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Singidunum University International Scientic Conference BOOK OF PROCEEDINGS Singidunum University International Scientific Conference THE ROLE OF FINANCIAL AND NON-FINANCIAL REPORTING IN RESPONSIBLE BUSINESS OPERATION Belgrade December 7, 2018 www.finiz.singidunum.ac.rs Singidunum University International Scientific Conference THE ROLE OF FINANCIAL AND NON-FINANCIAL REPORTING IN RESPONSIBLE BUSINESS OPERATION SCIENTIFIC COMMITTEE ◆ Milovan Stanišić, President of Singidunum University and ◆ Aleksandrova Basheva, University of National and word economy, Chairman of the Committee Sofia, Bulgaria. ◆ Mladen Veinović, Rector of Singidunum University and Deputy ◆ Blaženka Hadrović Zekić, Faculty of Economics in Osjek, Croatia Chairman of the Committee ◆ D’Arcy Becker, CPA, University of Wisconsin Whitewater, United ◆ Nemanja Stanišić, Vice-rector for Science and Research, States of America Singidunum University ◆ Duško Šnjegota, Faculty of Economics in Banja Luka, Bosnia and Herzegovina, Republic of Srpska ◆ Zoran Petrović, Singidunum University ◆ Elena Druica, Head of the Department of Economic and ◆ Goranka Knežević, Singidunum University Administrative Sciences, Faculty of Administration and Business, ◆ Ivica Terzić, Singidunum University University of Bucharest, Romania ◆ Katarina Đulić, FEFA Belgrade ◆ Grzegorz Michalski, School of Management, Computer Science and Finance, Wroclaw University of Economics, Poland ◆ Kosana Vićentijević, Singidunum University ◆ Ivona Vrdoljak Raguž, Head of the Department of Economics and ◆ Lidija Barjaktarović, Singidunum University Business, University of Dubrovnik, Dubrovnik, Croatia ◆ Marko Milojević, Singidunum University ◆ Jasmina Gržinić, Juraj Dobrila University of Pula, Faculty of ◆ Miroljub Hadžić, Singidunum University Economics and Tourism “Dr. Mijo Mirković”, Croatia ◆ Kent Hother Nielsen, Lillebaelt Academy, University of Applied ◆ Nataša Spahić, Faculty of Sciences, University of Novi Sad Sciences, Denmark ◆ Nikola Stefanović, Singidunum University ◆ Laura Vasilescu, University of Craiova, Romania ◆ Olivera Nikolić, Singidunum University ◆ Luis Castro Penarrieta, Universidad Privada Boliviana, Bolivia ◆ Predrag Vukadinović, Singidunum University ◆ Marko Hočevar, Faculty of Economics, University of Ljubljana, ◆ Sanja Filipović, Singidunum University Ljubljana, Slovenija ◆ Neda Vitezić, Faculty of Economics, University of Rijeka, Rijeka, Croatia ◆ Snežana Knežević, Faculty Organisation Science, University of ◆ Paola De Vincentiis, Departimento di Management, Universita Belgrade Degli Studio Di Torino, Itaila ◆ Svetlana Stanišić, Singidunum University ◆ Piotr M. Jaworsky, The Business School of Management – ◆ Tijana Radojević, Singidunum University Edinburgh, Napier University, Great Britain ◆ Vladimir Poznanić, FEFA Belgrade ◆ Radislav Jovović, Mediterranean University, Montenegro ◆ Vule Mizdraković, Singidunum University ◆ Rajmund Mirdala, Faculty of Economics, Technical University of Kosice, Slovak Republic ◆ Zoran Jeremić, Singidunum University ◆ Ričardas Butenas, Kaunas University of Applied Sciences, Kaunas, ◆ Zoran Jović, Singidunum University Lithuania ◆ Sasho Kjosev, Faculty of Economics, University “Ss. Cyril and Methodius” Skopje, Republic of Macedonia ◆ Stefania Vignini, Department of Management University of Bologna, Italy ◆ Tatjana Jovanović, Faculty of Administration, University of Ljubljana, Ljubljana, Slovenia ◆ Ticijan Peruško, Juraj Dobrila University of Pula, Faculty of Economics and Tourism “Dr. Mijo Mirković”, Croatia ◆ Vladan Pavlović, University of Priština (temporarly settled in K.Mitrovica), Faculty of Economics ◆ Veselin Perović, Full professor at Faculty of Technical Sciences, University of Novi Sad, Srbija ◆ Vojislav Marjanović, SAP University & Academic Competence Challenges in Modern Corporate Governance Centers – SAP Academic Competence Center, Sierre, Switzerland Publisher: Singidunum University, 32 Danijelova Street, Begrade ◆ Xu Dan, Sanda University Shanghai, China For publisher: Milovan Stanišić ◆ Zoran Todorović, Mediterranean University, Montenegro Publishing Editor: Svetlana Stanišić Contact us Scientific Section Editor: Nemanja Stanišić Singidunum University Professional Section Editor: Zoran Petrović Prepress: Jelena Petrović 32 Danijelova Street, Belgrade, 11010 Access to full papers Belgrade, Serbia Design: Aleksandar Mihajlović Finiz (www.finiz.singidunum.ac.rs), Year: 2018 Phone. +381 11 3093220, +381 11 3093284 Singipedia (www.singipedia.com), Circulation: 700 Fax. +381 11 3093294 Printed by: Caligraph, Belgrade E-mail: [email protected] Google (www.scholar.google.com) and