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Background: Uncertainty is a common challenge in managerial decision-making, especially when it comes to predicting future states, establishing cause-effect relationships, and having knowledge about relevant variables. However, it is difficult to deliberately address different types of uncertainty by applying specific decision-making strategies and hence enable reduction of uncertainty due to overlapping definitions and conflicting operationalization of the uncertainty construct. Purpose: The paper aims to delineate types of uncertainty along their epistemological configurations in terms of specific knowledge contexts to enable choices of suitable strategies for specific decision-making situations. Study design/methodology/approach: A literature review revises and discusses concepts of (un)certainty based on (im)perfect information and objectively/subjectively available assemblages of knowledge. Findings/conclusions: The paper provides a framework that encompasses and differentiates configurations of available information and knowledge applicable to decision-making situations. In order to achieve construct clarity and to free the original concept of uncertainty from conflicting definitions and heterogeneous operationalizations, the umbrella term contingency is introduced. It encompasses all states of (im)perfect information and variations in their epistemological configurations. Finally, the presented epistemological framework delineates levels of contingency along specific qualities of available information. The identified and discussed levels of contingency are certainty, risk, uncertainty in the narrow sense (i.n.s.), complexity, ambiguity/equivocality, and isotropy/radical uncertainty. The delineated levels of contingency help to tailor decision-making situation to specific epistemological configurations and hence may serve as a starting point for concluding and developing appropriate strategies to reduce contingency. Limitations/future research: A holistic understanding how to deal with and solve contingency requires further research focusing on aligning levels of contingency with strategies for decision-making (algorithms, causation, effectuation, bricolage, improvisation, trial & error) by taking types of knowledge (structural, procedural, conceptual) and contextual factors (e. g. time, [origin of] resources) into account.

Background: Today, the digital transformation of business is one of the conditions for survival on the market. The development of digital technology is progressing rapidly, and only the business entities that keep pace with this development can expect good business results. Social entrepreneurship is an excellent way to solve the problems of social inequality and poverty and thus leads to economic growth and development. Purpose: The main goal of this research is to create a theoretical model of digital transformation of social entrepreneurship. This model can be a useful tool for deciding on the digital transformation of business. We investigated motivation of managers and employees as an influencing factor for the digital transformation of business. We declared other influencing factors as constants. Study design: We measured motivation by personal and professional use of the Internet, the acquisition of digital skills, the cost of labour of those who are involved in the digitisation process, and the application of data protection software. Ninety-seven social entrepreneurship entities from Bosnia and Herzegovina (B&H) participated in the research. The research was carried out using questionnaires, and we analysed the obtained data using correlation and regression methods. Findings: The results showed that motivation is a significant factor in the digital transformation of social entrepreneurship. Based on the results of the research, we have created a model of digital transformation of social entrepreneurship entities that can lead to economic and social development through steps applicable in practice. Limitations/future research: The most significant limitation of the research is the lack of an official register of social entrepreneurship entities from which we can collect data about the number of these entities. To future researchers, we leave open questions of other influencing factors for the development of social entrepreneurship, such as knowledge, sources of funding for initial business activities, etc.

Background: Widely used in efficiency analysis, data envelopment analysis (DEA) found its use in country efficiency measurement concerning the achievement of desired values of macroeconomic indicators, most often the goals from the category of economic growth. Purpose: The objective of the paper is to examine the possibility of DEA application in sustainable development research. Methodology: The analysis was conducted using a non-oriented DEA model with variable return-to-scale in a group of 26 EU countries and Serbia, as a membership candidate. Four variables were used as input variables: inflation rate, unemployment rate, poverty rate and ecological footprint per capita. Three variables were used on the outputs side: inequality-adjusted human development index, GDP per capita and ecological deficit or reserve per capita. The annual data was collected for the time period of eight years, form 2010 until 2017. Findings: Results show that Finland is the only country efficient throughout the entire period. Average efficiency close to maximum was achieved by the Netherlands. Significant efficiency was achieved by Luxembourg, Germany and Sweden among countries that were EU members before 1995. Among other EU countries, Slovenia and Hungary achieved efficiency on a nearly maximum level. Also, efficient in more than half of the observed years were Cyprus and Romania. The most inefficient countries were the three Baltic countries: Lithuania, Latvia, and Estonia. Among the EU member countries before 1995, Italy and Portugal were the most inefficient. Concerning EU candidate Serbia, the efficiency achieved was generally close to average. Limitations: The performed analysis can answer the question of which country is the most efficient on the way to sustainability. However, the DEA method cannot show whether a country is developing absolutely sustainably or unsustainably, because DEA is a relative method and can only measure efficiency compared to the other units.

Background: The most significant changes caused by the COVID-19 crisis were the sharp increase in working from home and the growing importance of e-commerce, which affected the development of some industries. This change also affects the investors' investment operations, which are based on analysis to ensure an unquestionable certainty of the invested financial amount and a satisfactory return. It is, therefore, interesting to analyze the possible return of the chosen investment strategy based on the optimization model of portfolio selection based on the CVaR risk measure. Purpose: The paper aims to present the possible use of the analysis of returns of effective portfolios constructed based on the optimization model of portfolio selection based on the CVaR risk measure during the crisis (COVID19) and the pre-crisis period. Study design/methodology/approach: Paper presents the impact of the COVID-19 crisis on investor decision-making through the CVaR risk measure, which was implemented on the historical data of the components of the Standard and Poor's 500 stock index (S&P 500) in the crisis period as well as in the pre-crisis period. Findings/conclusions: The presented approach based on the CVaR risk rate measure and the relevant portfolio selection model provides the investor with an effective tool for allocating funds to the financial market in particular segments in both monitored periods. Limitations/future research: Time series data are divided into two periods based on visible factors such as the number of COVID-19 cases. In future research, we aim to divide monitored periods based on unobservable factors influencing investors' decisions, such as bull or bear mood on the market.

Background: Research on the topic of determining success of online learning is on the rise. Defining the key success factors, i.e. determinants of online learning success, is extremely important, especially at present as all higher education institutions have been forced to try their hand at teaching with the help of technology. Purpose: Thus a research examining factors of learning outcomes of online learning was conducted. Learning outcomes were modelled as dependent variable, while the set of independent model variables included: course design, student motivation, student self-regulation and dialogue (instructor-student, student-student). Study design/methodology/approach: Five research hypotheses were tested by analysing data collected from the students of the University of Novi Sad. A structured questionnaire was employed to collect data on the attitudes of users (students) to online learning. Respondents expressed their views (perception) about statements and valued them on a 5 point Likert scale. The instrument was applied to a sample of 360 responses using PLS structural equation modelling. Findings/conclusions: All five hypothesis were supported with the analysis, confirming the importance of research from the aspect of contribution to the literature dedicated to identifying the key success factors of online learning. Additional contribution refers to the research conducted in Serbia, i.e. at the University of Novi Sad. Limitations/future research: A more detailed analysis of the model itself and the possibility of finding the interdependence of constructs that affect perceived learning outcomes and user satisfaction remains as an area for further research.

Background: In today's interconnected and globalised business environment, effective risk management is essential for organisations to achieve sustainable success. However, communication and understanding risks across cultural and linguistic boundaries pose significant challenges. This paper explores the concept of risk language barriers and their impact on corporate management and performance. Purpose: This research examines the causes, consequences, and potential solutions to overcome risk language barriers in a globalised world. By shedding light on the importance of effective risk communication in a diverse and interconnected business environment, the study seeks to provide insights into the significance of addressing these barriers for successful management outcomes. Study design/methodology/approach: The study conducted in Novo Mesto, Slovenia, in February 2023 uses data from in-depth interviews and a focus group to investigate risk language barriers. The participants are women entrepreneurs with prior experience in cross-cultural communication and managing people in different countries, e.g. a Slovenian sales guru with a penchant for transcending borders and a Maltese digital strategist who, through global collaboration and expertise, ensures that every corner of the Slovenian organisation aligns with its overarching goals. Their experiences explore the challenges of risk language and the need for intercultural communication skills. Findings/conclusions: The research findings indicate that addressing risk language barriers is a strategic imperative for achieving successful management outcomes in a globalised business landscape. Overcoming these barriers requires a collaborative and proactive approach to risk communication. Developing intercultural communication skills allows individuals to navigate diverse environments effectively, provides them with more excellent networking opportunities, broadens their horizons, and fosters personal development. Furthermore, managers can strengthen relationships with clients and partners worldwide by addressing risk language barriers effectively. Limitations/future research: The study has limitations regarding its focus on women entrepreneurs. Future research should include diverse demographics and industries, conduct quantitative analyses, and explore technology's role in bridging the risk language gap and associated challenges.

