THE IMPACT OF VALUED MACROECONOMIC FACTORS BY TOP MANAGEMENT ON BUSINESS IN MEDIUM-SIZED INDUSTRIAL AND MEDIUM-SIZED AGRIBUSINESS ENTERPRISES
DOI:
https://doi.org/10.59267/ekoPolj25041223LKeywords:
macroeconomic factors, medium industrial and medium agribusiness enterprisesAbstract
The aim of the research was to investigate the impact of macroeconomic factors on the operations of medium-sized industrial and medium-sized agribusiness enterprises. The subject of the research was medium-sized industrial and medium-sized agribusiness enterprises. The authors conducted a survey of top management in relation to the impact of 7 macroeconomic factors. The method of comparing the results obtained from both forms of enterprise organization in the research period (2023-2025) was used. The existence of differences in the evaluation of top management in relation to the form of enterprise organization was revealed. Agribusiness enterprises had more confidence in the analyzed macroeconomic factors: exports, subsidies and the impact of banking, while industrial enterprises had more confidence in the impact of gross domestic product, employment, imports and tax breaks.
Downloads
References
Adenaeuer, L., Breen, J., Witzke, P., Kesting, M., Hayden, A., & Donnellan, T. (2022). The potential impacts of an EU-wide agricultural mitigation target on the Irish agriculture sector. Climate Policy, 23(4), 495–508. https://doi.org/10.1080/14693062.2022.2105791
Al-mulali, U., Fereidouni, H. G., Bin Mohammed, M. A. H., & Lee, J. Y. M. (2016). Agriculture investment, output growth, and CO2 emissions relationship. Energy Sources, Part B: Economics, Planning, and Policy, 11(7), 665–671. https://doi.org/10.1080/15567249.2013.805856
Bakmaz, O., Anđelić, S., Dragosavac, M., Grublješić, Ž., Nastić S., Popović, D., Tubić M. & Popović S. (2024). The importance of determining the efficiency of business of agricultural farms in relation to the use of credits in agriculture, the example of the Republic of Serbia, Agricultural Engineering, 49(1), 10-16. https://scindeks.ceon.rs/article.aspx?artid=0554-55872401010B&lang=en
Bakmaz, O., Vukčević, V., Laković, D., Arnautović, I., Nastić, S., Krstajić, G., Popović, S. (2025). Modern Management of Medium-sized Agricultural Enterprises and Reporting in English on Recent Change. J Agron Technol Eng Manag 8(1), 1429-1436. https://www.fimek.edu.rs/jatem.html
Bakmaz, O., Eremić-Đođić, J. Dragosavac, M. Sredojević, D. Dejanović, A. Arnautović, I. Krstajić, G. & Popović, S. (2025-a). Financial Management of Small and Medium–sized Farms using State Subsidies, it System of Records for Genetic Resources: Example of Republic of Serbia. J Agron Technol Eng Manag, 8(2), 1562-1572. https://www.fimek.edu.rs/downloads/casopisi/jatem/issue/v8_2/11_(11)JATEM_1562_1572_PEMC9801.pdf
Barbero, J., Christou, T., Crucitti, F., Rodríguez, A. G., Lazarou, N. J., Monfort, P., & Salotti, S. (2024). A spatial macroeconomic analysis of the equity-efficiency trade-off of the European cohesion policy. Spatial Economic Analysis, 19(3), 394– 410. https://doi.org/10.1080/17421772.2024.2306948
Bardazzi, E., Standardi, G., Bosello, F., & Key Hernández, R. E. (2024). Toward the full implementation of the water-energy-food nexus in computable general equilibrium modelling: methods and macroeconomic implications. Economic Systems Research, 36(3), 422–450. https://doi.org/10.1080/09535314.2024.2349881
Bernard Azolibe, C. (2021). What accelerates industry value added in middleincome countries: is there a differential impact in low-income countries? Transnational Corporations Review, 14(2), 153–168. https://doi.org/10.1080/19 186444.2021.1930458
Berxolli, A., Potryvaieva, N., Dovgal, O., Kuzoma, V., & Pavliuk, S. (2023). Innovation in Ukrainian agriculture to mitigate the impact of invasion. International Journal of Environmental Studies, 80(2), 307–313. https://doi.org/10.1080/00207233.2022.2160080
