Economic of Agriculture

PSYCHOGRAPHIC AND BEHAVIOURAL SEGMENTATION OF WINE CONSUMERS

2025-09-06T14:02:43+02:00

The purpose of this article is to identify specific marketsegments of wine consumers based on their demographic,psychographic and behavioural characteristics. The data wascollected through an online survey of 269 wine consumersin Serbia. The data were analyzed by using multivariatestatistical methods (factor analysis and clustering) inconjunction with descriptive and inferential statistics (Chisquare test, one-way ANOVA, independent t-test). Threeconsumer segments were identified by applying a TwoStepcluster analysis: Casual consumers, Recommendationresponsive consumers and Wine enthusiasts. In terms ofdemographic characteristics, education, place of residenceand household type were found to be significantly differentamong consumer groups. Findings can be used as a basisfor the development of effective promotional campaignstargeted at specific consumer segments.

A MULTIDIMENSIONAL FRAMEWORK FOR UNDERSTANDING INSTITUTIONAL SUPPORT IN RURAL ENTREPRENEURSHIP

2026-04-15T20:55:09+02:00

This study investigates institutional perspectives on ruralentrepreneurship in Bosnia and Herzegovina, addressinga significant gap in research on meso-level actors in postsocialist contexts. Using a structured survey of 43 institutionalrepresentatives, including ministries, municipalities,educational institutions, and development agencies, the studyidentifies key enablers and barriers to rural entrepreneurship.Descriptive and multivariate statistical analyses (factorand cluster analysis) reveal heterogeneous institutionalpriorities, highlighting human capital, infrastructure, andproduct quality as critical drivers. Virtual training is seen asa viable tool for capacity building, especially in sustainableagriculture, tourism, and infrastructure. Results suggestthat institutions differ in strategic orientation, ranging fromholistic to pragmatic mindsets. These findings advanceunderstanding of institutional logic in rural entrepreneurshipand inform targeted policy design, digital trainingdevelopment, and ecosystem-level interventions alignedwith community needs.

THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY AND TECHNOLOGICAL INNOVATIONS IN THE TRANSFORMATION OF AGRICULTURAL PRODUCTION

2026-01-30T11:29:26+01:00

This paper examines the role of corporate socialresponsibility and technological innovation in thetransformation of agricultural production in Serbia. Thestudy is based on quantitative empirical research conductedon a sample of one hundred agricultural holdings andagri-food companies. The results indicate a positiverelationship between socially responsible practices andproduction performance, as well as increasing investmentsin innovative technologies during the observed period.The synergy between corporate social responsibility andtechnological innovation is identified as an important factorin improving efficiency, environmental sustainability, andcompetitiveness in agricultural production. However,broader implementation is limited by financial constraints,insufficient knowledge, and moderate levels of digitaladoption. The findings emphasize the importance oftargeted education, institutional support, and accelerateddigital transformation for the sustainable development andlong-term competitiveness of the agricultural sector.

EXTENDING THE BUSINESS MODEL CANVAS FOR SUSTAINABLE SMALLHOLDER COFFEE FARMING: INTEGRATING DIGITAL MARKETING, GREEN FINANCE, AND CIRCULAR ECONOMY

2025-11-09T08:57:02+01:00

This study develops and validates an Extended BusinessModel Canvas (BMC) integrated with the Triple BottomLine (TBL) principles, focusing on digital marketing, greenfinance, and circular economy practices for smallholdercoffee farming in Soppeng Regency, Indonesia. Using amixed-methods explanatory sequential design, the studycombined exploratory fieldwork, participatory modeldevelopment, and pilot testing with 100 farmers. Theresults showed a 44% increase in gross monthly income,a 26% increase in sales volume, a 14% rise in averageselling prices, and significant environmental benefitssuch as 47% waste recycling and 32% reduced chemicalfertilizer use. Regression analysis indicated that digitalreadiness, cooperative networks, and institutional supportwere key drivers of adoption, while limited capital andpoor infrastructure remained persistent barriers. This studyhighlights integrated approaches to smallholder farmingthat promote positive social, environmental, and economicimpacts, contributing to the achievement of sustainabledevelopment goals and advancing Sustainable BusinessModel Innovation (SBMI) literature.