Background: The wave of digital disruption has been experienced across different industries in the fourth industrial revolution, altering processes and procedures as well strategies of many industries. Purpose - As businesses strive to attain supremacy in their respective industries, reliance on technology has become an inevitable tool for sustainability and competitive advantage. Firms are employing novel business strategies and streamlining their operations by adapting to technology in order to transform digitally. Based on the theory of structural empowerment, we assess, from employees' perspective, the efficacy of key employeecentric digital transformation initiatives, namely, digital skills training and access to digital platforms on employees' performance through the mediating role of employee digital empowerment. Design/methodology/approach - Survey data was collected from a sample 214 employees and their 89 direct supervisors across four banking institutions in China for the purpose of this study. Correlation and regression analysis were conducted to test the hypotheses. Findings - The result of the study showed support for the positive impact of both digital skills training and employees' access to digital platforms at the workplace on job performance and also for the mediating role of employee digital empowerment. This study contributes to the empowerment literature by identifying key structural empowerment initiatives in an organization that enhance employee digital empowerment and performance at the workplace as firms transform digitally. Practical implications - The results of the study suggest that firms should view digital transformation as an employee empowerment tool which, when implemented properly, could help enhance employees' performance and the overall organizational goal achievement potentials. Hence, organizations should align their digital transformation strategy with the needs of its human resource in order to ensure overall success of such transformations. Limitations/future research - The study focuses on the banking sector only. Further research could focus on other industries that are equally affected by the waves of digital disruptions.

The Background: The globalization of the business world and the ongoing internationalization of many organizations have profound consequences for societies and economies. National economies, the Austrian and Swedish being the examples in this study, are globally intertwined and export dependent. When businesses search for opportunities outside national borders, employees will engage with diverse groups of stakeholders while conducting daily business and pursuing organizational goals. Additionally, due to migrations, the available workforce is becoming increasingly diverse. Business schools have an obligation to educate graduates who are "ready for life." To stay relevant, business programs, specifically in marketing and sales, need to deliver not just subject-specific knowledge but also give students the chance to increase their intercultural competence. Purpose: This study contributes to the discussion on business schools' role in improving students' intercultural competences and the necessity to align learning outcomes with future market needs. Study design/methodology/approach: The content analysis of 240 qualified recruitment advertisements was conducted to investigate, in line with signalling theory, how employers' express their requirements and expectations in recruitment advertising. Findings/conclusions: The empirical study shows that ads frequently describe work environments as culturally diverse. Most reviewed advertisements contain references to interactions with partners and customers across national borders. However, there is a weak connection between the work situation described in the ads and the skills required to tackle diversity. While foreign language and communication skills are frequently listed as requirements in those ads, intercultural competence is seldom a requirement. Even if not vocalized, evidence suggests that future graduates will increasingly need intercultural competence. Limitations/future research: The study was conducted based on a limited number of recruitment advertisements. Future research could include a wider coverage of recruitment advertisements. The qualitative research would complement findings on the need for interculturally competent graduates.

Background: This study aims to identify the changes in the fashion industry, during the COVID-19 pandemic, specifically, within the context of online purchase of fashion products, the use of sportswear, the pondering moments before the purchase, and the importance of sustainability. Furthermore, we also consider sustainability as a fashion strategic factor and its impact in the decision-making process. Purpose: The main purpose is to understand if the type of products and the way they are purchased by the retail consumer have changed, and to assess if the level of importance granted to sustainability is significant, in particular, by evaluating the way COVID-19 pandemic has influenced the online purchase of fashion products, the use of sportswear, the pondering moments before the purchase, and the importance of sustainability. Furthermore, we evaluate if the level of importance granted to sustainability, in the decision-making process, is still the same. Study design/methodology/approach: Quantitative analysis was applied, through an observation data collection technique, using a survey by questionnaire. The sample is non-probabilistic, with the accidental and snowball sampling modalities. Findings/conclusions: the companies must define new strategies to answer their consumers' real needs, because we verify that consumer behaviour changed. It was verified that there was a growth in the amount of online shopping of fashion products, the use of sportswear increased, the level of pondering before buying expanded, and the increasing importance of sustainability became evident. Limitations/future research: A non-probabilistic sample was used, which prevents the possibility of extrapolating general conclusions.

Background: The modern business environment has caused a radical changes in all human resource management activities. In order to retain a competent and talented workforce, business organizations should manage job satisfaction, which imposes the need for a well-designed and implemented human resource management strategy. Purpose: This study aims to examine the role of affective commitment as a mediator in the relationships between employer brand values and job satisfaction. Study design/methodology/approach: Empirical research was carried out on a sample of managers from 146 enterprises in the Republic of Serbia, and data was collected using a questionnaire technique. After implementing descriptive and correlation analysis, we used simple and multiple regression to examine the mediator effects, and the Sobel Z test. Findings/conclusions: Our findings present empirical evidence on the mediating effects of affective commitment in the previously listed relationships. Limitations/future research: There are just three values relevant to the development of an employer branding strategy included in the study and this is acknowledged as a limitation. According to the models available in the literature, further research will contain other relevant components of the employer brand.

Background: Socio-demographic changes increase the need for long-term elderly care. Consequently, providing formal institutional service in elderly care homes is an interesting opportunity for entrepreneurs. However, the entry strategy decision is influenced by numerous external variables. Purpose: The main goal is to answer what determines market concentration as one of the most important market entry determinants. Study design/methodology/approach: A linear regression model has been formed and tested on the Croatian elderly care home market, observed on a county level, using data for 2021. Further, a cluster analysis, as a decision-support tool, has been made to assess market characteristics that are more likely to attract new entrants to the elderly care home market. Findings/conclusions: Results indicate that demand for long-term care services plays a significant role, and the market with more elderly will attract more competitors. When the level of GDP per capita and the unemployment rate are observed together, markets with stronger economies tend to attract entrepreneurs. In other words, it is more likely that someone will open an elderly care home in a densely populated county with individuals that can afford formal institutional long-term care for themselves or family members. Limitations/future research: The shortcomings are mainly related to the lack of data on prices and quality measures. Further, information on the number of beds in each elderly care home would enable an alternative calculation of the Herfindahl-Hirschman index, while data on service prices and structure of employees as a proxy for quality (medical and non-medical staff) would enable a more reliable comparative analysis of obtained results. Future studies on this subject include variables related to the portion of unemployed females in the market since female family members more often provide informal care, and at the same time, they are more likely to be employed in formal long-term care institutions.

