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The aim of this paper is to analyse three approaches in order to give a comprehensive analysis of the efficiency of the banking sector in Serbia. The paper analyses the intermediate, operating and profitability approach for measuring bank efficiency in order to give an answer to the question which is the most efficient and where can be improvements made. The paper applies a non-parametric data envelopment analysis (DEA) on a sample of 23 banks operating in Serbia in the period during and after the covid-19 pandemic, i.e. for 2019, 2020 and 2021. The results of the analysis showed that efficiency is the highest according to the intermediate approach, while the efficiency of banks is the lowest in the approach of measuring profit efficiency. The fact that the lowest levels of efficiencies in each approach were achieved by small banks with a small market share should be added to the results of the analysis. The results of the research are certainly influenced by low interest rates and the activities of mergers and acquisitions, which are intensive on the Serbian banking market.

The aim of the work is to investigate the impact of the pandemic caused by the covid-19 virus on certain forms of insurance in tourism in the market of the Republic of Serbia. The field research was conducted in the period from January to July 2022, and the subject of the research was to investigate the impact of the COVID-19 pandemic on the number and type of insurance plans, the amount of the premium, and the dynamics of insurance in tourism in the Republic of Serbia. The methods used in the work are the inductive-deductive method, the method of analysis and synthesis, the method of observation, the method of comparison, and the statistical method. The research has led us to the conclusion that certain forms of insurance in tourism did not resist the challenge of the pandemic, which confirmed the basic research hypothesis H1. The results of the research indicate that the most dynamic changes relate to tour operator guarantees and travel health insurance, and the importance of the research lies in the fact that it offers practical insights into the matter much needed for insurance researchers, insurers, policyholders, and others looking for solutions to risks associated with the pandemic.

The motif of a single-headed and double-headed eagle first appeared in Serbian medieval art under the influence of the Byzantine Empire or Christian tradition. This motif was used by the Byzantine Empire as a symbol of royal dignity and as a representation of saints. Since the eagle is regarded as a symbol of Jesus Christ, the resurrection, the Holy Evangelist John, and etc., Christian influence is more visible in literature. The use of the eagle as a motif in Raška was heightened during Grand župan Stefan Nemanja's reign and continued through his successors. Studenica monastery depicts both single-headed and double-headed eagle motifs. A single-headed eagle is a fresco painted in a double circle, and a doubleheaded eagle is a fresco painted as kolasta azdija, which represents a motif of golden double-headed eagles in double circles. Kolasta azdija can be found on the gowns of King Stefan the First-Crowned and his son King Radoslav in the Žiča monastery. A motif of a red double-headed eagle was also used as a decorative element of the St. George's wall and cloak. At Mileševa monastery, golden encircled double-headed eagles adorned the gowns of King Stefan the First-Crowned and his sons Radoslav and Vladislav. The motif of single-headed eagles in circles can be found as a unique example on Knez Stefan's gown in the Morača monastery. An eagle can be found as a motif in manuscripts, on the seal, and as part of the church's interior decoration. During King Uroš I and his successors' reigns, double-headed eagles vanished as a symbol of royal dignity, but they remained as a Christian symbol until the end of the XIII century.

A large series of disubstituted fulleropyrrolidines was synthesized and analyzed by cyclic voltammetry. The three main groups of target compounds differ by a flexible N-chain, while their further diversity was achieved by the introduction of various rigid, aryl substituents at the pyrrolidine carbon. Some dialkyl analogues were also designed for comparison, A standard [3+2]- cycloaddition of in situ generated azomethine ylides to C60 afforded a variety of disubstituted fulleropyrrolidines. Furthermore, a set of dumbbell-shaped di(fulleropyrrolidine) derivatives containing rigid fumaryl or isophthaloyl diamide platform was prepared with the aim of investigating a long-range effect of the second fulleropyrrolidine moiety on their electrochemical properties. All compounds were fully characterized by comparative analysis of spectral data, while examination of electrochemical properties was performed on representative samples, distinguished by main structural subunits. All compounds expressed quite similar electron-accepting ability, lower than C60, but higher in comparison to structurally similar N-methylfulleropyrrolidine.

