ZBORNIK RADOVA EKONOMSKOG FAKULTETA BRČKO

RESEARCH OF THE CONCEPT OF FINANCIAL STRATEGY OF THE ENTERPRISE AND ITS COMPONENTS

Aleksei A. Orekhova — Tue, 14 Oct 2025 00:00:00 +0200

The place of financial strategy in the strategic planning of the company's activities is being studied. Based on the comparison of the opinions of various scientists, the definition of the company's financial strategy in a broad and narrow sense has been formed. In a narrow sense, a company's financial strategy is a set of management decisions aimed at optimizing the capital structure and minimizing weighted average costs in order to create value for stakeholders. In a broad sense, a company's financial strategy is a set of management decisions in the field of strategic financial management related to financing policy, investment policy and dividend policy that support sustainable competitive advantages, optimization of capital structure, growth of market capitalization, resulting in added value for stakeholders. The interrelation of financial strategy with corporate strategy is investigated. The main goals that are set when developing a financial strategy are defined. The types of financial strategies found in companies are presented. The basic model of financial strategy formation is described.

DIGITALIZATION OF EDUCATION IN THE EUROPEAN UNION AND EFFECTS ON THE KNOWLEDGE ECONOMY

Vesna Petrović, Carolina Timbalari — Tue, 14 Oct 2025 00:00:00 +0200

The research of this topic is initiated by global digital transformation processes, and transition to digital economy and digital society. Digitalization in education is closely related to a new way of studying and living in a digital environment and the emergence of generations who were born and study in the specific environment. This process has been strengthened by the global pandemic and the intention to establish a continuous educational process in these circumstances through online learning. This article examines the process of digitalization of education in the countries of the European Union and the effects on the knowledge economy. The research questions evolve around the main aspects of the digital technology impact on education. The aim of the research is to collect and analyze how digital technologies have been implemented into educational system of the EU and what are the most prominent educational methods. There is no doubt that digital technology enriches learning opportunities and provides access to a great amount of information and resources. Digital technology has a huge potential for improving education, including high education. However, it also has its advantages and disadvantages. The purpose of the study is to present and critically comprehend the directions of digitalization in education, as well as its effects on modelling policies in education and science in the European Union.

THE ANALYSIS OF THE IMPORTANCE OF IMPLEMENTING A DUAL EDUCATION SYSTEM FOR THE DEVELOPMENT OF BUSINESS CAREERS AMONG YOUNG PEOPLE

Katarina Božić — Tue, 14 Oct 2025 00:00:00 +0200

The development of dual education is becoming an increasingly important aspect of the modern education system, especially in the domain of higher education. The aim of this research is to examine students' views on the integration of the dual education system at faculties. Dual education, which combines theoretical knowledge with practical experience through cooperation with the economy, can potentially improve students' competencies and increase the possibility of getting employment faster. In order to understand the importance of implementing such a system into the existing education system for the development of future business careers among young people, a survey was conducted among students of various faculties in the Republic of Srpska, in the city of Bijeljina. The research results provide information on the overall awareness of young people about the importance of dual education, but also how such a way of education can contribute to their future business careers. For the purpose of data processing and analysis, the statistical package SPSS and various tests such as descriptive statistics, Mann Whitney U independent samples tests and Kruskal-Wallis test were used. The findings of the study can serve as a basis for further improvement of educational policies and programs which aim to integrate dual education into higher education system.

УТИЦАЈ ПЕРЦИПИРАНОГ КВАЛИТЕТА НА КРЕИРАЊЕ ВРИЈЕДНОСТИ БРЕНДА

Никола Глуховић — Tue, 14 Oct 2025 00:00:00 +0200

У промјенљивом тржишном окружењу изградња снажног бренда и креирање базе лојалних потрошача прави је изазов за предузећа. Предузећа настоје задовољити потребе потрошача, те неријетко као темељни инструмент диференцирања бирају квалитет производа. Рад има за циљ да истражи у којој мјери перципирани квалитет производа утиче на стварање вриједности бренда. У раду ћемо анализирати резултате емпиријског истраживања ставова потрошача у вези са перципираним квалитетом производа као димензијом вриједности бренда. У раду је показано и доказано да бренд има изузетан утицај на перципирани квалитет у свијести поторшача, те да перципирани квалитет значајно утиче на доношење одлука о куповини бренда. Брендиране проиводе потрошачи су оцијенили као квалитетније од производа који на себи немају ознаку бренда.

