The European Journal of Applied Economics

THE IMPORTANCE OF SOCIAL MEDIA IN THE PROMOTION AND DEVELOPMENT OF THE CREATIVE INDUSTRIES IN THE REPUBLIC OF SERBIAe Republic of Serbia

Ivana Vasić — 2024-10-30

Creative industries are a key element of contemporary creativity and modern economies and have a great influence on various spheres of society. The COVID-19 pandemic has significantly accelerated the application of digital transformation by finding numerous innovative ways to consume creative and cultural content, thereby strengthening interconnectedness. Predictions at the global level indicate that in the coming years, there will be an intensive use of digital tools that will have a great impact and importance for promoting the content of the creative industry. Digital marketing will play a key role in attracting audiences and creating brands in the market. The main driving force behind the development of creative industries in many countries, including ours, will be digital transformation. The aim of the paper is to analyze different approaches to defining the creative industry sector and their impact on the economic and cultural development of the Republic of Serbia. A special contribution of this paper is the conducted research, the focus of which was to determine the perception of the citizens of our country about the existence and importance of creative industries, as well as the attitudes about the more intensive use of digital means of advertising in the mentioned sector. The results show that our citizens are not sufficiently familiar with the term industry and that one of the reasons for this is the lack of marketing activities, as well as the insufficient cooperation of economic and educational institutions in this area.

CONSERVATISM, CONSUMER ETHNOCENTRISM, VARIETY SEEKING, CONSUMER COSMOPOLITANISM, AND CULTURAL INTELLIGENCE AS DETERMINANTS OF PURCHASING FOREIGN LUXURY BRANDS

Stefan Zdravkovic — 2024-10-30

Geopolitical tensions caused by the war in Ukraine, the migrant crisis, and economic instability are strengthening nationalist sentiments. Conservatism and consumer ethnocentrism are cohesive factors during crises, based on the principle that it is every citizen's moral duty to protect the domestic economy by purchasing domestic products. Some citizens have cosmopolitan attitudes and are open to accepting ideas from other cultures. The aim of the research is to examine the impact of conservatism, consumer ethnocentrism, variety seeking, consumer cosmopolitanism, and cultural intelligence on consumers' decision to purchase foreign luxury brands. The study was conducted in early 2024. in the territory of the Republic of Serbia. The total number of respondents in the sample was 511, and their responses were analyzed using SEM model within the statistical program SmartPLS 4. The results showed that conservatism has not statistically significant, while consumer ethnocentrism has a statistically significant negative impact on the purchase of luxury foreign brands. Variety seeking, consumer cosmopolitanism, and cultural intelligence have a positive and statistically significant impact on consumers' decision to purchase foreign luxury brands. The research contributes by providing information that can be useful to managers in formulating marketing strategies for the market of the Republic of Serbia.

APPLICATION OF THE AHP-PROMETHEE METHOD FOR SELECTING THE OPTIMAL ELECTRIC VEHICLE FOR URBAN TRANSPORTCTRIC VEHICLE FOR URBAN TRANSPORT

Ivana Ilić — 2024-10-30

This study elucidates the findings derived from the implementation of the integrated AHP-PROMETHEE multi-criteria decision-making method aimed at selecting the most suitable electric vehicle for urban transport. The AHP methodology facilitated the identification of critical criteria influencing the selection of an electric vehicle for urban use, including factors such as price, battery warranty, charging speed, acceleration to 100 km/h, maximum speed, engine power, efficiency, battery performance, and mileage. The subsequent application of the PROMETHEE method allowed for the ranking of nine electric vehicles based on these established criteria. Each vehicle alternative was assessed regarding its capacity to fulfill the specified requirements and preferences of the decision-makers. The analysis revealed that the Mini Cooper E emerged as the model that most effectively aligns with the prioritized criteria. This vehicle is deemed the optimal selection for urban transport needs, considering all pertinent factors. The decision to select a specific electric vehicle is expected to influence the efficiency, sustainability, and economic viability of the urban transportation system. Furthermore, it is advisable to maintain ongoing surveillance of advancements in electric vehicle technology and charging infrastructure to ensure that the selected model continues to represent the best option in the future.

The ROLE OF HRM IN FOSTERING CREATIVITY: AN APPLICATION IN IT ORGANIZATION

Jadranka Kosovic — 2024-10-30

This research paper aims to delve into the significance and role of contemporary Human Resources Management (HRM) practices in not only attracting creative individuals to the organization but also in fostering environments conducive to their work, development, and self-actualization. Understanding how to cultivate creativity at both individual and organizational levels has become crucial for every organization in the Information Technology (IT) industry. These efforts ultimately lead to gaining competitive advantages. With rapid technological advancements and the ensuing competition for talent, the challenge of attracting and retaining high-quality individuals has become increasingly prominent, compelling organizations to seek solutions from HRM. The presented case study in this paper examines the importance of creativity for IT organizations and evaluates the principal components of individual and organizational creativity through a questionnaire comprising 34 questions. The research results highlight HRM practices that contribute significantly. This paper aims to provide insights into theoretical frameworks serving as hypotheses and practical applications of identified practices. Additionally, it encourages HRM practitioners to further explore using the enclosed questionnaire.

MOTIVATING SUCCESS: A STUDY OF EMPLOYEE EMPOWERMENT'S LINK TO CUSTOMER SATISFACTION AND SALES PERFORMANCEance

Marina Prebeg — 2024-10-30

Empowering employees is a key factor in organisational success, as it boosts motivation and improves individual performance. The aim of this paper is to determine the link between employee empowerment and customer satisfaction as well as sales performance. Sixty (N = 60) employees of a renowned insurance company in Serbia completed two surveys. Data was collected through use of a surveys digitally-delivered to participants. The data was analyzed using SPSS 21.0. The findings of this study show a positive relationship between employee empowerment and customer satisfaction. Empowered employees demonstrate a greater sense of ownership and responsibility, leading to improved customer interactions and increased satisfaction levels. The results highlight the key role of employee empowerment in achieving customer satisfaction and sales performance. This study provides valuable insights for managers and decision-makers who want to implement effective empowerment strategies that bring positive results for both employees and the organisation as a whole.

