The economic crisis and the emergence of an increasing number of competitors in the banking sector have led to the need for banks to better understand their clients and to work more closely together with them. The basis of survival and profitable business of banks is the achievement of high quality offer that is the asset for developing long-term relationships. The aim of the paper is to determine the effects of the banking services quality dimensions on satisfaction and loyalty of clients using modified SERVQUAL model. The main research question is to examine which dimensions of banking services quality have an effect on the satisfaction and loyalty of clients, what is the nature and the intensity of this impact. For the purpose of measuring clients’ attitudes regarding banking services quality, the survey method, questionnaire technique was applied. The questionnaire was distributed to clients of banks operating in the territory of Kragujevac, Central Serbia, in the period from September to October, 2018. Simple random sample technique for sampling was applied. The analysis was conducted by processing the primary data in statistical software SPSS where several statistical analyses were conducted. Based on multiple regression analysis, it came to the result that the strongest influence on clients’ satisfaction has variable empathy and the weakest variable tangibility, while variable reliability has no influence. On the other hand, clients’ loyalty is most strongly influenced by variable responsiveness while the weakest influence, as well as on satisfaction, has variable tangibility. The paper points to the significance of improving banking services quality in order to achieve higher level of satisfaction and long-term clients’ loyalty, which is particularly important when it comes to dimensions that have weak or no influence on the observed aspects of consumer behaviour.
The main aim of the examination is to conclude whether monetary policy can influence the unemployment rate through the key policy rate and to analyze the fundamental linkages among inflation and unemployment in the Republic of Serbia, considering that those mentioned occurrences are major destabilizers of the developing economy. The Vector error correction model is used as the central model for inquiring the structure of the time series. From the cointegration equation of the VEC model, it can be concluded that there is no long-run equilibrium dynamic between the key policy rate and the unemployment rate in the Republic of Serbia over the period 2009M1-2019M6. Regarding the relationship between inflation and unemployment, there is a positive statistically significant effect of the inflation rate to the unemployment rate in the long-term. In the short term, results indicate that the key policy rate, as well as the inflation rate, do not cause the unemployment rate in the observed period.
The primary objective of the article is to examine the nexus between inflation, R&D, patents, and economic growth within a group of Central and Eastern European countries (CEECs). The examination is conducted in two parts. First, the impact of total R&D expenditures on economic growth is observed, as well as the influence of growth on private and public R&D investments. Second, the conversion from private and public R&D investment to innovation, measured by the number of patents, is observed. Throughout the analysis, economic growth and inflation are representative of macroeconomic stability. The outcomes of the panel auto-regressive distributed lag estimation indicate that total R&D expenditures are essential and positively significant for economic growth in the observed countries. The results also show that output growth has a remarkably positive impact on generating private R&D expenditures. Such an influence is also found, but at a weaker level, in the case of public R&D expenditures. In this part of the analysis, inflation has demonstrated a harmful influence on R&D expenditures. The results of the second part indicate that public and private R&D expenditures, at a significant level, generate innovation activities, while the impact of inflation has proven to be unimportant.
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