Anali Ekonomskog fakulteta u Subotici

Psychological Safety and Team Performance: Mapping Key Insights and Emerging Trends

2026-07-24T11:59:48+00:00

Purpose: Psychological safety is a central concept in team research, widely recognized as a key driver of team performance. However, the rapidly growing body of research remains conceptually diverse and scattered across multiple disciplinary areas, making it difficult to consolidate dominant themes and new directions. This study maps and synthesizes recent research to identify the field’s intellectual foundations, dominant themes, and emerging research fronts shaping current and future work.

Мethodology: This study conducts a bibliometric mapping of literature on psychological safety and team performance from 2018 to 2025, analyzing 278 publications retrieved from the Web of Science Core Collection. VOSviewer and Bibliometrix were used to apply performance analysis and science mapping techniques, including keyword co-occurrence, reference co-citation, and bibliographic coupling.

Findings: The results reveal a highly interconnected research landscape in which psychological safety acts as a central hub linking multiple performance-related mechanisms. Dominant themes include leadership, communication and coordination, conflict and diversity, and trust, with recent research highlighting measurement refinement, contextual factors, and practical applications in understanding team performance.

Originality: This study systematically maps and synthesizes recent research on psychological safety and team performance, clarifying a fragmented field by identifying its intellectual foundations, key themes, emerging directions, and context-dependent mechanisms with implications for future research and practice.

Practical implications: The findings offer decision-makers and team leaders actionable insights to enhance psychological safety, optimize team performance, and tailor management practices to complex, dynamic work environments.

Limitations: Future research should expand database coverage and strengthen theoretical integration by exploring multilevel mechanisms, longitudinal designs, and contextual moderators influencing the psychological safety–performance relationship.

Growth factors of audit firms in the Republic of Serbia in the period 2018 – 2022

2026-07-24T11:59:48+00:00

The aim of paper is to investigate the growth of audit firms in the Republic of Serbia during the period 2018 – 2022. Growth was measured as a change in revenue over a fixed period of time. The results indicate that there is significant increasing of audit firms performances measured by sales growth in 2019, and than decreasing in 2020, while in the following years there is increasing of business performance. In order to investigate which factors affect the sales growth rate, regression analysis was conducted. Sales growth was defined as dependend variable, while as independent variable were defined return on assets, current ratio, leverage and corona period as a proxy variable. The results indicate that significant impact on sales growth of audit firms have return on assets, current ratio and corona period. Return on assets and current ratio are significant positive related to sales growth, while corona period is negative related to sales growth. The research results indicate to the profile of audit firms specialy from the perspective of growth facotrs. The results can be of interest for managers and owners of audit firms, profesional audit organizations and other in the process of business decisions making.

Determinants of venture capital fundraising – example of Germany

2026-07-24T11:59:48+00:00

Abstract

Purpose: Venture capital is essential for developed markets as they provide possible start-ups with capital, especially the ones which have great prospects of success and growth. There are a few factors which influence the venture capital. Therefore, the study aims to investigate which factors affect significantly venture capital fundraising in Germany.

Methodology: This research is conducted by using a log-lin regression model which covers the data from 2015 to 2024 in Germany. The dependent variable is the amount of venture capital fundraising, whereas independent determinants are unemployment rate, global innovation index, price-to-book ratio, corporate tax rate and industrial index.

Findings: The results show that unemployment rate, global innovation index and corporate tax rate have a significant effect on the dependent variable. However, price-to-book ratio and industrial index have no significance on venture capital fundraising. As a result, venture capital in Germany is mostly influenced by macroeconomic environment.

Originality/value: The results show which macroeconomic determinants impact most the fundraising of the venture capital funds in Germany in this way allows the policy makers to improve the environment for the growth of the venture capital activity. Furthermore, this research, in comparison with the results of other studies, indicates that there are differences in the impact between developed countries as well. The findings of this research, especially associated with the effects of the impact of the innovation index are valuable and indicate that investors are not inclined to invest in radical innovations that are associated with high risks and therefore a high possibility of failure.

Practical implications: The results can be used by policymakers and venture capital fund managers in order to attract investors to raise funds for venture capital investments.

Limitations: One of the limitations is the fact that study covers the period from 2015 to 2024. Also, the results of the research cannot be applied to emerging countries.

The impact of innovation on ESG performance

2026-07-24T11:59:48+00:00

Purpose: The main objective of the paper is to explore how different types of innovations contribute to ESG performance in companies. The study aims to distinguish the specific effects of technological and organizational innovations on environmental, social, and governance dimensions, thereby clarifying their role in sustainable corporate development.

Methodology: To achieve the research objective, data were collected from 113 companies in Serbia during 2025. Structural Equation Modelling (SEM) was applied to examine the relationships between types of innovations and ESG performance dimensions, enabling a precise assessment of their individual impacts.

Findings: The study confirms that innovations are essential for improving ESG performance. Technological innovations have the strongest impact on environmental outcomes, while organizational innovations are most influential in strengthening governance practices. Social performance is positively affected by both types of innovations, though to a lesser extent.