AGRI-ENVIRONMENTAL INDICATORS IN THE EU: MEASURING DISCREPANCIES ACROSS MEMBER STATES

2025-10-30T09:26:36+01:00

The paper analyzes agri-environmental indicators of EUcountries from 2017 to 2023 to assess progress towardsustainable agriculture. Using descriptive statistics,principal component analysis (PCA), and a compositeindex, it identifies key sustainability dimensions and ranksEU countries by performance. Results indicate reducedagricultural greenhouse gas emissions, growth in renewableenergy production, and expansion of organic farmingareas. However, pesticide sales and related environmentalrisks remain high, highlighting ongoing dependence onchemical inputs. PCA reveals two main components: thefirst reflects energy and agricultural sustainability, whilethe second captures ecological risks linked to pesticideuse and emissions. The composite index shows cleardisparities among EU countries—some have advanced,while others lag behind the EU average. Findings suggestthat EU agricultural policy should intensify pesticidereduction efforts while continuing to promote renewableenergy and organic farming initiatives.

INNOVATIVE LEADERSHIP IN AGRICULTURE: TRANSFORMING FARM RESOURCES INTO INNOVATIVE RURAL PRODUCTS – THE CASE OF TUSCANY

2026-03-29T08:25:07+02:00

Agricultural systems are increasingly shifting fromproduction-oriented models toward diversified andmarket-integrated structures, requiring new approachesto value creation. The purpose of this study is to examinehow leadership influences the transformation of farmresources into innovative and market-relevant outputs.The research is based on survey data collected from 488farm owners and agricultural entrepreneurs in Tuscany,and the relationships among constructs were analyzedusing a structural modeling approach. The results showthat visionary leadership significantly drives resourcetransformation and innovation, while innovationorientation represents the strongest predictor of marketintegration. Resource transformation also contributesdirectly and indirectly to market outcomes throughinnovation processes. The findings indicate that valuecreation in agriculture follows a sequential pathwaylinking leadership, resources, innovation, and markets.The study concludes that leadership is a key mechanismin enhancing farm competitiveness and sustainability. Itis recommended that farm managers and policymakerssupport leadership development, resource diversification,and innovation-oriented strategies in rural areas.

FINANCIAL LITERACY, RISK ASSESSMENT AND MARKETING OPPORTUNITIES IN THE ADOPTION OF NEW AGRICULTURAL PRODUCTS

2026-04-24T18:52:56+02:00

This paper investigates the relationship between financialliteracy, financial risk perception, and marketingopportunities during adoption of new agriculturalproducts. Based on a sample of 307 agricultural producersfrom Serbia, the findings highlight the central role offinancial literacy in shaping both market orientation andrisk awareness. Agricultural producers with strongerfinancial literacy were more likely to recognize theimportance of marketing for new product success, whilealso demonstrating heightened sensitivity to financialrisks. Importantly, financial literacy did not diminishperceived risks but sharpened agricultural producers’ability to critically evaluate uncertainties and investmentdecisions. At the same time, risk-aware producers tendedto view marketing not as an additional burden but as astrategic mechanism to mitigate or balance risks. Overall,the results underscore how financial literacy and riskperception jointly foster opportunity-driven behavior inthe placement of new agricultural products.

EVALUATION OF CRITERIA FOR THE DIGITALIZATION OF AGRICULTURAL MACHINERY

2026-04-29T08:20:31+02:00

In the paper, using the multi-criteria decision-makingmethod SiWeC, the digitization criteria were evaluated onthe example of medium- and heavy-duty tractors. A fuzzyvariant of the multi-criteria decision-making method wasused in order to obtain as precise assessment of the giventen qualitative criteria as possible. The results show that,according to the expert evaluation, the technical criterion“Precision of operations” gained the most importance,while immediately after them in importance were thecriteria related to the level of work automation and digitalconnectivity. The results show important implications fordecision makers, technology producers and the shaping ofagricultural policy. In the future, the model needs to beexpanded with impact criteria, and the number of decisionmakers who would give a practical contribution, as wellas a base for further development of the applied researchmethod, should be increased.

