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Megatrend Review the International Review of Applied Economics Vol Megatrend Review The international review of applied economics Vol. 8 (1) 2011 Megatrend University, Belgrade Megatrend Review The international review of applied economics Vol. 8 (1) 2011 Published by: For publisher: Megatrend University Nevenka Trifunović Publishing director: Dragan Karanović Editorial board: Professor Mića Jovanović, PhD, President - Megatrend University, Belgrade Professor Dragana Gnjatović, PhD, Vice-President - Megatrend University, Belgrade Professor Nataša Cvetković, PhD - Megatrend University, Belgrade Professor Jean Jacques Chanaron, PhD - Grenoble Ecole de Management, France Professor Sung Jo Park, PhD - Free University, Berlin, Germany Professor Ioan Talpos, PhD - West University of Temisoara, Romania Professor Dagmar Lesakova - University of Economics Bratislava, Slovak Republik Professor Norbert Pap, PhD - University of Pécs, Hungary Professor Žarko Lazarević, PhD - Institute for Contemporary History, Ljubljana, Slovenia Professor Slobodan Pajović, PhD - Megatrend University, Belgrade Professor Janko Cvijanović, PhD - Megatrend University, Belgrade Professor Momčilo Milisavljević, PhD - Megatrend University, Belgrade Professor Oskar Kovač, PhD - Megatrend University, Belgrade Professor Mijat Damjanović, PhD - Megatrend University, Belgrade Professor Mirko Kulić, PhD - Megatrend University, Belgrade Professor Veljko Spasić, PhD - Megatrend University, Belgrade Professor Dragan Kostić, PhD - Megatrend University, Belgrade Professor Milivoje Pavlović, PhD - Megatrend University, Belgrade Professor Jelena Bošković, PhD - Megatrend University, Belgrade Professor Slavoljub Vukićević, PhD - Megatrend University, Belgrade Professor Momčilo Živković, PhD - Megatrend University, Belgrade Professor Vladimir Prvulović, PhD - Megatrend University, Belgrade Professor Srbobran Branković, PhD - Megatrend University, Belgrade Professor Aleksandar Ivanc, PhD - Megatrend University, Belgrade Professor Vesna M. Milanović, PhD - Megatrend University, Belgrade ISSN 1820-4570 Adress: Megatrend Review UDK 33 Goce Delčeva Street 8, 11070 Belgrade, Serbia The review is published twice a year in Serbian Tel: +381 11 220 30 61 and twice a year in English language. Fax: +381 11 220 30 47 All papers have been reviewed. E-mail: [email protected] Editorial staff Editor-in-chief: Professor Dragana Gnjatović, PhD Members: Professor Maria de Monserrat Llairó, PhD - Faculty of Economic Sciences, Buenos Aires University, Argentina Professor Laura Ruis Jimenez, PhD - University Institute Hose Ortega y Gasset, Complutense University of Madrid, Spain Professor Jana Lenghardtová, PhD - The University of Economics, Bratislava, Slovakia Professor Vladimir Davidov, PhD - Institute for Latin America, Russian Academy of Sciences, Moscow, Russia Professor Marija Mojca Terčelj, PhD - Faculty of Humanities, University of Primorska, Koper, Slovenia Professor Vladimir Grbić, PhD - Megatrend University, Belgrade Professor Ivica Stojanović, PhD - Megatrend University, Belgrade Professor Ana Langović Milićević, PhD - Megatrend University, Belgrade Professor Tatjana Cvetković, PhD - Megatrend University, Belgrade Professor Dušan Joksimović, PhD - Megatrend University, Belgrade Professor Gordana Komazec, PhD - Megatrend University, Belgrade Professor Živko Kulić, PhD - Megatrend University, Belgrade Professor Vesna Aleksić, PhD - Megatrend University, Belgrade Snežana Grk, PhD, Principal Research Fellow - Institute of Social Sciences, Belgrade Professor Vladan Pavlović, PhD - Megatrend University, Belgrade Secretary & Serbian language editor: Irina Milutinović, MA Technical editor: Ana Dopuđa Cover design: Milenko Kusurović The financing of journal edition has been supported by The Ministry for Science of The Republic of Serbia. “Megatrend Review” is registered as the leading scientific review of national interest (M 51), by settlment of the Board of Social Sciences, Ministry of Science of Republic of Serbia, on May 14th, 2009. *** “Megatrend Review” is registered in The International Bibliography of the Social Sciences (IBSS) produced by the London School of Economics and Political Science since May 17th, 2007. *** “Megatrend Review” is registered and published in EBSCO's (EBSCO Publishing Inc.) Database "Business Source Complete": http://www.ebscohost.com/titleLists/bth-journals.xls *** “Megatrend Review” is registered in GESIS "Knowledge Base SSEE", Leibniz Institute for the Social Science: http://www.cee-socialscience.net/journals/ The Library of Congress Catalog Megatrend review: the international review of applied economics. LC Control No.: 2007201331 Type of Material: Serial (Periodical) Uniform Title: Megatrend Revija. English. Main Title: Megatrend review : the international review of applied