ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ

IN MEMORIAM - STIEPO ANDRIJIĆ

Slađana Paunović — 2024-10-29

In December 2023, a prominent professor and respected economist, Stiepo Andrijić, professor emeritus, died. His death represents a loss that will be difficult to compensate. His life path, marked by tireless work and dedication, left a deep and indelible mark in the fields of economics, education and public service. He was born on March 17, 1944 in the village of Gora near Kakanj, in central Bosnia. From an early age, he showed an exceptional dedication to learning and understanding economic principles, laying the foundations for an outstanding academic career that followed. He finished primary school in Kakanj and Secondary school of Economics in Sarajevo. He graduated from the Faculty of Economics in Sarajevo in 1967. After completing his studies, he began his working career in the economic sectors of various industries. Professor Andrijić expanded his knowledge by obtaining a master's degree at the Institute of Economic Sciences in Belgrade in 1973, but already in 1975 he obtained a doctorate at the Faculty of Economics of the University of Sarajevo, defending his doctoral dissertation on the topic "Loan conversion and its financial-mathematical effects". His expertise and commitment have earned him a series of recognitions and awards throughout his career.

TOURISM DEVELOPMENT IN THE REPUBLIC OF NORTH MACEDONIA IN THE PERIOD 1991-2021

Michael Risteski — 2024-10-29

The Republic of North Macedonian tourism development in the past 3 decades is characterized by oscillations caused as a result of different external and internal socio-economic and political conditions. Although the tourism development recorded a continuous increase in the analysed time frame, the whole period was characterized by constant challenges, limitations and threats while at the same time the competition got higher. In this context, the purpose of the paper is to present the main characteristics of tourism development in the The Republic of North Macedonia for the period 1991-2021.This research was designed according to defined tourism indicators with the aim to determine the causes and consequences of changes in tourism development. This will allow defining future strategic courses of action for increasing the level of the country’s tourism competitiveness. For this purpose, quantitative, qualitative and comparative approaches were applied in order to draw appropriate conclusions The research findings show that tourism in the analysed period played a rather small role in the country’s employment, investments and exports, while its share in the overall economic development is presented by an average of only 2,1% in the GDP. Hence, tourism is still not being recognized as an important driver of the country’s economic development. The gained research results are a good basis for conducting similar analyses related to Macedonia's opportunities for tourism development. The obtained findings will contribute to the widening of knowledge about the characteristics of tourism development in The Republic of North Macedonia.

LINKAGES AMONG CARBON DIOXIDE (CO2) EMISSION, HEALTH SPENDING AND ECONOMIC GROWTH: A STUDY SAARC MEMBER COUNTRIES

Muhammad Rabiul Islam Liton — 2024-10-29

The present world is on the good track to achieve economic growth though it results in huge environmental degradation. Hence, such economic growth poses serious detrimental impacts on human health, and it causes to increase in healthcare spending. Therefore, the present study aims to depict the relationship among carbon dioxide (CO2) emission, healthcare spending and economic growth for the South Asian countries (SAARC member countries) covering the period 1980-2014. The Dynamic Simultaneous-equation Model is fitted with the data set which is estimated by Generalized Method of Moment for investigating the causal relationship among these variables. The empirical results reveal bidirectional causality between carbon dioxide (CO2) emission and economic growth; and between economic growth and health spending. The results of the study also indicate unidirectional causality from carbon dioxide (CO2) and health spending in case of many SAARC member countries.

THE COVID-19 CRISIS IMPACT ON THE BUSINESS OF COMPANIES IN BOSNIA AND HERZEGOVINA

Jelena Marjanović — 2024-10-29

The research in this paper aims to examine the types and usefulness of the measures implemented by Bosnian companies to protect themselves from the COVID-19 crisis. All business entities, especially small businesses, faced hardships in performing operational activities and severe financial problems during the crisis. Their managers reacted differently to the consequences of the pandemic outbreak. A survey was conducted among Bosnian companies for research purposes, and its results indicated that defensive and innovative strategies were used equally to maintain business activity. The support of state institutions at all levels played an important role in cushioning the negative impact. Nevertheless, the innovative activities of the company, accompanied by the business digitization were even more significant.

SOCIO-DEMOGRAPHIC CHARACTERISTICS AS A FACTOR OF STUDENT LOYALTY: A MARKETING APPROACH

Perica Macura — 2024-10-29

This paper focuses on student loyalty in higher education. In higher education, loyalty primarily means building a stronger connection with students, shaping a positive perception, and spreading positive publicity about the institution. Loyalty in higher education also involves retaining students until the completion of their studies and maintaining the relationship through enrollment in subsequent study cycles or alumni organizations. Building relationships with students and adopting a student-oriented approach will strengthen the bond with them and provide the foundation for building their loyalty. This paper analyzes the relationship between socio-demographic characteristics (gender and socio-economic status) and status characteristics of students (years of study, whether they pay for their studies or not, whether they are domestic or foreign students) with dimensions of student loyalty (satisfaction with the service, intention to stay at the institution, and attachment). The research has shown that gender and socio-economic status of students do not have a significant impact on any dimension of loyalty. On the other hand, the analysis results indicate that factors which are related to student status significantly influence all dimensions of student loyalty to the institution. The research results in this paper imply that marketing approaches in higher education can enhance relationships with students, their loyalty, and assist the management of these institutions in making decisions that will impact student retention at the educational institution.

DETERMINANTS OF INCOME INEQUALITY IN THE SELECTED GROUP OF EUROPEAN COUNTRIES: A PANEL DATA ANALYSIS

Darja Boršič — 2024-10-29

The paper focuses on providing basic characteristics of income inequality in a group of selected European countries in the period from 2000 to 2019. After presenting stylized facts and brief literature review, the paper proceeds to empirical analysis of income inequality in the observed countries by panel data techniques. Fixed and random effects models are estimated. After Hausman test approved the usage of fixed effects model, it was tested for serial correlation and robust standard errors were calculated. The empirical analysis of the determinants of income inequality shows that GDP growth, share of population in upper 10% of income percentile, Human Development Index and unemployment rate increase income inequality measured by Gini index, while share of workforce and share of population with tertiary education decrease income inequality. The results of the empirical analysis provide insight into determinants of income inequality, which may be useful for economic policy decision makers in their efforts to decrease the income inequality.