FBIM Transactions
Editor
Zoran Čekerevac








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In the next issues


In the next issues of FBIM Transactions, among others, we will publish:
(To read the abstract of the paper, please, click the title of the article)

  1. Radomir Salic
    CONTINUOUS FALL OF BELGRADE STOCK EXCHANGE AS A RESULT OF LACK OF QUALITY COMPANIES IN SERBIA

    To read the article before publishing click here

  2. Zoran Todorovic
    CRITERIA FOR BANKING BASEL COMMITTEE BASEL III

    To read the article before publishing click here

  3. Zeljko Milovanovic, Marko Todorovic and Milan Stojanovic
    INFORMATION TECHNOLOGIES AS THE DEVELOPMENTAL LEVERAGE OF CONTEMPORARY HOTEL MANAGEMENT

    To read the article before publishing click here

  4. Milan Stojanovic, Zeljko Milovanovic and Marko Todorovic
    DIGITAL TRANSFORMATION OF HOTELS IN THE TERRITORY OF THE MUNICIPALITIES OF BOR AND ZAJEČAR

    To read the article before publishing click here

  5. Semsudin Plojovic, Suad Becirovic, Enis Ujkanovic, and Senadin Plojovic
    POSSIBILITIES OF APPLICATION OF INFORMATION TECHNOLOGIES IN ORDER TO IMPROVE YOUTH SPORTS IN SERBIA

    To read the article before publishing click here

  6. Zoran Cekerevac and Jelena Maletic
    EVALUATION AND SELECTION OF VARIANTS OF LOGISTICS PROJECTS

    To read the article before publishing click here

  7. Ludmila Prigoda, Zoran Cekerevac and Vera Kiseleva
    SOURCES OF FINANCING OF INNOVATIVE BUSINESS: VENTURE CAPITAL FUNDS

    To read the article before publishing click here

  8. Zeljko Mateljak
    INTERDEPENDENCE TYPES MANAGEMENT AND LEVEL OF MOTIVATION IN HOTELS OF SPLIT-DALMATIA COUNTY

    To read the article before publishing click here

  9. Jelena Maletic and Veljko Radicevic
    SOME ASPECTS OF AUTOMATIZATION OF THE SUPPLY CHAIN

    To read the article before publishing click here

  10. Dragana Djergovic
    LEADERSHIP CHALLENGES IN THE 21ST CENTURY

    To read the article before publishing click here




CONTINUOUS FALL OF BELGRADE STOCK EXCHANGE AS A RESULT OF LACK OF QUALITY COMPANIES IN SERBIA

Radomir Salic

Accepted for publishing: 25.10.2017

Abstract
All developed Western countries rest on the market economy in the presence of the stock market and the free flow of capital, unlike Serbia, where such rules do not prevail and where the liquidity almost dried off at the stock exchange, while securities (shares) were reduced to a miserable level for which there would be enough only a few brokerage houses. Smaller broker companies have long since left their jobs due to lack of work, surviving probably the biggest crisis since the stock market in Serbia exists. Price indices record unsuspecting records reaching their historical minimums. Low liquidity, along with the debatable quality of investment alternatives, left Serbia's market essentially beyond the reach of global investors, and domestic specifics did not stimulate the status of stock exchange operations in Serbia. The Belgrade Stock Exchange has a tendency for years to fall in terms of: turnover, realized stock exchange index and stock prices. However, it is difficult to expect that the stock market will develop itself in a non-market environment, and much of the responsibility lies with the state that has not at least promoted shareholder and stock exchange operations. Companies are increasingly withdrawing from the Belgrade Stock Exchange, primarily due to the fact that they have come to this market through legal coercion and have failed to take advantage of the capital markets, such as raising capital, improving management efficiency, strengthening the image. The results of this study show that the yields of almost all of the shares are highly dependent on the yield on the market, that is, the linear correlation coefficients between yields on the shares and market rates of return are positive, that non-banking corporations generate higher beta coefficients than banks, that is, they are more sensitive than banks on the changes and that they can make returns on the basis of beta coefficients, and that the actions of non-banking corporations are offensive, and the actions of banks are defensive. Solutions to the problem could be in: the need of the state to sell all public companies and public companies to appear on the stock exchange, that the public offering of sales is implemented on the Belgrade Stock Exchange, for example, shares, still some quality companies that are not yet quoted on that the existing shareholders (owners) of different types of companies (mostly Doo) and new founders are increasingly suggesting the founding of joint stock companies as the most suitable form of companies for the collection of capital, and ultimately, the suggestion to the Government and the State Assembly would be that future regulations , all companies that receive ownership of the privatization of state-owned enterprises make it impossible to abandon shareholding or to determine the conditions that will force them to give up such intentions.