economics. Published/Created: Belgrade : ill. ; 24 cm. Description: v. : Megatrend University of Applied Sciences, [2004]- Year 1, no. 1 (’04)- ISSN: 1820-4570 CALL NUMBER: HB1 .M44 CIP – Каталогизaција у публикацији Народна библиотека Србије, Београд 33 *MEGATREND revija : međunarodni časopis za primenjenu ekonomiju / glavni urednik Dragana Gnjatović . - God. 1, br. 1 (2004)- . - Beograd (Makedon- ska 21) : Megatrend univerzitet primenjenih nauka, 2004- ([Beograd : Megatrend univerzitet primenjenih nauka]). - 24 cm Dva puta godišnje ISSN 1820-3159 = Megatrend revija COBISS.SR-ID 116780812 CONTENT ECONOMICS OF CULTUR E AND ME DIA Assistant Professor Smiljka Lj. Isaković, PhD Graduate School of Culture and Media, Megatrend University, Belgrade SPONZORSHIP IN MUSIC ARTS – SOCIAL RESPONSIBLITY OR A PROFITABLE INVESTMENT? 1 Scientific review paper Assistant Professor Ljiljana Manić, PhD Graduate School of Culture and Media, Megatrend University, Belgrade Assistant Professor Marija Aleksić, PhD Graduate School of Business Studies, Megatrend University, Belgrade Assistant Mirjana Tankosić, Doctoral Candidate Graduate School of Business Studies, Megatrend University, Belgrade PROMOTION OF VOLUNTEER WORK AS A GENERAL SOCIAL INTEREST 21 Original scientific paper Assistant Ivana Bulut, Doctoral Candidate Megatrend University, Belgrade Assistant Bojana Radenković Šošić, Doctoral Candidate Megatrend University, Belgrade ARE SOCIALLY RESPONSIBLE ACTIVITIES A MODERN METHOD OF ADVERTISING? 37 Scientific review paper BUSIN E SS , ANALYSIS AND PLANNING Professor Rado Bohinc, PhD University of Primorska, Koper ONE OR TWO-TIER CORPORATE GOVERNANCE SYSTEMS IN SOME EU AND NON EU COUNTRIES 57 Original scientific paper Assistant Professor Dobrinka Veljković, PhD Graduate School of Business Studies, Požarevac, Megatrend University, Belgrade Assistant Daliborka Petrović, Doctoral Candidate Graduate School of Business Studies, Požarevac, Megatrend University, Belgrade THE ROLE OF CORPORATE IMAGE IN THE PROCESS OF COMPANY TAKEOVERS 77 Scientific review paper Najla Podrug, PhD Faculty of Economics and Business, University of Zagreb Domagoj Račić, MSc Mreža znanja, Zagreb CORPORATE GOVERNANCE AS A LEARNING PROCESS: ORGANISATIONAL AND SOCIETAL LEVELS 95 Scientific review paper Vol. 8 (1) 2011 ii Content Assistant Professor Nataša Simić, PhD “Megatrend” Business College – Professional Studies, Belgrade Verica Vratonjić, MA Public enterprise for commercial area management “Commercial area,” Zemun Assistant Ivana Berić, BS PM College, Belgrade METHODOLOGIES FOR THE EVALUATION OF PUBLIC SECTOR INVESTMENT PROJECTS 113 Scientific review paper Assistant Nikola Stakić, Doctoral Candidate Graduate School of Business Studies, Megatrend University, Belgrade THE COMPENSATIONAL ROLE OF OPTIONS IN MODERN CORPORATE GOVERNANCE 131 Scientific review paper GLO B AL ECONOMY Professor Božidar Mihajlović, PhD Megatrend University, Belgrade ALTERNATIVE ENERGY SOURCES AS AN IMPORTANT FACTOR OF SERBIA’S ECONOMIC DEVELOPMENT 147 Original scientific paper Assistant Professor Ivica Đorđević, PhD Faculty of Security Studies, Belgrade University Marko Filijović, Doctoral Candidate Faculty of Security Studies, Belgrade University BALKAN ENERGY CORRIDORS AS A SOURCE AND POTENTIAL FOR SOLVING SECURITY PROBLEMS 167 Original scientific paper Assistant Ana Jurčić, MA Graduate School of International Economy, Megatrend University, Belgrade Assistant Dragana Trifunović, Doctoral Candidate Graduate School of Business Studies, Megatrend University, Belgrade Assistant Aleksandar Đorđević, Doctoral Candidate Graduate School of Business Studies, Megatrend University, Belgrade THE INFLUENCE OF THE GLOBAL ECONOMIC CRISIS ON RESEARCH AND DEVELOPMENT IN SERBIAN CORPORATIONS 183 Original scientific paper STATISTICS AND ECONOM E TRICS Jelena Radović Stojanović, PhD The Academy of Criminalistic and Police Studies, Belgrade Nada Đerić, MA Statistical Office of The Republic of Serbia, Belgrade THE INDEX OF INDUSTRIAL PRODUCTION – THE FIRST AMONG THE SERIES IN SERBIAN ECONOMIC STATISTICS 195 Original scientific paper Megatrend Review Content iii ECONOMIC POLICY AND DE V E LO P M E NT Assistant Professor Ana Jovancai, PhD Graduate School of International Economy, Megatrend University, Belgrade THE REALIZATION OF THE NATIONAL INVESTMENT PLAN OF THE REPUBLIC OF SERBIA IN THE 2006–2010 PERIOD 223 Original scientific paper BANKS AND FINANCIAL MARK E TS Associate Professor Vesna Aleksić, PhD Graduate School of International Economy, Megatrend University, Belgrade Professor Dragana Gnjatović, PhD Graduate School of State Administration, Megatrend University, Belgrade THE INFLUENCE OF FOREIGN BANKS ON YUGOSLAV INDUSTRIAL DEVELOPMENT IN THE INTERWAR PERIOD 237 Original scientific paper Professor Žarko Lazarević, PhD Institute
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