Originality/value: This research provides novel insights into the differentiated effects of innovation types on ESG dimensions, contributing to the literature by linking innovation strategies with sustainability outcomes in a transitional economy context. It highlights the importance of distinguishing between technological and organizational innovations when evaluating ESG performance.

Practical implications - The findings can guide managers and policymakers in designing innovation strategies that align with sustainability goals. Companies seeking to improve environmental outcomes should prioritize technical and technological innovations, while those aiming to strengthen governance should focus on organizational innovations. These insights are particularly valuable for decision makers in emerging economies striving to balance competitiveness with ESG commitments.

Limitations: The study is limited to companies operating in Serbia, which may restrict the generalizability of findings to other contexts. Additionally, the analysis is based on cross-sectional data collected in 2025, preventing the assessment of long-term innovation effects. Future research should expand to comparative international samples and longitudinal designs.

Beyond profitability: Do cash flow management indicators forecast SMEs business failure in the long run?

2026-07-24T11:59:48+00:00

Purpose: The study examines whether cash flow management indicators can serve as reliable early predictors of small and medium-sized enterprise (SME) business failure. Specifically, it investigates the ability of cash flow–based indicators to forecast bankruptcy three years before the initiation of formal bankruptcy proceedings.

Methodology: A multilayer perceptron (MLP) neural network with two hidden layers is applied to analyze a dataset of Serbian SMEs operating in the manufacturing and trade sectors. The model relies exclusively on cash flow indicators and is evaluated using a training–test data split and classification metrics derived from the confusion matrix.

Findings: The results indicate that cash flow indicators provide strong early signals of SME failure three years before bankruptcy. The model demonstrates high predictive performance, achieving an area under the ROC curve (AUC) of 0.895. Indicators related to operating cash flow generation and debt-servicing capacity emerge as the most influential predictors, highlighting the importance of liquidity and sustainable cash flow management for long-term business survival.

Originality/value: The study contributes to the literature by focusing exclusively on cash flow indicators and applying a neural network approach to predict SME failure three years in advance. It represents one of the first regional studies combining a cash flow–centered perspective with machine learning methods and long prediction horizon, while analyzing firms within a specific industry segments.

Practical implications: The findings offer early warning signals that can support credit risk assessment, financial monitoring, and timely interventions by managers, lenders, and policymakers.

Limitations: The study is limited by a relatively small sample size. While the sector-specific focus reduces structural heterogeneity, it may limit generalizability. Future research could extend the dataset across Balkan economies and incorporate additional or dynamic cash flow indicators capturing year-to-year changes.

Determinants of Corruption in the Balkan Countries: An Empirical Analysis

2026-07-24T11:59:48+00:00

Purpose: Corruption represents one of the most serious problems faced by developing countries, particularly those with a lack of democratic potential. The aim of this paper is to examine, through the application of a dynamic statistical model, the long-term and short-term effects of economic freedom, democracy, and the level of economic development on the level of corruption in the case of Balkan countries.

Мethodology: The research is based on panel data for 10 Balkan countries. The observed dependent variable is the World Bank’s Control of Corruption indicator, while the independent variables include the Economic Freedom of the World index published by the Fraser Institute, the Electoral Democracy Index published by the V-Dem Institute, and the level of economic development measured by GDP per capita from the World Bank database. The analysis employs an ARDL model, which enables separate examination of the long-term and short-term effects of the independent variables on the dependent variable.

Findings: A statistically significant impact of electoral democracy, economic freedom, and the level of economic development on the level of corruption in the long run has been confirmed. Only economic freedom also has an effect in the short run, with the direction of the effect remaining unchanged.

Originality/value: This is the first study of these determinants of corruption conducted on a Balkan sample, and, to the author’s knowledge, it is only the second paper in the overall literature to be based on the application of the ARDL model.

Practical implications: Research on the determinants of corruption always has practical relevance in the fight against corruption. Confirmation that corruption is a consequence of a lack of democracy and economic freedom in the Balkans provides guidance for the necessary reforms of the economic and political system.

Limitations: A practical limitation of the study relates to the relatively small number of observed variables, which is a consequence of the choice of the statistical model. Because including a large number of variables would lead to the problem of model overidentification.

Status Motives, Hedonism, and Social Media Influencers as Drivers of Luxury Fashion Brand Preference among Generation Z: The Moderating Role of Cosmopolitanism in Serbia

2026-07-24T11:59:48+00:00

Purpose: The primary objective of this paper is to examine the effects of status motives, hedonism, and social media influencers on luxury fashion brand preferences among Generation Z consumers in Serbia. In addition, the study investigates the moderating role of cosmopolitanism in shaping these relationships.

Methodology: The empirical research was conducted on a sample of 376 respondents belonging to Generation Z in Serbia. Data were collected through a structured questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test both direct and moderating effects.

Findings: The findings indicate that status motives, hedonism, and social media influencers exert a significant positive influence on Generation Z consumers’ preferences for luxury fashion brands. Moreover, cosmopolitanism strengthens the impact of these determinants, suggesting that more cosmopolitan individuals are more responsive to symbolic, hedonic, and influencer-driven cues in luxury fashion consumption.

