BizInfo (Blace) Journal of Economics, Management and Informatics BizInfo (Blace) Journal of Economics, Management and Informatics Academy of Professional Studies South Serbia, Business School Blace en-US BizInfo (Blace) Journal of Economics, Management and Informatics 2406-2324 A Hybrid Methodology based on heuristic algorithms for a production distribution system with routing decisions <p>In this paper, we address the integration of a two-level supply chain with multiple items. This two-level production-distribution system features a capacitated production facility supplying several retailers located in the same region. If production does occur, this process incurs a fixed setup cost and unit production costs. Besides, deliveries are made from the plant to the retailers by a limited number of capacitated vehicles, routing costs incurred. This work aims to implement a minimization solution that reduces the total costs in both the production facility and retailers. The methodology adopted based on a hybrid heuristic, greedy and genetic algorithm uses strong formulation to provide a suitable solution of a guaranteed quality that is as good or better than those provided by the MIP optimizer. The results demonstrate that the proposed heuristics are effective and performs impressively in terms of computational efficiency and solution quality.</p> Mohamed Bensakhria Samir Abdelhamid Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 1 22 10.5937/bizinfo2102001B Political neutrality in the audit profession: attitudes of respondents in the Republic of Serbia <p><em>Political neutrality represents independence from the political activities, as well as from all other activities that can be considered subordinated to direct or indirect political influence. At the individual level, there are two concepts of political neutrality. The subject of this paper is research on the attitudes of respondents engaged in audit profession on political neutrality and challenges to political neutrality. The research was conducted through a survey distributed to the addresses of persons engaged in audit profession in the Republic of Serbia. The main conclusion is that it is necessary to reconsider certain measures to improve the awareness of persons engaged in audit profession on political neutrality, its importance, threats that may violate political neutrality, and protection measures that can be taken at the individual and collective level to preserve political neutrality and audit firms.</em></p> Nemanja Jakovljević Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 23 38 10.5937/bizinfo2102023J Selection of C-filter parameters in nonlinear load distribution networks <p><em>The paper describes the procedure for determining a C-filter for improving the voltage shape in distribution networks containing nonlinear loads. The possibility was also analyzed that the classical methods of analysis using the Fourier order and the adopted scheme containing the parameters of the network can calculate the influence of the fundamental harmonic on the regime characteristics. Based on the results obtained on the network parameters before and after the placement of the C-filter of the selected capacities, we can conclude that when selecting the C-filter in the distribution networks, the harmonic current must be first definedi.</em></p> Slobodan Bjelić Filip Marković Nenad Marković Violeta Milićević Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 39 47 10.5937/bizinfo2102039B Theoretical fundamentals and metrics of country competitiveness in the fourth industrial revolution <p><em>On the one hand, the paper attempts to determine the complex phenomenon of competitiveness of countries conceptually and essentially, and on the other hand, it presents the competitiveness of the ten most competitive countries in the world, Serbia and 8 selected countries, according to Global Competitiveness Index 4.0. A wide range of views of economic theorists, concerning the justification of using the concept of country competitiveness, was stated. The position on the justification of treating the competitiveness of countries was stated and it was concluded that the basis of this concept is the increase in productivity as the most important determinant of long-term economic growth, i.e. the improvement of all significant factors that enable more efficient use of factors of production. The concept is based on the observation of economic growth as the sum of growth factors of production - i.e. labor and capital - and total factor productivity, as measures of factors that cannot be explained by labor, capital or other inputs. Also, the paper provides an analysis of the indicators of competitiveness and innovation ability of the ten most competitive countries in the world, the Republic of Serbia and selected countries from its surroundings in 2019, based on data from the World Economic Forum. It was stated that Serbia and the countries from its surroundings lag far behind the most competitive and most innovative countries in the world. However, a relatively favorable position of Serbia in terms of innovation capacity was noted, which leaves room for Serbia to make significant and faster progress in terms of improving international competitiveness than most of the observed countries in the region.</em></p> Vladimir Stojanović Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 49 65 10.5937/bizinfo2102049S Accounting policies in corporate governance practice and their impact on the financial position and business performance of company <p><em>The primary role of financial statements is to provide information to users, both internal and external, to make business decisions. The preparation of financial statements includes a number of methods and procedures that have different effects on the values ​​reported in the financial statements. The domain of accounting policies is precisely those methods and procedures, in fact rules related to the recognition and valuation of balance sheet items, as well as the preparation of financial statements. The choice of accounting policies achieves objectives that are mainly oriented towards the financial result and financial position of the reporting entity. The responsibility for the choice of accounting policies belongs to the management of the company. Their adequate choice by the management leads to a realistic view of the financial and profitable position of the company, as well as business success. The impact of applied accounting policies on the performance of companies is shown in a study conducted in companies in the Republic of Serbia, which showed differences in individual balance sheet items in groups of companies depending on the applied accounting policy.