Background: Although Blockchain Technology (BT) is one of the innovations that has considerable potential to improve business processes and enable new services for potential users, its implementation in supply chain management (SCM) of the automotive industry is only at its beginnings. From the growing number of publications focused on this issue, it is evident that the application of BT would significantly contribute to the development of the automotive industry and improve the supply chain of automotive components. Purpose: In this regard, the paper aims to analyze the challenges to the implementation of BT in SCM in the automotive industry sector through a systematic review of the literature and precise definition of the advantages and limitations that appear in supply chains after the application of BT. Study design/methodology/approach: The research is based on the application of systematic literature review methods. The paper presents the results and conclusions of 21 studies based on the search criteria outlined by the Web of Science, Scopus, and SpringerLink index databases. Findings/conclusions: The results suggest that insufficiently developed technology, lack of clear guidelines for implementation, incomplete standardization, legislative ambiguity, conflicts and insufficient cooperation between chain members appear as the biggest challenges for BT implementation. On the other hand, BT has great potential in reducing costs, providing higher quality products and services, and improving chain visibility in the automotive industry. Limitations/future research: The analysis of the papers in the above mentioned databases exclusively in English and the absence of empirical research stand out as the most prominent shortcomings. However, the obtained results of this study represent a quality basis for future research, which, judging by the popularity of the issue, will increase in frequency.

Background: Price setting is a determinant of a company's profitability especially in the sector of creative industry (CI) and is intensively discussed in academic and business area. Purpose: The aim of this research paper is to investigate whether a well-defined and successfully implemented pricing strategy can significantly affect the profitability of companies in the creative industry. Study design/methodology/approach: This study investigates the differences in interval variables, including financial indicators, number of price management techniques, and price management metrics, between companies that have implemented pricing strategies and those that have not. To assess this, a two-sample t-test was used to compare the variables between the two groups. Since the creative industry is highly heterogeneous, we have analyzed the profitability of creative sub-industries more in detail through ANOVA test. Findings/conclusions: As it turned out, the analyzed parameters do not differ significantly in their average values, except for the parameter "Gross margin", where a statistically significant difference in average values was confirmed. Based on the findings of studies conducted by other authors as well as our own analyses, we conclude that assessing CI's profitability relative to other industries is inappropriate and represents only a simplistic view of the industry's performance. It is important to observe the profitability in each subindustry of CI, because the nature of the product (output) is different in each segment of this industry. Limitations/future research: Despite the initial findings, it was recognized that the research was limited to a single country and a specific industry. To gain further insight into the pricing and profitability of companies in the creative sub-industries and cultural industry, subsequent research should be conducted. It would also be useful to link the topic of pricing and profitability with the theme of revenue models including pricing models, pricing metrics and payment systems.

Background: To manage growth opportunities effectively and to make a significant impact on superior longterm performance, it is necessary to analyze firm value and diagnose its determinants. Increasing profit, providing prosperity to the company's stakeholders, and improving company value are the goals of every company's business. Purpose: The paper aims to build a model of the company's optimal value by assessing company performance based on financial statement analysis of European companies over the period 2015-2020. Study design/methodology/approach: The impact of financial indicators such as financial leverage, profitability, size, liquidity, growth, and asset tangibility on company value was thoroughly considered. The empirical research was founded on a sample of 158 Eastern and Western European companies, generating 948 observations. Panel regression analysis was conducted. Findings/conclusions: The obtained results revealed that debt-to-assets ratio, return on equity, and assets tangibility have a significant adverse effect on company value, whereas the return on assets and firm size have a significant favorable effect. The obtained conclusions should serve as a beneficial tool for the strategy of reaching the targeted market company's value and ensuring the company's future viability by the market. Hence, stakeholders could assess the perspective of the future company's development and strengthen the importance and influence of financial variables on the company's value. Limitations/future research: The research limitations, which are also opportunities for future research, are aimed at the investigation of company value indicators at the level of individual European economies or industries. One should look at the company's value factors before and after the Covid-19 pandemic and consider a longer time in the company's business. Other financial determinants that affect the value of the company could be considered, and the company value could be measured by some other indicators. Also, the influence of nonfinancial determinants on the company value could be researched.

Background: As one of the world's most important economies, China has faced the problems and challenges caused by geopolitical changes, the consequences of the COVID-19 coronavirus pandemic, financial crises and other challenges in the last decade to the fullest extent. An overview of previous research studies shows the effects of partial elements of economic freedom on the financial performance of China's development. The focus of our research is on a strategic approach to the given problem, taking into account the possibility of modeling and improving the situation in response to new challenges and problems in the future. Purpose: The focus of the work is aimed at measuring the impact of economic freedoms on foreign direct investment decisions and the financial performance of China's development. Based on that, the main goal of the work is to model and determine new elements for improving the model based on a strategic approach. Study design: The research revealed that a strategic approach through the elements of economic freedom is an important factor of the model we investigated and represents the improvement of the situation and can contribute to the improvement of the financial performance of China's development. Findings: Based on the research, we obtained the result of a high degree of direct dependence and a positive correlation of the impact of economic freedom and strategic decisions on foreign direct investment on the financial performance of China's development. Economic freedoms represent a significant influencing factor and provide opportunities for the improvement of a model based on a strategic approach. Limitations: The limitations of the research refer to the unpredictable state of geopolitical changes in the world, which directly reflect on many factors of the model. Future research directions can be directed towards measuring which countries make up the largest part of China's foreign direct investments, as well as how much their influence is.

Background: India demonetized the currency in November 2016, scrapping 86.9 percent of the currency in circulation. This policy disrupted most economic activities because India was predominantly a cash economy. Purpose: The study aims to analyze the impact of demonetization on the informal-formal sector and the Indian stock markets, where investment reflects investors' confidence. Another purpose is to know the usefulness of demonetization in the proliferation of digitalization. Study design/methodology/approach: The study incorporates primary data to determine the impact on informal and formal workers' income and the acceptance of digitalization in rural-urban areas in Faridabad, Haryana. A survey was conducted, and samples for informal-formal workers and rural-urban households were collected and analyzed using the F test and the ANOVA model using an independent dummy or qualitative variables. The secondary data of the Indian stock market were empirically tested and forecasted using the Autoregressive Conditional Heteroskedasticity (ARCH) model. Finding/Conclusions: The empirical analysis reveals that after demonetization, informal workers' earnings dropped significantly, and there is a substantial income disparity between informal-formal workers. A wide gap persists in adopting digital transactions due to low awareness of digital instruments in rural areas compared to urban areas. On the contrary, no significant impact is noticed in the Indian stock market as the forecasted value of shares trading depicts positive growth. The study identifies the gaps in policy implementation. It exposes the implementation of macroeconomic policies ensuring the protection of the interest and livelihood of economically vulnerable populations. The spread of awareness towards electronic transactions may help to promote digitalization Limitations/future research: The study is limited to a few areas. Hence, the scope of future research rests on macro-level data where comparison could be conducted between rural and urban areas across various states in India.

Background Since 2006, entrepreneurship competence has been considered one of the eight key competences for lifelong learning, which are important for personal development, social inclusion, active citizenship, and employment. In 2015, the EntreComp framework was created. The framework structures partial entrepreneurship competences to support their development in European citizens regardless of the field of education, professional or occupational orientation, as a critical part of increasing competitiveness and innovation potential of a country. Purpose: The present paper aimed to develop a questionnaire based on the EntreComp framework, which would serve as a self-assessment tool for one's entrepreneurship competences, which could be used to adopt curricular or extra-curricular and non-formal, education to better serve this goal. Study design/methodology/approach: The validity and reliability of the questionnaire was examined on a sample of university students in different fields of study-technical and natural sciences, humanities, economics, and medicine. The purpose of the sample diversity is the emphasis on the independence of entrepreneurship competence on professional orientation. Findings/conclusions: The result of the study is a 60-item questionnaire consisting of three factors and fifteen subfactors helping to identify educational needs in the field of entrepreneurship, based on the subjective perception of the individual. In comparison with already existing tools, this questionnaire was developed on the strong basis of EntreComp framework and supports the idea of the broader context of entrepreneurship competence than just the business level, while covering cognitive, personal, and behavioural level of the entrepreneurial potential. Limitations/future research: In the future, its application in other age or social groups is suggested.