Keywords:
stock exchange, stock index, shares, liquidity, beta

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CRITERIA FOR BANKING BASEL COMMITTEE BASEL III

Zoran Todorovic

Accepted for publishing: 06.01.2018

Abstract
Banks are financial institutions that exist for many years. Considering the banks' operations throughout history, it is possible to state that they are faced with big problems. Business problems you were so great that a large number of banks out of business. Thus, the basis of the prosperity of a particular state but doing business is healthy and stable financial system. In order to create a stable financial system, governments of developed countries in 1974 established the Basel Committee. This authority allows the orderly cooperation of member States in matters of control of financial institutions. The means by which they were given guidelines for control and successful business banks have agreements. From its inception until today, the Basel Committee issued three agreements Basel I, Basel II and Basel III. The subject of this work is the Basel III agreement.

Keywords:
The Basel Committee, agreement, bank, Basel III

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INFORMATION TECHNOLOGIES AS THE DEVELOPMENTAL LEVERAGE OF CONTEMPORARY HOTEL MANAGEMENT

Zeljko Milovanovic
Marko Todorovic
Milan Stojanovic


Accepted for publishing: 11.01.2018

Abstract
Information technologies have been changing the way people work and live, but simultaneously, they have also been changing the very structure and manner of business doing of contemporary enterprises. Those who do not adapt - no matter whether they are individuals or business entities - will call into question their own existence, as well as their successful functioning in the newly-created business and technological environment. Business doing based on information technologies helps hotel enterprises to cope with the challenges imposed by the new era. Technologies provide hotels with new tools, as well as with new challenges they should be coping with. More than in the majority of other activities, hotels rely on collecting, processing, analyzing and providing data so as to satisfy the buyer’s needs. Given the significance of information in hotel management, it does not surprise that it is exactly hotels that are among the first buyers of automated data processing technology. It has enabled hotels to develop the cheaper and better techniques that enable a quick flow of information between the user and the provider of the tourism offer. That is supported by the fact that, today, more and more reservations are being made via the Internet and the GDS systems. The subject matter of the research conducted in this paper is information technologies, their changes and the role they play in the development of hotel management in contemporary conditions of business doing. The goal of the research is to indicate the size and the significance of the role of information technologies, i.e. the size, intensity and directions of the changes pertaining to hotel enterprises based on the application of information technologies.

Keywords:
IT, GDS, Internet, E-wom, hotel

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DIGITAL TRANSFORMATION OF HOTELS IN THE TERRITORY OF THE MUNICIPALITIES OF BOR AND ZAJECAR

Milan Stojanovic
Zeljko Milovanovic
Marko Todorovic


Accepted for publishing: 11.01.2018

Abstract
Digitalization has become the integral part of human life and work. Digitalization has permeated into all the pores of society. The contemporary technologies that have been created in the 21st century have led to a situation in which it has become almost impossible for hotels to operate without using the GDS systems, the Internet and other social media. Through social networks, which represent the greatest form of the digital media today, hotels and consumers have been announcing their content, exchanging their experiences and writing their comments, on the basis of which consumers make a decision on buying a product. The hotel product is intangible, so the user can only assure him- or herself of the quality of the services through a conversation with and oral propaganda by the consumers who have already used them. The subject matter of the research conducted in this paper is the digital transformation of hotels, which should be in function of the efficient tourism development of the municipalities of Bor and Zajecar. The research goal is to indicate the significance of the efficient implementation of digitalization so as to increase the competitiveness of the hotels in the territory of these two municipalities. The recognition of business opportunities and the development of the digital response to the needs of the guest are becoming the key segment of the contemporary business doing of the hotels thinking of their own sustainable perspectives. The hotels that have not recognized the significance of connecting the real and the digital services with each other can only be thinking of the opportunities they have missed.

