EMC REVIEW - ECONOMY AND MARKET COMMUNICATION REVIEW

RECREATIONAL ACTIVITIES AS AN INVESTMENT: IMPACT ON STRESS, JOB SATISFACTION AND ECONOMIC EFFICIENCY OF A COMPANY

Mirjana Nedović, Katarina Kulić, Mira Majstorović — Wed, 15 Jul 2026 00:00:00 +0200

In the modern business environment, job satisfaction is a fundamental variable that encourages employees to increase their efficiency, engagement, and focus on achieving organizational goals. Workplace stress is one of the key challenges of modern organizations, negatively affecting productivity, employee satisfaction, and overall well-being. Numerous studies confirm that regular physical activity, especially recreational sports, can be an effective tool for managing stress and improving the psychological and physical resilience of employees. Additionally, an organizational culture that encourages sports contributes to a sense of belonging, which in the long term reduces employee turnover and increases organizational loyalty. The aim of this paper is to investigate employee perceptions of the role of recreational and sports activities in the workplace, with a special emphasis on their impact on reducing stress, increasing job satisfaction, and work efficiency. The paper also analyses the degree of employee support for strategic investment in such activities, which contributes to reducing costs associated with sick leave and absenteeism. For the purposes of this paper, a survey was conducted via an online questionnaire from February to March 2025, in which 94 respondents (N=94) participated. The research methodology is based on the use of a survey questionnaire, and the collected data were processed using the JASP software tool, using descriptive statistics, contingency tables, chi-square test and Bayesian analysis. The results obtained can be applied for promoting sports activities within the company, improving greater job satisfaction and then the work performance of employees and can be a support in including sports activities in strategic investments of the company.

COMPARISON OF FINANCIAL PERFORMANCE INDICATORS OF HOSPITAL HEALTHCARE INSTITUTIONS

Anita Kedačić, Sanja Knežević Kušljić, Lena Sigurnjak — Wed, 15 Jul 2026 00:00:00 +0200

This paper focuses on determination of statistically significant difference between income, expenses, liabilities, receivables, and business results realised by hospital healthcare institutions involved in the research, and compares those data between general hospitals and clinical hospital centres, clinical hospitals and clinics.
Research methodology includes the Shapiro-Wilk normality test. Continuous data are described by the median and the limits of interquartile range. Differences in continuous values between general hospitals and clinical hospital centres/clinical hospitals/clinics are tested by the Mann-Whitney U test, whereas the Wilcoxon test, or the Friedman test (Post hoc test Conover) are used for testing of data according to business years of general hospitals or clinical hospital centres/clinical hospitals/clinics. The research results indicate that there is a statistically significant difference between income, expenses and business results, as well as receivables of general hospitals in comparison to clinical hospital centres, clinical hospitals and clinics. The due liability ranks of general hospitals compared to clinical hospital centres/clinical hospitals/clinics do not differ significantly.
Based on the analysis of available data and analysis of financial indicators of clinical hospital centres, clinical hospitals, clinics and general hospitals, this research confirms two of the three hypotheses. In general, all hospitals as healthcare institutions should continue to increase income and undertake measures to reduce business expenses in order to provide for stable and sustainable financial operations.

TOP-MANAGEMENT ACTIVITIES IN TRANSITIONAL ECONOMIES: A FACTOR-ANALYTIC STUDY FROM BOSNIA AND HERZEGOVINA

Dražen Jovanović, Jasmina Đurašković, Suzana Balaban — Wed, 15 Jul 2026 00:00:00 +0200

The role of top management in transitional economies, such as Bosnia and Herzegovina, is particularly critical due to the complexity of strategic and operational decision-making within unstable institutional environments. The aim of this study was to identify and structuralize the key activities of top management in enterprises operating within this context. A quantitative methodology was applied, based on exploratory factor analysis (EFA) of data collected through a structured Likert-scale questionnaire administered to a sample of top managers across diverse sectors. The empirical framework encompasses both domain-specific analyses (marketing, strategy, and human resources) and a comprehensive, integrated analysis of overall managerial latent dimensions. The findings reveal distinct factor structures within individual domains, while the integrated model yields a robust framework highlighting five core managerial priorities, among which organizational justice emerges as a pivotal dimension. This research contributes to a deeper understanding of leadership practices in transitional settings, addresses a prominent gap in the post-socialist management literature, and offers actionable insights for improving corporate performance.