Background: Slovak firms are very strongly integrated into globally organized production. However, their position in global value chains (GVCs) concentrates on downstream activities with lower value added generation. Purpose: Intangible assets should be an important driver of the creation and productivity growth of domestic value added and thus of international competitiveness. Key activities supporting the creation and productivity of value added within GVCs can be done through an innovation environment, investments in intangible ICT assets and improving the quality of human capital. Approach: This paper aims to analyse, according to econometric model based on panel data analysis, the role of intangibles in Slovak GVC participation. Moreover, the linkages between investment in selected intangibles and different forms of integration into GVCs-forward and backward, are examined. Findings: Our results show that the accumulation of intangibles is positively associated with Slovak participation and position within GVCs. The same result is confirmed separately for forward and backward participation. When intangibles are divided into three groups, only computerized information and economic competencies are significantly associated with Slovak GVC participation and position. They increase the quality of human capital, organization and management of production and create a favourable competitive environment. Limitations: Further research could be extended to a more detailed examination of the impact of intangibles on specific sectors. The availability of data on the creation of value added and thus involvement in the GVCs is a major limitation at the macroeconomic level. Therefore, it is necessary to verify these findings with an analysis at the firms' level data.

Background: Blockchain project implementation in smart cities represents a novel challenge in information technologies. Lack of functional framework and guidelines impact these implementations and add additional uncertainty. Authors in their research on this subject seek to discover a functional framework to improve the implementation process. The research is divided into 3 parts: identification of best application areas, critical success factors, and implementation performance indicators. Purpose: The goal of this paper is to present findings on the performance indicators and offer additional insight into their nature as well as point to lesser-known performance indicators of blockchain projects. Study design/methodology/approach: Authors used the Delphi technique and according to the methodology, a panel of 33 experts was presented with a list of performance indicators and asked to add additional performance indicators as well as to assess their importance. The research foundation was based on the literature review which resulted in 9 performance indicators for the blockchain project implementation in smart cities. Findings/conclusions: The experts proposed 8 additional performance indicators; however, only 1 of them had required consensus to be accepted by the panel. This paper will disclose both groups of performance indicators and preserve them for further scientific discussion since the performance indicators that were proposed by the individual experts but did not reach panel consensus will not be contained in the further research results. After all rounds of the Delphi method were finished the experts concluded the list of the 5 most important performance indicators for the implementation of blockchain projects in the smart city. Limitations/future research: Due to limited resources and lack of experts, the size of the panel is limited to only 33 experts. In addition, smart cities are usually managed by the public sector, so access to all data is limited. The findings presented in the paper can be further used to improve the efficiency of blockchain projects.

Background: The implementation of the Common Agricultural Policy of the European Union aims at a balanced territorial development and economic convergence of the rural areas. However, in some cases, EU rural funding didn't manage to reduce the gaps between regions, but quite the contrary, the wealthiest regions attracted most of the resources. Purpose: The main objective of the paper was to assess whether EAFRD funding reached the most vulnerable areas. This is a measure of the contribution of CAP to economic convergence. Study design/methodology/approach: Cluster analysis was performed on Galaţi County in Romania. The analysis was performed at LAU level, considering four variables: population, poverty, agricultural area and the value of implemented EAFRD projects. Findings/conclusions: The analysis concluded five clusters, with poorer areas receiving less funding, calling for better development strategies, focused on the central, northern and northeastern parts of the county, where these areas are concentrated. Also, territorial reorganization of rural areas may be necessary in some cases, in order to address the uneven development and poverty. Limitations/future research: The present research focused only on EAFRD funding related to agricultural exploitations. For more precise conclusions and recommendations, further research will also need to include other EAFRD submeasures.

Background: One of the indicators of a country's innovation is the total number of registered patents. This paper analyzes the number of registered patents and the impact they can have on the country's economic growth and innovation.. Purpose: The paper aims to determine whether there is a positive impact of market verification of the results of research and development activities, measured by the number of patents per million inhabitants, on economic growth and the growth of innovation in the country. Study design/methodology/approach: Quantitative research design was applied in the analysis since the task was to investigate the influence of the number of patents on the economic growth of the country. The empirical research covered two countries-Serbia and Hungary. It used secondary data from the international databases of the World Bank and World Intellectual Property Organization, covering the period from 2008 to 2018. Finding/conclusions: The results of the empirical research showed that the increase in the number of patents per million inhabitants contributes only to the innovation index's growth in Hungary. On the other hand, in the case of Serbia, there is no statistically significant relationship between the number of patents per million inhabitants and the country's innovation index, or the number of patents per million inhabitants and GDP per capita. Limitations/future research: The limitations are: the small number of analyzed countries and the number of indicators analyzed. Therefore, in the framework of future research, it would be desirable to expand the analysis to more countries and establish the impact of patents on more indicators of innovation.

Background: As an interdisciplinary research area at the interface of management theory, psychology, sociology, social anthropology, and cultural studies, organizational behavior (OB) still lacks a clear definition, whereas its status and scope have not been precisely determined. Some experts believe that the knowledge of all possible instances of OB and its constant improvement is the key to the proper calibration of management techniques, organizational dynamics, and more active staff. Others stress that OB has lost its significance and authority as an academic discipline. Purpose: The goal of the research is to develop an approach that complements and further develops concepts comprising OB theory as regards the identification of micro-, meso-, and macro-organizational behavior actors - individuals, groups, teams, the organization itself, and its external stakeholders. Study design/methodology/approach: The authors provide a solid framework for the principle of methodological isomorphism and its application to the indicators of OB - measures of organizational actions. Further, a possibility for the methodological integration of tools for managing the OB of all categories of actors is demonstrated. Findings/conclusions: An original definition of OB management is offered and justified. The focus is on the strategic context of efforts to improve OB. A strategy map used in OB management is provided as an illustration. It is concluded that the sustainable success of an organization heavily depends on how stakeholders (actors) perceive the efforts of the management to enhance working conditions and the organizational culture of the work environment, as well as to strengthen the market leadership of the organization. Limitations/future research: The research limitations lie in the scope of methodological challenges which need to be solved. New approaches to monitoring, analyzing, and evaluating the measurement results are going to be proposed and researched. The methodology and relevant calculations for perception indicators computation are going to be explored.

Background: Scientific and technical progress are unstoppable. Nowadays, information technology affects every sphere of social and economic life. The automation of business processes is a common part of business and accounting practice. Moreover, the COVID-19 pandemic has accelerated the automation in companies. Regularly occurring transactions, which were performed manually before, are gradually being replaced by information technology and automatic robotic systems. The companies fully use cloud storages, artificial intelligence, or blockchain technologies. Purpose: The purpose of the paper is to identify areas and possibilities for improvement of business and accounting processes with use of information technologies, digitalization, and automation. Methodology: For the purpose of the paper, a standard methodology review of literature sources was performed. Then we conducted a brief questionnaire survey in order to find out the level of automation and digitization of business processes in companies in the Slovak Republic. Findings and conclusions: It is expected that, as a result of robotization and automation of business processes, some professions will gradually disappear within a few decades. Even the crisis related to COVID19 pandemic had an impact on the acceleration of using information technologies in business processes related to their digitalization and automation. The paper describes possibilities of automation with focus on e-shop, which make the processes safer, faster, more effective, eco-friendly, with fewer errors. On the other hand, there are some challenges and threats the accounting entities have to consider when implementing artificial intelligence, information technology in their business processes, such as cyber security, the Internet and electricity outages. We have observed that companies in Slovakia have their business processes more or less automated. However, the automation is the domain of bigger and multinational companies. The higher initial costs related to automation are limitation for smaller companies that need to consider benefits and costs the automation requires. Limitations and future research: Our paper is based on the theoretical background with a brief research in the area of implementing information technologies in companies in the Slovak Republic. The number of returned questionnaire surveys that were the base for our brief and initial research was very low. More detailed analysis of level of automation in the Slovak companies in comparison with companies abroad, their readiness for changes related to automation, as well as threats, challenges, pros and cons of automation may be the topic for the future research.

