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The main goal of this study was to examine the effects of capital investments on firm performance, using panel-data analysis. For this purpose, financial data were gathered for 60 manufacturing firms based in Serbia, in the period from 2004 to 2016. The main research hypotheses were developed in accordance with the definition, nature, and time aspect of capital investments. Therefore, empirical expectation of this study was that the relationship between capital investments and firm performance should be positive—they probably bring losses to the firm in the short term, but they should increase firm performance in the long term. Finally, the results have indeed shown that capital investments have statistically significant negative effect on the short-term performance, but positive effect on the long-term performance of the analyzed firms, while controlling for time-fixed effects and certain internal factors.

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This paper, through certain printing techniques, examines the types of occupational pollutants and the adverse impacts of the printing process. Also, it proposes the measures for better preservation and environmental protection. The paper analyzes the results of the quantitative identification of hazardous materials from various printing techniques: pad, screen, offset, flexographic, and digital. The study included the analysis of waste printing inks and purification of printing wastewater with adsorption methods. Besides that, the preliminary monitoring of ambient indoor air quality was performed. The multiple regression analysis was applied on the obtained experimental results, in order to determine the mutual correlation between the ozone and the total volatile organic compounds and microclimate parameters. It was observed that a quantitative correlation exists between the investigated occupational hazards, which also indicate the strength of the agreement. The obtained results could be useful to evaluate the tendency of hazardous air pollutants in printing industries worldwide.

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Companies are operating as integral parts of their environment, and thus, they depend on it, as well as on the changes that occur in the environment. They are usually unable to control environmental impacts, so they need to develop a system which can partially reduce these impacts; they need to adjust and synchronize with changes. Due to the development of this mechanism, companies could adapt their business activities to the most of the impacts from the environment, providing thereby the highest profit at the end of the fiscal year. The purpose of this paper is to point out the principles of designing a model that could enable the enterprise to assess the most important impacts from the environment, quantifying their influence on its cost structure. Decisions about necessary changes in system operations should be based on the results of calculations in order to achieve the results as defined in the dynamic plan, or control them within satisfying limits.

Valuation of investment projects is a crucial part of the investment decision making process. The most important part of any investment analysis are discounted cash flow methods: net present value (NPV) and internal rate of return (IRR). The aim of this paper is application of risk analysis technique -Monte Carlo simulation, including sensitivity and scenario analysis, in investment project valuation. For this purpose, we have used an investment projectthe new plant for the combined production of electrical and thermal energy, as a case study. The input (key) variables used in this analysis, for performing a Monte Carlo simulation, are total revenue, variable costs, initial investment and discount rate, determined by the sensitivity analysis. As the output variables we have used net present value (NPV) and internal rate of return (IRR). Monte Carlo simulation results show that the probability of the project's success is 86.1%, according to the NPV rule, and 91.9%, according to the IRR rule of project's acceptance.

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