INVESTMENT POLICY FACTORS OF ENTEPRISES IN SERBIA – AGRICULTURE AND PROCESSING INDUSTRY SECTORS
DOI:
https://doi.org/10.5937/ekoPolj2101037AKeywords:
agriculture, processing industry, investments, enterprise, SerbiaAbstract
In this paper, the authors research and analyze the impact of factors that decisively influence making investment decisions in enterprises operating in the agriculture and processing industry sectors. The fact is that significant foreign direct investments have been coming to Serbia for many years, but the development gap with comparable countries in Central and Eastern Europe is not decreasing. Analysis show that economic development cannot be left only to the market and foreign investments, but an appropriate economic policy is needed to encourage public and private investments, based on domestic savings. Authors believe that companies from agriculture and processing industry should be carriers of economic growth and development, employment, exports and the creation of new value, but they need a stable and predictable business environment, as well as the support of official economic policy.
Downloads
References
2. Aghion, P., Diego, C., & Howit, P. (2006). When Does Domestic Saving matter for Economic Growth? Working Paper 12275 NBER.
3. Аizenman, J., & Nancy, M. (1993). Policy Uncertainty, Persistence and Growth. Review of International Economics, 1(2), 145-63.https://doi.org/10.1111/j.1467-9396.1993.tb00012.x
4. Aizenman, J., Pinto, B., & Radziwill, A. (2007). Sources for Financing Domestic Capital – Is foreign Saving a Viable Option for Development Countries. Journal of International Money and Finance, 26(5), 682-702.
5. Aničić, J., Vukotić, S., & Krstić, S. (2016). The strategic aspects and results of agriculture development in Serbia in the transition period. Economics of Agriculture, 63(1), 175-187. https://doi.org/10.5937/ekoPolj1601175A
6. Ansoff, I., & McDonnell, E. (1990). Implanting Strategic Management, Prentice – Hall, New York.
7. Auerbach, A., & Gorodnichenko, Y. (2012). Measuring the Output Responses to Fiscal Policy, American Econ. J.: Econ, Policy 4(2), 1-27. https://doi.org/10.1257/pol.4.2.1
8. Arsić, M., Ranđelović, S., & Nojković, A. (2019).Uzroci i posledice niskih investicija u Srbiji, Zbornik radova Ekonomska politika Srbije u 2019. godini, Naučno društvo ekonomista Srbije, SANU i Ekonomski fakultet Beograd, 43-61. [In English: Arsić, M., Ranđelović, S., & Nojković, A. (2019), Causes and consequences of low investments in Serbia, Collection of Articles - Economic policy of Serbia in 2019, Serbian Scientific Society of Economists, Serbian Academy of Sciences and Arts and Faculty of Economics, Belgrade, 43-61]
9. Besley, T. (1995). Property Rights and Investment Incentives: Theory and Evidence from Ghana. Journal of Political Economy, 103(5), 903-937.
10. Bierman, H., & Smidth, S. (1975). The Capital Budgeting Decision: Economic Analysis and Financing of Investment Projects, Macmillan Publishing Company, New York.
11. Burke, T., Genn-Bash, A., & Haines, B. (1991). Competition in Theory and Practice, Ruotledge, London and New York.
12. Cvetković, N. (2002). Strategija investicija preduzeća, Institut ekonomskih nauka, Beograd. [In English: Cvetković, N. (2002), Investment Strategy of Enterprises, Institute of Economic Sciences, Belgrade].
13. De Long, J., & Summers, L. (1991). Equipment Investment and Economic Growth. The Quarterly Journal of Economy, (106)2, 445-502. https://doi.org/10.3386/w3515
14. Dimitrijević, M., Vržina, S., & Leković, M. (2020). Agricultural Enterprises and Economic Growth: Regional Analysis in the Republic of Serbia. Economics of Agriculture, 67(2), 585-600. https://doi.org/10.5937/ekoPolj2002585D
15. Gechert, S. (2015). What fiscal policy is most effective? A meta-regresion analysis, Oxford Economics Papers, 67(3), 1-28.
16. Ignjatijević, S., Aničić, A., Vapa-Tankosić, J., & Belokapić-Čavkunović, J. (2020). Determining relationship between economic growth and environmental protection. Oditor-časopis za menadžment, finansije i pravo, 6(1), 38-48. https://doi.org/10.5937/Oditor2001036I
17. Ilzetzki, E., Mendoza, E.G. & Végh, C.A. (2013). How big (small?) are fiscal multipliers? Journal of Monetary Economics, 60(2), 239-254. https://doi.org/10.1016/j.jmoneco.2012.10.011
18. Fatas, A., & Mihov, I. (2013). Policy Volatility, Institutions, and Economic Growth. The Review of Economics and Statistics, 95(2), 362-376. https://doi.org/10.1162/REST_a_00265
19. Feldstein, M., & Harioka, C. (1980). Domestic Saving and International Capital Flows. The Economic journal, 90(358), 314-329. https://doi.org/10.2307/2231790
20. Francis, J.C. (1988). Management of Investments, McGraw-Hill Book Company, City University of New York.
21. Jovanović, P. (1991). Upravljanje investicijama, Fakultet organizacionih nauka, Beograd. [In English: Jovanović, P. (1991), Investment Management, Faculty of Organizational Sciences, Belgrade]
22. Hill, C., & Jones, R. (1998). Strategic Management Theory – an Integrated Approach, Houghton Mifflin Company, Boston.
