The main goal of this paper is to compare the relative technical efficiency of agriculture in Western Balkan countries to those of the European Union and to propose ways to improve the position of ...Western Balkan countries. The group of Western Balkan countries includes Serbia, Montenegro, North Macedonia, and Albania, which are candidate countries for European Union membership, as well as Bosnia and Herzegovina, which is currently a potential candidate. An input-oriented Data Envelopment Analysis model with the variable return to scale was applied to an 11-year period from 2006 to 2016. Input variables used in the model included labour, land, and capital, and the output was presented as the value of agricultural production. The highest average technical efficiency was achieved by the EU15 countries for the entire eleven-year period, while the Western Balkan countries had the lowest score. The source of this inefficiency was identified in lower levels of agricultural performance, e.g. a lower-level use of the primary production factors – labour and land.
Since the beginning of the application of the Data Envelopment Analysis (DEA) model in various areas of the economy, it has found its wide application in the field of finance, more specifically ...banks, in the last few years. The focus of this research was to determine the sustainability of the intermediate function of banks, especially in recent years when interest rates on deposits have been at a minimum level. The research was divided into two parts, wherein the first part determined the efficiency of the intermediate function of banks in the countries of the Western Balkans in the period from 2015 to 2019. The second part approached the regression analysis in which we determined the influence of the bank size, type of bank, and mergers and acquisitions (M&A) activity on the defined efficiency. In the first stage we applied the output-oriented DEA model using deposits, labor costs, and capital as input variables; on the other side, we used loans and investments as output variables. We used data from the revised financial statements of the banks operating in Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia, and Albania. The results of our study showed that there is a difference in efficiency levels between countries and within countries in the considered time period. Furthermore, Tobit regression analysis showed a significant and negative influence of the bank type and M&A on relative technical efficiency of banks, and a positive and significant relationship between bank size and relative efficiency. These findings suggest that large commercial banks can sustain on the West Balkan market. It is to be expected that less efficient small banks will be taken over by large and more efficient banks.
The use of multi-criteria decision-making methods can contribute to finding the most rational solution more easily and efficiently. The purpose of the research is to investigate the applicability of ...the PROMETHEE and TOPSIS methods at the level of family farms and their comparative analysis in the case of the purchase of agricultural mechanization. Both methods start from a set of criteria established based on the subjective expectations of 48 farmers (decision makers) who were asked to choose the decision criteria. Then, mathematical models are used to determine the most suitable choice for the farm. Based on the research findings, it can be concluded that applying both methods in parallel leads to similar outcomes. Although decision support systems can be instrumental in making the right decisions, their usage is still not widely adopted in family farms due to the challenges of introducing new solutions in a production setting.
This study aims to determine whether the same bank-specific and macroeconomic determinants affect banks’ profitability and liquidity. To achieve the set goal, panel data regression analysis was ...applied with fixed effects or random effects depending on the results of the Hausman test, as explained in the Results. The research is based on the use of aggregate data on bank-specific and macroeconomic determinants of banks’ profitability and liquidity in West Balkan countries during the period from 2007 to 2022. The dependent variables in the study are ROA, ROE used as proxies for banks’ profitability, and banks’ liquid reserves to banks’ total assets as a proxy for banks’ liquidity. The findings confirm that the bank-specific and macroeconomic determinants affect both banks’ profitability and liquidity in the same direction, except for a few variables. The main contribution of this research is a comprehensive and parallel view of banks’ profitability and liquidity determinants that enables a guide for bank management to better understand the significance of bank-specific and macroeconomic determinants’ effects on their business. The obtained results can improve the balance between the two important principles of banking business.
The concept of sustainable tourism development is imposed as an inevitable way of improving the tourism industry as a whole. This study tries to offer an adequate inclusion of sustainable factors in ...overall tourism development efficiency results. Through the detection and estimation of potential sources of efficiency, the paper will do the efficiency benchmarking of tourism services on the level of countries as destinations. In order to complete the task, data collection was focused on 27 EU countries and five Western Balkan countries over the period from 2011 to 2017. This paper utilized an output-oriented data envelopment analysis (DEA) procedure to estimate efficiency scores for each country, and a panel data Tobit regression model to emphasize the (in)significance of each individual tourism development indicator. The results in the first stage show relatively high-efficiency scores, particularly in the case of EU 15 countries and with room for improvement in the case of the others. The second stage reveals positive and significant effects on relative tourism efficiency by the sustainability of tourism development, the share of GDP, tourist arrivals and inbound receipts, as well as visa requirements and rate of use. Policymakers should gradually take control of the mentioned variables to protect the interests of all relevant stakeholders involved in the tourism development process.