DEVELOPMENT OF FADN IN SERBIA, MONTENEGRO AND BOSNIA AND HERZEGOVINA (EU CANDIDATE COUNTRIES) AND THE TRANSITION TOWARDS FSDN

2026-05-11T17:50:12+02:00

All the candidate countries for the European Unionaccession are obliged to establish Farm AccountancyData Network as a way of recording and analyzing farmactivities, agricultural policy creation and monitoring.Observed countries (Serbia, Montenegro and Bosnia andHerzegovina) are in different phases of establishing thatsystem. The goal of the research was to discuss levelof development of Farm Accountancy Data Networkin observed countries and readiness of transition toFarm Sustainability Data Network. To achieve that goalqualitative comparative analysis was used. The resultsindicated the highest level of development in Serbia, whileBosnia and Herzegovina is still at the beginning of theprocess. Farm Accountancy Data Network developmentin Montenegro could be estimated as medium. Itwas concluded that observed countries face certainchallenges when it comes to transformation of existingsystem towards broader concept of sustainability. All thecountries should work on capacity-building strategies,particularly in Montenegro and Bosnia and Herzegovina,to provide successful transition to system which is moresustainability-oriented.

THE ENVIRONMENTAL ROLE OF NATURAL RESOURCES IN THE SPORTS INDUSTRY DEVELOPMENT MANAGEMENT

2026-05-08T10:37:26+02:00

Environmental organizations are pressuring sportscompanies to modernize their production by redirectingESG standards to conserve natural resources. The researchused historical methods, description, synthesis andcomparison to analyze the environmental role of naturalresources in the sports industry development. Empiricalresearch was conducted on the environmental impact onsports industry development and consumer priorities whenchoosing products made of eco or traditional materials.The results showed that 46% of participants declaredthemselves in favor of eco materials, 31% in favor oftraditional materials, 23% declared that it doesn’t matterfor them. The organization of sports competitions for manysports today is conditioned by climate change, which candisrupt the organization and make it even more difficult toconduct competitions. To preserve natural resources fromdestruction, it is recommended to promote eco standardsin the media, which should be introduced by law intoregulations and procedures.

RETHINKING FINANCIAL DISTRESS DETERMINANTS: INSIGHTS FROM THE AGRO-INDUSTRIAL SECTOR

2026-05-09T09:58:09+02:00

This paper examines the determinants of financialdistress in the agro-industrial sector of the Republicof Serbia. The empirical analysis is based on paneldata for 20 large companies from the food productionsector in the period 2019–2024. Financial distress wasoperationalized using the revised Altman Z′ indicator,with an extended classification threshold (Z′ < 1.8). Binarylogistic regression was applied to assess the impact ofselected variables. The findings have shown that thecapital structure is the dominant determinant of financialdistress, while indicators of profitability and operatingcash flows do not show a statistically significant influence.At the same time, company size stood out as a significantfactor, with larger companies more likely to face financialdifficulties. The findings indicate that financial distressis not primarily conditioned by operational performance,but primarily by the structural characteristics of financingindicating the need for the development of integrative andmultidimensional analytical approaches in this area.

ARTIFICIAL INTELLIGENCE IN SUSTAINABLE AGRICULTURE: OPTIMIZING WATER USE IN THE CONTEXT OF CLIMATE CHANGE

2025-12-19T12:02:12+01:00

This paper examines the application of artificial intelligence (AI) in organic agriculture using the Analytic Hierarchy Process (AHP). A multi-criteria analysis evaluated four key criteria: AI use in optimization, factors affecting precision irrigation, benefits of AI application, and implementation challenges, alongside three alternatives: price, personnel, and terrain. Results show that “implementation problems and challenges” are the most significant criterion (39.52%), while “personnel” is the most important alternative (63.45%), emphasizing the crucial role of human resources in adopting technological solutions. The study also demonstrates high consistency (CR = 0.0274), confirming the reliability of the findings. The paper highlights the need for institutional support, educational programs, improved water resource management, and affordable AI solutions, particularly for small farmers, while proposing directions for future research and policies to advance sustainable agriculture.