RULER, LOVER, OR OUTLAW? ARCHETYPAL DIVERGENCE IN ELITE TRACK AND FIELD ATHLETES’ DIGITAL SELF-PRESENTATION

Josef Voráček, Daniel Opelik, Andrea Žižková — Wed, 15 Jul 2026 00:00:00 +0200

This study examines the importance of developing a cohesive personal brand in the modern sports industry, where athletic performance must be complemented by clear marketability to ensure long-term commercial success and sponsorship opportunities. The main objective is to identify the dominant brand archetypes of six professional track and field athletes with strong social media presence. The theoretical framework draws on Jungian psychology as adapted for marketing by Mark and Pearson. Methodologically, the study combines sentiment analysis of public comments from athletes’ Instagram profiles with qualitative data from two focus groups. The first group consisted of experienced athletics fans, while the second included individuals with no regular interest in athletics, allowing for a broader perspective on public perception. Participants assigned three archetypes to each athlete and identified the most dominant one. The results confirmed a clear dominant archetype for each athlete. Femke Bol was identified as the Hero, Alica Schmidt as the Lover, Armand Duplantis and Noah Lyles as the Ruler, Emmanouil Karalis as the Jester, and Sha’Carri Richardson as the Outlaw. The findings highlight that a clearly defined and consistent brand archetype is crucial for athletes seeking sustained relevance and increased commercial value in the digital era. While traditional archetypes such as Hero and Ruler prevail among top performers, the presence of diverse archetypes (Lover, Jester, Outlaw) plays a key role in differentiation and audience engagement. The results also suggest that gender may influence the public attribution of archetypes.

COMPARING CHATGPT AND DEEPSEEK IN FINANCIAL FORECASTING: CROSS-REGIONAL EVIDENCE FROM TURKEY, EUROPE, AND THE UNITED STATES

Milad Stanikzai, Ali Bayrakdaroğlu — Wed, 15 Jul 2026 00:00:00 +0200

This research compares the forecasting ability of two latest large language models ChatGPT (GPT-4) and DeepSeek-V3 on predicting corporate direction of earnings based on historical financial reports alone. The panel data of 15 Turkish, European, and American companies operating in the banking, technology, and industrial sectors for 2022-2024 have been considered. Projections were made with a consistent prompt style and evaluated for direction accuracy, confusion matrices, interpretive insight scores, and sector-region performance.
Findings suggest that while ChatGPT offers greater qualitative explanation and performs better in unstable, recovery-based scenarios, DeepSeek offers greater accuracy, stability, and performance in stable, regulation-based environments. The paper brings into focus critical trade-offs between interpretability and reliability and suggests that the use of hybrid models can offer the best solution to financial forecasting.
These findings oppose Efficient Market Hypothesis assumptions and highlight the need for decision-support systems that integrate AI interpretability, domain expertise, and responsible model selection. The research offers prescriptive advice to analysts, institutions, and developers who aim to incorporate LLMs into financial decisions.