</em></p> Jelena Raičević Jelena Filipov Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 67 74 10.5937/bizinfo2102067R The dominance of plentifulness over fairness in value added taxation <p><em>In modern tax systems, there are different forms of consumption taxation, and the most common among them is value added tax. VAT is one of the most important categories of tax revenues, considering the fact that it is characterized by a high degree of plentifulness. However, the main disadvantage of VAT is the fact that it distributes the tax burden regressively in relation to the taxpayer`s income. Given that the relative share of consumption in income falls as income grows, VAT, determined at a unique rate, hits harder the poorer than the richer part of the society. The aim of this work is to show the dominant relationship of the principle of plentifulness in relation to fairness in value added taxation the point our the existence of regression problems and possible measures that can be applied to meet the principle of fairness in taxation.</em></p> Jovana Veličković Marina Đorđević Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 75 90 10.5937/bizinfo2102075V Contemporary business communication from the management standpoint <p><em>It has been for a long time that communication occupies a significant amount of time in managerial practice, and, consequently, it becomes an inevitable topic in recently conducted studies in the field of management. There is a general expectation that clear and effective communication in organizations represents a crucial resource to achieve organizational aims. It is easier, however, to say this than apply to the real organizational context. The main objective of this paper is to point out the importance of communication in contemporary business. The largest part of this paper considers the role of managers in terms of their duties in the field of communication. The paper indicates that various profesional skills, including communicatieve competence, managers might learn and practice in order to take effectively part in any form of communication within an organization.</em></p> Milovan Vuković Snežana Urošević Ivana Mladenović Ranisavljević Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 91 106 10.5937/bizinfo2102091V Economic aspect of environmentally sustainable processes and implementation of the zero-emission concept in the chemical industry <p><em>One of the key issues in the field of process systems engineering is the issue of sustainability. In addition to economic and energy efficiency, the processes must also be environmentally sustainable, which will minimize the harmful impact on the environment. For this purpose, various methods are used that are based on the use of process heuristics, thermodynamic analysis and mathematical programming. In a systematic way, they enable the identification of places of inefficient use of raw materials, water and energy, as well as minimizing the discharge of waste streams from the process, while respecting the principles of reuse, regeneration, recirculation and prevention of pollution at source. From all the above, it can be concluded that systemic methods are of great importance in the development of environmentally sustainable processes and the implementation of the concept of zero emissions in the chemical industry. The paper presents the possibility of obtaining a conceptual solution in which the complete integration of water in the process (zero liquid discharge) is achieved on a concrete example of designing and optimizing an integrated water network based on superstructure and mathematical programming.</em></p> Slobodan Glišić Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 107 122 10.5937/bizinfo2102107G Legal mechanisms for the protection of the rights of national minorities in local self-government in the Republic of Serbia <p><em>At the level of local self-governments, the needs and problems of national minorities in the effort to exercise their rights and to integrate can be best identified. Local public policies should strive to improve the existing normative framework, cooperate with the non-governmental sector and, including the media, constantly work to raise awareness and build an atmosphere that will encourage national minorities to seize opportunities, internationally and nationally recognized, in view of preserving their national identity. Local environments should be characterized by a culture of tolerance, dialogue, seemingly small but essentially large everyday struggles, to build a society that fights against discrimination, respects differences, and accepts them. The fight against ingrained prejudices must be constant. The aim of this text is to point out the rights of persons belonging to national minorities, which they can exercise at the local level, the difficulties they face, but also the weaknesses of certain legal solutions. The work also highlights examples of good practice in the protection and respect of the rights of national minorities, which should be followed, especially in AP Vojvodina, which has the largest number of multiethnic municipalities.</em></p> Jovana Anđelković Milica Krulj Mladenović Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 123 134 10.5937/bizinfo2102123А Legal protection of users of financial services in Bosnia and Herzegovina <p><em>In recent years, the financial market of Bosnia and Herzegovina has been characterized by the expansion of financial services, especially retail lending services, which are offered by various methods and channels of advertising, and in most cases do not comply with regulations governing this area. This paper analyzes the financial market of Bosnia and Herzegovina, with special reference to legal regulations that should be in the function of protecting users of financial services. The financial market is innovative, it has a significant range of financial services, which brings numerous advantages and benefits, but at the same time carries hidden risks for users who, in the long run, become dependent and unprotected from the influence of financial institutions. The aim of this paper is to point out the most common problems faced by users of financial services in Bosnia and Herzegovina and the instruments of legal protection, because there is a huge gap between the declared conditions of use of financial services and realistically achievable rights of users in practice. Today, there are legal solutions regulating relations in the financial sector, but they have been adopted with a delay, thus there is a violation of the basic rights of users of financial services, and monopolistic, we can even say legally unfounded behavior of financial institutions, based on their power and inconsistency in the implementation of legal norms in practice and by authorized state institutions.