THE IMPACT OF DIGITALIZATION ON THE PERFORMANCE OF COMPANIES IN THE AGRICULTURAL SECTOR

2026-02-10T13:12:27+01:00

This research examines the relationship between the level of digitalization and the returns achieved by companies operating in the agricultural sector. The study is based on a review of the available literature and aims to determine the impact of digitalization on the performance of agricultural companies. The research relies on panel data analysis and utilizes the EViews software. The dataset includes daily data for the period from 2014 to 2024. To investigate this impact, an OLS regression model was applied, revealing the relationship between independent and dependent variables. The results indicate that there is a highly systematic and complex relationship between the degree of digitalization and company performance. Although digitalization is of strategic importance, its impact on returns can be negative due to the costs associated with organizational transformation.

COMPETITIVENESS AND MARKET REORIENTATION IN MOLDOVA’S AGRI-FOOD EXPORTS TO THE EUROPEAN UNION

2026-02-10T13:22:53+01:00

This paper examines how Moldova’s trade in agricultural and food products has changed between 2013 and 2024, against the background of closer economic integration with the European Union (EU). The analysis covers 24 agri-food product groups, including both agricultural commodities and processed foods, using official data from the National Bureau of Statistics and a set of standard trade competitiveness indicators. The results reveal uneven patterns of competitiveness across product groups. While sectors such as meat, fish, and dairy continue to face structural weaknesses, products like cereals, oilseeds, fats and oils, and beverages retain strong competitive positions and positive trade balances. Trade in processed food products shows a moderate but gradually increasing level of intra-industry exchange, suggesting slow and uneven upgrading. Research results underline a continuing transformation of Moldova’s agri-food trade and highlight the importance of targeted policies to strengthen competitiveness, diversify exports, and support deeper integration into EU value chains in a context of increased global uncertainty.

INFERENCES BETWEEN SMART FARMING AND SUSTAINABLE DEVELOPMENT OF AGRICULTURE

2026-02-24T11:23:03+01:00

Agriculture faces significant challenges related to globalpopulation growth, climate change and pressure on naturalresources. In this paper, the positive impact of integratingdigitalization into farming practices to promote sustainabilityand efficiency in the agricultural sector is explored. Theresearch aims to highlight the importance of smart farmingin the sustainable development of agriculture. This analysiswill be carried out at the level of scientific studies conductedaccording to the Scopus database. The main results showthat the interest in exploring IoT and digitalization inagriculture has increased in the last ten years, mostlybecause adopting sustainable practices and regenerativetechnologies minimizes the environmental impact andpromotes biodiversity. The findings add knowledge tothe literature and contribute to a better understanding ofthe benefits of implementing digitalization in agriculture;as such, farmers make more informed decisions aboutfertilization, irrigation, and crop protection, while reducingresource use and environmental impact.

RISK MANAGEMENT IN THE AGRICULTURAL PRODUCTION IN SERBIA

2026-02-04T11:17:07+01:00

The subject of consideration in this paper is the analysisof the structure and state of agriculture in Serbia, as wellas the impact of climate change and the accompanyingrisks in the production. The facts that will be consideredinclude the structure of agricultural areas, means ofwork, methods of processing and protection againstnatural disasters during the process of production.A special consideration is given to the protection ofagricultural production from natural disasters. Althoughthere are several ways of protection, it is still at a lowlevel. The causes and consequences of the low level ofprotection of the agricultural production will be pointedout . At the end of the paper, the proposals for measureshow to improve the insurance of agricultural productionin Serbia will be presented.

