Sarajevo Business and Economics Review 38/2020 1
Total Page:16
File Type:pdf, Size:1020Kb
Sarajevo Business and Economics Review 38/2020 1 Sarajevo Business and Economics Review 38/2020 ZBORNIK RADOVA / SARAJEVO BUSINESS AND ECONOMICS REVIEW EKONOMSKI FAKULTET U SARAJEVU BROJ 38 Izdavač: Ekonomski fakultet Izdavačka djelatnost Glavni i odgovorni urednik: Dekan Prof. dr. Jasmina Selimović Redakcija Prof. dr. Elvir Čizmić, urednik Prof. dr. Jasmina Selimović, Doc. dr. Selena Begović, Prof. dr. Maja Arslanagić Kalajdžić, Doc. dr. Mirza Kršo, sekretar DTP: Anesa Vilić Sarajevo, 2020. ISSN CD ROM: 2303 - 8381 ISSN online izdanje: 2303 - 839X 2 Sarajevo Business and Economics Review 38/2020 SADRŽAJ/TABLE OF CONTENTS ORIGINALNI NAUČNI RADOVI/ORIGINAL PAPERS Analysis of the factor of savings of private profit enterprises in BiH by application of ECM methodology 9 Irma Đidelija, Rabija Somun Kapetanović Comparison of structural equation modelling and multiple regression techniques for moderation and mediation effect analysis 29 Lejla Turulja, Nijaz Bajgoric Examination of the impact of household income on expenditure on clothing and footwear in Bosnia and Herzegovina and Serbia 51 Hasan Hanić, Milica Bugarčić, Lejla Dacić Modelling the employment in Croatian hotel industry using the Box-Jenkins and the neural network approach 79 Tea Baldigara Share of adults who order goods or services online influenced by share of those with digital skills broken down by gender: cluster analysis across 97 European countries Ksenija Dumičić, Blagića Novkovska, Emina Resić PREGLEDNI NAUČNI RADOVI/REVIEW PAPERS Foreign direct investments in Western Balkan countries – comparative analysis 117 Kemal Kozarić, Emina Žunić Dželihodžić, Mirza Kršo Uloga ekonomske diplomatije u podršci izvozu - slučaj bh. diplomatsko- konzularnih predstavništava u Republici Turskoj 129 Adis Salkić, Eldin Mehić Tourists’ satisfaction, recommendation and revisiting Sarajevo 151 Amra Čaušević, Azra Ahmić Job insecurity and role ambiguity as the cause of job satisfaction and turnover intention among temporary labourer of Batik Trusmi small and medium 167 enterprise in Cirebon District, West Java, Indonesia Meilan Sugiarto Strateško planiranje bolje regulative u Bosni i Hercegovini: analiza postojećeg stanja i preporuke 181 Vedad Silajdžić, Fatima Mahmutćehajić Suvremeni trendovi u mjerenju ljudskog kapitala 195 Hatidža Jahić, Amila Pilav-Velić 3 Sarajevo Business and Economics Review 38/2020 STUDENTSKI RADOVI/STUDENTS’ PAPERS Analysis of the factors affecting youth to vote in election - case study: Students of School of Economics and Business at the University of Sarajevo 217 Emil Ninković Analysis of the main factors that cause stress during the education at the School of economics and business at the University of Sarajevo 233 Zemina Selmani Determinants of success of studying at the School of economics and business, University of Sarajevo 247 Ajla Šušić 4 Sarajevo Business and Economics Review 38/2020 Riječ urednika Poštovani, Ovaj 38. broj periodične publikacije Zbornik radova /Sarajevo Business and Economics Review (SBER) simbolično objavljujemo u godini kada Ekonomski fakultet Univerziteta u Sarajevu obilježava 68 godina postojanja i uspješnog rada. Ovom prilikom podsjećamo da je SBER od 2007. godine uvršten u bibliografsku bazu EBSCO PUBLISHING – BUSINESS SOURCE COMPLETE (Journals & Magazines) http://www.epnet.com/titleLists/bt-journals.xls, a od 2009. godine u CEEOL (Central and Eastern European Library) bazu (http://www.ceeol.co). Od 2011. godine Zbornik radova Ekonomskog fakulteta u Sarajevu/Sarajevo Business and Economics Review je uvršten i u ProQuest Business package platformu, kao jednu od najprestižnijih svjetskih baza podataka iz oblasti ekonomije i biznisa. Na koncu akademske 2019/2020. godine Ekonomski fakultet u Sarajevu (EFSA) može biti ponosan činjenicom da pripada zajednici najboljih fakulteta u jugoistočnoj Evropi, o čemu svjedoče najprestižnije međunarodne akreditacije za ocjenu kvalitete: američka AACSB, evropska EPAS i austrijska AQA. EFSA može biti i sretan zbog činjenice da je, od osnivanja do danas, iznjedrio više od 25.000 alumnija, i da u svom ansamblu okuplja 60 međunarodno referentnih nastavnika. Biti indeksiran je veliki uspjeh za Zbornik radova/Sarajevo Business and Economics Review jer nas to čini dostupnim širokoj međunarodnoj naučnoj zajednici. Za nas, to znači dodatni angažman ali i obavezu s ciljem kontinuiranog poboljšanja kvaliteta objavljenih radova. Glavni i odgovorni urednik, Prof. dr. sc. Jasmina Selimović, dekan Fakulteta 5 Sarajevo Business and Economics Review 38/2020 A word by the Editor To Whom It May Concern, We publish this 37th issue of periodical publication Zbornik Radova/Sarajevo Business and Economics Review (SBER) symbolically, in the year when School