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Serbian Association of Economists Journal of Business Economics and Management

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Serbian Association of Economists Journal of Business Economics and Management UDC 65 YU ISSN 0353-433 X YEAR LX SEPTEMBER - OCTOBER 2013 Serbian Association of Economists Journal of Business Economics and Management Dragan Đuričin and Iva Vuksanović REINDUSTRIALIZATION STRATEGY OF SERBIA: HOW TO GET IT AND HOW TO USE IT 289 Nebojša Janićijević MATCHING COMPENSATION SYSTEM WITH THE TYPE OF ORGANIZATIONAL CULTURE 309 Boban Stojanović and Milan Kostić COMPETITION POLICY AND THE IMPACT OF MARKET STRUCTURE ON COMPANIES’ PROFITABILITY 325 Ana S. Trbovich, Jana Subotić and Jasna Matić FOREIGN DIRECT INVESTMENT AS EXPORT FACILITATOR IN SERBIA’S APPAREL INDUSTRY 339 Boris Marović, Vladimir Njegomir and Dragan Marković COMPETITION OF INSURANCE MARKETS OF THE REGION OF FORMER YUGOSLAVIA 354 Jelena Birovljev, Biljana Ćetković and Goran Vukmirović PROSPECTS OF IMPROVING THE COMPETITIVENESS OF SERBIAN AGRICULTURE IN (RE)INDUSTRIALIZATION PROCESS 364 Zoran Aranđelović, Marija Petrović-Ranđelović and Vladislav Marjanović STRUCTURAL CHANGES IN THE LIGHT OF NEW INDUSTRIAL STRATEGY 373 Vlastimir Leković IMPORTANCE OF INSTITUTIONS IN TERMS OF COMPETITIVENESS IMPROVEMENT AND ECONOMIC SUCCESS 386 FROM THE EDITOR UDC 65 YU ISSN 0353-443X Ekonomika here are industrial policies in Serbia? EP preduzeća It isn’t easy to tackle an issue like industrial policies without potential gaucheries. The principal reason is theoretical Journal of the Serbian Association predilection towards treating them as marginal compared to market of Economists and Serbian Association of Corporate Directors forces, not only in time of prosperity but, also, in time of crisis. Serbia’s Founded in 1947 in Belgrade economy desperately calls for new anti-crisis program. Rather than lamenting Year LXI September-October over the lack of progress in the anti-crisis program formulation, in this edition of Ekonomika No. 5-6 Page 289-400 Preduzeća we point to what we believe are the logical and feasible solutions. Publisher: Serbian Association of In the lead piece, a duo of authors, D. Đuričin and I. Vuksanović, explains that anti-crisis Economists program requires radical changes in conducting economic policy in order to eliminate the output Editorial Office and Administration gap. They suggest reindustrialization as a way to make a turnaround and set the prerequisites for Dobrinjska 11/1 sustainable economic development and conceptual platform for accession to the EU. Bulevar Mihajla Pupina 147 In the following article, in the Organization and Management section, N. Janićijević explains 11000 Belgrade, Serbia Phone: 011/264-49-80; 361-34-09 how organizational culture shapes compensation system. The author gives the review of the Fax: 011/362-96-89 compensation system characteristics that are compatible with certain types of organizational cultures. Account No: 205-14935-97 Komercijalna In the following block of articles in the Transition and Restructuring section, academics banka from different universities share findings of their research in the industrial policy field, from Web: www.ses.org.rs distinct industries’ perspective (brewery, textile, insurance, agriculture, etc.). A duo of authors, E-mail: [email protected] B. Stojanović and M. Kostić, analyzes the profitability of the enterprises in Serbia and test the President of the role of competition policy in creating level playing field and boosting performance. In the second Serbian Association of Economists Aleksandar Vlahović article in this section, a group of authors led by A. S. Trbovich (with J. Subotić and J. Matić), President of the Serbian Association of explored the correlation between the size of FDI in apparel industry and its rising export level. Corporate Directors The authors point to the necessity of further government engagements in activities aimed at Toplica Spasojević improving process of country branding along with investment incentives and policies with a Editor in Chief Dragan Đuričin purpose of advancing infrastructure, education and general business climate. Deputy Editor The following article, written by B. Marović, V. Njegomir, D. Marković, examines the Nikola Stevanović market structure and competition level in the insurance industry in the former Yugoslavia Editorial Coordinator environment. The authors conclude that all the countries suffer from the same problem, and Iva Vuksanović that without improvements in productivity, innovation and costs, insurance companies will be Senior Editors Jelena Birovljev doomed to performance deterioration in the future. The last trio in this section, J. Birovljev, B. John Humphreys Ćetković, and G. Vukmirović continues to analyze the level of competition in Serbia, this time in Nebojša Janićijević agriculture industry. They