Keywords:
digitalization, social networks, service satisfaction

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POSSIBILITIES OF APPLICATION OF INFORMATION TECHNOLOGIES IN ORDER TO IMPROVE YOUTH SPORTS IN SERBIA

Semsudin Plojovic
Suad Becirovic
Enis Ujkanovic
Senadin Plojovic

Accepted for publishing: 29.01.2018

Abstract
In this paper, a model of the application of information technologies, integrated into the form of the Information system of youth sports, is presented. The information system was created on the basis of the Law on Sports and real needs to introduce integrated data and information management to youth athletes and youth sports clubs. The authors carried out research on the needs and information requirements of the Ministry of Youth and Sports, the Sports Union of Serbia, branch associations, local administrations, sports clubs and research on the needs of the athletes themselves. Based on the collected data, the parameters of the presumed information system of youth sports are defined. For the given parameters are defined models, schemes, interfaces, and reports. In this paper, beside the model of the information system, description of the used technologies, with a presentation on concrete examples from practice is presented.

Keywords:
Information technology, information system, sport, youth sport

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EVALUATION AND SELECTION OF VARIANTS OF LOGISTICS PROJECTS

Zoran Cekerevac
Jelena Maletic


Accepted for publishing: 01.02.2018

Abstract
Nowadays, every planning entity inevitably confronts certain problems of decision-making, firstly, because there is offered a wide range of alternatives in every field, and secondly, as the need for choosing such solutions that provide the necessary effectiveness as a basic condition of survival and further development on the market. In approaching the planning problem, it is very important to put emphasis on structuring the whole so as not to lose the overview of the situation as the starting point for making an optimal decision, and, also, facilitating the approach to solving the entire planning process. The conventional approach to planning for variant selection has long been based exclusively on cost comparison. In complex problems, this approach is not sufficient because all aspects cannot be expressed in monetary terms, thereby objectivity is jeopardized due to the significant impact of qualitative aspects of the problem. The basic problem of decision-making is, despite the multidimensionality in realistic conditions, the reduction of the whole into a certain structure. This step first includes the choice of objects i.e. potential variant solutions. If there is choosing one of several variants, ideally, the process is differentiated into the following steps: determining the criteria for the observed variants; description and presentation of variants (determining the degree of satisfaction of certain criteria); comparison of observed variants and their evaluation; and choice of one of the variants. The paper emphasizes some valuation methods that are not used, or they are used rarely, in Serbia and surrounding countries, although they are important because they give good results and are reliable in choosing the variant of logistic projects.

Keywords:
logistics, methods, criteria, valuation, choice

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SOURCES OF FINANCING OF INNOVATIVE BUSINESS: VENTURE CAPITAL FUNDS

Ludmila Vladimirovna Prigoda
Zoran Cekerevac
Vera Alekseevna Kiseleva


Accepted for publishing: 13.02.2018

Abstract
In the modern market economy aimed at innovative development, venture investment is one of the most promising tools. Considering the experience of the developed countries of the world, effective functioning of the venture market is a special mechanism for implementing the strategy of the national economic system innovative development and thus, is an objective necessity. The presented research characterizes the current state and problems of the Russian venture market, which is the goal of the research. During the research principles of systemic, structural and functional approaches based on the dialectical method were applied, and methods of analysis and synthesis were actively used. Because of the conducted research, the authors found that the Russian venture capital market is at the stage of primary maturity, which is determined by the presence of many objective reasons, both at the macro- and micro-levels. In addition, while the venture market is actively using state financial resources, and the activity of development institutions is assessed as “positive”, one of the key problems is the low activity of start-up “output”. Nevertheless, the national risk financing system demonstrates positive tendencies to renew the system of state support for innovations. The results of the research can be used in practice of a venture environment building and formation of its infrastructure elements, and, also, applied by participants of the national venture market.