DETERMINANTS OF ENTREPRENEURIAL INTENTION AMONG FAMILY MEDICINE DOCTORS IN ESTABLISHING PRIVATE SPECIALIST CLINICS IN THE REPUBLIC OF SRPSKA/BOSNIA AND HERZEGOVINA

Darijana Antonić, Imran Aslan, Slobodan Stanić, Vesna Petković — Wed, 15 Jul 2026 00:00:00 +0200

Particularly as health systems seek to improve efficiency, service quality and innovation, the entrepreneurial intention of health professionals has become an area of growing interest. However, particularly in transitional healthcare systems such as that of the Republic of Srpska, little research has focused on the entrepreneurial intention of family physicians. The purpose of this study is the investigation of the level of entrepreneurship intent among general practitioners in the Republic of Srpska, and the identification of key psychological and background factors that influence entrepreneurship intent. A 121-sample of general practitioners practising in the Republic of Srpska was surveyed using a quantitative cross-sectional survey. The survey instrument is based on the Theory of Planned Behaviour (TPB). Data were analysed using descriptive statistics, correlation analysis and regression modelling. Attitude, subjective norm and perceived control factors explained the intention of family medicine doctors (FMDs) to start a private Family Medicine Specialist Clinic (FMSC). There was a significant negative correlation between the intention of setting up a private FMSC and years of experience in family medicine and the job title of FMDs. The study highlights the potential and barriers to promoting entrepreneurship among family physicians in the Republic of Srpska. The entrepreneurial readiness of this key health workforce could be enhanced by addressing systemic barriers and providing targeted training and policy support. The findings provide valuable insights for policy makers, health care administrators and educators who wish to promote innovation and the sustainable development of the health care system in transition economies.

FINANCIAL PERFORMANCE MEASUREMENT IN BUSINESSES USING MCDM TECHNIQUES: AN APPLICATION ON BIST XKURY BUSINESSES (2015-2019)

Tuna Han Samancı, Baki Yılmaz — Wed, 15 Jul 2026 00:00:00 +0200

The aim of this study is to analyse the financial ratios of 25 companies listed on the BIST XKURY index by constructing a model using Multi-Criteria Decision-Making techniques (TOPSIS, ELECTRE, GRA, VIKOR, PROMETHEE II, MOORA) and the CRITIC weighting method, which are commonly used in decision-making problems. Within this scope, the 15 financial ratios of the 25 companies listed on the BIST XKURY index between 2015 and 2019 were subjected to analysis. In addition to the rankings obtained with MCDM, the scores used to generate these rankings were also used in the study. The calculated MCDM results were compared with corporate governance rating scores and stock returns from two perspectives: based on rankings and based on scores, and a very low-grade relationship was found between them. Additionally, the MCDM scores and rankings for the years 2014-2018 were compared with those for 2019, and it was observed that MCDM results could be used to predict future years. The main findings indicate that MCDM methods are significantly more reliable for predicting financial performance trends than for correlating with market returns or governance ratings.

EVALUATING WHEAT HEDGING EFFICIENCY USING PRECIOUS METALS: A PORTFOLIO ANALYSIS FROM VOJVODINA

Ivana Putić, Dražen Jovanović, Bojan Stoiljković — Wed, 15 Jul 2026 00:00:00 +0200

This study analyzes the effectiveness of hedging wheat in Vojvodina, Serbia, using gold and silver to reduce portfolio risk and stabilize returns. Wheat is a key regional commodity, highly sensitive to global price fluctuations and local market conditions. Daily CBOT wheat futures and historical gold and silver prices from 2019–2024 are used to calculate log returns. Minimum-variance portfolios are constructed following the Markowitz framework. Hedging efficiency is measured with the Hedge Effectiveness Index (HEI) and risk-adjusted performance with the Sharpe ratio. Results show that hedging with gold provides the highest risk reduction (HEI 94.38%, Sharpe 0.2025), while silver offers moderate protection (HEI 87.40%, Sharpe 0.0456). These findings demonstrate that precious metals effectively stabilize wheat portfolios and improve the risk–return trade-off. The study highlights practical implications for producers and investors in Vojvodina, enabling portfolio protection against price volatility. Future research could extend the analysis to other Western Balkan countries, additional commodities, and futures contracts.