FEATURES OF PROFESSIONAL SELF-DETERMINATION OF STUDENTS AT AGRICULTURAL UNIVERSITIES: EXPERIENCE OF VORONEZH STATE AGRARIAN UNIVERSITY

Demidov Pavel Valer'yevich — Tue, 14 Oct 2025 00:00:00 +0200

Outdated stereotypes about the prestige of agricultural education and the prevailing negative image of work in agriculture, creating a shortage of young, qualified and promising agricultural specialists, bring to the fore the goal of meeting the personnel needs of the agricultural sector of the economy. The main risk of changing the positive trajectory of professional development and selfdetermination of students is the strictly regulated schedule of the educational process and the traditional form of practical training, that part of the educational process, after which the student confidently draws a conclusion about the correctness of his chosen profession and forms an opinion about the possibility of employment according to the qualifications obtained in learning process. The purpose of the study was to increase the level of professional orientation of students in accordance with the profile of the education received, prepare highquality agricultural specialists and maintain a positive trajectory of professional self-determination of students. The methodology of the experiment was based on the organization of innovative production practice according to a special program (integrative special course) using information technologies familiar to modern youth. As a result of the implementation of the integrative special course, 80% of the students from among the experiment participants rated the organization of innovative practice as excellent, which gives hope for stimulating interest among students and generating interest in employment according to the qualifications obtained during the learning process.

COMPARATIVE ANALYSIS OF TRADE PERFORMANCE IN SERBIA AND SELECTIVE COUNTRIES IN THE REGION BASED ON THE AROMAN METHOD

Radojko Lukić — Tue, 14 Oct 2025 00:00:00 +0200

It is necessary to know the actual trade performance of Serbia and neighboring countries to improve it in the future by applying relevant measures. This enables the application of various multi-criteria decision-making methods, individually or integrated. In this study, starting from that, the performance of trade in Serbia and selective countries in the region as alternatives (Croatia, Slovenia, and Bosnia and Herzegovina) is comparatively analyzed based on relevant criteria using the AROMAN (Alternative Ranking Order Method Accounting for Two-Step Normalization) method. According to the selected criteria (number of companies, number of employees, net sales revenue, and added value), Serbia is in second place, while Bosnia and Herzegovina is in fourth place in the region. To further improve business in Serbia, it is necessary to manage the number and size of companies as efficiently as possible human resources, sales, and added value. Other factors, such as inflation, interest rates, exchange rate, employment, living standards of the population, foreign direct investments, etc., influenced the presented performance positioning of Serbian trade. The digitization of the entire business and the implementation of new business models are also important for improving the performance of trade in Serbia.

THE MAIN FEATURES OF ONLINE SALES STRATEGIES IN PHARMACEUTICAL SECTOR

Marjan Gjurikj — Tue, 14 Oct 2025 00:00:00 +0200

The Internet has developed over the last decade into a first-line source of information about all aspects of life for many people. The Interest in online shopping has increased in all areas, including medicines. In addition, the Covid- 19 pandemic has dramatically shaped the e-commerce landscape, including the pharmaceutical sector. Online pharmacies have proven to be a good alternative to physical pharmacies. Consumers using online pharmacies can easily maintain social distance and have medications delivered to their home. Due to the pandemic, the demand for online pharmacy services has increased significantly in many countries. It is also likely that it has permanently changed preferences for some consumers and therefore the demand should remain at a higher level in the future. In general, online pharmacy has a place in the future provision of medicines and can explore its potential to provide cognitive services along with medicines. This paper will present a number of issues related to the working mode of online pharmacies, within the broader context of health care, and will conclude with an overview of current sales strategies that can be used by pharmaceutical companies as well as the preferences and attitudes of citizens of the Republic of North Macedonia, who buy drugs online.

DOES PERSONAL TRANSFERS INFLOW AFFECT ECONOMIC GROWTH? EVIDENCE FROM BOSNIA AND HERZEGOVINA

Dražen Marjanac, Miloš Grujić — Tue, 14 Oct 2025 00:00:00 +0200

The purpose of this research is to investigate the connection between the inflow of personal transfers of residents from abroad and the economic growth of Bosnia and Herzegovina. In order to examine the functional connection, the data was analyzed whether and in what way the inflow of personal transfers affects economic growth, on the example of a developing country (Bosnia and Herzegovina) that has significant external population migration. The research problem is sublimated by the question of whether variations of the inflow of personal transfer impact Bosnia and Herzegovina`s economic growth. The simple linear regression was conducted on a sample of analyzed country, in the period 2005-2023. The research results show the existence of a positive relationship between the inflow of personal transfers and economic growth, in the short term, ceteris paribus. In this way, research hypothesis was confirmed that the inflow of personal transfers has an impact on the compatible components of GDP, and thus on the economic growth of Bosnia and Herzegovina, in the short term, ceteris paribus. The limitation of the research is the length of the observation period. Compared to many other studies, the methodological approach was based on testing the direct connection between the inflow of personal transfers and variations in personal consumption, as the most important component of GDP. The mentioned approach provides a social contribution also, in the form of knowledge that enables taking proactive measures of demographic and economic policy in Bosnia and Herzegovina and other developing countries.