conclude that although prices and quality of inputs determine to a large Stevo Janošević extent competitiveness of this industry, macroeconomic factors that shape the overall business Miroslav Kržić Dragan Lončar environment have the leading impact on the competitiveness of agricultural products in Serbia. Stipe Lovreta In the last block of articles in the same section, the authors discuss different frameworks Rene Magdalinić for anti-crisis program. Z. Anđelković, M. Petrović-Ranđelović, and V. Marjanović explained Dejan Malinić how structural reforms in countries that successfully completed their transition influenced Blagoje Paunović accelerated economic growth and provoked qualitative shift in the industrial production structure. Jelena Perović Goran Petković Given those bright examples, they are offering some feasible solutions for efficient structural Danica Purg transformation of Serbia’s economy in order to reach the goal of investment and export-oriented Jovan Ranković growth in the near time. Ljiljana Stanković In the last paper in this section, we conclude with V. Leković’s analysis of institutional Mladen Vedriš Associate Editors environment and its role in achieving higher competitiveness levels and economic success in the Jasna Atanasijević national economy. The light is shed on various problems Serbia is facing today, predominantly Veljko Mijušković referring to property rights, judicial independence, public administration quality and efficiency, Copy Editor and providing an insight into prerequisites for sustainable economic development. Continuing Angelina Milovanović reluctance to implement necessary reforms in these fields will probably turn out to be Serbia’s Prepress Branko Cvetić highest hurdle on the path towards its European guiding star. Printing Office Closing the output gap Serbia faces today poses a formidable challenge for policy makers. “Kuća štampe” 011 307.5.307 However, there is no excuse for keeping the status quo. stampanje.com Printed in 300 copies The journal is published four times a year Prof. Dragan Đuričin, Editor in Chief THE 2013 NIS ECONOMIC FORUM The Serbian Association of Economists and the Society of Economists of Nis in cooperation with the Municipality of Nis and the Business-Economic Council are organizing traditional Nis Economic Forum. This year’s forum will be held on September 26-27, 2013 at the Conference Hall of the University of Nis and will be a part of the celebrations of the 1700th anniversary of the Edict of Milan. Each year the Forum gathers over 150 participants, including the representatives of government and regulatory bodies, local self-government, universities, international organizations, as well as the representatives of real and financial sectors. In the previous period the Nis Economic Forum has already built up an excellent reputation as an event where economists and business practitioners assess the effects of the Government’s structural and economic policies, with special focus on the role and importance of local self-government as an active participant in the process of reforms. The Forum gives the relevant stakeholders the opportunity to put forward different views and arguments and contribute to the formulation of effective and feasible policies. Serbia’s economy is faced with recession. The level of economic activity is not sufficient to meet current needs of the population or to enable sustainable employment. The main structural problems of Serbian economy are low competitiveness and unemployment, as well as the consequences of inadequate economic policies and a lengthy and uncompleted transition process. According to reports of authoritative institutions, macroeconomic dimensions of major concern are low quality of institutions and inefficiency of commodity market. As for the area of microeconomic management, Serbia is largely lagging behind in business sophistication, which is by far the lowest rated dimension. The above-mentioned indicators point to an urgent need to improve the competitiveness of Serbia and strengthen its prospects for joining the group of countries that have sustainable economic growth and higher living standard of the population. The state holds the key to a solution in the process of improving the competitiveness of Serbian economy. However, all government measures do not automatically lead to positive effects. Only a well-designed economic policy may ensure a stable, long-term growth of Serbian economy and trigger development in other aspects of the society. Some investors are still showing interest in Serbia, but a negotiation process is long and a considerable amount of time is required to put decisions into effect. Attracting new investments is of paramount importance for improving the competitiveness of Serbian economy. Reindustrialization based on investment in real sector, monetary model based on real exchange
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