The issue of trade efficiency analysis is very challenging, continuously current, significant and complex due to its specificity. In doing so, different research methodologies can be used: research ...analysis, DEA analysis and the REF method. In this paper, the efficiency of trade in Serbia is analyzed based on the REF-III method. In the specific case, in the period 2015-2021. the best efficiency of trade in Serbia was achieved in 2019. The following are: 2018, 2017, 2016, 2015, 2021 and 2020. In the observed period, the efficiency of trade in Serbia continuously increased from year to year until 2019. In 2021, compared to 2020, slightly improved efficiency of trade in Serbia. The unsatisfactory efficiency of trade in Serbia in 2020 was influenced, among other things, by the epidemic of the Covid-19 virus. It is partially mitigated with electronic commerce. In any case, the target efficiency of trade in Serbia can be achieved, among other things, by adequate management of human resources, assets, capital, sales, costs and profit. The REF-III method plays a significant role in this. It indicates which alternative is good and which is not effective. Where the efficiency is unsatisfactory, it is necessary to influence the improvement by applying adequate measures.
Due to the nature of the trade, it is challenging to research the factors of the dynamics of financial performance and trade efficiency in Serbia. With this in mind, this paper measures and analyses ...the dynamics of financial performance and trade efficiency in Serbia using the IFTOPSI and TOPSIS methods. The results obtained from empirical research show that according to the IFTOPSIS method, the top five years in order include: 2004, 2020, 2015, 2007 and 2017. The worst year is 2006; and according to the TOPSIS method, the top five years in order include: 2020, 2019, 2017, 2018 and 2011. The worst year is 2002. Recently, according to both methods, the financial performance and efficiency of trade in Serbia have improved. This was influenced by: economic climate, inflation, exchange rate, inflow of foreign direct investments, management of human resources, assets, capital, sales and profit, implementation of new business models (multichannel sales, sales of organic products, private label), cost management (for example, costing by activity), customers and product categories. The digitisation of the entire business has a significant role in this. The impact of the COVID-19 pandemic has been mitigated with e-commerce. Adequate control of these and other factors can influence the achievement of the target financial performance and trade efficiency in Serbia.
The issue of capital adequacy analysis in the banking sector is very challenging, significant, continuously updated, and complex. Based on that, this paper analyzes the capital adequacy of the ...banking sector in Serbia based on the LMAW-DNMA method. According to the results of the LMAWDNMA method, the top five years in terms of capital adequacy of the banking sector in Serbia in the observed period 2008 - 2022 are in order: 2016, 2012, 2015, 2017, and 2013. This means, in other words, that in that year the banking sector in Serbia was more exposed to business risks. It is safe to say that recently the capital adequacy of the banking sector in Serbia has increased slightly.
The issues of measuring and analysing the development dynamics and effects of electronic trade are currently topical, significant and complex in any country, including Serbia. In the observed period ...from 2017 to 2021, according to the obtained empirical results based on the SF TOPSIS method, the largest number of trading companies introducing e-business (IT technology) and e-trading appeared in Serbia in 2017. According to the obtained empirical results based on the classical TOPSIS method, the largest number of trading companies introducing e-business (IT technology) and e-trading was recorded in Serbia in 2019. The following is the ranking according to the SF-TOPSIS method: 2021, 2018, 2019 and 2020. The ranking according to the TOPSIS method is as follows: 2020, 2021, 2018 and 2017. The digitalisation factors of overall business operation of trade industry in Serbia are the global trend and requirements, degree of development of contemporary IT technology and the possibility of application in all the segments of trading operations, the economic climate, financial opportunities, entry of international retail chains, development of multichannel sale-classic and e-retail facilities, around-the clock business operations without time and geographical barriers etc. Considering the positive effects, significantly more should be invested in new information and communication technology in the future.
In recent times, when analyzing the performance of trading companies, various methods of multi-criteria decision making are used more and more individually or integrated. This way is better, because ...several criteria are simultaneously used integrally, to get a realistic idea of the achieved performance compared to classical methods. Based on that, the subject of analysis in this paper is the performance of trading companies in Serbia based on the MEREC and WASPAS methods. The aim of the paper is to research the performance of trading companies in Serbia as complex and realistic as possible in order to improve their operations. According to the results of the MEREC method, the importance of certain criteria in order is as follows: C5 - number of employees, C3 - business assets and C1 - business income. This means that the target performance of trading companies in Serbia can be achieved through more efficient management of human resources, assets and sales. In this case, two criteria were removed: C2 - net result and C4 - capital. These factors influence, but not significantly, the performance of trading companies in Serbia. As a result of the research, the paper presents the ranking of ten trading companies, analyzed according to the WASPAS method. Also, the research results show that the target profit of trading companies in Serbia can be achieved, among other things, by effective control of critical factors of business success (prices, costs, quality management, growth and innovation, and others). All in all, the performance of trading companies in Serbia has improved recently under the positive influence of numerous macro and micro factors (favorable economic climate, efficient management of human resources, assets, capital, sales and profit, digitization of the entire business, etc.).
