ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL <p>We are proud to present the magazine <strong>"ECONOMICS”</strong> Innovative and Economic Research Journal Oikos Institute in Bijeljina that comes out, continuously, twice a year. Oikos Institute is dedicated to the constant development of the journal.</p> <p>Based on the decision of the Ministry of Education and Culture of the Republic of Serbian, number 07.030-053-50-11 / 13 of 06.03.2013. year, approved the registration of "Oikos Institute" doo Bijeljina in the register of publishers, numbered 383 rd.</p> <p>Starting from the fact that most of the economic progress is based on innovation, ECONOMICS - Innovative and Economic Research Journal has focused primarily on knowledge economy and innovation. Only unpublished papers, that represent original scientific research, which contribute to the knowledge economy and innovation, are published in the journal.</p> <p>The reason is very simple: nothing happens in the world economy without being fundamentally connected with technological changes. Innovation is a key driving force that accelerates all kinds of social changes. Innovations and changes within the fourth industrial revolution are the most famous in the world of new technologies that shape the global economic and technological structure, international and local markets, as well as the entire socio-cultural system.</p> <p>The editorial board is edited by eminent professors and associates, as well as renowned scientific and research workers from the country and abroad.</p> <p>All published scientific papers subject to mandatory review by two independent reviewers. Accepted papers are published in English.</p> en-US (Zoran Mastilo) (Zoran Mastilo) Tue, 13 Dec 2022 18:27:15 +0100 OJS 60 ANALYSIS OF THE IMPACT OF MACROECONOMIC FACTORS ON REAL ESTATE PRICES IN BOSNIA AND HERZEGOVINA <p>Economic theory and practice are not acquainted with any unique set of<br>macroeconomic factors that affect real estate prices. The very complexity of<br>this phenomenon relativizes any attempt to establish an unchanged list of<br>macroeconomic factors in BiH. The aim of the research in this paper is to analyze<br>the impact of selected macroeconomic indicators on real estate prices in BiH, in<br>the period from 2007 to 2019. Out of numerous macroeconomic factors that affect<br>real estate prices (real estate prices are viewed as: the value of construction works<br>done and as the value of new dwellings - new construction), 12 macroeconomic<br>factors were singled out: nominal gross domestic product, real GDP growth<br>rate, industrial production growth rate, GDP per capita, average net wages,<br>imports and exports, household deposits in commercial banks, interest rate<br>(housing loans, annual, %), loans to households, household final consumption<br>expenditure, gross fixed capital formation and government final consumption<br>expenditure. Starting from the hypothesis that macroeconomic factors affect<br>real estate prices, it has been concluded that the selected factors significantly<br>determine real estate prices and that most of the predictor variables defined in<br>the model are significant, in terms of impact on the movement of GDP and real<br>estate prices in Bosnia and Herzegovina in the period analyzed. The greatest<br>impact on real estate prices is by household final consumption expenditure,<br>GDP per capita, nominal GDP, interest rate, household deposits and real GDP<br>growth rate. The research used factor analysis (reduction of macroeconomic<br>factors to the optimal number of factors that explain the analyzed phenomenon<br>and its impact on real estate prices) and an extended multiple linear regression<br>model with a statistical software program SPSS, version 21. Modeling the impact<br>of macroeconomic factors on real estate prices has macroeconomic effects<br>and benefits for the country and contributes to the growth and well-being of<br>operators in the real estate market.