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        <title>Economic Themes Feed</title>
        <link>https://sciendo.com/journal/ETHEMES</link>
        <description>Sciendo RSS Feed for Economic Themes</description>
        <lastBuildDate>Sun, 10 May 2026 13:18:17 GMT</lastBuildDate>
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            <title>Economic Themes Feed</title>
            <url>https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471c5c4215d2f6c89db069c/cover-image.jpg</url>
            <link>https://sciendo.com/journal/ETHEMES</link>
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        <copyright>All rights reserved 2026, University of Niš, Faculty of Economics</copyright>
        <item>
            <title><![CDATA[Exploring the Pillars of Business Models for Smart Cities and their Applicability in Serbia]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0006</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0006</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

This paper focuses particularly on the pillars of business models for smart cities. The paper is based on the project Smart Sustainable District, and outlines the opportunities and limits of the application of certain guidelines in an extra-EU country, Serbia, through the Horizon Europe project UR-DATA. The Smart Sustainable District project started in 2021 and one of its outcomes was the publication of a ‘white paper’ that aims to describe principles, solutions, tools for the realisation of the SSD model in urban areas, constituting a methodological and operational support to public and private actors involved, for urban transformations in the SSD key.
In the paper, objectives, trends, solutions, tools and some good practices are presented for the following three pillars of business models for smart cities:
Collaborative models and symbiosis, promoting outcome based PPPP (public-private and people partnership), and sustainable co-production and co-management of both material and immaterial resources and goods.
Innovative consumption patterns, including, for instance, attention to sustainability and local needs, sharing practices, collaborative consumption of goods and services, new “prosumption” practices.
Modular systems for circular economy, an economy based on the maximization of resources over time through the re-design of both the property concept and products and services through their whole life-cycle, including processes and consumption models. Then, their application in Serbia, specifically/ with a specific analysis of the city of Nis, also comparing, as a benchmark, Italian and Serbian reference strategies and policies.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Sustainable Management of Water Resources in Urban Areas: Case Study Rasina District]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2025-0001</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2025-0001</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Analysis of the state and quality of surface waters on the territory of Rasina district was performed based on the calculation of the BDE Index (Basin Demographic Emission Index) into the Zapadna Morava basin, on the Jasika profile, as well as by defining SWQI (Serbian Water Quality Index) at two hydrological stations on the Zapadna and Južna Morava river courses in the period from 2009 to 2023. The basin demographic emission index (index BDE) represents a criterion of sustainability in the management of urban water supply and wastewater drainage systems. This indicator links key parameters (the number of inhabitants and quantities of outpoured waste waters, the official and average flow in the river) into one single number (index) and enables an easier overview of the state of water resources in time and space. In the analyzed fifteen-year period, the basin demographic emission index show that there is a pronounced upward trend line, which indicates a positive development tendency of the indicator from the point of established sustainability criteria. Water quality was analyzed based on the following selected parameters: oxygen saturation, BOD5, ammonium, pH value, TON, orthophosphates, suspended solids, temperature, conductivity and coliform bacteria. The obtained results show that poor water quality (WQI-61‐62) was registered on both profiles on an annual basis. The worst water quality was recorded at the Maskare hydrological station, on the Zapadna Morava in 2015 (WQI-57). The waters of the Rasina district are mostly loaded with organic matter which originates from waste sewage and industrial waters from urban and rural areas. The aim of this paper is to point out the need to define a planned system for water management, which would enable their rational use both in the present and in the future. By applying the concept of sustainable development, we are creating a basis for the rational use of all natural resources, as well as the basis for the improvement of the environment as a whole.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Export-Promoting Policies, Agglomeration, and Growth]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2025-0004</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2025-0004</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

This paper examines the impact of trade subsidies on global growth and national welfare through the cross-border movement of firms in an endogenous growth model. In particular, our model focuses on two key aspects: the cross-border movement of firms and the reallocation of labor resources between the production and innovation sectors. In this paper, we show that, in the presence of local knowledge spillovers, an increase in the trade subsidy by the country where firms are agglomerated leads to an increase in the global growth rate under certain parameter conditions, while an increase in the trade subsidy by the country that is not agglomerated results in a decrease in the global growth rate. Moreover, the results of the welfare analysis show that trade subsidies in the agglomeration country enhance the welfare of both the agglomeration and the non-agglomeration countries, whereas trade subsidies in non-agglomeration country diminish the welfare of both countries.