SHAPING DIGITAL CULTURE FOR SUSTAINABLE COMPETITIVE ADVANTAGE: EVIDENCE FROM BOSNIA AND HERZEGOVINA AND BULGARIA

Jamila Jaganjac, Ibrahim Obhođaš, Tanja Gavrić, Valentin Vasilev — Wed, 15 Jul 2026 00:00:00 +0200

Digital culture is recognised as one of the key company competencies associated with a sustainable competitive advantage. Leaders play a vital role in creating a digital culture that enhances the company’s digital competencies by investing in individual and company knowledge to increase its innovation capacity. The study indicates that combining transformational and transactional leadership is essential for shaping digital culture successfully. The positive correlation between the level of development of digital culture and competitive advantage highlights the strategic importance of digital culture in raising a company’s digital maturity and ability to compete. The findings that companies in Bosnia and Herzegovina and Bulgaria invest more in company knowledge than individual knowledge open new perspectives in strategic planning. Companies should balance knowledge investment at individual and company levels to foster innovation. As leadership, digital culture, and balanced knowledge investment collectively contribute to innovation and sustainable competitive advantage, there is a need for a holistic approach to address this issue.

HUMAN RESOURCE MANAGEMENT AND PERSONAL PROFESSIONAL DEVELOPMENT IN THE CASE OF GENERATIONS Y-Z WITH SPECIAL EMPHASIS ON ECOLOGY

Dino Slavica, Boris Dorbić, Esved Kajtaz, Damir Mihanović — Wed, 15 Jul 2026 00:00:00 +0200

To date, numerous studies have been conducted with the aim of identifying generational differences, particularly in the business world. Of special interest is the research on the current Generation Y (1980–2000) and Generation Z (2000–present). In addition to traditionally managed leadership, the ability to understand human emotions positively affects not only the leader, but also the organization and its employees. Today, modern companies are introducing the principles of a green sustainable economy that emits low levels of carbon and makes proper use of limited natural resources. This paper places special emphasis on these issues. Alongside the introductory theoretical framework, a survey study was conducted during the first half of 2024, using a heterogeneous sample of N=98 respondents. The aim of the paper was to investigate the attitudes and perceptions of Generations Y and Z regarding Human Resource Management and personal professional development, with a special emphasis on ecology. The methods used in this research included the method of theoretical analysis, survey research, and descriptive (statistical) methods. The results showed that nine hypotheses were not accepted, while three were confirmed: readiness for personal and professional coaching development is conditioned by internal motivators; colleagues’ attitudes toward ecological processes are conditioned by the ecological literacy of managers; and the potential of a manager to lead a group is not conditioned by the definition of a good leader. Furthermore, self-assessment of personal work experience within the company and self-assessment of the application of ecological principles within the company were both rated as good.

BEYOND DECLARATIONS: THE REALITY OF INCLUSIVE TRAINING IN POST-SOCIALIST EUROPE

Branka Zolak Poljašević, Simona Šarotar Žižek — Wed, 15 Jul 2026 00:00:00 +0200

In recent years, organizations operating across different sectors have been facing increasing demands for socially responsible business practices, which also implies the development of inclusive work environments. In an effort to adapt to these changes, many organizations are introducing diversity-oriented training programs. In this paper, research was based on empirical data and examines whether there are differences between private and public organizations in post-socialist countries regarding the implementation of diversity-oriented training. In addition, the analysis explores whether organizational size acts as a moderating factor in this relationship. Overall, the results indicate a low level of diversity training implementation in both sectors. However, performed non-parametric analysis indicates greater engagement and proactivity of organizations operating in the private sector, compared to organizations from the public sector, while the applied hierarchical linear regression showed that the size of the organization does not have a statistically significant moderating effect. The findings suggest that, in the context of developing inclusive and socially responsible human resource management practices, institutional logic is more important than organizational capacities. In addition to presenting the results of the empirical analysis, this paper also provides insights into how diversity-oriented training contributes to organizational adaptability and employee development.