Background: The new circumstances of life due to the proclamation of the COVID 19 virus pandemic have caused numerous changes both in general people's lives and in consumption. Purpose: The aim of this paper is to identify changes in the degree of consumer ethnocentrism when choosing products during the COVID 19 virus pandemic, compared to the period before its occurrence. In addition, differences in consumer preferences for certain domestic products and services before and during the pandemic were analyzed. The paper also deals with differences in ethnocentric tendencies during the pandemic between different socio-demographic consumer segments. Study design/methodology/approach: The primary data were collected from 176 respondents by using the survey method. A paired samples t test is used for hypotheses testing. Independent samples t test and Anova, post hoc Scheffe test, were conducted for analysing differences in ethnocentric tendencies between observed consumer segments during the pandemic. Findings/conclusions: Higher level of consumer ethnocentrism is confirmed in period during the pandemic, especially when it comes to choice of domestic medical products. On the other hand, lower level of consumer ethnocentrism is observed for fashion products and insurance during the pandemic. Older consumers and pensioners exhibit stronger ethnocentric tendencies during the pandemic. Limitations/future research: The main limitation of the paper relates to the use of only a few of the 17 statements within the CET scale for measuring ethnocentric tendencies before and during the pandemic. Also, the research did not cover all categories of domestic products and services. According to the limitations, future studies are recommended to fully apply the CET scale for measuring consumer ethnocentrism. Also, the recommendation is to observe higher number of categories of products and services, and to break down the categories into several subcategories. Finally, future studies can also include some of the determinants of consumer ethnocentrism in the research model.

Background: Employee turnover represents permanent withdrawal from the organization, which brings longterm unfavorable consequences, especially when it comes to the voluntary early departure of quality employees. Turnover intention is a preliminary step that can predict the employee's intention to leave and is very often the main precursor to the final decision to leave or stay. In addition to internal organizational influences, a strong influencing factor on such a decision is represented by perceived alternative job opportunities. Purpose: The goal of the paper is, therefore, to examine the employee's perception of the possibilities of alternative employment and their turnover intention to determine that the main factor of the environment strongly shapes thinking in the context of leaving. Study design/methodology/approach: The primary research was conducted on a convenience sample of 423 in 15 medium and large enterprises in Croatia (Slavonia and Baranja region) and in various economic sectors: Agriculture, Industry, Energy, Construction, Services, Trade, Transport, Education, and Tourism and Hospitality. The data were subjected to univariate and bivariate analysis. The influence of sociodemographic variables was also tested to identify possible differences between different groups of employees. Findings/conclusions: The results of the research indicate fairly low rates of turnover intention, with a simultaneous perception of very few or weak possibilities for alternative employment. There are no statistically significant differences between the sociodemographic groups, so all employees, for the most part, do not intend to leave the organization in which they are currently employed, but they also do not think that they could easily be employed elsewhere. Limitations/future research: The biggest limitation is the examination of only these two variables without studying cause-effect relationships, which is also a recommendation for future research. It could be helpful to analyze competitiveness on the labor market, because the situation of the market can also affect the perception of employability, which would determine whether the perceptions are close to the real picture.

Background: In modern business conditions, intangible assets have a dominant impact on the business performance of the company. R&D activities, the level of R&D investments and the efficiency of R&D investments affect company profitability. There are various performance indicators of R&D activities that have an impact on profitability. Purpose: Bearing in mind that R&D is the precondition of growth and development of the company, as well as the efficiency of R&D investments, is the key determinant of economic corporate responsibility, the purpose of this paper is to investigate the effects of various performance indicators of R&D activities on companies' profitability. The aim of this paper is to investigate the effects of R&D investments, R&D intensity and return on R&D capital on the profitability of highly innovative companies. Study design/methodology/approach: Correlation, regression and cluster analyses were performed to provide an empirical investigation of the impact of key R&D performance indicators on the return on assets (ROA) of highly innovative companies, which are on the list of the top R&D spenders in the world. The data for the analysis comprises 24 R&D-intensive companies for the period 2013-2021. Findings/conclusions: The regression analysis results conducted on the determined clusters show that all three analyzed indicators of R&D activities have a positive and statistically significant impact on ROA in highly R&D-intensive companies. It is confirmed that the effects of various indicators of R&D activities are bigger in companies with higher RDII. Limitations/future research: The sample encompasses the 24 companies listed among the top 50 R&D spenders worldwide, which is considered insufficient for extensive analysis. The other limitation is related to the short research period. As the R&D activities produce yields after several years, the possible direction for future research is to investigate the impact of accumulated R&D investment over several years on ROA.

Background: The background of this research encompasses contemporary cultural policy issues and their factors of influence, with a special focus on cultural participation processes. The sphere of culture provides the fundamental base for reading and changing the paradigmatic paths through the contents and acts of formal and informal stakeholders. Culture is deeply interlinked with other departments of the entire economy by connections with feedback loops. The impacts of culture on the socio-economic and natural environment, as the "fourth pillar" of sustainable development, are recognized on the international level by theory, expert groups, and practice. Purpose: The purpose of this paper is to bring about a deeper understanding of participatory processes and their importance for strategic priority areas of cultural policy development. Study design/methodology/approach: Our study design included institutional analysis, starting from the regulatory framework that reflects cultural policy and its strategic goals, by involving previous relevant theoretical research including the ICET model. Another objective of the paper is to answer a range of questions. What are participation processes' main characteristics and challenges in culture and cultural policy development? Is there a relationship between these challenges? How to achieve desirable cultural and institutional integrative transformations in order to accomplish the strategic priority areas of cultural policy? We bring the conclusions based on theoretic and empirical overview of new empirical research findings based on the survey conducted in 2022 for the need of EPICA research project.1 Findings/conclusions: The findings of this research lead us to recognition, conceptualization and understanding of the existing participatory processes in culture, towards inspiring the future modelling of more integrative strategic and systemic solutions to reflect desirable and harmonized development. Limitations/future research: The limitations of research reflect future endeavour to contribute to reforming the field of culture (by formal and informal means) through more robust horizontal integration with other departments, to achieve sustainable and coherent effects through linking strategies, new forms of participation, decentralization, arm's length principle, and degrowth policy.

Background: To manage an enterprise effectively, it is necessary to analyze and diagnose its financial condition, an activity that can warn management of dangerous business situations. Topics such as assessing financial position, performance, and risk, especially after situations that involve an economic and financial crisis in the company have been widely discussed in scientific literature. Purpose: The purpose of the research is to highlight the main research trends regarding bankruptcy risk assessment models. Study design/methodology/approach: The research strategy is based on two main directions: the first involves the selection of research papers with topics on Conan & Holder and Taffler models published on WoS between 2007 and 2021 and those published on SCOPUS between 2006 and 2021. The second direction aims to select the relevant papers and perform a content analysis of financial-accounting information of Conan & Holder and Taffler models. Findings/conclusions: The results obtained were concretized in the design of a bibliometric analysis of bankruptcy risk assessment models, which provides an overview of the new research trends regarding bankruptcy risk assessment models. Thus, it was found that most of the studies focus on the analysis of the efficiency of the bankruptcy risk assessment methods and the identification of new options that allow predictability of the risk. Limitations/future research: Our study limitations are mainly due to the bibliometric algorithm, in the sense that only papers indexed in WoS and Scopus can be imported, processed, and interpreted, which excludes parts of the existing literature on this topic and omits the analysis of some pertinent contributions to our research area. This research can be used as a cornerstone for new research directions, both quantitative and qualitative, on the mechanism of application of bankruptcy risk prevention methods.