</p> Dragan Stanković Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Mon, 03 Oct 2022 00:00:00 +0200 FACTORS OF INVESTMENT IN RENEWABLE ENERGY AND ENERGY EFFICIENCY IN ALGERIA <p>Our paper aims to identify the most important factors determining companies’ decision to invest in the energy transition in Algeria. Energy transition has been many governments’ main topic of interest over the last decades, climate change has led many of them to establish long-term plans for a successful energy transition; these plans aim to reduce greenhouse gas emissions following the guidelines of the COP21. Through a quantitative approach, we have addressed a questionnaire to different companies operating in Algeria and have obtained a total of 117 responses. The results show that financial, technical and regulatory factors have minimal impact on companies' decision to invest in renewable energy and energy efficiency in Algeria. Further studies should explore other investment factors to help accurately determine those that significantly impact companies’ decisions to invest in Algeria’s renewable energy and energy efficiency. Furthermore, targetting one sector at a time and exploring the alternatives of foreign direct investment in renewable energy can result in higher efficiency.</p> Manal Soulaf Chikhi, Mehdi Bouchetara, Messaoud Zerouti Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Fri, 02 Dec 2022 00:00:00 +0100 GLOBAL ECONOMY AND POLITICS IN VIEW OF INCREASING CONTROVERSIES <p>Asistant Editor in Chief of ECONOMICS, Innovative and Economics Research<br>Journal</p> <p><br>At the end of the third year of the pandemic (COVID-19), in light of great controversies that the<br>world is still facing, the global economy and society are simultaneously affected by only some<br>favorable circumstances, but also extremely adverse trends and worrying phenomena. It is as if the<br>extremely long-lasting health and safety crisis turns into some other forms and periods of crises,<br>which constantly continue one after another: a growth crisis, a money crisis (a crisis of the world’s<br>leading currencies caused by inflation), an energy crisis, a geopolitical crisis, etc.</p> Petar Đukić Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Thu, 08 Dec 2022 00:00:00 +0100 A MULTI-CRITERIA APPROACH TO THE COMPARATIVE ANALYSIS OF THE GLOBAL INNOVATION INDEX ON THE EXAMPLE OF THE WESTERN BALKAN COUNTRIES <p>Innovation is crucial for the competitiveness of countries in the global market.<br>Countries oriented to progress must invest in innovative activities. Using the<br>example of the Western Balkan countries, this study investigated their innovative<br>competitiveness. The indicators of the Global Innovation Index (GII) were used<br>for the years 2019, 2020, and 2021. A multi-criteria approach was based on the<br>innovative SMART approach. The weights of the criteria were determined using<br>the CRITIC (criteria importance through intercriteria correlation) method,<br>while the CRADIS (compromise ranking of alternatives from distance to ideal<br>solution) method ranked the Western Balkan countries according to their<br>innovative characteristics. The results showed that Montenegro had the best<br>innovation indicators, followed by Serbia, while Albania had the worst indicators.<br>This research showed an innovative approach of using four normalizations, and<br>the advantages of these normalizations were used to contribute to stabilization in<br>multi-criteria decision-making.</p> Ilija Stojanović, Adis Puška, Marko Selaković Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Thu, 08 Dec 2022 00:00:00 +0100 IMPACT OF ENERGY INNOVATIONS ON THE UKRAINE’S ECONOMY: STRATEGIC DIRECTION AND MANAGERIAL PRACTICES <p>Diversification of energy sources and innovative development of the energy<br>sector are one of the main directions for ensuring sustainable development<br>and decarbonization of the economy. The aim of the article is to identify<br>connections and interactions between the parameters of energy innovation<br>development and economic growth. Factor analysis was used for this purpose.<br>The results and conclusions determine the most influential factors among the<br>5 components identified in accordance with the functional areas of innovative<br>development of the national economy in energetics. The analysis allowed to<br>identify the main trends in the development of factors, which allowed to identify<br>positive and negative changes. The regularities of the influence of certain factors<br>on energy innovations have been determined, which has allowed to provide<br>recommendations for their further development and regulation.</p> Olena Trofymenko, Olha Ilyash, Serhii Voitko, Tetiana Dluhopolska, Serhii Kozlovskyi, Svitlana Hrynkevych Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Thu, 08 Dec 2022 00:00:00 +0100 SUPPLY CHAIN DYNAMICS AFTER THE COVID-19 PANDEMIC AND STOCK MARKET PERFORMANCE: EVIDENCE FROM THE US <p>Supply chain risk is a strategic issue for managing multinational companies,<br>and Covid-19 has shown the relevance of this type of risk for the firm's survival<br>probability. The market may perceive the choice of replacing some of the main<br>customers or suppliers as an increase or a decrease of the risk based on the features<br>of the new supply chain members, and markets tend to penalize companies that<br>increase their exposure to unaffordable events. During the pandemic, many<br>supply chains suffered from glitches and companies were obliged to redefine<br>their network by selecting their new strategic customers and/or suppliers.