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[The Conundrum of the Modified Areal Unit Problem (MAUP) for Urban Decision-Making Across Scales: A Critical Reflection]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2025-0002</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2025-0002</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Although the Modified Areal Unit Problem (MAUP) is well-documented in spatial analysis, its effects on urban policy development and decision-making are yet unknown. So, we decided to do this work to critically investigate how MAUP influences urban planning at different levels, impacting analytical results, governance, and spatial policy. The arbitrary division of geographical units still introduces bias and uncertainty in decision-making procedures, even with growing computer capacity and extensive application of urban analytics. By using a semi-structured literature review, we studied current studies on MAUP in urban analytics and planning, therefore highlighting the importance of methodological techniques, difficulties, and mitigating methods. Our results show a fragmented corpus of research where methodological developments usually have no direct relevance for policy-making. We also underline the need for ex-ante and ex-post assessments to evaluate MAUP’s influence on urban administration. Additionally, we emphasize the necessity of interdisciplinary collaboration to ensure a more holistic approach. We aim to raise awareness among urban designers, legislators, and researchers by bridging this research gap, thereby supporting more open, strong, and context-sensitive spatial decision-making systems.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Supplier Selection in Institutions of Residential Care]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2025-0005</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2025-0005</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The selection of suppliers in public procurement significantly impacts economic efficiency and social wellbeing, particularly within residential care institutions responsible for vulnerable populations. Despite the strategic importance of procurement decisions, limited research has addressed criteria weighting in the specific context of residential care. This study bridges this gap by applying the group Analytic Hierarchy Process (group AHP) to determine the weights of selected procurement criteria in residential care institutions in Serbia. Results indicate that price remains the dominant factor, though sustainability considerations are increasingly influential, aligning procurement practices with broader regulatory and policy goals. Moderately weighted criteria emphasize the importance of contractual clarity and fairness, while delivery time is found to be of comparatively lower priority. The application of group AHP demonstrates strong consistency among expert judgments, highlighting its effectiveness in enhancing transparency and reducing potential biases or corruption. The findings underscore the necessity of embedding scientifically grounded multi-criteria approaches into public procurement frameworks and suggest comprehensive training for procurement professionals to facilitate informed, sustainable, and socially responsible procurement decisions.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Gender Equality in Europe: Differences and Challenges Among European Countries]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2025-0003</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2025-0003</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The gender gap problem reflects persistent inequalities between men and women across economic participation, education, health, and political representation, driven by social, cultural, and institutional biases that restrict equal opportunities and outcomes. This paper explores the state of gender equality in Europe by constructing composite variables for each area through principal component analysis and applying cluster analysis to classify countries into four distinct groups. The first cluster includes Nordic countries with nearly complete gender equality; the second cluster consists of developed Western European countries with high educational and health outcomes, but lower political and economic opportunities for women. The third cluster comprises former socialist bloc countries with moderate educational and health indicators, but low economic and political inclusion of women, and finally the fourth cluster includes countries with significant challenges in achieving equality due to traditional norms and weak policies. The results indicate the need for tailored policies that would enhance economic opportunities and political participation for women, depending on the specific characteristics of each group of countries.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Advancing the Integration of Informal Waste Pickers into Urban Waste Management Systems: Potentials and Limitations]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2025-0006</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2025-0006</guid>
            <pubDate>Wed, 06 Aug 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Waste management remains one of the most pressing global challenges of the 21st century, particularly in rapidly urbanizing areas. Improper handling and disposal of waste, especially hazardous materials, pose serious risks to public health and the environment, exacerbating problems in already inadequately planned urban settings. Despite the development of waste management strategies such as recycling and composting, the effectiveness of these approaches is limited without the inclusion of all key stakeholders. Informal waste pickers, especially in low- and middle-income countries, play a crucial yet underrecognized role in urban waste management by contributing significantly to waste collection, sorting, and recycling. In the Republic of Serbia, where the formal waste management system remains underdeveloped and lacks comprehensive legal and institutional frameworks, the informal sector is responsible for a substantial portion of secondary raw material recovery. However, this sector operates without legal status or systemic support. This paper presents a comprehensive analysis of the socio-economic position of secondary waste collectors in Serbia, drawing on empirical research conducted in 2024. Special attention is given to the perceptions of informal waste collectors regarding the opportunities and constraints related to their integration into the formal waste management system. The findings highlight the potential for enhancing efficiency and sustainability in urban waste management through the formal recognition and support of informal actors.