Bojaj, M. M., & Aharon, D. Y. (2024). The impact of ESG clean energy policies on key macroeconomic factors. Applied Economics Letters, 1–11. https://doi.org/10.1080/13504851.2024.2333993
Bortz, P. G., & Toftum, N. (2023). Changes in rainfall, agricultural exports and reserves: macroeconomic impacts of climate change in Argentina. Journal of Environmental Economics and Policy, 13(2), 243–258. https://doi.org/10.1080/21606544.2023.2236987
Boussetta, S., Dragotă, V., & Iordache, A. (2025). Military Conflicts and Stock Markets: The Effect of the Russia–Ukraine Conflict on the European Stock Market. Eastern European Economics, 1–43. https://doi.org/10.1080/00128775.2025.2463436
Cai, H., Ahmed, S., Jiang, Y., & Liu, X. (2020). The impact of US macroeconomic news announcements on Chinese commodity futures. Quantitative Finance, 20(12), 1927–1966. https://doi.org/10.1080/14697688.2020.1814006
Cheong, C., & Hoang, H. V. (2021). Macroeconomic factors or firm-specific factors? An examination of the impact on corporate profitability before, during and after the global financial crisis. Cogent Economics & Finance, 9(1). https://doi.org/10.1080/23322039.2021.1959703
Colović, M., Đuranović-Miličić, J., Gligović, D., Arnautović, I, Nastić, S. & Popović, S. (2024). Joint investments of the real economy and healthcre institutions in the Republic of Serbia, Ekonomija Teorija i praksa, 17(3) 97-108, https://www.fimek.edu.rs/downloads/casopisi/ekonomija/arhiva/2024-ekonomija-br-3.pdf
Deb, P. (2025). From feed to fish: The impact of input factor and uncertainty shocks in Bangladesh aquaculture market. Aquaculture Economics & Management, 1–22. https://doi.org/10.1080/13657305.2025.2494588
Diop, S., Asongu, S. A., & Tchamyou, V. S. (2024). Mitigating the macroeconomic impact of severe natural disasters in Africa: policy synergies. Journal of Contemporary African Studies, 42(1), 59–72. https://doi.org/10.1080/02589001.2024.2317366
Epshtein, D., Curtiss, J., Gagalyuk, T., & Gailhard, I. U. (2018). The Factors of Resilience of Agricultural Enterprises against External Shocks: (The Case of Russia’s northwest). Problems of Economic Transition, 60(12), 883–906. https://doi.org/10.1080/10611991.2018.1672476
Gignarta, T. S., Borojo, D. G., & Guan, Z. (2024). The impacts of economic policy uncertainties on agriculture export. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2382359
Hussein Mohamud, M., Abdirahman, F. S., & Gul, A. (2025). Analyzing the impact of macroeconomic variables on deforestation in Somalia: evidence from an ARDL model. Cogent Economics & Finance, 13(1). https://doi.org/10.1080/23322039.2025.2496672
Irani, F., Athari, S. A., & Hadood, A. Al. Al. (2021). The Impacts of Country Risk, Global Economic Policy Uncertainty, and Macroeconomic Factors on the Turkish Tourism Industry. International Journal of Hospitality & Tourism Administration, 23(6), 1242–1265. https://doi.org/10.1080/15256480.2021.1935393
Issah, M., & Antwi, S. (2017). Role of macroeconomic variables on firms’ performance: Evidence from the UK. Cogent Economics & Finance, 5(1). https://doi.org/10.1080/23322039.2017.1405581
Katz, R., & Jung, J. (2024). Economic spillovers from cloud computing: evidence from OECD countries. Information Technology for Development, 30(1), 173–194. https://doi.org/10.1080/02681102.2023.2292108
Kirui, O. K., Kornher, L., & Bekchanov, M. (2023). Productivity growth and the role of mechanisation in African agriculture. Agrekon, 62(1), 80–97. https://doi.org/10.1080/03031853.2023.2176894
Kotcharin, S., & Jantadej, K. (2024). Behavior of small and medium shipping enterprises’ working capital management: moderating role of firm-specific characteristics in times of crises and geopolitical risk. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2396544