BUSINESS CYCLES IN BOSNIA AND HERZEGOVINA: CHRONOLOGY, VOLATILITY, AND SYNCHRONIZATION WITH THE BUSINESS CYCLES OF ITS MAJOR TRADING PARTNERS

Marijana Nikolić — Wed, 15 Jul 2026 00:00:00 +0200

This paper examines the chronology, volatility, and synchronization of business cycles in Bosnia and Herzegovina over the period 2000Q1-2025Q1, with a particular focus on their relationship with the cycles of the country’s main foreign trade partners. Real gross domestic product is used as the primary indicator of aggregate economic activity. To eliminate seasonal fluctuations, the X13-ARIMA procedure is applied. The cyclical component of output is extracted using two complementary non-parametric filters, the Hodrick-Prescott filter and the Corbae-Ouliaris filter, allowing for robustness in cycle estimation. Business cycle turning points are identified using the Bry-Boschan Quarterly algorithm, which enables the construction of a consistent chronology of expansionary and recessionary phases for this transition economy. Volatility is measured as the standard deviation of the extracted cyclical components, while synchronization with partner economies is assessed using the Harding-Pagan Concordance Index and cross-correlation analysis. The empirical results indicate that business cycles in Bosnia and Herzegovina exhibit moderate volatility, broadly comparable to those observed in its main trading partner economies. Furthermore, the findings provide evidence of statistically meaningful co-movement and procyclicality, with the Bosnian and Herzegovinian business cycle showing moderate to strong synchronization with external cycles. These results suggest a significant degree of macroeconomic interdependence and external sensitivity of the domestic economy within its trade network.

THE GREEN PURCHASE AWARENESS OF CROATIAN YOUNG ADULTS’ CONSUMERS

Sanja Knežević Kušljić — Wed, 15 Jul 2026 00:00:00 +0200

The environmental problems of today both in world and in Croatia leads to the challenge of how to purchase products in order to listen to environmental rules. The goal of this research is to analyze the impact of factors that affect the young adults’ consumers awareness on green purchase. This research examines the green purchase awareness of Croatian young adults’ consumers and its influence on purchase intention of eco-friendly products. Survey research has been conducted on a sample of 653 respondents in Croatia. The theory of planned behavior was used in this research. The model examines the influence of several independent variables on the intention to purchase eco-friendly products using correlation and multiple regression. The research results show that attitudes about eco-friendly products, subjective norms, perceived behavioral control, knowledge about eco-friendly products and feelings of guilt are statistically significantly related to intentions to purchase eco-friendly products. By considering the demographic characteristics it was determined that the level of education significantly affects the intention to buy eco-friendly products, in contrast to all other demographic variables, which have no significant influence. The results of this research contribute in way that increase the knowledge of researchers about the theory and results that occur in the field related to sustainable development and environment and especially purchase intention toward the eco-friendly product in Croatia. The results of this research are expected to be a reference for further research in the field of eco-friendly products.

HUMAN DEVELOPMENT IN THE WESTERN BALKANS: A PANEL ANALYSIS OF GROSS DOMESTIC PRODUCT, LIFE EXPECTANCY, AND SOCIOECONOMIC INEQUALITIES

Imran Aslan, Darijana Antonić, Milka Stojkić, Slobodan Stanić — Wed, 15 Jul 2026 00:00:00 +0200

This study examines the statistical associations among gross domestic product per capita (GDP per capita), life expectancy at birth, income inequality, inequality in life expectancy, and human development across five Western Balkan countries. The analysis utilizes secondary data from the United Nations Development Programme’s Human Development Reports and the United Nations Statistics Division.
The results indicate that, in 2022, Montenegro and Serbia are classified within the very high human development category, while Albania, Bosnia and Herzegovina, and North Macedonia remain in the high human development category. Correlation analysis demonstrates a positive association between the Human Development Index (HDI) and GDP per capita, and negative associations between HDI and both income inequality and inequality in life expectancy. The association between HDI and life expectancy is relatively weak. Fixed-effects panel regression results show that GDP per capita, life expectancy, and income inequality are not statistically significantly associated with HDI. In contrast, inequality in life expectancy exhibits a negative association with HDI that approaches statistical significance. These results should be interpreted as statistical associations rather than causal relationships.