FAIR VALUE RECOGNITION – POLISH ACCOUNTANTS PERSPECTIVE

Piotr Luty — 2024-10-30

The paper aims to explore the attitude of accountants to fair value measurements. The sample consists of Polish accountants with various working places and practical experiences. The authors assumed no difference in fair value recommendations between accountants. The authors considered a difference in the practical use of fair value models in accountants with more extended experience and the workplace. The method of analysis of sources (literature), deductive reasoning and survey research were used. The study used a questionnaire addressed to Polish accountants. The results confirmed that most accountants, regardless of gender, working place or length of experience, recommended a fair value method for improving the credibility of financial figures. Despite the recommendation, more experienced accountants and accountants working in accounting offices mostly use historical cost methods instead of fair value methods. The main restriction concerns that the quantitative study was preliminary and refers only to Polish accountants. The article fills the research gap in preferable valuation methods regarding the gender of the person responsible for accounting.

COMPARATIVE ANALYSIS OF THE KRANJSKA GORA AND ZLATIBOR TOURISM DESTINATIONS' COMPETITIVENESS IN FUNCTION OF IMPROVING THE TOURISM OFFERCTION TO IMPROVE THE TOURIST OFFER - KRANJSKA GORA AND ZLATIBOR CASE STUDY

Katarina Bjelić — 2024-10-30

The initial hypothesis of the work was the assumption that Zlatibor has potential for tourism development, but that the tourist destination Zlatibor is still not sufficiently competitive with the tourist destination Kranjska Gora. The research presents the key features of these areas, their attractive tourist offer, through a comparative analysis. Also, this paper deals with the chances for the development of sustainable tourism, as well as the improvement of tourist services, specifically Zlatibor, bearing in mind that the Kranjska region is in a much better position, as far as the implementation of the concept of green tourism development. The research was conducted using a modified IMDC model, seeking responses from stakeholders from both Zlatibor and Kranjska Gora (259). Bearing in mind that the responses of stakeholders from Slovenia showed consistently higher values in the assessment of destination competitiveness, the starting hypothesis proved to be correct, and in response to that, guidelines were given for improving competitiveness and overcoming certain threats observed in the research results.

GLOBAL UNCERTAINTY AND UNEMPLOYMENT RATE IN THE UK AND NIGERIA: TRIGGER OF REGIME CHANGE AND ITS IMPLICATIONS FOR POLICY ANALYSIS

Lukmon ODERINDE — 2024-10-30

This study applies a threshold regression model to explore the impact of uncertainty on unemployment in Nigeria and United Kingdom with data from 1970 to 2021. The empirical results show a significant threshold effect of uncertainty on unemployment. The threshold effect estimated value of global uncertainty on unemployment is significantly higher in Nigeria than in the UK. The trigger estimated value for Nigeria and the UK are 0.421 and 0.093 respectively. However, the impact differs in magnitude. While below the threshold value of 0.093, the impact is higher in the UK than in Nigeria, but the reverse holds beyond this threshold. This presupposes the role and impact of sturdy policy formulation and implementation between the two countries. Unemployment rate is lower in the UK than in Nigeria. Finally, the relationship between global uncertainty and unemployment is linear for Nigeria and positive. However, a non-linear and inverted U-shape relationship was confirmed for the UK. It becomes imperative to build world uncertainty into government future policies formulation if the impacts of vagaries of uncertainty on macroeconomic stability and business cycle fluctuations would be mitigated.

THE NEXUS BETWEEN FDI, EXTERNAL (IM)BALANCE AND ECONOMIC GROWTH ON SERBIAN REAL CONVERGENCE PATH

Aleksandar Sekulić — 2024-10-30

The focus of this research is the nexus between FDIs, external imbalance and economic growth, in the case of Serbia in the period 2007-2024. From one side, convergence process towards more developed European economies implies fostering of economic growth i.e. real convergence, which is positively connected with FDIs inflows. From the other side, real convergence is usually accompanied with growing external imbalance i.e. current account deficit. The aim of this research is to shed more light into these relations from the angle of national economy, under methodological framework of estimated VAR model. Empirical findings confirm that FDIs positively influence real convergence, while real convergence is connected with external imbalance deterioration. National economic authorities should continue efforts to maintain and attract FDIs as beneficial type of external capital inflows, having in mind their positive real repercussions and medium-term external balancing. Nevertheless, essential and long-run efforts should be oriented towards resolving of chronic CA deficit, thereby increasing country’s resistance to global crisis shocks and sudden stop episodes.

POVERTY, INCOME INEQUALITY AND GROWTH IN NIGERIA: LOOKING BEYOND NOW

ADETEJI OKUTIMIREN — 2024-10-30

The Nigerian population's well-being is significantly influenced by poverty, income inequality, and economic growth, which are interconnected issues. While addressing the immediate needs of those living in poverty is important, it is equally essential to examine the long-term causes of poverty and inequality. This study utilizes the autoregressive distributed lag (ARDL) approach to investigate the impact of poverty and income inequality on economic growth, using data from 1986 to 2020. The study found that income inequality positively affects economic growth, while poverty negatively impacts economic growth in the long run. The study recommends that the government develop comprehensive policies and programmes that create a favorable environment for growth. These policies should be inclusive and address the specific needs of the poor, providing them with opportunities to access education, healthcare, and employment.