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[UK Labour Market During and Post EU Era – The Impact of Brexit on Migration Flows]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0008</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0008</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Brexit represents a completely unparalleled event whose overall effects are still hard to predict and yet to fully materialize. Migration has been one of the main topics of concern for the British and of widespread public discontent with the EU membership for years. Nowadays, UK is among the areas heavily influenced by the withdrawal from the EU. The new UK migration system, introduced after Brexit, might bring significant structural changes to the UK labour market. The subject of this paper is an analysis of the migration flows before and after Brexit and of the UK labour market, in terms of share and composition of the foreign-born population, based on official national statistics and results of relevant studies. The aim is to demonstrate the impact of EU migration policy and labour market trends during the EU membership and to indicate the effects of the new post-Brexit migration system on the migration flows and employment across different sectors of the UK economy. The results of the research suggest that the end of freedom of movement for workers and new work visa schemes have initiated some major changes in the UK labour market. So far, it does seem that the new system provides certain benefits and fulfills its main objective of reducing the low-skilled migrant workforce. However, it has also resulted in considerable labour shortages in some sectors and record high numbers of immigrants.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Unemployment as a Determinant of Non Performing Loans: The Case of European Countries]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0007</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0007</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Non-performing loans represent a very important indicator of the banking sector stability and, at the same time, of the financial system of an economy. A high share of non-performing loans in the structure of total loans can represent a potential cause of the insolvency of the banking system and the emergence of a banking crisis. The issue of non-performing loans is particularly important for the economies with bank-centric financial systems, in which the banking sector is the most important element of the financial system and often the most important source of financing economic activities. The subject of the paper is based on examining the influence of unemployment on the stratum of non-performing loans. The goal of the research is to establish whether and to what extent unemployment affects the level of non-performing loans in the observed economies, as well as to what extent the differences in the level of non-performing loans can be explained by the differences in unemployment. The research results suggest that unemployment has a statistically notable but relatively small influence on the stratum of non-performing loans in the observed economies.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Natural Capital in the Alternative Theories of Economic Growth]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0014</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0014</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

In economic science, the content coverage and characteristics of natural capital as a determinant of economic growth were often discussed by affirming the paradigm of sustainability at the end of the previous century. The largest number of researchers supported the thesis that economic growth should be sustainable, which means that it does not imply excessive use of natural capital (natural resources and the absorption and regenerative capacity of ecological systems) per unit of newly created value. During the previous years, new growth concepts known as Green growth, Degrowth, Post growth and Doughnut appeared in the explanations of natural capital as a limiting determinant of economic growth. At the core of these concepts is a sharp opposition to the views of neoclassical economists on the possibility of an unlimited increase in economic activities. Among other things, this happens due to the fact that natural capital, as one of the basic drivers of economic growth, is limited and cannot be substituted by other production factors.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Development Measures of Fiscal Policy in the Republic of Serbia and the European Union - A Comparative Analysis]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0009</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0009</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Regardless of the fact that, historically speaking, fiscal policy was generally viewed as stabilizing, its flexibility in modern conditions can also have a developmental effect on the specific national economy. In this paper, it will be discussed in detail about the development impact of short-term and long-term development measures of the fiscal policy of the EU countries and the Republic of Serbia. Special attention will be paid to the impact of fiscal policy on innovation and productivity, as well as the impact on economic growth and the increase in social standards. The mechanisms by which the fiscal policy positively affects the encouraging of research and development, the motivation for innovative entrepreneurship, the stimulation of state investments and the inflow of foreign direct investments, strongly influence the increase of national productivity, innovation, competitiveness and, in the last instance, economic development.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[An Analysis of the Determinants of Net Interest Margin of the Banking Sectors in Southeast European Countries]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0010</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0010</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The paper analyzes the determinants of bank net interest margin in the selected Southeast European countries in the period from 2012 to 2021. The group includes the countries with similar socio-economic features and financial system. The aim of the paper is to identify the common determinants of net interest margin in the observed banking systems. Given the previous theoretical and empirical studies, the analysis relies on a set of data on macroeconomic and industry variables using the pooled ordinary least square (OLS) regression method, because the preliminary data analyses do not allow for the application of panel regression with fixed or random effects. The predictor variables in the model are: gross domestic product per capita, inflation, exchange rate, real interest rate, concentration, size, capitalization, liquidity of the banking sector and credit risk in the banking sector. Net interest margin (NIM) is used as a dependent variable. The results confirm that the model is statistically significant, and that exchange rate, real interest rate, concentration and size of the banking sector have a significant impact on the variation of the dependent variable. Significant variables also show the expected direction of influence on NIM trends. The growth of exchange rate, real interest rate, concentration and size of the banking sector goes hand in hand with an increase in bank net interest margin in the analyzed countries over the observed period, all other things being equal. The analysis does not confirm the influence of other predictors on NIM.