This paper aims to identify, evaluate, and analyze determinants of the profitability of food enterprises from the Republic of Serbia. The paper determines the nature of the relationship between defined determinants and profitability by applying a panel regression model on a sample of 189 small, medium, and large food enterprises from Serbia in the period from 2011 to 2021. The analysis results showed that the profitability of food enterprises is positively influenced by liquidity and sales growth rate. On the other hand, the indebtedness, size, and materiality of assets have a negative impact on the profitability of food enterprises. Of all analyzed variables, only liquidity does not affect profitability at a statistically significant level. The results of the analysis should be added to the fact that smaller food enterprises, with a lower degree of indebtedness and a smaller share of fixed in total assets, achieve a higher degree of profitability. [ABSTRACT FROM AUTHOR]

The portrait of grand knez Vukan, the only modern and fragmentarily preserved one, was located on the North wall of the tower of the main entrance to the Studenica monastery. It is assumed that there was a composition on the North wall of the main entrance in which Simeon with his three sons approaches the Mother of God and Christ. There is a possibility that Vukan, as one of the ktetors of Studenica, was shown in the ktetor's composition. Since then, Vukan has been shown only with Stefan in compositions that illustrate scenes from the Life of Saint Simeon, in Radoslav's narthex and monasteries Gradac and Sopoćani. Due to the usurpation of Stefan's supremacy, Vukan became a sinner who broke his father's vow to live in harmony with his brother. However, after the end of the civil war, the brothers reconciled: Vukan repented for everything that he had done, and Stefan forgave him everything. The peace between them was established by Sava's arrival with the relics of Saint Simeon. Saint Sava arranged the reconciliation of the brothers, and he laid the ideal of brotherly love and harmony in the basis of the ruling ideology of Nemanjić's dynasty. He wanted to emphasize this through paintings, fitting the portraits of his brothers into the iconographic program of the frescoes of the Studenica monastery, and he introduced their names in the founder's inscription. After the frescoes created in 1208/9. Vukan was painted where it made sense, as someone who, in agreement with his brother Stefan, transfers theirs father's relics. Since he does not belong to the main lineage of the dynasty, his portrait wasn't painted in the family compositions of Nemanjićs in the 13th century.

The adoption of guidelines by the National Bank of Serbia in the field of insurance enabled the creation of conditions for a safe and stable insurance market. Thus, the analysis and monitoring of liquidity is covered by CARMEL indicators based on the methodology of the IMF. By quantitative determination and interpretation of the obtained values of liquidity indicators (in the case of two insurance companies in Serbia), insurance companies can fulfill their goals to maintain liquidity and financial stability in a quality, serious, scientifically founded and practice-based manner.

The paper discusses the role of teachers in the identification and support of musically gifted students. The goal is to point out the role of teachers in the identification and support of musically gifted students, but also the importance of timely discovery of musically gifted students for the development of musical abilities. Musical giftedness is the earliest of all giftednesses. The role of the teachers in the identification of musically gifted students is great and of great importance for the further advancement and development of musical abilities. It is the teacher's responsibility, but a great challenge, to design and implement more complex musical activities that encourage and direct the development of musically gifted students. In this regard, the teacher should encourage students to engage in music ‒ sing more complex songs, listen to quality musical works, play children's musical instruments, but also refer them to activities within children's musical creativity. Methodical instructions for the realization of certain musical activities are given in the paper. [ABSTRACT FROM AUTHOR]

In this study, we aimed to identify the factors of the greatest impact on the banking sector liquidity in order to support agricultural business. The main goal of the research is based on the assessment of whether and how the variation of macroeconomic factors affect the exposure of the banking sector to liquidity risk, which is determined by the willingness of the banking sector to respond to the growing financial needs of agriculture. By using the appropriate statistical methods such as correlation and multiple regression analysis, we obtained significant results that can form the basis for monitoring and measuring il/liquidity of the banking sector in relation to the real agricultural sector. The obtained results confirm inflation and unemployment rates as determinants of liquidity in the banking sector. More importantly, this can help to plan, i.e. predict the funds for agricultural sector.