Background: In contemporary economies the migrant workforce is increasing around the world and represents a challenge both for domestic economies, companies and economic flows. The emergence of the European labor market highlighted a major lack of a qualified workforce and a rapid spread of migrant workers especially in the labor intensive economic sectors. In this perceptive, by striving to attract foreign workers with unique and complementary skills, knowledge, and ideas to the workplace, managers encounter many obstacles. Purpose: The purpose of this paper is to identify challenges managers in European companies face in the process of attracting and managing migrant workers. In this article, we analyze the impact of the migrant workforce on the internal labor market transformations and identifying the main managerial challenges for the European companies and management during the attracting, mobilizing and managing the migrant workers in economic system. Study design/methodology/approach: The authors evaluate both the existent assumptions in literature and conduct a systematic review of the managerial approaches in the field. A quantitative approach was employed. The data that contains responses from 1,127 managers from ten European countries, five EU and five non-EU member states, was collected between August 2021 and April 2022. Findings/conclusions: The main study results reveal that the most common obstacles and challenges that managers face occur in the process of recruitment, socialization and integration, training and development, workplace operations, and innovation. The study recommends a permanent focus of company management on these issues. It also lays the foundations for a theoretical framework that provides a better understanding of the significance of creating efficient and specific management policies for foreign workers based on employee diversity. Limitations/future research: The present study is limited in scope as the sample only includes managers from ten countries. Each research question can represent a broad enough basis for independent research, so this work opens up the possibility for numerous researches that can be treated as a continuation and expansion of the existing work.

Background: Nowadays, studying small and medium-sized companies, particularly with regard to the management of human resources that takes place in them, is particularly relevant. Effectively, knowing that about 99.8% of companies are small and medium-sized, contributing very significantly to high levels of employability, it is extremely important to understand the role that people management assumes in these organizations, as well as which are the factors, both internal and external, that exert the greatest influence on them. Purpose: In this paper we investigate internal and external factors of small business likely to correlate with a more formal and structured human resource management. Study design/methodology/approach A conceptual model was defined through the literature on human resource management and its consistency was tested through three methodological steps (exploratory interviews; readjustment of variables with the Delphi method; multivariate statistical tests). From a survey of 186 smaller firms in Portugal, we tested conceptual model by structural equation modelling. Findings/conclusions: The analysis reveals that dimensions such as organizational structure, management and communication style, career management, organizational flexibility, organizational strategy and national culture are positively related to more formal and structured human resource management practices and policies. Limitations/future research: Due to its complexity, both at the level of the conceptual analysis and the empirical level, this study presents some limitations, namely, and among others, the complexity of the number of dimensions and variables under analysis, and the complexity of the model being tested. A broader line of research could include collecting data from employee. This analysis would allow for a different perspective of the company's procedures and would broaden some issues that are less detailed in this study.

Background: The present study was designed to investigate the use of sound symbolic mappings in fictitious brand names. Sound symbolic mappings refer to the existence of a nonarbitrary relationship between individual sounds and associations of different attributes and concepts. Given that sounds have inherent meaning in them, brand names in line with the established symbolic effects could communicate tailored messages that are congruent with consumer expectations of a product. Purpose: As perceived congruency between a product and its label is highly desirable in marketing, the study sets out to test the noted effects in brand names. It was aimed to confirm the strength of sound symbolic effects through greater preference for names with a symbolic fit with the product. Study design/methodology/approach: Two product categories were chosen, and a set of fictitious brand names were created. The names differed only on the sounds purported to convey targeted symbolic associations of salient product characteristics. The participants were presented with a forced choice task consisting of paired name samples and a stated product category for each pair. Finding/conclusions: The results confirmed the presence of sound symbolic effects as participants favoured the names with embedded symbolism. This leads to a conclusion that sound symbolism may be used to affect consumer choices based on brand name preference. Limitations/future research: Even though the study included only two products and used forced choice tasks limited on name pairs, the findings clearly imply the potential of sound symbolic mappings in creating efficient brand names. Broadening the research to other products and the service sector would surely deliver intriguing results.

Background: Data-driven decisions in each functional area of management, through all of the strategic levels, in the present time of dynamic changes in geopolitical and market conditions are necessary to achieve corporate (economic and social) goals, in line with securing future business success and sustainability. Because of this business need, we will focus in our research paper on price management, which can be seen as a supportive tool for strategic decisions, where competent decisions should be based on data-driven pricing decisions. Purpose: The aim of the research study is to identify what price consumers are prepared to pay for a new food product in a relatively saturated foreign market. The research study was conducted in the milk chocolate bar market segment. Study design: We applied the van Westendorp price sensitivity test to identify the range of acceptable prices for a product that is willing to enter a new foreign market. For this purpose, we used a milk chocolate bar product currently unknown in the Slovak market. Findings: In addition to the van Westendorp price sensitivity measurement, we used a non-parametric Mann Whitney U test to confirm the hypothesis that chocolate tasting will increase the likelihood of customers to pay a higher price for the tested product. The hypothesis mentioned above was statistically confirmed. Limitations: It is necessary to monitor customer reactions to a given price level and be prepared to optimize it. We did not address this part of the analysis in identifying a price that would be acceptable to consumers in terms of value perception, due to the scope of the study.

Background: Present the relevance of the study and highlights the key points of literature overview. Purpose: As of May 25, 2018, General Data Protection Regulation (GDPR) has become mandatory for all organizations, public or private, that handle personal data of European citizens, regardless of their physical location. Higher education institutions (HEIs), namely public universities, are no exception to this requirement and, as in many other organizations, many HEIs begin the process of implementing the GDPR without meeting the minimum conditions necessary for implementation. The purpose of this study, therefore, is to present a model to determine the level of readiness of HEIs regarding the implementation of the GDPR. Study design/methodology/approach: With the objective of designing a new artefact as a readiness model for the implementation of the GDPR, this study follows Design Science Research as an approach to be used to build the readiness model, based on a set of 16 critical success factors (CSFs) previously determined. Findings/conclusions: A readiness model was designed, based on a set of 16 CSFs related to the implementation of GDPR in HEIs. Limitations/future research: This is a new area of study that needs further development, namely through the practical application of the model, allowing the improvement of the measurement levels of the different CSFs. Practical implications: The determined readiness model allows HEIs to realize a priori if they have the necessary conditions for the implementation of the GDPR, giving useful indications of the organizational dimensions and the CSFs that compose them where better performance is necessary to ensure a successful implementation. Originality/Value: As far as we know, this is the first model of readiness based on CSFs related to the implementation of GDPR in HEIs, being therefore a first contribution to the development of this area.

Background: Digital transformation is by itself a fragmented area, due to different perspectives encountered in the literature. The research problem addressed in this paper is a general lack of consent on the content of digital transformation and the lack of a comprehensive framework for implementing digital transformation initiatives. Purpose: The aim of this paper is to identify distinct key activities of digital transformation through a systematic literature review, and in doing so contribute to defining the scope of digital transformation and the structure of digital transformation as a process. Study design/methodology/approach: This research was conducted by means of a systematic literature review, with the aim to ascertain the general structure of the digital transformation process through identification of its key activities. Finding/conclusions: A total of 19 items were identified as activities of digital transformation, which were subsequently distributed among the 6 distinct stages of the digital transformation process, in an effort to advance the understanding of the notion and the scope of digital transformation through clarification of its content. Limitations/future research: The results of this research should be instrumental for the future research aimed towards developing generic, universal guidelines for companies seeking to embark on digital business transformation journeys.

Background: To improve operational and financial policies regarding the allocation of existing and obtaining new resources, strategic decision-making, managers use indicators of financial performance. Purpose: The aim of this study is to analyze the impact of financial performance on the profitability of advertising agencies in Slovakia. Study design/methodology/approach: A sample of 88 Slovak advertising agencies was analyzed by means of regression modeling the data based on financial statements of the financial year 2020. The hypothesis that the indicators of financial performance of advertising agencies in Slovakia have an impact on their profitability is partly confirmed by the results of this research. The first proposed model was adjusted by excluding the independent variable Current Ratio, which allowed us to build the second model to explain 95.21% of the Return on Assets deviation due to the variation of the selected independent variables. Findings/conclusions: By selecting Return on Assets as a dependent variable that characterizes the financial performance of advertising agencies, research has shown that Total Assets Turnover and Firm Size have significant positive influence on it, but Debt to Equity Ratio has a negative influence. This empirically testifies the expediency of financing the activities of advertising agencies from debt resources, scaling the scope of their activities and increasing sales using innovative approaches for getting more customers. Limitations/future research: The study limitations relate to completeness of information and availability of open access to the necessary data in the published financial statements of Slovak advertising agencies. The results of this research could be applicable and beneficial for providers of capital for advertising agencies. It could be also used as a tool to determine key factors of profitability and to adjust companies' financial and operational policies.