<br>The paper evaluates the supply chain composition strategies of a set of<br>multinational companies based in the US during the last decade. It highlights<br>the differences in supply chain management behavior before and during<br>the pandemic. Data collected allow testing the impact on the stock market<br>performance of modifying the supply chain network by adding new members<br>that may have a different level of risk. Results show that the market reaction to<br>supply chain updates changed after the Covid-19, and nowadays there is greater<br>attention on the credit risk of the new companies entering the supply chain.</p> Lucia Gibilaro, Gianluca Mattarocci Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Mon, 03 Oct 2022 00:00:00 +0200 DIGITAL WORKPLACE TRANSFORMATION: INNOVATIVE APPROACH AFTER COVID-19 PANDEMIC <p>COVID-19 had undoubtedly speeded up adoption of digital technologies. Most<br>of the theoreticians agree that changes that happened in the pandemic period<br>would not happen in the next several years or even decades. There is almost no<br>business operation that has not been affected by the pandemic, from customer<br>relation and sales to supply chain. It influenced different business sectors<br>leaving permanent change and making a significant proportion of organizations<br>working in at least hybrid mode: combining digital and traditional pre-pandemic<br>ways of working. COVID-19 had significantly changed the workplace and way<br>of working. Workplace has shifted to digital or at least hybrid and employees<br>and companies have adopted new ways of working, including usage of digital<br>technologies but also accepting more agile and flexible procedures and rules.<br>The research community has followed this phenomenon and tried to provide<br>best possible recommendation to it accordance to recognized research methods.<br>The paper provides a systematic literature review of the most significant scientific<br>and industry publication in the years after the pandemic start. It is based on<br>Kitchenham methodology of the systematic review with selected publication<br>from recognized bibliographic databases. First part provides general effects of<br>the pandemic to digital transformation of businesses all over the globe, mostly<br>connected to analysis of the employees’ workplace preference. The second part<br>is focused on digital workplace transformation and presents key theoretical and<br>professional findings in the post-pandemic workplace. This part is consisted of<br>the preview of benefits of the digital workplace transformation, identification of<br>critical success factors and the most significant challenges of the process.</p> Ljubiša Mićić, Zoran Mastilo Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Sun, 14 Aug 2022 00:00:00 +0200 CHANGES IN THE INTERNATIONAL WINE TRADE AND POLICIES FOR THE PROMOTION OF MOLDOVAN WINES <p>From an economic perspective, the COVID-19 crisis has been an exogenous<br>shock to most local and international markets. Due to the COVID-19 pandemic,<br>physical separation (or social distancing) to prevent the spread of the virus<br>has led to feelings of isolation and loneliness, increasing the prevalence of<br>depression, anxiety, post-traumatic stress disorders, and insomnia in the<br>population. However, during the lockdown, technological devices have provided<br>a way for people to maintain social connections with friends, family, their social<br>networks, and/or the wider community. This article analyzes the changes on<br>the international wine market and estimates the exports of Moldovan wine,<br>especially in the neighboring region, which includes Romania, Ukraine and<br>Bulgaria to Nigeria, considered a new market and characterized by the lack of<br>traditions in wine consumption.