utilities listed on the Banja Luka and Sarajevo Stock Exchange in period after opening of electricity market. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2015 to 2019, using indicators of profitability and market indicators. The results reveal that State Owned Electric Utilities from Bosnia and Herzegovina have poor performance indicators. The broad conclusion that emerges from the results is that electricity market in Bosnia is still not liberalised and open and that state owned Electric Utilities still operated in monopoly market as they continue to survive with very poor performance indicators. In order to improve government has to conduct extensive reforms and reorganization of its Electric Utilities in order to survive when new competition enters market.

International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by... more International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by any standards. Yet, this has not resulted in a significant poverty reduction outcome. According to all relevant indicators B&H is ranked near the bottom of all European countries. Even when we take into consideration the tremendous loss of wealth during the war, given the size of aid provided, the economic development has fallen below the expect rate of recovery. This is particularly evident in the areas of SME and formal enterprise development. In this paper we argue that the major reason for a sluggish recovery was failure to implement structural reforms and that this failure is in direct relation with the international aid in B&H. We suggest that the principal – agent relationship inherent in the international aid structure can be applied to the B&H experience in order to explain this phenomenon. Particularly revealing is the microfinance sector which was supposed to act as a catalys...

This report is based upon work from COST Action (ENJECT TD1405), supported by COST (European Coop... more This report is based upon work from COST Action (ENJECT TD1405), supported by COST (European Cooperation in Science and Technology).

Handbook of Research on Enhancing Innovation in Higher Education Institutions, 2020

Developments in economy and labor market have always been much quicker than developments in high ... more Developments in economy and labor market have always been much quicker than developments in high education and this gap has always played a big challenge to employers, as well as high education institutions. While some countries and high education institutions try to follow ever-changing market needs and use digital technologies to lower this gap and innovate on curricula development, others, like Bosnia and Herzegovina, haven't done much to lower this gap between market needs and high education curricula. This paper analyses importance of modern teaching methods in curricula development in high education institution in the BiH. New teaching methods were introduced to class for one semester, while in other class traditions teaching methods were used. It was found that students in this class have much higher skills and competences, and what is most important they needed less time to understand and gain knowledge about subject. Moreover, students in class where new teaching method...

EMC Review - Časopis za ekonomiju - APEIRON, 2017

Due to inability to copy certain efficient programs or strategies for fighting against fraud, man... more Due to inability to copy certain efficient programs or strategies for fighting against fraud, many companies have developed its own programs for fighting against fraud which are appropriate for their business, legal framework and organisational culture. This paper deals with the role of internal audit in the fight against fraud, while it investigates the organisation of internal audit for fighting against fraud. The paper presents the COSO framework which is traditionally used for organisation of internal control department as a potential framework for organisation of internal audit department in fighting against fraud. According to this model, the program for fighting against fraud needs to have the following five elements: implementation of control environment for fighting against fraud, assessment of fraud risks, anti-fraud control activities, information and communication about fraud and monitoring of activities for fighting against fraud.

Montenegrin Journal of Economics, 2012

Corporate governance is a key element for improvement of investors' confidence, increase of compe... more Corporate governance is a key element for improvement of investors' confidence, increase of competitiveness and improvement of economic growth. Corporate governance is on the top of agenda for international development as stated by James Wolfensohn (1998) that "the governance of the corporation is now as important in the world economy as the government of countries". Modern legislations of corporate governance is based on vast experiences from good practices and corporate scandals from many countries and presents standards for governance of companies accepted by investors, governments, companies and other stakeholders. Compliance with modern legislations of corporate governance is important for every company and government in order to grow, develop, attract investors, lower risks and avoid corporate scandals and lawsuits. In the paper it will be discussed about the compliance of legislations of the Republic of Srpska with modern legislations of corporate governance. Moreover, the paper will analyze implementation of corporate governance principles and legislations in companies in the Republic of Srpska. The results of implementation of the principles of corporate governance in companies in the Republic of Srpska will be presented using the Scorecard analysis for evaluation of the implementation of (good) practices and principles of corporate governance in companies which are listed on the Official market of the Banja Luka Stock Exchange.