THE INTERPLAY OF MANDATORY CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE AND CREDIT RATINGS

Wed, 15 Jul 2026 00:00:00 +0200

This study explores the effect of mandatory Corporate Social Responsibility (CSR) expenditure on the credit ratings of Indian-listed firms. The sample for the study is 259 Indian listed firms evaluated by using panel regression. The study uncovers a positive connection between mandatory CSR spending and long-term credit scores, indicating that firms adhering to CSR requirements tend to enjoy elevated credit ratings. While overspending negatively impact the credit rating of the firm. India is only country where CSR expenditure as per percentage of profit is mandatory by law. This study contributes the growing literature on mandatory CSR focusing on its impact on credit ratings. The finding can help the corporate leaders to make strategic financial planning related to CSR expenditure and credit rating optimisation. With the help of this study, we provide empirical evidence that mandatory CSR expenditure significantly improves a firm’s Credit ratings in an emerging economy such as India. This study is helpful for policy makers to mandate the corporate social responsibility and implementing CSR related laws.

AI-DRIVEN TRANSFORMATION IN PUBLIC ADMINISTRATION: GOVERNANCE CHALLENGES AND INSTITUTIONAL CAPACITY IN BOSNIA AND HERZEGOVINA

Merima Tanović, Nevenko Vranješ — Wed, 15 Jul 2026 00:00:00 +0200

This study examines the effects and benefits, as well as broader governance challenges related to Artificial Intelligence (AI), including systematical measurement of overall digital reshaping process in digital transformation and capacity building of public administration in Bosnia and Herzegovina. Grounded in contemporary theories of adaptive governance and digital-era public administration, the research conceptualizes AI as a key determinant of transformational capacity in public institutions. The multi-level empirical analysis operationalizes key constructs, including digital maturity degree and the extent of AI use, so as multidimensional impacts in administrative efficiency, service quality, transparency, institutional integrity and strategic decision-making capacity in public administration bodies in Bosnia and Herzegovina. The findings tend to demonstrate a statistically significant correlation between AI use and efficiency improvements, reduction of administrative burden, enhanced integrity mechanisms, but at the same time to highlight structural and organizational constraints, limited technical capacities, regulatory gaps and ethical concerns related to algorithmic bias, accountability and governance. By empirically assessing the transformational capacity of AI in public administration, this study contributes to the growing basis of digital governance, provides policy-relevant insights for the effective integration of AI in line with European administrative standards and principles of trustworthy AI in Bosnia and Herzegovina.

MODEL FOR ENHANCING E-BUSINESS IN TOURISM ENTERPRISES BASED ON BRAND AND SOCIAL MEDIA: THE CASE OF THE REPUBLIC OF CROATIA

Wed, 15 Jul 2026 00:00:00 +0200

The aim of this research is to examine the impact of brand and social media on e-business of tourism enterprises, as well as to propose an optimal model for improving business performance in the digital environment. Methodology includes theoretical analysis of literature and empirical research conducted on a sample of 385 respondents, users of tourism products and services. An e-questionnaire was used for data collection, and data processing was performed using descriptive statistics, correlation and regression analysis in the JMP Pro 18 software package. The reliability of measurement scales was confirmed by Cronbach’s alpha coefficient. Results show that the overall model explains 82% of the variance in e-business (R²=0.821; F=874.16; p<0.0001). Both predictors have a statistically significant positive impact, with social media (β=0.690; p<0.0001) exerting twice as strong an influence compared to brand (β=0.338; p<0.0001). Conclusion confirms the main hypothesis that brand and social media significantly contribute to the development of e-business in tourism enterprises, emphasizing the crucial role of social media in contemporary tourism business operations in the Republic of Croatia.