The research of environmental problems in all sectors, and therefore in agriculture, is very challenging, significant and complex. For that purpose, special indicators adapted to the very nature of ...its business were developed for the agricultural sector. Environmental problems in agriculture are caused by the use of chemical inputs, animal waste, packaging waste, soil pollution, water and air pollution, etc. Bearing in mind the significance of the environmental problem in agriculture, this paper evaluates (selection and ranking) the environmental problem in the agriculture of selected European Union countries based on the LMAW-DNMA method as a function of mitigation by applying relevant environmental measures. According to the results of the LMAW-DNMA method, the top five countries of the European Union in terms of environmental problems in agriculture are, in the following order, Poland, France, Spain, the Netherlands and Italy. In countries such as Slovenia (twentieth place), Estonia (twenty-first place) and Luxembourg (twenty-second place), the environmental problem in agriculture is less pronounced than in the other observed countries of the European Union. In order to alleviate the environmental problem in agriculture in the European Union countries, environmental measures are taken, such as increasing organic production, digitization, and environmental taxation.
The problem of analyzing the liquidity of the banking sector is very challenging, significant, continuously updated and complex. Based on that, this paper analyzes the liquidity of the banking sector ...based on the TOPSIS method. The results of the TOPSIS method show that the top five years in terms of liquidity of the banking sector in Serbia in the observed time period 2008 - 2022 are in the following order: 2013, 2020, 2014, 2019 and 2015. The worst liquidity was recorded in 2010. It can be safely said that recently the liquidity of the banking sector in Serbia has slightly increased. This was positively influenced by numerous macro and micro factors (economic climate, interest rate, inflation, exchange rate, economic activity, asset and liability management, net working capital management, risk management and others).
Research into the profitability dynamics of the banking sector is continuously current, significant, and complex. Bearing that in mind, this paper measures and analyzes the profitability dynamics of ...the banking sector in Serbia using FLMAW-MARCOS methods. The empirical results obtained by applying the given methodology show that the five best years of achieved profitability in the banking sector in Serbia in the period 2008 - 2022 are in order: 2018, 2017, 2008, 2019 and 2022. The worst profitability was achieved in 2013. Recently, the profitability of the banking sector in Serbia has improved. It was influenced by the economic climate, management of human resources, assets, capital, sales of banking products, costs, and profits. The digitalization of the entire business plays a significant role in this. The impact of the Covid-19 corona virus pandemic, as well as the global energy crisis, is significant. In order to improve the profitability of the banking sector in Serbia, it is necessary to manage human resources, assets, capital, sales, costs and profits as efficiently as possible and adapt to changes in the economic climate.
The issue of analyzing the company's efficiency factors is very challenging, current, significant, and complex. Based on that, this paper analyzes the efficiency of companies in Serbia based on the ...DEA Super-Radial approach. According to the results of the Super-Radial (Super-CCR-I and SuperCCR-O) model in 2021, none of the analyzed companies in Serbia was efficient. This means that the input/output elements were poorly managed. According to the results of the Super-Radial (SuperBCC-I) model in the same year in Serbia, two companies were efficient. These are JP EPS and NIS. Other observed companies were inefficient. According to the results of the Super-Radial (SuperBCC-O) model in 2021, three companies in Serbia were efficient. They are MERCATA VT, MY KIOSK GROUP, and KNEZ PETROL COMPANY. Other observed companies were inefficient. According to the projection, to achieve the planned efficiency, for example, at the DMU unit of JP EPS in 2021, it was necessary to reduce the number of employees by 51.93%, business assets by 57.18%, capital by 56.34%, business income by 3.00% and increase the net profit by 235.28 %. According to Slack analysis, for example, in the DMU unit of JP EPS, to increase efficiency, it is necessary to reduce the number of employees by 12469, business assets by 548953, capital by 339215 and increase the net profit by 35984.19 monetary units. The efficiency of companies in Serbia was influenced by numerous macro and micro factors: the economic climate, the efficiency of management of human resources, assets, capital, sales, and profit, etc. Their adequate control can significantly influence the achievement of the company's target profit in Serbia.
The issue of analyzing the factors of the dynamics of the economic performance of each economy, which means also the countries of Western Balkan (Albania, Bosnia and Herzegovina, Montenegro, Kosovo, ...North Macedonia, and Serbia), is continuously very current, challenging, significant and complex. Adequate control of the analyzed economic indicators can have a significant impact on the achievement of the target economic performance of each economy, including the countries of the Western Balkans. The application of multi-criteria decision-making methods enables adequate control of the key factors of the economic performances of the economies of the Western Balkan countries. In this paper, starting from that, the economic performances of the economies of the Western Balkan countries are comparatively analyzed based on the LOPCOW-EDAS method. According to the results of the given research, Serbia is the leading country in the Western Balkans in terms of economic performance. Followed by: Montenegro, Kosovo, North Macedonia, Albania, and Bosnia and Herzegovina. Recently, the economic performance of the Serbian economy has significantly improved. Adequate control of relevant influential factors can greatly influence the achievement of the target economic performance of the Serbian economy. The digitization of the company's entire operations certainly plays a significant role in this.