</p> Ugbo Johnbull Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Sun, 14 Aug 2022 00:00:00 +0200 NEW APPROACH TO ESTIMATING MACROECONOMIC DETERMINANTS OF INFORMAL EMPLOYMENT <p>Informal employment is a less favourable type of employment whose levels<br>policy makers usually want to decrease and move these workers in the formal<br>part of the labour market. It is more commonly found in LDCs and in developing<br>economies, than in developed ones. This paper uses a cross-section multiple<br>regression analysis to check the effects of multiple macroeconomic variables on<br>the size of the informal labour market. The sample is made out of economies<br>for which ILO has published data about the share of employment outside the<br>formal sector, excluding the economies that receive aid from IDA, using 2017,<br>2018 and 2019 data from the International Labour Organization and other<br>international organizations. Results show that macroeconomic variables do not<br>have significant explanatory power, except for unemployment rate, exports and<br>GDP growth rate.</p> Nikola Vidović, Vladana Ritan Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Sun, 14 Aug 2022 00:00:00 +0200 CUSTOMER CHURN PREDICTION MODEL: A CASE OF THE TELECOMMUNICATION MARKET <p>The telecommunications market is well developed but is characterized by<br>oversaturation and high levels of competition. Based on this, the urgent problem<br>is to retain customers and predict the outflow of customer base by switching<br>subscribers to the services of competitors. Data Science technologies and<br>data mining methodology create significant opportunities for companies that<br>implement data analysis and modeling for development of customer churn<br>prediction models. The research goals are to compare different approaches and<br>methods for customer churn prediction and construct different Data Science<br>models to classify customers according to the probability of their churn from<br>the company's client base and predict potential customers who could stop to<br>use the company's services. On the example of one of the leading Ukrainian<br>telecommunication companies, the article presents the results of different<br>classification models, such as C5.0, KNN, Neural Net, Ensemble, Random Tree,<br>Neural Net Ensemble, etc. All models are prepared in IBM SPSS Modeler and<br>have a high level of quality (the overall accuracy and AUC ROC are more than<br>90%). So, the research proves the possibility and feasibility of using models in the<br>further classification of customers to predict customer loyalty to the company<br>and minimize consumer’s churn. The key factors influencing the customer<br>churn are identified and form a basis for future prediction of customer outflow<br>and optimization of company’s services. Implementation of customer churn<br>prediction models will help to maintain customer loyalty, reduce customer<br>outflow and increase business results</p> Yana Fareniuk, Tetiana Zatonatska, Oleksandr Dluhopolskyi, Oksana Kovalenko Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Fri, 11 Nov 2022 00:00:00 +0100 INNOVATION IN TOURISM AS A MODEL OF RECOVERY IN THE POSTPANDEMIC PERIOD <p>The COVID-19 virus pandemic has influenced tourism policy makers to change<br>their decisions and management methods due to the new challenging situation.<br>The inability to establish normal tourism business, due to difficult mobility of<br>tourists and unfavorable epidemiological situation, has led to finding various<br>innovative solutions that could help improve results in tourism. In addition to<br>improve the current situation, the innovations introduced during the pandemic<br>were aimed at bringing certain changes in the coming period, when the tourism<br>industry is not burdened by the pandemic, which will accelerate the growth<br>of the tourism economy. The main goal of this paper is to point out certain<br>models of implementation of innovative solutions, which could affect the more<br>dynamic development of tourism in Montenegro. The subject of research in this<br>paper are innovations in tourism and their application with special reference<br>to Montenegro. Montenegro has not yet fully recognized the importance of<br>introducing innovations in tourism, so the next period should be dedicated to<br>their implementation. The tourist offer of Montenegro should be enriched by the<br>introduction of new specific forms of tourism, in order to adequately meet the<br>demands of the main emitting markets. In addition to the innovative tourist offer,<br>solutions should be sought in the integration of digital and virtual technologies<br>into marketing functions, because the modern tourist business is increasingly<br>relying on these technologies. Research has shown that it is necessary to work on<br>creating new strategies and plans that will more studiously deal with this issue.</p> Rade Ratković, Milica Jablan, Milan Liješević Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL Thu, 13 Oct 2022 00:00:00 +0200