Originality/value: This study contributes to the existing literature by integrating psychological motives, social media influence, and cosmopolitanism within a single empirical framework focused on Generation Z consumers. The research offers novel insights from an emerging market context, which remains underexplored in luxury fashion consumption studies.

Practical implications: The results provide valuable guidance for luxury fashion brand managers and marketers by emphasizing the importance of status signaling, experiential value, and influencer marketing strategies tailored to cosmopolitan segments of Generation Z. The findings may also assist decision makers in designing more effective communication and branding strategies in digitally driven consumer markets.

Limitations: The study is limited by its cross-sectional design and its focus on a single country, which may restrict the generalizability of the results to other cultural and market contexts. Additionally, the use of self-reported data may introduce potential response bias.

Optimization model of collective nutrition in the Serbian Armed Forces using linear programming and Python programming environment

2026-07-24T11:59:49+00:00

The aim of this paper is to develop an optimization model of collective nutrition of soldiers based on linear programming, in order to minimize the cost of daily ration while meeting the energy, nutritional and logistical limitations of the military food system. The research was conducted using linear programming, multi-criteria analysis and deterministic sensitivity analysis. The model was implemented in a Python programming environment, and the analysis included 230 dishes from the Diet Plan of the Serbian Armed Forces, including economic, nutritious and organizational restrictions and price change scenarios. The results of the research indicate that the optimization approach enables lower costs of a daily meal compared to the existing normative model, without violating the defined nutritional standards, with satisfactory stability of the model in different market conditions. The originality of the work is reflected in the development of an integrated model that combines economic, nutritional and logistical criteria into a single framework adapted to the military food system. The limitations of the research relate to the deterministic character of the model, static nutritional parameters, and the absence of full stochastic optimization.

Do Gender, Age, and Education Matter for Guest Loyalty in Four-Star Hotels in Serbia?

2026-07-24T11:59:49+00:00

Purpose: This paper examines whether gender, age, and education level introduce systematic differences in post-purchase behaviour among guests of four-star hotels in the Republic of Serbia, with a focus on two distinct outcomes: revisit intention and positive electronic word-of-mouth intention (eWOM), both considered indicators of guest loyalty.

Мethodology: Primary data were collected through a survey of 589 respondents who had previously stayed in a four-star hotel in Serbia. Differences between male and female respondents were examined using independent-samples t-tests, whereas differences across age and education groups were analyzed using one-way analysis of variance (ANOVA) followed by Tukey's post hoc test. The practical significance of the observed differences was assessed using eta-squared (η²).

Findings: Revisit intention does not differ significantly across gender, age, or education, suggesting that the propensity to return to the same hotel is broadly uniform across socio-demographic groups. Positive electronic word-of-mouth intention is significantly higher among male guests (η² = 0.027) and, in one specific pairwise comparison, among respondents with Bachelor/Higher degrees than among postgraduate degree holders (η² = 0.021), although both effects are small.

Originality/value: The paper provides original evidence on socio-demographic differences in guest loyalty in Serbia's four-star hotel sector and contributes to the debate on whether revisit intention and electronic word-of-mouth are driven by the same factors.

Practical implications - The findings suggest that socio-demographic characteristics alone are insufficient to explain guest loyalty, indicating the need for future research to investigate the contribution of other factors, such as service quality and customer satisfaction.

Limitations: The study relies on a non-probability sample with an overrepresentation of younger, female, and urban respondents, limiting the generalizability of the findings, particularly beyond the Serbian context.

The Impact of Modern Technologies and Methods on the Management of Key Logistics Activities

2026-07-24T11:59:49+00:00

Purpose: This paper examines the impact of modern technologies and methods on the management of key
logistics activities, with a particular focus on warehousing and transportation. The aim is to assess how
innovative logistics solutions contribute to improving the speed, efficiency, safety, and sustainability of logistics
operations.
Methodology: The study is based on a review of relevant academic and professional literature, supported by
case studies of leading global companies, including Amazon, Alibaba, JD.com, Walmart, DHL, UPS, IKEA, and
Alphabet. The analysis covers modern warehousing and transportation technologies, including robotics,
automation, artificial intelligence, drones, and Hyperloop solutions.
Findings: The findings indicate that the adoption of modern logistics technologies significantly improves
operational efficiency, reduces logistics costs, accelerates order processing and delivery, enhances warehouse
space utilization, and contributes to more sustainable logistics systems. At the same time, successful
implementation requires substantial initial investments, workforce upskilling, and organizational adaptation.

Originality/value: The paper provides an integrated overview of the most important contemporary logistics
technologies and methods by examining their practical implementation in leading global companies, highlighting
their advantages, limitations, and implications for the future development of logistics systems.
Practical implications: The findings may assist logistics managers and decision-makers in selecting and
implementing modern logistics solutions to improve competitiveness, service quality, and operational efficiency.
Limitations: The paper is based on a literature review and case study analysis rather than empirical research.
Consequently, the conclusions represent a synthesis of existing knowledge and provide a foundation for future
empirical studies.