Small and Medium-sized Enterprises and Entrepreneurs (SMEE), as a Sector, can take on a major role in agricultural development of the Republic of Serbia. However, in order to develop these enterprises, it is necessary to provide financial resources for their establishment and development, as well as appropriate business advisory support. This paper analyzes the issues regarding agribusiness companies financing, and interprets the use of advisory services. The aim of this analysis is to prove that small and medium-sized enterprises, entrepreneurs and farmers in particular, have limited access to financing and advisory services compared to larger companies. A survey that included 119 companies was conducted during this project. The obtained responses were stratified according to company size into three groups: entrepreneurs and farmers, small and medium-sized enterprises and large enterprises. The results showed that there were statistically significant differences between entrepreneurs and farmers, small, medium and large enterprises in most of the monitored parameters.

For most companies, before their business and financial activities become stable and relatively predictable, traditional funding sources are expensive and difficult to obtain. Adverse conditions in the capital markets represent an almost insurmountable obstacle to finance the company through the issuance of debt and equity securities as the case of companies which are not quoted on the stock exchange. Lack of understanding for entrepreneurs by standard lender creates a bottleneck to business ideas into reality. The aim of this paper is to awake interest in the business financing venture capital funds, which is an alternative for traditional forms of inancing. Risk capital is the capital that comes from specialized funds with a strategy of investing in innovative small and medium-sized businesses that have high growth potential. Although funds are primarily driven by the idea to make a large profit, it may be noted that almost every investment fund contributed to the development of individual sectors or the economy as a whole. A number of countries invested efforts to promote the activities of venture capital, innovation and entrepreneurship and thus counteract the recession carried by the global economic crisis. Venture capital in the United States over the years proved to be a significant driver of economic development. The European Union has recognized its importance and may in the future expect dynamic growth of venture capital in the entire territory of Europe. Unenviable economic situation, a series of administrative problems and high tariffs quoted Serbia as the fifth country among the former states of the Socialist Federal Republic of Yugoslavia, the attractiveness of venture capital, leaving behind only Montenegro. This paper will analyze indicators of economic activity of the country, taxation, entrepreneurial culture, depth of a capital market, the social environment and the protection of investors, who make the business environment more attractive for venture capital investors. Key factors will present alarming situation in Serbia to the carriers of economic policy.

Cultivated alfalfa (Medicago sativa L.) is a highly productive forage crop with great economic potential. Our objectives were to investigate the effects and interactions of environment, harvest maturity stage, seeding rate and cultivars on alfalfa dry matter yield and quality. The field experiment was carried out over 2010-2012 at the Experimental Field of Institute of Field and Vegetable Crops in Novi Sad, at two locations: (I) Čenej, and (II) Rimski Šančevi, which were characterized by a contrasting soil condition. The experimental treatments included two seeding rates of 8 and 16 kg ha-1, three different harvest maturity stages of alfalfa, and four alfalfa cultivars included as a subplot in every treatment. Harvesting alfalfa five times within a year (cutting in the beginning of flowering) in the second and third year of stand life is the most efficient harvest regime that allows full exploitation of cultivar genetic potential and environmental conditions. There was no difference in yields between harvests at early and full flowering stage (15.9 t ha-1). Data related to forage quality components show increase of nutritive value when harvesting alfalfa in earlier maturity stage.Maturity stage in the moment of harvesting significantly affected all quality parameters. The results obtained suggest that in a temperate climate of Southeast Europe there is little justification for planting higher seeding rates of alfalfa varieties under good establishment practices. Increasing seeding rates above 16 kg ha-1 does not provide a long-term boon in alfalfa production. [ABSTRACT FROM AUTHOR]