Montenegrin journal of economics, 2013

International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by... more International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by any standards. Yet, this has not resulted in a significant poverty reduction outcome. According to all relevant indicators B&H is ranked near the bottom of all European countries. Even when we take into consideration the tremendous loss of wealth during the war, given the size of aid provided, the economic development has fallen below the expect rate of recovery. This is particularly evident in the areas of SME and formal enterprise development. In this paper we argue that the major reason for a sluggish recovery was failure to implement structural reforms and that this failure is in direct relation with the international aid in B&H. We suggest that the principal-agent relationship inherent in the international aid structure can be applied to the B&H experience in order to explain this phenomenon. Particularly revealing is the microfinance sector which was supposed to act as a catalyst for the poverty reduction. We find that the model of microfinance itself does not provide proper incentives for the actors involved in order to strengthen the sustainable SME sector. Instead, enterprise development policy should be based on the lessons learned from the venture capital model.

Montenegrin journal of economics, 2012

Corporate governance is a key element for improvement of investors' confidence, increase of compe... more Corporate governance is a key element for improvement of investors' confidence, increase of competitiveness and improvement of economic growth. Corporate governance is on the top of agenda for international development as stated by James Wolfensohn (1998) that "the governance of the corporation is now as important in the world economy as the government of countries". Modern legislations of corporate governance is based on vast experiences from good practices and corporate scandals from many countries and presents standards for governance of companies accepted by investors, governments, companies and other stakeholders. Compliance with modern legislations of corporate governance is important for every company and government in order to grow, develop, attract investors, lower risks and avoid corporate scandals and lawsuits. In the paper it will be discussed about the compliance of legislations of the Republic of Srpska with modern legislations of corporate governance. Moreover, the paper will analyze implementation of corporate governance principles and legislations in companies in the Republic of Srpska. The results of implementation of the principles of corporate governance in companies in the Republic of Srpska will be presented using the Scorecard analysis for evaluation of the implementation of (good) practices and principles of corporate governance in companies which are listed on the Official market of the Banja Luka Stock Exchange.

International Journal of Sustainable Development and Planning, Feb 28, 2023

Recently, there has been much discussion about the importance of sound financial regulation and s... more Recently, there has been much discussion about the importance of sound financial regulation and supervision in light of the increasingly integrated financial markets. CAMELS rating is an established method to compare the performance of banks and the performance of financial institutions. This study compares India's working public sector banks based on the CAMELS rating parameters. The solvency position and the probability of bankruptcy are also measured with the help of the Z score. Twelve banks have been selected for the study over 6 years between 2015 and 2021. Hence, this paper determines the performance and degree of insolvency among the working public sector banks. The findings from this study show that the banks' probability of insolvency has been reduced, and the return on assets is also recovered after negative ROA during the study period.

Journal of corporate governance, insurance and risk management, Apr 20, 2015

One of the biggest questions battling governments is performance of Electric Utilities, as they a... more One of the biggest questions battling governments is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as electricity market has been liberalized and fully opened. Before market liberalization state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies have to be more competitive than before in order to grow and survive new competition from EU countries. Paper analyses performance of State Owned Electric Utilities from Bosnia and Herzegovina, Slovenia and Croatia. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability. Electricity market in Slovenia and Croatia have been fully opened in analyzed period while electricity market in Bosnia has been closed. The results reveal that State Owned Electric Utilities operating in opened market have better performance and are more competitive than State Owned Electric Utilities which operate in closed market. The broad conclusion that emerges from the results is that market opening and new competition entering markets has pushed companies to improve their governance practices and performance in order to survive on the market.

Knowledge International Journal, Apr 15, 2021

Montenegrin journal of economics, 2013

Corporate governance is system by which companies are directed and controlled, but also the relat... more Corporate governance is system by which companies are directed and controlled, but also the relationship between companies and interest groups which determines its strategic direction and performance. Through appropriate application of the principles of corporate governance a company increases profitability and returns, improves its competitiveness, credibility and reputation and improves relations with key stakeholders such as investors, business partners, employees, customers, etc. Companies that insist on the highest standards of governance reduce many risks that arise from daily operations. Such companies are able, by better performance and returns, to attract investors whose investments could help finance further growth and development. The study will assess the level of implementation of corporate governance and level of performance in companies from the Republic of Srpska. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance on a sample of 19 companies which are listed on the Official market of the Banja Luka Stock Exchange. Level of performance will be assessed by determining the net profit margin and earnings per share for the same sample of companies. Results will be compared with results obtained by a similar analysis conducted for companies listed on the Vienna Stock Exchange to determine the impact of corporate governance on performance of companies.