23. Kovačević, R. (2019). Uticaj stranih direktnih investicija na izvozne performance i platni bilans Srbije, Zbornik radova Ekonomska politika Srbije u 2019. godini, Naučno društvo ekonomista Srbije, SANU i Ekonomski fakultet Beograd, 111-126. [In English: Kovačević, R. (2019), The influence of foreign direct investments on export performance and balance of payments of Serbia, Collection of Articles - Economic policy of Serbia in 2019, Serbian Scientific Society of Economists, Serbian Academy of Sciences and Arts and Faculty of Economics, Belgrade, 111-126]
24. Lim, J.J. (2014). International and Structural Determinants of Investment Worldwide. Journal of Macroeconomics, 41(C), 160-167. https://doi.org/10.1016/j.jmacro.2014.05.007
25. Levine, R., & Renelt, D. (1992). A Sensitivity Analysis of Cross-Country Growth Regressions. American Economic Review, American Economic Association, 82(4), 942-963.
26. Mankiw, N.G., Romer, D., & Weil, D. (1992). A Contribution to the Empirics of Economic Growth. Quarterly Journal of Economics, 107(2), 407-437. https://doi.org/10.2307/2118477
27. Maksimović, Lj., & Kostić, M. (2019). Dinamika i implikacije odnosa stranih direktnih investicija i tekućeg bilansa odabranih zemalja Balkana, Zbornik radova Ekonomska politika Srbije u 2019. godini, Naučno društvo ekonomista Srbije, SANU i Ekonomski fakultet Beograd, 61-74. [In English: Maksimović, Lj., & Kostić, M. (2019), Dynamics and implications of the relationship between foreign direct investments and the current account of selected Balkan countries, Collection of Articles - Economic policy of Serbia in 2019, Serbian Scientific Society of Economists, Serbian Academy of Sciences and Arts and Faculty of Economics, Belgrade, 61-74]
28. Pantić, N., Krunić, N., & Matić, I. (2020). The Possibility of using international project financing for defence systems. Vojno delo, 72(1), 56-70. https://doi.org/10.5937/vojdelo2001056P
29. Pike, R., & Dobbins, R. (1987). Investment Decisions and Financial Strategy, Philip Alan, Great Britain.
30. Petrović, P., Arsić, M., & Nojković, A. (2018). Is Increase in Government Investment Effective Policy in Bad Times: Evidence from Emerging EU Economies, Working Paper.
31. Petrović, P., Brčerević, D., & Šaranović, S. (2019). Javne investicije i ekonomski rast: lekcije za Srbiju, Zbornik radova Ekonomska politika Srbije u 2019. godini, Naučno društvo ekonomista Srbije, SANU i Ekonomski fakultet Beograd, 11-43. [In English: Petrović, P., Brčerević, D., & Šaranović, S. (2019), Public Investment and economic growth: lessons for Serbia, Collection of Articles – Economic Policy of Serbia in 2019, Serbian Scientific Society of Economists, Serbian Academy of Sciences and Arts and Faculty of Economics, Belgrade, 11-43]
32. Senić, R. (1993). Upravljanje rastom i razvojem preduzeća, Savremena administracija, Beograd. [In English: Senić, R. (1993), Management of Enterprises Growth and Development, Contemporary Administration, Belgrade]
33. Todorović. J., & Milisavljević, M. (1991). Strategijsko upravljanje, Ekonomski fakultet, Beograd. [In English: Todorović. J., & Milisavljević, M. (1991), Strategic Management, Faculty of Economics, Belgrade]
34. Todorović. J., & Milisavljević, M. (1990). Planiranje i razvojna politika preduzeća, Savremena administracija, Beograd. [In English: Todorović. J., & Milisavljević, M. (1990), Planning and Development Policy of an Enterprise, Contemporary Administration, Belgrade]
35. Zdravković, S., & Peković, J. (2020). The analysis of factors influencing tourists choice of green hotels. Hotel and Tourism Management, 8(1), 69-78. https://doi.org/10.5937/menhottur2001069Z
36. Žarkić-Joksimović, M., Benković, S., & Milosavljević, M. (2013). Finansijski menadžment, Fakultet organizacionih nauka, Beograd. [In English: Žarkić- Joksimović, M., Benković, S., & Milosavljević, M. (2013), Finance Management, Faculty of Organizational Sciences, Belgrade]