ISBN: 978-86-7912-689-4 Web: www.finiz.singidunum.ac.rs ResearchGate (www.researchgate.net). Copyright © 2018 All rights reserved. No part of this publication may be reproduced in any manner or via any media, in parts or in its entirety without previous written consent of the publisher. Singidunum University International Scientific Conference THE ROLE OF FINANCIAL AND NON-FINANCIAL REPORTING IN RESPONSIBLE BUSINESS OPERATION PROGRAMME COMMITTEE ◆ Milovan Stanišić, President of Singidunum University and ◆ Aleksandar Janjušević, Ministry of Finance of the Republic of Serbia Chairman of the Committee ◆ Aleksandar Kemiveš, Chamber of Commerce and Industry of Serbia ◆ Mladen Veinović, Rector of Singidunum University and Deputy ◆ Aleksandar Plavšin, CFO Association of Serbia Chairman of the Committee ◆ Ana Jolović, RELOF ◆ Nemanja Stanišić, Vice-rector for Science and Research, ◆ Biljana Bogovac, PwC Serbia Singidunum University ◆ Bojan Radoš, Chamber of Authorized Auditors ◆ Zoran Petrović, Singidunum University ◆ Branislav Lončar, Publicis One Serbia ◆ Branko Srdanović, OTP Bank ◆ Dalibor Radovanović, Singidunum University ◆ David Schock, Serbian Private Equity Association ◆ Goran Kunjadić, Singidunum University ◆ Dejan Nedić, The Second School of Economics ◆ Goranka Knežević, Singidunum University ◆ Dragan Pešić, Raiffeisen bank ◆ Ivica Terzić, Singidunum University ◆ Dragan Vještica, Dr. Oetker ◆ Kosana Vićentijević, Singidunum University ◆ Dragana Grozdanić, CBS International ◆ Duško Pejović, State Audit Institution ◆ Lidija Barjaktarović, Singidunum University ◆ Jasmina Gržinić, Juraj Dobrila University of Pula, Faculty of Econom- ◆ Marko Milojević, Singidunum University ics and Tourism “Dr. Mijo Mirković”, Croatia ◆ Mile Stanišić, Singidunum University ◆ Laura Vasilescu, University of Craiova, Romania ◆ Miroljub Hadžić, Singidunum University ◆ Lidija Bajić, Novo Nordisk Srbija ◆ Nikola Stefanović, Singidunum University ◆ Marija Jelić, Network for Business Development ◆ Marko Fabris, Turnaround Management Association Serbia ◆ Olivera Nikolić, Singidunum University ◆ Mihailo Lazarević, Chamber of Authorized Auditors ◆ Tijana Radojević, Singidunum University ◆ Milan Bukmirović, CFO Assosiation of Serbia ◆ Vladimir Poznanić, FEFA Belgrade ◆ Milan Negovanović, Privredni savetnik ◆ Vule Mizdraković, Singidunum University ◆ Milibor Saković, The First School of Economics / Association of ◆ Zoran Jeremić, Singidunum University schools of economics, legal-business, tourism-hospitality secondary schools in Serbia ◆ Zoran Jović, Singidunum University ◆ Mira Vuković, The Institute of Internal Auditors ◆ Miroslav Perić, Komercijalna Banka AD Belgrade, Chamber of Au- thorized Auditors ◆ Nebojša Bulatović, Secondary School “Svetozar Marković“ – Novi Sad ◆ Ratomir Ćirović, Privredni savetnik ◆ Sanja Kekić, ISACA Belgrade ◆ Sasho Kjosev, Faculty of Economics, University “Ss. Cyril and Metho- dius” Skopje, Republic of Macedonia ◆ Siniša Krneta, Belgrade Stock Exchange ◆ Ticijan Peruško, Juraj Dobrila University of Pula, Faculty of Econom- ics and Tourism “Dr. Mijo Mirković”, Croatia ◆ Vladan Nicović, Secondary School of Economics Čačak/ Association of schools of economics, legal-business, tourism-hospitality secondary schools in Serbia ◆ Željko Jović, National Bank of Serbia ◆ Zoran Škobić, The Association of Accountants and Auditors of Serbia ◆ Zorica Krnjević Mišković, Securities and Exchange Commission ◆ Zorica Maravić, Law and Administration High School “Dimitije Davidović”- Zemun ORGANIZING COMMITTEE ◆ Milovan Stanišić ◆ Ivica Terzić ◆ Milan Tair ◆ Mladen Veinović ◆ Jelena Petrović ◆ Predrag Obradović ◆ Nemanja Stanišić ◆ Kosana Vićentijević ◆ Predrag Vukadinović ◆ Zoran Petrović ◆ Lidija Barjaktarović ◆ Slavko Alčaković ◆ Aleksandar Mihajlović ◆ Maja Gligorić ◆ Svetlana Stanišić ◆ Aleksandra Stojanović ◆ Marijana Prodanović ◆ Vule Mizdraković ◆ Goran Kunjadić ◆ Marko Milojević ◆ Zoran Jović ◆ Goranka Knežević ◆ Marko Šarac All rights reserved. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, without the prior written permission of the publisher. III ABOUT FINIZ 2018 CONFERENCE It is our immense pleasure to introduce the proceed- Authors drew attention to importance not only of ings of the international scientific FINIZ 2018 Confer- financial reporting indicators, but also non-financial ence, which will be held on December 7, 2018, on the indicators among different industries in the Republic premises of Singidunum University in Belgrade. The of Serbia. They stressed that companies and individuals main topic of this year’s conference is: “The Role of should be socially responsible, and committed