of Economics and Business in Sarajevo, University of Sarajevo, marks its 67 years of existence. We use this opportunity to remind you that SBER has been a part of the bibliographic data base EBSCO PUBLISHING – BUSINESS SOURCE COMPLETE (Journals & Magazines) http://www.epnet.com/titleLists/bt-journals.xls since 2007, and a part of CEEOL (Central and Eastern European Library) data base (http://www.ceeol.co) since 2009. In 2011 SBER was also included in ProQuest Business package platform, which is one of the most prestigious world data bases in the areas of economics and business. At the end of 2019 Sarajevo School of Economics and Business (EFSA) can be proud with the fact that it belongs to a group of the best faculties in South East Europe, and the proof for that are the most prestigious international accreditations for quality assurance: American AACSB, European EPAS and Austrian AQA. EFSA can also be satisfied with the fact that, from its establishing until today, it has produced more than 25 000 alumni, and that it has 60 internationally recognized professors in its ensemble. It is a great success for The Collection of papers of School of Economics and Business in Sarajevo/Sarajevo Business and Economics Review to be indexed, because it makes us available to a wider international research community. For us, it means an additional engagement, but also an obligation with the aim of a continuous improvement in quality of published papers. Editor in Chief, Jasmina Selimović, Ph.D, 6 ORIGINALNI NAUČNI RADOVI ORIGINAL PAPERS Sarajevo Business and Economics Review 38/2020 ANALYSIS OF THE FACTOR OF SAVINGS OF PRIVATE PROFIT ENTERPRISES IN BIH BY APPLICATION OF ECM METHODOLOGY Irma Đidelija Faculty of Economics of the "Džemal Bijedić" University in Mostar of BiH Rabija Somun Kapetanović School of Economics and Business Abstrakt The purpose of this research is to examine the factors that affect savings of private profit enterprises in BiH. Domestic savings as an alternative source of capital, in the opinion of most economists, is a much more reliable and rational source of investment funds. Therefore, the aim of this survey is to determine which factors can stimulate domestic savings of private profit enterprises with further growth-backs in growth and overall economic growth. Most of the analyzes are mainly macroeconomically focused on total private savings. In this way, there is no difference in the absolute and maturity of determinants of private savings, which is especially important for small, growing economies. This research investigated the impact of macroeconomic and financial determinants of savings of private profit companies on the basis of quarterly data from the Agency for Statistics of BiH and the Central Bank of Bosnia and Herzegovina for the period 2000-2016. For this purpose, the seasonalization of the variables used in the analysis by the X-13 ARIMA AND TRAMO/SEATS access. The model includes only nonstationary variables of the first order integrated, which are also coinetegrated, which is a condition for applying the Error Correction Model (ECM). The research results show that in the long run only the coefficients with the general government revenues in the previous period and the deposit interest rate of the company in the previous quarter have a statistical significance different from zero. The negative coefficient with the revenues of the general government suggests that the increase in general government revenue in the long run negatively affects the level of the enterprise’s savings. The deposit interest rate of the company in the previous quarter has an unexpectedly negative impact on the level of enterprise’s savings in the long run.. In the short-term part of the model, only general government revenue and expenditures have shown a statistically significant impact on savings of private profit enterprises. The relatively high value of the adjusted coefficient of determination, 0.607, suggests that almost 61% of variations in the level of private profit enterprise's savings are explained by variations in the set of independent variables included in the ECM model. The obtained research results can be significant indicators for adequate measures of BiH monetary and fiscal policies and can further be indicators for the overall macroeconomic decision of the state. Key words: savings, econometric analysis, measures of economic policy. JEL Classification: C32, E21 9 Sarajevo Business and Economics Review 38/2020 1. INTRODUCTION Savings in a particular country are generally defined (according to Prinsloo, 2000) as the amount of funds or income produced in a particular economy over a given time period (usually a period of one year) that was not immediately used but left to be used in such a way increase returns in the observed economy in the years