Journal of corporate governance, insurance and risk management, Mar 24, 2015

Journal of corporate governance, insurance and risk management, Aug 30, 2016

Fraud is global social problem and they occur in all activities. The term fraud implies corruptio... more Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it's a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.

Journal of corporate governance, insurance and risk management, Aug 30, 2016

Fraud is global social problem and they occur in all activities. The term fraud implies corruptio... more Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it's a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.

Journal of corporate governance, insurance and risk management, Apr 30, 2018

The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environmen... more The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environment to explore corporate governance practices. The paper will assess effects that ownership structure of companies has on the level of implementation of corporate governance in companies listed on the Official market of the Banja Luka Stock Exchange. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance for companies which are listed on the Official market of the Banja Luka Stock Exchange. Ownership structure will be presented in three groups of owners determined by controlling owner: government, domestic and foreign owners. Paper will show correlation and effect which different owners of companies have on the level of implementation of corporate governance in these companies.

Journal of corporate governance, insurance and risk management, Nov 30, 2017

The paper analyses influence of global economic crisis on enterprises from developing countries. ... more The paper analyses influence of global economic crisis on enterprises from developing countries. Analysis is conducted with the goal of determining the reason of crisis and imposing recommendations for mitigation of effects arose from crisis. Main assumption is that irresponsible behaviour of decision makers is the main cause of economic crisis. Due to this, standards and good practice of corporate governance in OECD countries and the Republic of Srpska are analyzed with goal to indicate the omissions in their implementation. Also attitudes of OECD action plan for improvement of corporate governance are presented and recommendations for improvement for state of corporate governance in the Republic of Srpska are imposed.

Journal of Corporate Governance, Insurance, and Risk Management

Journal of Corporate Governance, Insurance, and Risk Management

Paper examines the impact of a going-concern audit opinion on the corporate governance, measured ... more Paper examines the impact of a going-concern audit opinion on the corporate governance, measured by the changes in board of directors’ composition. External auditor’s opinion is used as a measure to address agency problems in companies. We examine this impact on sample of 55 companies listed on the Banja Luka Stock Exchange which have received going-concern audit opinion for 2013 financial reports. In this paper, the relationship between going-concern audit opinion and the corporate governance is investigated observing changes in board of director composition and additional requests for rigorous board performance evaluation after the shareholder’s assembly have received external auditor’s report. Results show that board of directors of companies that received going-concern audit opinions have not suffered serious consequences such as rigorous board performance evaluation, reduction of board size or changes of board members. This highlights the importance of measures that need to be ...

International Journal of Sustainable Development and Planning

In today's world, one cannot deny the magnitude of energy use. It is a necessity in every fie... more In today's world, one cannot deny the magnitude of energy use. It is a necessity in every field and can be categorized as renewable and non-renewable energy. The importance of renewables cannot be overstated since the non-renewable resources will not last forever. Once they are used, we must remember to consider their effect on the environment. This paper highlights how deploying renewable energy sources instead of non-renewables improves the Indian Economy. To do this, we gathered time series data and applied the statistical test for analysis of variance (ANOVA) to measure the strength of the impact of selected variables. Findings show that renewable energy sources have become progressively critical in terms of the fossil fuel recession. Energy-efficient technologies and sustainable energy applications and their impact on the Indian Gross Domestic Product (GDP) demonstrate that renewables significantly impact the Nation's growth prospects.