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Generation Z: Understanding Work-Related Values of Newcomers on Job Market]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0012</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0012</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The paper presents the results of a study on work-related values of Generation Z, comprised of young people born between the late 1990s and 2010. Following Millennials, Generation Z is the first generation of digital natives. This is the reason, along with some other circumstances that accompanied them during their growing up, why Generation Z has somewhat different work-related values than previous generations. Since they are just beginning to enter the labor market, and will be the majority of the workforce in the next decade or two, it is very important and useful for their employers to understand what Generation Z values when it comes to work. The study was conducted by surveying the students of the Faculty of Economics, University of Belgrade, during 2022 and 2023. The research results show that Generation Z highly values safety, achievement, and status at the workplace. From the individual perspective, future employees consider it most important that their job provides good working conditions, recognition for the work performed, and the possibility of achievement. It is noticeable that Generation Z students, to a significant extent, expect to be protected and safe at work in the future, both in terms of the job itself and in terms of social relations. According to the research findings, Generation Z is relatively homogeneous, and no significant differences in work-related values were found among them, except by gender.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[The Impact of Environmental Transformational Leadership on Post-Acquisition Performance In Serbia]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0013</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0013</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

External economic and social pressures force manufacturing companies to be ecologically oriented, putting emphasis on issues of environmental protection in the foreground of business policies and strategies. This study explores the role of ecological transformation leadership in acquired production companies in Serbia and examines its impact the on post-acquisition performance of companies, assuming that environmental innovation represents mediators of that influence. The survey was conducted based on responses of 91 respondents, i.e. employees from five companies that were part of the acquisition process in Serbia. Collected data was processed in the SPSS program, using statistical analyses such as descriptive statistical analysis, correlational statistical analysis, and regression statistical analysis. Empirical results show that environmental transformational leadership (ETL) has a positive impact on both the environmental (EP) and financial (FP) post-acquisition performance of acquired companies. The results also show that environmental innovation (including environmental innovation strategies (EIS) and ecological innovative activities (EIA)) represent mediators in the relationship between ecological transformational leadership and environmental post-acquisition performance. However, ecological innovations are not a mediator in the relationship between ecological transformation leadership and financial and non-financial post-acquisition performance. Considering the lack of studies investigating the environmental orientation of acquired companies, this study contributes to understanding how companies apply ecological transformation after acquisition leadership and what is its impact on post-acquisition performance.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[How Did the Stock Exchange Respond to Geopolitical Events? Evidence from the Former Yugoslav Republics]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0011</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0011</guid>
            <pubDate>Tue, 08 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The start of the war in Ukraine on February 24, 2022 had a number of adverse financial impacts on markets and the world economy. Given that there is currently a lack of sufficient empirical evidence on the real effects of the conflict in Ukraine on financial markets, the aim of the paper is to determine the difference between the total market capitalization, before and after the start of the war conflict in Ukraine, on the capital markets of the former Yugoslav republics. To determine the significance of the difference, the Paired Sample t-test was used. The obtained results indicated that the difference between the total market capitalization on the Macedonian Stock Exchange is negative, but not statistically significant, on the Zagreb and Serbian Stock Exchanges it is positive and statistically significant, while on the Sarajevo Stock Exchange, the Montenegro Stock Exchange AD Podgorica and the Ljubljana Stock Exchange this difference is negative and statistically significant. significant. Such findings point to the conclusion that in times of crisis, investors should think about the possibilities of applying different hedging and diversification strategies.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Institutional Aspects of “The Curse of Natural Resources”]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0023</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0023</guid>
            <pubDate>Sun, 06 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Natural resources are still a critically important input for society’s productive capacity. Valorization of the importance of natural resources throughout the history of economic thought shows that their influence on economy is not monotonous and unambiguous. During the last few decades, the understanding of the “curse of natural resources” has been exploited increasingly, as a challenge to the traditional view of their necessarily positive effect on the economy. The conservation of monolithic economic structures, with weak adaptive capacity, strongly dependent on the export of primary or low-processed products, in many countries with an abundance of natural resources, speaks in favor of this understanding. It is shown, however, that the nature and direction of the influence of natural resources on the quality of the economic structure and the sustainability of economic growth are closely related to the institutional structure of society. The nature of the effect of rent from natural resources on socio-economic flows - corruption, level of democracy, possible conflicts - is determined by the quality of institutions, while the relationship is also present in the reverse direction. In accordance with the abovementioned, the aim of the paper is to outline the main streams of thinking about this problem in economic theory. Particular attention is paid to the institutionalist approach, which links the effects of natural resources on relevant trends to the quality of social institutions. The construction and improvement of institutional solutions must be at the center of attention of the policy of the purposeful use of natural resources.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Implementation of Government Policy and International Economic Cooperation in the Renewable Energy Sector of the Republic of Sakha (Yakutia)]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0024</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0024</guid>