The financial systems of the West Balkan countries are mainly based on banks. For an efficient financial system, it is of immense importance that the banks operating in it do so with high levels of ...efficiency. Furthermore, efficiency is needed when it comes to involving banking institutions in the financial flows in order to maintain sustainability of the financial construction. The aim of this paper is to determine whether there is a difference in efficiency between the considered countries and thus to show which changes the decisionmakers have to make in order to improve the efficiency of their banking systems. We analyze data from the revised financial statements of all banks operating in Albania, Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia for the period from 2015 to 2019, using loans and investment as input variables and interest income, non-interest income and net income as output variables. The results obtained from the output-oriented DEA model with a variable return to scale have shown higher efficiency levels in North Macedonia, Bosnia and Herzegovina and Montenegro, while Serbia and Albania show lower efficiency. The individual analyses have shown that in order to improve efficiency levels, improvement is needed more in the correction of the investment amounts then in loan placements.
With this paper, we aim to examine the relationship between cognitive, social, and demographical factors, as well as national culture and its relationship with social entrepreneurial activity in ...Southeast Europe (SEE). The empirical research employs a binary logistic regression model, utilizing data obtained from the Global Entrepreneurship Monitor. For the purpose of the empirical research, we selected a sample of early-stage entrepreneurs who founded their businesses in Hungary, Romania, Slovenia, Croatia, or North Macedonia. The research sample in these five countries includes 10,012 examinees, of which 615 are social entrepreneurs. A statistically significant relationship was identified between observed phenomena in terms of entrepreneurial networking, risk aversion, individualism, entrepreneurial social image, media impact, gender, work status, and education. The results can be explained by the specific entrepreneurial context of the SEE region. We also point out recommendations for future research.
The aim of this paper is to analyse three approaches in order to give a comprehensive analysis of the efficiency of the banking sector in Serbia. The paper analyses the intermediate, operating and ...profitability approach for measuring bank efficiency in order to give an answer to the question which is the most efficient and where can be improvements made. The paper applies a non-parametric data envelopment analysis (DEA) on a sample of 23 banks operating in Serbia in the period during and after the covid-19 pandemic, i.e. for 2019, 2020 and 2021. The results of the analysis showed that efficiency is the highest according to the intermediate approach, while the efficiency of banks is the lowest in the approach of measuring profit efficiency. The fact that the lowest levels of efficiencies in each approach were achieved by small banks with a small market share should be added to the results of the analysis. The results of the research are certainly influenced by low interest rates and the activities of mergers and acquisitions, which are intensive on the Serbian banking market.
Overall satisfaction is an emotional response to a perceived discrepancy between expectations and perceptions. Overall satisfaction is more of a holistic affective construct after a service delivery ...experience, while transaction-specific satisfaction refers to attribute-based cognitive evaluation of service encounters. The authors investigated which particular attributes of public transport service drive satisfaction of customers, contributing to public transport becoming more sustainable. The questionnaire used in this research was constructed based on Benchmarking in European Service of Public Transport (BEST). The respondents belonged to the group of younger users of public transport services. Correlation analysis, factor analysis, and regression analysis were used in data processing and interpretation. Results obtained from the research show that young people emphasize the importance of on-line information, comfort, and prices of the public transportation. This paper not only provides insight into expectations of public transport users, but also investigated the potential decrease in CO2 and PM emissions when private vehicles are substituted with the public transport.
Since the efficient agricultural sector is one of the most important drivers of country's economic development, the main objective of this paper was to examine relative technical efficiency of ...agricultural production in 25 Serbian districts using two-stage data envelopment analysis. Results of this research indicate that the efficiency score values lie between 70% and 100%, therefore it can be concluded that the agricultural sector of Serbia performs at a high level of efficiency, with the average efficiency score of 90%. The lowland region of Vojvodina is characterized with the highest efficiency scores, while districts in the southeastern part of Serbia have the lowest efficiency score values. Furthermore, the Tobit regression model was applied that one may examine the drivers of technical efficiency scores. The results show the significance of agricultural training among farm managers, land irrigation and age of farm holders in altering agricultural efficiency among Serbian districts.
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