Background: One of the key indicators of a country's macroeconomic stability is certainly inflation. During the past year, there has been a general increase in inflation in Europe. The question arises as to how inflation affects other relevant indicators of the stability of a country. One of the most important indicators is gross domestic product. Purpose: This paper analyses the effect of the inflation rate on gross domestic product in the countries of the Western Balkans for the period 2006-2021, which includes the initial period of the emerging health crisis. Study design/methodology/approach: Official data from the World Bank was used to review the analysis of the state of inflation and gross domestic product. The same data was transformed into appropriate logarithms for proper econometric modelling. The methodology used to determine the effect of the inflation rate on the gross domestic product is multiple regression analysis with the ordinary least squares estimation method. Findings/conclusions: The results of the analysis indicate a positive effect of the gross domestic product deflator on economic growth in the sample countries, while the impact of inflation measured according to the consumer price index is not significant. Limitations/future research: Recommendations for decision-makers about inflation targeting, and further methodological approaches are given as part of the research conclusions.

Background: In order to prevent the spread of the Covid-19 virus, a temporary interruption of teaching and educational activities in classrooms occurred. Most schools and faculties were forced to switch from traditional to online teaching. Purpose: This research aims to examine the key factors influencing students' intention to use e-learning, as well as predictors of student satisfaction with online teaching during the Covid-19 pandemic. Study design/methodology/approach: The analysis includes 312 students on the territory of the Republic of Serbia who use e-learning. Reliability analysis, confirmatory factor analysis and structural equations modeling are applied in the paper. Findings/conclusions: It is found that course design significantly affects perceived usefulness, perceived ease of use and quality of e-learning, and perceived usefulness and quality of e-learning are the main drivers of student satisfaction. Then, perceived usefulness, perceived ease of use and satisfaction with online teaching are important predictors of the attitude towards the use of e-learning, and attitude is an important driver of the intention to use e-learning. The results of the research and the implications derived from them can be helpful to educational institutions in creating, introducing and implementing e-learning, as well as increasing student satisfaction with online teaching during the pandemic. Limitations/future research: The limitation of the research stems from the selection of the sample (students). In addition, the research was conducted on the territory of Serbia, so the results cannot be generalized. Third, the possible bias of the respondents in giving answers can lead to wrong conclusions. The recommendation for future research is to examine the attitudes of professors who use e-learning, in addition to students. Another recommendation is to do a segment analysis (by gender, year of study) in order to develop specific strategies for each segment. Another suggestion is to compare students' opinions on e-learning and traditional ways of learning.

Background: The article presents an MCDM model based on the MEREC and WISP-S methods for pallet truck selection. Purpose: The main purpose of the study was to apply a new MCDM model for pallet truck selection in the textile workshop. Study design/methodology/approach: This article presents a simplified adoption of the Simple Weighted Sum Product (WISP) method, the Simplified WISP (WISP-S) method. The proposed method has fewer computation steps than the regular WISP method. In addition, this study proposes a new hybrid MCDM model in the literature by combining the MEREC method and the WISP-S method. Finding/conclusions: The obtained results can be achieved in a shorter time compared to regular WISP. The application of the new method is considered in this study. In order to check whether the WISP-S method achieves accurate results, the results of the WISP-S method and the results of the ROV and WASPAS methods were compared. As a result of the comparison of the results of the methods, it was observed that the WISP-S method achieved accurate results. Limitations/future research: As a direction for future research, other MCDM models can be applied for solving the same problem. When it comes to the limitations of the proposed model, it can be mentioned that the MCDM model is based on the use of crisp numbers.

Background: Many countries spend up to 1% of GDP on implementing employment policies and assisting unemployed citizens, so it is important to assess the effectiveness of spending these funds. One of the Russian federal projects focuses on increasing the level of service recipients' satisfaction. The target indicator is 90.0% of satisfied recipients by the end of 2024. Purpose: This study aims to analyze the state of employment policy implementation in Russia. Study design/methodology/approach: The information base of the study is data of two questionnaire surveys of registered unemployed conducted in 2020-2021. In 2020, 4,800 unemployed people were interviewed in order to assess their satisfaction with the services received at the employment center. In 2021, 1,000 people from this number were re-interviewed in order to assess usefulness of the provided services. The survey evaluated several parameters, which influence the recipient's satisfaction with provided state employment services. Descriptive statistics methods were used to analyze the data. Finding/conclusions: The results show that over the past 3 years, respondents have noted positive changes in the work of state employment centers - expanding opportunities to receive services via the Internet, reducing queues in employment centers, increasing the availability of information about services. Also, the respondents rate usefulness of the received services for future quite highly employment. At the same time, low speed of service delivery, a large list of necessary documents, and insufficient customer orientation of employment centers staff are still being zones for development and improvement. Limitations/future research: The limitations of the study include a small number of existing studies on this problem, as well as the sample size. In further research, it is advisable to increase the number of unemployed interviewed in order to obtain more accurate and objective assessments of satisfaction with the services provided in employment centers.

Background: The paper examines the "mysterious case of the disappearing toilet paper" during the COVID19 pandemic. Purpose: This paper describes the strategic impacts on paper and packaging supply chains due to the pandemic. Study design/methodology/approach: Structured interviews and qualitative discussions with organizational and supply chain management leaders. Findings/conclusions: Several "behind the scenes" and less well-documented supply chain impacts in the paper and packaging, and logistics industries were discovered. The critical effects observed are: (1) Impact on the manufacturing side was mitigated mainly by implementing CDC guidelines and by the willingness of industry leaders to go above and beyond to shield their employees from economic hardships. (2) The transportation sector has experienced a more severe workforce shortage, amplified by government actions before and during the pandemic. (3) Product specialization, a pre-pandemic strategy for industry participants, turned into a weakness during the pandemic due to unprecedented shifts in demand across sectors. (4) Traditional "lean" supply chain thinking is increasingly making way for a more interconnected "risk avoidance" strategic model. Limitations/future research: The research is limited to organizations in Midwest U.S.A. and one organization in Europe.

Background: The subject of the paper is lighting, which represents one of the instruments of shopper marketing. Review of the relevant literature suggests that lighting can have a significant impact on the appearance of the observed product. Purpose: The aim of this paper is to evaluate whether lighting in a retail facility affects the behaviour of shoppers on the Serbian market. Study design/methodology/approach: Data for testing hypotheses were collected from the sample on the market of Serbia. In order to collect data, an online experiment was conducted. Data were processed using repeated measures one-factor analysis of variance. Findings/conclusions: Based on the research results the conclusion is that different treatments of lighting colour and temperature affect the shoppers' perception of the quality of the observed product, but do not affect shoppers' price perception of the observed product on the Serbian market. Limitations/future research: Limitations of this research are: research on the basis of one characteristics of lighting, online research, one subject of observation, number of treatments, light source and influence of the device screen characteristics. Future research should include: research in more realistic conditions, usage of various stimulus and sources of artificial lighting and identification of the device by which the respondent accessed the questionnaire with the aim of comparison of the obtained results.