</em></p> <p>&nbsp;</p> Nikolina Vojinović Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 135 152 10.5937/bizinfo2102135V Managerial compensations and models for solving agency problems <p><em>Managers, as holders of the management function, make decisions by which they manage a joint stock company, which should achieve results and goals that are in the interest of its owners or shareholders in the first place. During the work of the company, managers often make decisions that are primarily in line with their personal interests, while the interests of shareholders are put in the background. In order to solve or mitigate this problem, it is necessary to identify applicable and effective models. The paper especially emphasizes the importance of managerial compensations, based on the company's business results. The reward system is a strategic instrument that establishes the connection between the interests of managers and the interests of shareholders. To connect their interests, it is necessary to base compensation packages on a combination of different performance measures. In order to ensure quality corporate governance, it is necessary to form adequate control bodies for their work, as well as a set of rules or codes related to corporate governance. The combination of the above activities forms and maintains a good relationship between the owner and the manager with the realization of harmonized interests.</em></p> Petar Dogandžić Anja Dogandzic Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 153 169 10.5937/bizinfo2102153D Advertising on Facebook social network <p><em>The exponential growth of users on social networks around the world has led companies to explore effective ways of their presence on social networks. Accordingly, the trend of advertising as one of the most important forms of communication mix has changed and now companies are mainly focused on advertising on social networks. There are many social networks that companies can use for advertising, however, this paper points to the importance of advertising through the social network Facebook, given the fact that Facebook is the largest and most popular social network in the world and is the perfect marketing tool with a built-in advertising system, allows businesses to use each user's information for targeted advertising. Hence, Facebook is the most dominant social network for advertising, which every company should take into account when creating marketing strategies, in order to gain and maintain a competitive advantage and maximize business success. The paper presents secondary data that clearly indicate that Facebook is the social network that has the most potential for advertising, reaching and engaging consumers, which is supported by a discussion of the results of empirical research.</em></p> Jasminka Đuričanin Marko Gasic Jelena Veličković Nebojša Pavlović Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 171 181 10.5937/bizinfo2102171D Reflection of improvement of business processes on business success of the company <p><em>Improving the business process presents an organizational change that glorifies success in the company. In today's uncertain business, the starting point for success is the implemented decision on improving business processes in the company. By implementing advanced business processes, business success is multiplied and recorded. Organizational change through the use of improved business processes such as: use of by-products, reengineering, new technical solutions, robotics and others in business results in reduced prices, better products, more adequate analysis and improved business success. Synergy of implemented organizational changes in business results in efficiency, profitability and duration of business. The obtained research results confirm that business innovation results in improved business operations.&nbsp;&nbsp;&nbsp;&nbsp; </em></p> Kristina Cvetković Marina Jovović Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 183 195 10.5937/bizinfo2102183C Women entrepreneurs in tourism of the Republic of Croatia: challenges and opportunities <p><em>The paper analyzes the position of women entrepreneurs in tourism, identifies the motives for women's entry into entrepreneurship, as well as the challenges and limitations they face when starting a business and during business. Croatia has a long tradition of tourism, and it is through the tourism sector that women are offered great opportunities to create and implement entrepreneurial ideas. By combining knowledge and skills in tourism with the ability to realize business ideas and creative thinking through entrepreneurial activities, women's entrepreneurship enables women to create jobs and achieve financial independence. Tourism has an incalculable ability to act towards the establishment of a society of equal opportunities. The analysis is based on previous research and business indicators of companies owned by women in the tourism sector in the Republic of Croatia. The results of the research indicate a disproportion of the share of women in entrepreneurship in tourism in relation to the total number of employed women in Croatian tourism, and a smaller gender imbalance in entrepreneurship in the tourism sector in relation to the total economy.</em></p> Romina Alkier Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 197 213 10.5937/bizinfo2102197A The influence of social networks on the choice of tourism destination: the case of Kvarner <p><em>The paper synthesizes previous research and the results of research conducted on a specific example - the tourist destination of Kvarner. Social networks have become an important tool in building the image of a tourist destination and recognition in the tourist market. Creating interesting content on social networks can influence the attraction of potential tourists to the destination, as well as sharing the content and visual materials of social network users who have already visited the destination. Therefore, the paper examines the extent to which visitors to the Kvarner tourist destination use social networks as a source of information and how much they influence the choice of the Kvarner tourist destination as their holiday destination. The results of the research show that social networks significantly influence the decision of tourists to choose a tourist destination in Kvarner as a holiday destination, but to a lesser extent than the decisions of tourists visiting other coastal regional destinations. Therefore, additional efforts are needed to popularize Facebook and Instagram pages among potential tourists.</em></p> Romina Alkier Goran Perić Copyright (c) 2021 BizInfo (Blace) Journal of Economics, Management and Informatics 2021-12-31 2021-12-31 12 2 215 229 10.5937/bizinfo2102215A