INFLUENCER MARKETING, CULTURAL SENSITIVITY, AND ARTIFICIAL INTELLIGENCE AS DETERMINANTS OF GREEN AGRI-FOOD PRODUCT PURCHASE: THE MODERATING ROLE OF LEGAL NORM COMPLIANCE

2026-02-02T16:41:15+01:00

Sustainable consumption and the transition toward greenproducts, particularly in the agri-food sector, representimportant challenges for contemporary agriculturaleconomics. This study examines the influence of influencermarketing, cultural sensitivity, and artificial intelligenceon consumers’ purchase intentions toward green products,with compliance with legal norms as a moderating factor.The research was conducted in the Republic of Serbiausing a survey-based methodology on a sample of 418respondents. The results show that all examined factorshave a statistically significant positive effect on greenproduct purchase, while compliance with legal normsstrengthens these relationships. The findings indicate thatsustainable consumption is driven by the interaction ofdigital communication, cultural alignment, technologicalsupport, and regulatory trust. It is recommended thatagricultural producers and food marketers combine digitalmarketing tools with culturally adapted communicationwhile ensuring adherence to legal standards. The studyprovides insights for policymakers supporting sustainableagri-food market development.

CONSUMER TRENDS IN BAKERY MARKET: UNDERSTANDING OF CONSUMER PERSPECTIVES AND PREFERENCES FOR FUNCTIONAL BAKERY PRODUCTS IN SLOVAKIA

2026-04-24T19:37:34+02:00

The aim of the paper is to identify key consumer attitudestowards functional bakery products and explore factors affectingconsumer behavior. The study is based on questionnaire surveyconducted on a sample of 775 functional bakery productsconsumers in Slovakia. The results showed that consumersprefer grain and whole wheat bread, while sweet pastries withlow-calorie sweeteners are the least consumed. Furthermore,key factors influencing purchase are freshness, quality, taste,and health benefits. The results indicated that consumers arechoosing products based on increased whole grain content,fiber, and minerals and key reasons for consumption arereducing obesity risk and supporting digestive health. Thestudy also pointed out consumer awareness and interest inhealthy eating as key drivers for future market development.Findings provide valuable information to food companies inthe new bakery products development and marketing, as wellas to policy makers in supporting the public health.

GLOBAL EXPERIENCE OF FINANCIAL REGULATIONS OF THE AGRO-INDUSTRIAL COMPLEX AND SERBIAN ENTREPRENEURIAL AGRICULTURE IN MODERN BUSINESS

2026-05-08T10:32:53+02:00

The paper analyzes international practices in the financialregulation of the agro-industrial complex, with a specialfocus on the Republic of Serbia and the improvementof sustainable sector development under economicchallenges. Particular attention is given to innovativefinancial instruments, including agrifintech, crowdfunding,and index insurance, as well as to the experiences ofthe United States, the European Union and China. Theresearch applies a comparative analysis of financialregulatory models, institutional frameworks, and financingmechanisms. The findings highlight the importance ofdigitization and innovative financial models for improvingaccess to capital and strengthening the competitiveness ofsmall and medium-sized agricultural farms. The study alsoidentifies key barriers, including inadequate infrastructure,low digital literacy, and regulatory limitations. The papercontributes to the literature by integrating traditionaland modern financial instruments within the context oftransition economies.

THE LEGAL STATUS OF AGRICULTURAL ADVISORY SERVICES IN THE EUROPEAN UNION AND THE REPUBLIC OF SERBIA: A COMPARATIVE ANALYSIS

2026-05-15T13:25:38+02:00

Farm Advisory System (FAS) in the European Union areundergoing significant legal and institutional transformationin response to climate change, digitalization, and theevolving objectives of the Common Agricultural Policy(CAP). This paper analyses the changing legal positionof advisory services within the Agricultural Knowledgeand Innovation System (AKIS), with particular emphasison Regulation (EU) 2021/2115. The study appliesa comparative and qualitative approach to examinedifferences between advanced European Union models andthe current regulatory framework of the Republic of Serbia.The findings indicate that Serbian legislation remainspredominantly based on a traditional model of knowledgetransfer and lacks sufficient digital and institutionalintegration. The paper argues that harmonization withEuropean Union standards must extend beyond formallegal alignment and include the strengthening of advisorycapacities, digital governance, and innovation-orientedsupport mechanisms. Such reforms are essential for theeffective implementation of IPARD III and the sustainabledevelopment of rural communities.