If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to explore the relationships between transformational leadership and post-acquisition performance, introducing into the analysis the mediating effect of employee attitudes toward changes, in the specific context of a transitional economy. Design/methodology/approach -The data were collected from 208 employees (including 91 managers) from ten acquired companies in Serbia. Using exploratory factor analysis, two dimensions of transformational leadership were identified in the context of a transitional economy: the first one refers to inspiring and stimulating the employees, and the second dimension refers to responding to employee problems. Multiple regression analysis was used to test the research hypotheses. Findings -The results of the analysis indicate that inspiring and stimulating employees has an indirect impact on post-acquisition performance through the mediating effect of employee attitudes toward changes, whereas responding to employee problems has both direct and indirect impacts on post-acquisition performance. Practical implications -The results of study may be significant for managers involved in the processes of mergers and acquisitions and may aid them in obtaining adequate levels of employee commitment and trust, which are needed to achieve challenging goals and to improve post-acquisition performance. Originality/value -The research of the mediating effect of employee attitudes on post-acquisition performance contributes to a better understanding of the relationships between transformational leadership and post-acquisition performance. Research in transitional economies related to subject matter is limited, while in Serbia in particular, there is no prior empirical work on the impact of transformational leadership on post-acquisition performance.

EKONOMIKA МЕЂУНАРОДНИ ЧАСОПИС ЗА ЕКОНОМСКУ ТЕОРИЈУ И ПРАКСУ И ДРУШТВЕНА ПИТАЊАЧасопис излази четири пута годишње ИЗДАВАЧ: Друштво економиста "Економика" Ниш СУИЗДАВАЧИ: Економски факултет у Приштини, Факултет за услужни бизнис -Сремска Каменица, Институт за економику пољопривреде -Београд, Факултет за пословне студије и право -Београд, Факултет за трговину и банкарство, Универзитет Алфа -Београд, Савез економиста Србије -Друштво економиста Ниш. ГЛАВНИ И ОДГОВОРНИ УРЕДНИК:Проф.

Research Question: This paper investigated whether a relationship exists between environmental, social and corporate governance (ESG) performance indicators and financial performance measures in the public sector. Motivation: Performance measurement plays a significant role in public management and public policy and could be considered to be a segment of the whole performance management process. Growing awareness of climate change, human capital and corporate governance issues have imposed the necessity of introducing environmental, social and corporate governance performance indicators (ESG) in public enterprises’ annual reports. ESG performance indicators encourage investors to make socially responsible investment decisions (De Lucia, Pazienza & Bartlett, 2020). Hence, the paper is focused on the specifics of measuring performance in the public sector. Besides, it is very interesting to acquire knowledge about the correlation between ESG indicators and financial performance measures (Kalaitzoglou, Pan & Niklewski, 2020; Landau, Rochell, Klein & Zwergel, 2020). Idea: The purpose of the research is to highlight relevant performance measures in the public enterprises in the energy sector in the Republic of Serbia and to examine whether the application of the ESG indicators implies better financial performance. Data: Four large Serbian companies in the energy sector were analysed. Data were collected on the web site of the Agency for Business Registers of the Republic of Serbia. The observation period is from 2017 to 2019. The financial performance indicators are ROA, ROE and the economy ratio. Tools: Based on annual financial statements, non-financial reporting of public companies is monitored, whether companies invest in environmental and social protection, as well as whether they implement activities directed to more consistent implementation of corporate governance. The dynamics of selected financial indicators is analysed according to base and chain indices. Findings: The results show that the public enterprises in the energy sector of the Republic of Serbia mainly report on traditional financial measures in their annual financial statements. One of them applies all ESG indicators and the others do it partially. However, no direct and positive correlation between ESG indicators and financial performance measures could be found. Conversely, there is the case that ESG indicators have no linkage with the financial performance measures. Contribution: This paper contributes to the existing literature in the field of public enterprises’ sustainability.

, where she got a master's degree in business economics. She held a PhD in Economics at the University of Belgrade in the field of business economics. Key areas of her scientific interests include performance measurement and management and cost management.

SummaryFood industry is an important segment of manufacturing industry. The