The rapid spread of new digital technologies has brought fundamental changes in the hospitality industry. The digital transformation of the hospitality industry was accelerated during COVID-19 pandemic. The impacts of the crisis have led to rethinking hospitality business models. In order to survive during the crisis, hospitality businesses has tried to find innovative solutions and transform their businesses. Therefore, this paper aims to investigate the key changes to hospitality industry business models induced by the COVID-19 crisis. A systematic literature review is provided to analyse three main business model components: value proposition, value chain, and revenue. The paper has the following findings. First, four major changes to the value proposition in the hospitality business model are identified: use of hotels as rooms/offices during lockdowns, offer of new innovative products and services, offer of digital services, and use of hotels for quarantining. Second, value chain changes include new safety measures, and changes to capacities and numbers of workers (amount of work). Third, the changes to the revenue model include fewer foreign tourist offers and more domestic offers, last-minute cancellations or postponements, and better quality and more individualized services. Policies like innovation and digital technologies, customized and flexible services, qualitative services and virtual experiences should be priorities for the future of hospitality business models. The paper has some limitations and future research should be focused on a specific hospitality business model, specific group of countries or country and showing what will happen in post-COVID-19 period.

In an increasingly competitive business environment, it has become important for business organizations to equip themselves with the latest technologies. The Internet of Things (IoT) is considered to be one of the major emerging technologies. By connecting physical objects with the internet, the IoT allows things or smart objects to operate autonomously in a context-adequate way. There is a broad range of business application domains for the IoT. However, most of the research initiatives focus on technological issues in the context of logistics, manufacturing, retailing, and healthcare. That is why it seems to be important to elaborate on application possibilities of the IoT in human resource management (HRM). The present paper aims at providing a perspective on how the application of the IoT can be used to improve core HR practices.

This study explores whether certain changes in the model of the impact that learning orientation (LO) had on innovativeness and business performance in Croatian companies occurred in the period 2016-2019. Regression and covariance analysis was used to analyse the collected data. According to the results obtained, the impact of learning orientation and its components (commitment to learning, shared vision, open-mindedness and intra-organizational knowledge sharing) on innovativeness (product innovativeness, process innovativeness and business system innovativeness) did not change statistically significantly in the period 2016-2019. The same trend was observed with respect to business performance. In this period, a statistically significant change was identified in the effect of commitment to learning and open-mindedness on product innovativeness, and in the effect of open-mindedness on business system innovativeness. Likewise, the effect of commitment to learning, open mindedness and intra-organizational knowledge sharing within the company on the qualitative effects of business performance also changed. Empirical results provide significant theoretical and managerial implications in implementing a learning orientation with the aim of increasing companies' competitiveness in the market.

Behavioral strategy is a relatively new subfield of strategic management and yet its roots go back to the origins of the discipline. Its rapid growth over the last few years, the interest created in the research community, and the intrinsically diversified approaches call for organization of the intellectual structure developed by scholars. This paper aims to provide the intellectual structure of the subject based on the published research for the entire period covered by the Social Science Citation Index (SSCI) Database. By using bibliometric and data analytic techniques, we determine the key works in the development of the subfield, the groups that determine the conceptual contributions and the bridging works that provide the common bond between them. To achieve this, we have used co-citation analysis to capture relationships. It is followed by multidimensional scaling (MDS) and a principal component factor analysis (PCFA) for displaying the groups of works that constitute the different lines of research. The study offers useful insights in the discipline and conclusions for future developments in the subject for researchers and practitioners alike.

In this paper, SWOT analysis and fuzzy Analytic Hierarchy Process (FAHP) have been employed to structure and determine the importance of all identified alternatives for developing strategic management in a local district heating plant in Serbia. Weaknesses are identified as drivers of technological slowdown in the plant. The outcome of the prioritization highlights the importance of solving challenges regarding weaknesses by relying on a variety of opportunities that emerge in the environment. The potential of restoring the equipment of the district heating plant is found to be the most important alternative for strategic development.

Tourism plays an increasingly important role in the economic flows of each country. Recognizing the tourist potential of AP Vojvodina is an important task for the creators of the economic policy of our country. In order to make a favourable tourism environment with quality tourist content and products, it is necessary for tourist entities to operate stably and successfully. The aim of this paper is to highlight the importance of financial performance of firms in tourism sector in terms of profitability. The subject of the paper is to analyse the effects of internal factors on profitability level of 3456 firms in tourism sector in AP Vojvodina for the period 2015-2019. The results of the analysis indicate that observed firms were profitable during the analysed period, where average ROA was 1.81% and average ROE was 3.4%. Empirical analysis shows that internal factors such as firm size, sales revenue, earnings before interest and taxes and financial stability have positive impact on profitability, while liquidity and debt negatively affect the profitability of firms in tourism sector.

Background: The evolutions of the inputs price and investment indices of the products in agriculture are not only determinant elements in understanding the fluctuations of the food price and the market instability, specific to the agricultural sector but also affects the agricultural production and traceability. Analyzing the European evolutions of the inputs price indices of agricultural products offer the possibility to understand the main trends and tendencies in the agricultural system by reviling the main trend tenancies during a nine year period long. Purpose: The main aim of the study is to investigate the evolution of input price indices of agricultural products in order to underline the specific patterns, trends and implications of the agricultural policies. In addition, the research pays a special attention to the investigation of the Romanian agricultural policy evolution on the most relevant time frame of economic conformity with the European agricultural model. The descriptive analysis is based on the specific annual datasets of price indices of the means of inputs in agricultural production, and the index of real prices of goods and services for investments in agriculture during 2008 - 2017, reported to 2010 as the baseline year. Findings/conclusions: The analyses confirms that the agricultural sector evolution has generated significant input and investment prince changes and unprecedented trend evolutions that led to the massive changes on the agricultural pattern. We strongly advocate and recommend for promoting a solid capacity and durable agricultural production systems and policies through sustainable and long term investments in order to avoid disruptive tendencies in the agricultural market system. Limitations/future research: The research explore the evolutions of the inputs price and investments indices of the products in the European agriculture only form the descriptive analysis without covering an extensive framework or considering other additional variables which consist the main limitation of this study. In a future research the authors will address and extend the research framework by inserting additional variables and items and propose a large and integrative model of analysys.

Owing to its high promises for improving learning support, teaching, and learning outcomes in higher education, learning analytics has captured much interest from both academics and practitioners over the last several years. Considering that it is rooted in several disciplines, researchers and practitioners have approached learning analytics from a range of perspectives. Although many studies concerning learning analytics have highlighted its great potential for improving learning practice, there is little evidence of successful transfer of the suggested potential into the practice of higher education happening. This clearly indicates a need for rethinking many aspects of learning analytics usage: first, the goals that can be achieved, but also the actions necessary to attain these goals. The aim of the descriptive research presented in this paper is to provide an updated and realistic view of the state of the art in learning analytics, its potential benefits, and tangible challenges that need to be overcome for a successful application of learning analytics as educational technology.

The paper points out the leading role of the HR department in crisis situations, with special emphasis on the crisis caused by the COVID-19 pandemic, which affected the whole world in early 2020. Regardless of the intensity and form in which they occur, crises threaten the functioning and survival of organizations. The HR department is an important factor in the successful functioning of organizations and, in a period of crisis, this department takes a leading role in the process of crisis management and subsequent recovery. During COVID-19 pandemic, the HR department of every organization had to confront new challenges in order to protect the health of employees, while ensuring the normal functioning of organizations. In order to find out how this department dealt with crisis that occurred, empirical research with a specially designed questionnaire was conducted and filled in by 108 respondents from Serbia, Bosnia and Herzegovina, and Croatia in 2020. The research results showed that HR department has taken a leading role in preserving the health and safety of employees, as well as in the process of adapting organizations to function in crisis conditions. According to results, the key activities carried out by the HR department in organizations are work from home (wherever the nature of the work allowed), flexible working hours, reorganization of the working space to achieve the required physical distance between employees, improved hygiene measures, etc. In addition, the research results showed that, during the global COVID-19 pandemic, the HR departments took an active role in providing psychological assistance to employees to adapt to new conditions and ways of working.