Journal of economic and social development, Sep 30, 2020

One of the biggest questions battling government of Bosnia and Herzegovina is performance of Elec... more One of the biggest questions battling government of Bosnia and Herzegovina is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as of January 1st 2015 electricity market has been liberalized and fully opened and all customers have the ability to freely choose their supplier of electricity. Before January 1st 2015 state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies will need to be more competitive than before in order to grow and survive new competition from neighboring countries and EU. Paper analyses performance of State Owned Electric Utilities listed on the Banja Luka and Sarajevo Stock Exchange in period after opening of electricity market. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2015 to 2019, using indicators of profitability and market indicators. The results reveal that State Owned Electric Utilities from Bosnia and Herzegovina have poor performance indicators. The broad conclusion that emerges from the results is that electricity market in Bosnia is still not liberalised and open and that state owned Electric Utilities still operated in monopoly market as they continue to survive with very poor performance indicators. In order to improve government has to conduct extensive reforms and reorganization of its Electric Utilities in order to survive when new competition enters market.

International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by... more International aid to Bosnia and Herzegovina (B&H) since the end of war in 1995 was significant by any standards. Yet, this has not resulted in a significant poverty reduction outcome. According to all relevant indicators B&H is ranked near the bottom of all European countries. Even when we take into consideration the tremendous loss of wealth during the war, given the size of aid provided, the economic development has fallen below the expect rate of recovery. This is particularly evident in the areas of SME and formal enterprise development. In this paper we argue that the major reason for a sluggish recovery was failure to implement structural reforms and that this failure is in direct relation with the international aid in B&H. We suggest that the principal – agent relationship inherent in the international aid structure can be applied to the B&H experience in order to explain this phenomenon. Particularly revealing is the microfinance sector which was supposed to act as a catalys...

This report is based upon work from COST Action (ENJECT TD1405), supported by COST (European Coop... more This report is based upon work from COST Action (ENJECT TD1405), supported by COST (European Cooperation in Science and Technology).

Handbook of Research on Enhancing Innovation in Higher Education Institutions, 2020

Developments in economy and labor market have always been much quicker than developments in high ... more Developments in economy and labor market have always been much quicker than developments in high education and this gap has always played a big challenge to employers, as well as high education institutions. While some countries and high education institutions try to follow ever-changing market needs and use digital technologies to lower this gap and innovate on curricula development, others, like Bosnia and Herzegovina, haven't done much to lower this gap between market needs and high education curricula. This paper analyses importance of modern teaching methods in curricula development in high education institution in the BiH. New teaching methods were introduced to class for one semester, while in other class traditions teaching methods were used. It was found that students in this class have much higher skills and competences, and what is most important they needed less time to understand and gain knowledge about subject. Moreover, students in class where new teaching method...

EMC Review - Časopis za ekonomiju - APEIRON, 2017

Due to inability to copy certain efficient programs or strategies for fighting against fraud, man... more Due to inability to copy certain efficient programs or strategies for fighting against fraud, many companies have developed its own programs for fighting against fraud which are appropriate for their business, legal framework and organisational culture. This paper deals with the role of internal audit in the fight against fraud, while it investigates the organisation of internal audit for fighting against fraud. The paper presents the COSO framework which is traditionally used for organisation of internal control department as a potential framework for organisation of internal audit department in fighting against fraud. According to this model, the program for fighting against fraud needs to have the following five elements: implementation of control environment for fighting against fraud, assessment of fraud risks, anti-fraud control activities, information and communication about fraud and monitoring of activities for fighting against fraud.

Montenegrin Journal of Economics, 2012

Corporate governance is a key element for improvement of investors' confidence, increase of compe... more Corporate governance is a key element for improvement of investors' confidence, increase of competitiveness and improvement of economic growth. Corporate governance is on the top of agenda for international development as stated by James Wolfensohn (1998) that "the governance of the corporation is now as important in the world economy as the government of countries". Modern legislations of corporate governance is based on vast experiences from good practices and corporate scandals from many countries and presents standards for governance of companies accepted by investors, governments, companies and other stakeholders. Compliance with modern legislations of corporate governance is important for every company and government in order to grow, develop, attract investors, lower risks and avoid corporate scandals and lawsuits. In the paper it will be discussed about the compliance of legislations of the Republic of Srpska with modern legislations of corporate governance. Moreover, the paper will analyze implementation of corporate governance principles and legislations in companies in the Republic of Srpska. The results of implementation of the principles of corporate governance in companies in the Republic of Srpska will be presented using the Scorecard analysis for evaluation of the implementation of (good) practices and principles of corporate governance in companies which are listed on the Official market of the Banja Luka Stock Exchange.