Kumar, G., Engle, C., Aarattuthodi, S., van Senten, J., Hegde, S., Khoo, L. Dorman, L. (2024). Economic impact of Edwardsiellosis on the U.S. catfish industry. Aquaculture Economics & Management, 28(3), 415–438. https://doi.org/10.1080/13657305.2024.2319083
Liu, M., Sun, M., Zhang, X., Ge, M., & Hu, J. (2025). Real-time shop floor operations improvement based on dynamic value stream mapping and hybrid simulation in Industry 4.0: an economic perspective. International Journal of Production Research, 1–25. https://doi.org/10.1080/00207543.2025.2487921
Ljumovic, I., Kovacevic, V., & Jankovic, I. (2023). Understanding Financial Inclusion of Individuals Engaged in Agriculture: Evidence from Upper-MiddleIncome Balkan Economies. Eastern European Economics, 62(6), 762–779. https://doi.org/10.1080/00128775.2023.2279228
Lutovac Đaković, M. (2024). New industrial policy of Serbia: possibilities and limitations, Economics of Enterprise, Serbian Association of Economists Journal of Business Economics and Management, 182-192. https://scindeks-clanci.ceon.rs/data/pdf/0353-443X/2024/0353-443X2403182L.pdf
Lutovac, J., Tomaš-Miskin, S. & Popović, S. (2025). Obtaining loans for energy efficiency depending on the influence of analyzed factors on the decision-making of citizens and small businesses in the Republic of Serbia, International Review 173-181. https://www.international-review.com/index.php/ir/issue/view/32/16
Makoye, M., Mlinga, R. S., & Ndanshau, M. O. A. (2022). Impact of macroeconomic factors on performance of construction industry in Tanzania. International Journal of Construction Management, 23(15), 2625–2636. https://doi.org/10.1080/15623599.2022.2084259
Makoye, M. (2024). Assessment of the influence of macroeconomic factors on participation of indigenous firms in Tanzania construction industry. International Journal of Construction Management, 1–11. https://doi.org/10.1080/15623599.20 24.2437178
Mkhabela, T., Ntombela, S., & Mazibuko, N. (2022). An economy-wide impact assessment of agriculture land reform in South Africa. Cogent Social Sciences, 8(1). https://doi.org/10.1080/23311886.2022.2137314
Mohamed, A. A., Abdulle, A. Y., & Omar, M. M. (2024). The role of macroeconomic factors in shaping employment trends in Somalia. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2416989
Mwinuka, L., & Mwangoka, V. C. (2023). Manufacturing sector’s growth in Tanzania: Empirical lessons from macroeconomic factors, 1970–2021. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2223419
Popović, S., Bakmaz, O., Popović, D., Dragosavac, M., Nastić, S., Pajović, I., Majstorović, A., Sredojević, D., Radaković, M. Petković, Z. (2025). Valuation of agricultural land in relation to location of city centers as a factor in the management of mentioned resource, Agriculture & Forestry, 71(1), 99-113, https://doi:10.17707/AgricultForest.71.1.08
Popvić, S., Arnautović, I. & Krstajić, G. (2025). Realistic financial reporting and management of primary health care in Serbia, Trendovi u poslovanju, 25(1), 107-116. https://www.trendovi.vspep.edu.rs/index.php/tp/issue/view/40/5
Rahman, Md. H., Voumik, L. C., Nafi, S. Md., & Zimon, G. (2023). Effects of tourism and other macroeconomic variables on women’s employment in agricultural, industry and service sectors: evidence from African countries. Current Issues in Tourism, 27(14), 2287–2307. https://doi.org/10.1080/13683500.2023.2227767
Sadiq, M., Ou, J. P., Duong, K. D., Van, L., Ngo, T. Q., & Bui, T. X. (2022). The influence of economic factors on the sustainable energy consumption: evidence from China. Economic Research-Ekonomska Istraživanja, 36(1), 1751–1773.https://doi.org/10.1080/1331677X.2022.2093244
Savić, Lj. & Lutovac, M. (2019). Industrial policy and state incentives in Serbia. Ekonomika preduzeća, (3-4), 261-272. DOI: 10.5937/EKOPRE1904261S.