Keywords
Russian venture capital market, venture fund, venture investments, life cycle stages, development institutions

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INTERDEPENDENCE TYPES MANAGEMENT AND LEVEL OF MOTIVATION IN HOTELS OF SPLIT-DALMATIA COUNTY

Zeljko Mateljak

Accepted for publishing: 14.02.2018

Abstract
Management types can be defined as the level of manager's responsibility with regard to different areas of work and the assumption of positions at different levels of organizational hierarchy. In this paper, three types of management will be analyzed, top management, middle management and lower management. On the other hand, motivation embraces a range of forces that direct and determine man's behavior. These forces are influenced by many internal and external factors that initiate, determine, and maintain the content, direction, intensity, and duration of a particular type of behavior. The research topic in this paper is related to the interdependence between the types of management and the level of motivation in the hotels of the Split-Dalmatia County. The aim of the research is to determine whether there is a difference in the level of motivation with respect to management types according to hierarchical levels. Given that the persistence of higher levels of motivation contributes to greater efficiency of the business, the paper will investigate whether there is a statistically significant difference between hierarchical management types considering the level of motivation in the hotels of the Split-Dalmatia County. Empirical research will be carried out using common scientific methods, and in particular through the survey methodology and the method of processing data collected using the SPSS statistical package. The expected contribution of the work is related to the determination of the level of statistically significant difference between management types according to the hierarchical levels given the level of motivation in the hotels of the Split-Dalmatia County.

Keywords:
types of management, level motivation, hotel industry, Split-Dalmatia county

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SOME ASPECTS OF AUTOMATIZATION OF THE SUPPLY CHAIN

Jelena Maletic
Veljko Radicevic


Accepted for publishing: 02.02.2018

Abstract
There is a lot talk about Logistics 4.0, digital supply chain management, the blockchain, etc., but which technologies are considered under these general terms, how their development will continue to be, and what future management options will be available is not clearly determined. Logistics 4.0 supports the concept of Industry 4.0 (Smart factory) and presents the current trend of automation in data exchange in intralogistics processes and supply chains. This trend includes CPSs (Cyber-Physical Systems), networking, digitization, B2B Internet communication and Cloud-computing, public or private, (Internet databases) to enable "Smart Logistics" functioning. Within the modularly structured smart factory, cyber-physical systems monitor physical processes, create a virtual copy of the physical market, and make decentralized decisions. Through the Internet, Cyber-Physical Systems communicate and collaborate with each other in real time, offer services and/or products, and provide expected data and information to participants in the supply chain. Digital technologies as the: IoT (Internet of Things), and its subcategory IIoT (Industrial Internet of Things), IoS (Internet of Services), Big Data and DM (Data Mining), and Cyber-Physical Systems are key elements of the Logistics 4.0 concept. They represent the common language of the future. It is to expect the full digitalization of logistics processes and the use of said digital technologies from creating the idea about a product or service, engineering, production organization, finance, development of online "end-to-end" visibility of processes, up to the control of the process, and to complete services providing in the logistics' supply chains.

Keywords:
supply chains, automatization, digitization, visibility, development trend

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LEADERSHIP CHALLENGES IN THE 21ST CENTURY

Dragana Djergovic


Accepted for publishing: 17.02.2018

Abstract
In the situation of continuous changes, the most logical presumption is neither of present successful and in practice confirmed theory won’t be valid for a long time. Thus it is with leadership concept existed at the end of 20th Century. New business circumstances at the beginning of 21st Century generate new challenges and require new solutions in leading organizations. Leadership crisis in business as, no doubt, superior management concept and loss of confidence in business leaders, call for upgrading the organizational leadership potential. Creating leaders for the 21st Century implies permanent process of mental development - personal and professional, as well as acquiring some capabilities of system, collaborative, mindful and collective leadership. Including acquired capabilities in leading, change leaders and followers behavior in a way to accomplish positive impact to work performances and business sustainability for a long time. Many questions refer to nowadays personal traits and competencies of leaders, as well as methods of their development and effects of authentic leadership approach, need answers. Some of them are explored in the paper.

Keywords:
leadership, changes, challenges, leaders, capabilities

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MESTE NGO and FBIM Transactions support teamwork and encourage international scientific cooperation.

That is why we are especially willing to publish works of groups of authors from two or more different countries.


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