            <pubDate>Sun, 06 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The research analyzes the specifics of implementing regional programs to underpin the development of renewable energy sources in the Republic of Sakha (Yakutia) and the experience of foreign economic cooperation in this field. The law of the Republic of Sakha (Yakutia) on renewable energy sources is considered. The analysis of the directions of state support provided to energy producers on the basis of renewable energy sources in accordance with the above-mentioned law was performed. Also the economic evaluation of generating facilities for renewable energy was carried out. A scheme for the state authorities’ competence of the Republic of Sakha (Yakutia) in the renewable energy sector has been developed, as well as a scheme of supporting measures likely to increase the investment activity of energy efficiency projects in the field of renewable energy. A conclusion is made on the progressive development of the renewable energy sector in the region and increasing the energy security of small settlements in the decentralized energy supply sector.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Ranking Private Higher Education Institutions Based on Topsis Method]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0028</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0028</guid>
            <pubDate>Sun, 06 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The national economy of each country and its long-term development depend on the quality of the human resources. The higher education sector is one of the most important factors in building a high-quality workforce. It is exactly because of the importance of higher education institutions that countries used to have a key role in their financing, regulation and supervision. However, the commercialisation of the higher education sector has led to the abolition of the monopoly held by public higher education institutions, i.e. to the opening of private institutions. Recently, the ranking of higher education institutions has been gaining importance. This study used the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to rank order the private higher education institutions in the Republic of Serbia in 2021. The study was carried out using 16 criteria, mostly accounting ones, to rank the private institutions. It involved 10 private universities, together with their member faculties, 10 private colleges of academic studies, and 16 colleges of applied studies. The obtained ranking results are beneficial to the institutions in terms of their business improvement aimed at staying ahead of the competition, and meeting the stakeholder needs.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Effects of the Loyalty Program on Store Loyalty - The Moderating Role of Membership Duration]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0027</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0027</guid>
            <pubDate>Sun, 06 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

Store loyalty is a key focus for companies that want to retain their customers. One strategy for building store loyalty is to develop a loyalty program. This study aims to examine the impact of economic and non-economic benefits of the program on store loyalty, with the mediating role of the number of years of membership (membership duration) in the loyalty program. The model is based on structural equation modeling (SEM), while the statistical software AMOS was used to measure SEM. The results of the research showed that the economic and non-economic benefits of the loyalty program significantly affect to store loyalty, and that the membership duration in the program has a significant impact on the consumer’s perception of the previously stated benefits, and it was determined that with the increase in membership duration, the preference is given to non-economic benefits.
]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Modeling the Volatility of Returns on Investment Units of Voluntary Pension Funds in Serbia]]></title>
            <link>https://sciendo.com/article/10.2478/ethemes-2024-0029</link>
            <guid>https://sciendo.com/article/10.2478/ethemes-2024-0029</guid>
            <pubDate>Sun, 06 Jul 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[

The purpose of this paper is to model and analyze the volatility of returns on investment units in voluntary pension funds in Serbia, focusing on five funds: Dunav, Generali Basic, Generali Index, DDOR Garant Ekvilibrio, and Raiffeisen Future. Given the growing significance of voluntary pension funds, the study explores the role of investment units as a crucial financial instrument that allows diversification and optimization of long-term returns. Methodologically, the study applies the Extreme Value Theory (EVT) using the Generalized Pareto Distribution (GPD) to model the extreme events in the distribution tails, a key component for risk management. The ARCH test was used initially to assess heteroskedasticity in the time series, but the absence of significant volatility changes negated the application of GARCH models. Instead, EVT was implemented to capture rare, yet impactful, fluctuations. Additionally, Value at Risk (VaR) and Expected Shortfall (ES) were estimated based on the fitted GPD model, offering more robust risk quantification for extreme losses. The results indicate that all return series are highly correlated, with extreme values predominantly occurring in shorter bursts. GPD models successfully captured these extremes, and VaR and ES measures highlighted the periods of elevated risk, particularly during financial crises. This research presents an original contribution to the analysis of investment unit volatility, providing practical insights for fund managers in balancing risk and return in a volatile market environment.
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            <category>ARTICLE</category>
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