AN EMPIRICAL ANALYSIS OF THE IMPORTANCE OF FARMERS’ MOTIVATION AND AGRICULTURAL INNOVATION FOR THE DEVELOPMENT OF AGRICULTURAL HOLDINGS IN THE REPUBLIC OF NORTH MACEDONIA

Wed, 15 Jul 2026 00:00:00 +0200

The aim of this study was to examine the impact of farmers’ motivation and agricultural innovations on the development of agricultural holdings in the Republic of North Macedonia. The research was conducted on a sample of 426 farmers using a structured questionnaire and a five-point Likert scale, with data analyzed through descriptive statistics and regression analysis. The results indicate a high level of farmers’ motivation and a significant presence of innovations in agricultural production. Additionally, the findings show that farms achieve stable business performance, maintain a good level of organization, and produce satisfactory-quality outputs. Regression analysis confirmed a statistically significant positive effect of both farmers’ motivation and agricultural innovations on farm development, with innovations exerting a stronger influence, while motivation serves as an important supporting factor. These results demonstrate that the combination of human capital and the application of innovations form the foundation for improving efficiency, competitiveness, and sustainability in agricultural production. The findings carry important practical implications for the enhancement of agricultural development strategies in the Republic of North Macedonia.

THE IMPACT OF BUSINESS, ADMINISTRATIVE AND MACROECONOMIC FACTORS ON GDP GROWTH IN THE WESTERN BALKAN COUNTRIES: A PANEL DATA ANALYSIS

Zoran Milosavljević, Mirjana Landika, Nina Uremović — Wed, 15 Jul 2026 00:00:00 +0200

This study examines the impact of business, administrative, and macroeconomic factors on GDP growth in Western Balkan economies that are not members of the European Union. The analysis covers the period 2010–2024 and uses labor productivity, industrial value added, domestic credit to the private sector, and foreign direct investment as explanatory variables, while inflation and unemployment are included as control variables.
The empirical analysis is based on a fixed-effects panel model that controls for unobserved country-specific heterogeneity. The results reported in Table 3 show that none of the explanatory or control variables reaches conventional levels of statistical significance in the estimated specification, although several coefficients display directions that are broadly comparable with selected theoretical expectations. These findings suggest that GDP growth in the observed countries may depend on a broader set of structural and institutional determinants beyond the variables included in the present model. Accordingly, the study points to the importance of cautious interpretation and of further model refinement in future research.

HOUSEHOLD MATERIAL STATUS AND CONSUMPTION PATTERNS: IMPLICATIONS FOR DIFFERENTIATED MARKETING STRATEGIES

Nina Uremović, Mirjana Landika, Vanja Sredojević, Nenad Simić — Wed, 15 Jul 2026 00:00:00 +0200

Material differences between households have a significant impact on the structure of their consumption. Households of lower material status allocate a larger part of the total consumption to basic foodstuffs, while households of higher material status have greater flexibility in allocating funds to non-essential products, other goods and infrastructure elements.
The research is focused on examining the relationship between the household material status index and the Engel coefficient, expressed as the share of food consumption in total consumption, for urban and rural households in the Republic of Srpska, in the periods 2015 and 2021/22. The material status index is defined as a composite indicator of the economic position of a household, based on the amount and structure of consumption, and the possession of tangible goods and infrastructure, including assets such as cars, computers, air conditioners, household appliances, etc.
Analysis by Pearson’s correlation coefficient showed a strong negative correlation (r = -0.927), which confirms the basic principle of Engel’s law: an increase in the material standard leads to a decrease in the relative share of food expenditure. The results indicate that a higher material status index contributes to greater diversification of diet and total consumption, while urban and rural households differ in the structure of expenditure on meat, milk, beverages and other food categories.
The findings of the research provide an empirical basis for the creation of differentiated marketing strategies, based on the material status index, as well as for the design of measures aimed at improving living standards and reducing unequal spending on basic needs.

