The examination of the economy-environment nexus is one of the focal issues in the field of environmental economics. This study examines the causal relationships between carbon dioxide (CO2) emissions, industry, services, and gross fixed capital formation for a panel of Balkan countries over the period 1996-2017. A three-step methodological approach is used, including panel unit root tests, panel cointegration tests, and panel causality tests. The results suggest a strong cointegration between the variables, meaning that all variables have a long-run relationship with CO2 emissions. The results of the panel causality show that there is a short-run bidirectional panel causality running between industry and services, and gross fixed capital formation and services. Moreover, there is a unidirectional causality running from industry and gross fixed capital formation to CO2 emissions, and from industry to gross fixed capital formation. The results of the long-run causal relationships show that estimated coefficients of the error correction terms (ECT) in the case of CO2 emissions, industry and gross fixed capital formation are statistically significant, indicating that these three variables are an important part in the adjustment process as the model diverges from the long-run equilibrium. Balkan countries need to further invest in the modernisation of their technological process, as well as to act following the global policy incentives. Environmental taxes, carbon capture and storage, taking part in emission trading schemes and orientation towards renewable energy sources, should further strengthen Balkan countries in achieving environmentally sound economic growth.
The problem of sustainable development has become an imperative of globalization, which resolutely sets the request for companies to operate socially responsibly, i.e., to create value in a manner that is sustainable in the future by achieving economic, environmental and social goals. The wave of change, conditioned by digital transformation, is considered an opportunity, but also a challenge for the realization of the concept of sustainable development. Therefore, the aim of this paper is to consider the risks of sustainable business emerging from the implementation of ICT in the business process, with focus on the companies in the Republic of Serbia.
Despite its wide use in practice, Modern Portfolio Theory and Markowitz’s approach to optimization, which is based on quadratic programming and the first two moments of the probability distribution of returns as major parameters, was faced with criticism. Therefore, standard Mean-Variance approach had been modified by applying more appropriate risk measures in optimization algorithm. The aim of this paper is to indicate efficiency of these models as well as justification of their usage in managing stocks portfolio on the Belgrade Stock Exchange.
Companies operating in contemporary business environments are addressed to corporate social responsibility, which requires companies to provide stakeholders with both financial and non-financial information, adequately and continuously. Various international institutions have created numerous models of information disclosure for socially responsible companies about economic, environmental and social aspects of the business. Social performance indicators show the relationship of an organization with its stakeholders. These indicators have become the key indicators of nonfinancial performance of companies in recent years, but they are also used to assess management competencies and to support the risk management process within the company. Assessment of the scope and quality of social performance indicators disclosure is reviewed in this paper by structuring of the Social Disclosure Index, calculated by taking into account following indicators: qualification, gender and age structure, number of employees, termination of employment, volunteer activities, training of employees, support for employees, internal and external communication capabilities, injuries and lost work days due to injuries. The research includes 17 real sector companies included in the BELEXline Index in the period 2014-2018. The results indicate relatively low level of social performance indicators disclosure which are a) mainly revealing information contributing to greater visibility of the companies in the market, b) neutral from the standpoint of influencing the values presented in the financial statements.
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