Shahzad, L., Waheed, A., Sharif, F., Ghafoor, G. Z., & Rafique, A. (2024). Understanding role of climatic parameters and adaptation strategies in agriculture productivity of South Asian countries. Sustainable Environment, 10(1). https://doi.org/10.1080/27658511.2024.2345453
Solarin, S. A., Alhassan, A., Lasisi, T. T., & Bekun, F. V. (2025). The economic impact of educational tourism development: the role of educational tourism receipts. Current Issues in Tourism, 1–20. https://doi.org/10.1080/13683500.2025.2482896
Sreenu, N., Rao, K. S. S., & D, K. (2021). The macroeconomic variables impact on commodity futures volatility: A study on Indian markets. Cogent Business & Management, 8(1). https://doi.org/10.1080/23311975.2021.1939929
Thuy Tien, H. (2022). Oil price shocks and Vietnam’s macroeconomic fundamentals: quantile-on-quantile approach. Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2095767
Trakem, V., Fan, H., & Sam, D. (2024). The influence of agricultural trade liberalization on agricultural total factor productivity growth: Empirical evidence from ASEAN countries. The Journal of International Trade & Economic Development, 1–39. https://doi.org/10.1080/09638199.2024.2443395
Ulrich, J., Kavuma, S., Asiimwe, W., & Yave, B. (2024). What Would Happen to Poverty in Africa if Most Aid Were Delivered as Social Cash Transfers? A Case Study of Uganda. Forum for Development Studies, 52(1), 107–134. https://doi.org/10.1080/08039410.2024.2328031
Vychytilová, J., Pavelková, D., Pham, H., & Urbánek, T. (2019). Macroeconomic factors explaining stock volatility: multi-country empirical evidence from the auto industry. Economic Research-Ekonomska Istraživanja, 32(1), 3333–3347. https://doi.org/10.1080/1331677X.2019.1661003
Wang, X., Zhang, Y., & Chen, N. (2021). Modern service industry agglomeration and its influencing factors: spatial interaction in Chinese cities. Economic Research-Ekonomska Istraživanja, 35(1), 3880–3899. https://doi.org/10.1080/1331677X.2021.2006733
Wu, J. S. (2025). Assessing the impact of macroeconomic factors on the efficiency of Taiwan’s real estate firms using stochastic frontier analysis. Journal of Asian Architecture and Building Engineering, 1–13. https://doi.org/10.1080/13467581.2025.2498726
Yeh, C. H., & Liou, J. L. (2024). The economic analysis of impact and policy response of COVID-19 on tourism industry in Taiwan. Current Issues in Tourism, 28(8), 1342–1360. https://doi.org/10.1080/13683500.2024.2333912
Yitayaw, M. (2021). Firm-specific, industry-specific and macroeconomic determinants of commercial banks’ lending in Ethiopia: Panel data approach. Cogent Economics & Finance, 9(1). https://doi.org/10.1080/23322039.2021.1952718
Zhou, X., Liu, B., & Ma, X. (2024). The nexus between firm-specific agriculture research and development and agriculture total factor productivity: new evidence from China. Applied Economics Letters, 1–8. https://doi.org/10.1080/13504851.2024.2332563
Zou, X., & Hu, J. (2024). The dynamic connectedness between macroeconomic uncertainty and commodity volatility: evidence from China. Applied Economics, 57(2), 169–190. https://doi.org/10.1080/00036846.2024.2303406
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Economic of Agriculture

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.