ALGORITHMIC PERSONALIZATION IN DIGITAL MARKETING: A COMPARATIVE ANALYSIS OF THE IMPACT ON CONSUMER ENGAGEMENT AND LOYALTY

Vanja Sredojević, Živana Kljajić — Wed, 15 Jul 2026 00:00:00 +0200

This paper explores the impact of algorithmic personalization in digital marketing on consumer engagement and loyalty. Using a systematic literature review, in addition to the PRISMA methodological framework, ten relevant studies published in the period 2024–2026 were analyzed, which used various approaches, including quantitative surveys, SEM analyses, experimental research, and conceptual literature reviews. The analyzed works encompass various forms of personalization, including online ads, AI-driven product recommendations, personalized media content, email marketing, and social media content.
The results show that algorithmic personalization significantly increases user engagement and strengthens consumer loyalty. The effects are more powerful when the content matches the user’s identity and values (self-congruity) and when personalized AI recommendations are used. At the same time, excessive personalization or the perception of intrusive communication reduces the effectiveness of strategies, highlighting the need for a balanced approach that respects data privacy and transparency.
Cultural and demographic differences further influence the acceptance of personalization, with younger generations showing greater openness, while older generational groups demanding greater transparency and data protection. The results also show that personalization, which creates relevant and tailored content, deepens the emotional connection with the brand, further strengthening consumer loyalty.
This paper contributes to the understanding of the multidimensional impact of algorithmic personalization and provides guidance for ethical, transparent, and effective application in digital marketing, emphasizing the importance of integrating multiple digital channels and user control over data.

CRYPTOCURRENCY ADOPTION ACROSS ECONOMIES: A COMPARATIVE ANALYSIS OF MACROECONOMIC, TECHNOLOGICAL, REGULATORY, AND INSTITUTIONAL DETERMINANTS

Zrinka Lacković Vincek, Vladimir Kovšca, Suzana Keglević Kozjak — Wed, 15 Jul 2026 00:00:00 +0200

This paper examines the determinants of cryptocurrency adoption across developed and emerging economies with the objective of identifying the key economic, technological, institutional, and regulatory factors influencing digital financial market development. The research is based on a structured literature review methodology that includes recent scientific publications, institutional reports, and industry analyses related to cryptocurrencies, blockchain technologies, stablecoins, and decentralised finance (DeFi). The study analyses how macroeconomic instability, technological readiness, institutional trust, and regulatory frameworks shape cryptocurrency adoption across countries and regions. The findings indicate that cryptocurrency adoption is particularly significant in economies affected by inflation, currency instability, and limited access to traditional financial services, where cryptocurrencies and stablecoins increasingly function as alternative financial mechanisms and payment solutions. In contrast, developed economies demonstrate stronger institutional participation, more advanced digital infrastructure, and clearer regulatory frameworks supporting cryptocurrency market integration. The study also highlights the growing importance of stablecoins, DeFi systems, and international regulatory initiatives in shaping contemporary digital financial ecosystems. The paper concludes that cryptocurrency adoption is strongly influenced by the interaction of macroeconomic conditions, technological development, institutional trust, and regulatory readiness, which together explain substantial regional differences in global digital financial transformation.

UNFAIR COMPETITION IN EUROPEAN SUPER LEAGUE COMPANY CASE

Milutin Trnavac — Wed, 15 Jul 2026 00:00:00 +0200

European Super League company case before the Court of Justice of the European Union will have a great impact on European economy, market and competition. The common rules on competition are one of the basic parts of the Treaty on functioning of the European Union. They provide prohibition of all actions that are incompatible with the internal market in the European Union. The very establishment of the Super League in football caused a lot of attention on the international level and triggered specific reactions from FIFA and UEFA. The decision of the Court of Justice of the European Union in this procedure is one of the first where the European Union market law and law on competition affects the sport in general. The most important parts of this decision, reflects not only on the legal aspects of sports in the European Union and the internal acts of international sports entities, but also deeply penetrates into commercial law and economic principles that affect the functioning of international sports competitions. For this reason, in this paper is used case study method for examining in-depth, detailed impact of this decision on internal market of the European Union.