Publisher: Toplica Academy of Applied Studies, Department of Business Studies Blace Co-publisher: University of Priština in Kosovska Mitrovica, Faculty of Technical Sciences in Kosovska Mitrovica, Serbia University of St. Kliment Ohridski, Bitola, Faculty of Tourism and Hospitality in Ohrid, North Macedonia The mission of the journal is to present the latest theoretical and practical knowledge in the fields of economics, management, tourism, computer science, and informatics. Starting publishing date: 2010 Frequency: semiannually The journal uses a double-blind peer review.
Toplica Academy of Applied Studies, Department of Business Studies Blace
Examining the correlation between cloud technology, the improvement of IFRS development, and the efficiency of accounting functions
Cloud technology has a significant impact on the accounting function, financial reporting, and the application of International Financial Reporting Standards (IFRS). This research aims to examine the correlation between the implementation of cloud technology, enhanced IFRS adoption, and the efficiency of the accounting function. Using a descriptive method and correlation coefficient, the study analyzes the relationships and degree of connection between these phenomena. The research involved 32 employees from financial operations in companies and accounting agencies in southeastern Serbia, primarily in the regions of Leskovac and Niš. The paper defines two hypotheses, presents the research findings, and draws conclusions based on them. The results indicate a modest relationship between the implementation of cloud technology and the increased efficiency of the accounting function, as evidenced by faster execution of accounting tasks, reduced overall costs, and the easier adoption of new systems. Additionally, the implementation of cloud technology has a slight positive impact on the improvement of IFRS application, through the use of specialized knowledge, the provision of reliable information, and the reduction of inconsistencies in IFRS application.
Copyright (c) 2025 BizInfo Blace https://creativecommons.org/licenses/by-nc/4.0/
The impact of robotic process automation in financial institutions
A digital transformation of business affects all companies, regardless of their plans, and encourages a constant search for new methods of performing tasks. The implementation and use of new technology is often necessary when introducing changes to current ways of working. Financial technologies - FinTech and robotic process automation (RPA) as one of its phenomena, emerged as a result of this category of changes in finance. The purpose of this paper is to familiarize readers with the advantages and disadvantages, as well as the impact of robotic process automation in financial institutions. By searching Web of Science and SCOPUS, an analysis of the existing literature was carried out to achieve the goal of the study. According to the systematic literature review, robotic process automation technology has numerous advantages over its disadvantages. Moreover, its implementation doesn’t necessarily require other major organizational changes such as process redesigning or modifying the existing information systems.
Trend of entrepreneurship development indicators in the accommodation and food service sector in Serbia
Considering the development potential and labor-intensive nature of the accommodation and food service sector (Sector I), the paper aims to determine the trend of indicators of entrepreneurship development in Sector I and identify entrepreneurs' participation in overall entrepreneurial activities from 2013 to 2023. Entrepreneurship development indicators in Sector I that are monitored in the paper are the number of entrepreneurs, the number of employees, the value of turnover, and gross added value. The research follows two segments: the trend of entrepreneurship development indicators in Sector I and the participation of entrepreneurs in Sector I in overall entrepreneurial activities. The results show that the number of entrepreneurs and the number of employees increase in the observed period, while the trend of turnover and gross added value recorded oscillations. Entrepreneurs of Sector I have the largest participation in total entrepreneurial activities according to the indicator - the number of employees.
Triple materiality: concept, structure and perspective
Materiality is a way of expressing the importance of a certain financial or non-financial category, that is, to measure, manage and reveal issues that are important for a company. It is significantly used in the process of financial reporting, both in accounting and auditing. This raises the question of determining materiality, which is really very important. In this context, one-level, i.e. financial materiality, considers whether an issue can affect the company's operations in a financial sense. Two-level materiality involves additional consideration of how a company impacts people and the planet, i.e. environmental sustainability. Triple materiality introduces an additional angle of observation that places previous concepts of materiality in a significantly broader context, which includes all interested parties. The subject of the paper is the consideration of the concept, structure and perspective of three-level materiality. The main conclusion is that three-level materiality suggests that one cannot decide whether a certain issue or a certain business transaction is materially significant to the company unless the assessment of its impact and implied dependence is viewed in the context of all stakeholders.
Fiscal policy and short-term rental in the function of tourism development: case of Split – Dalmatia County
Tourism and fiscal policy are important determinants of the economy and tourism development in every country. Tourism has become not only a key source of income for many countries, but also a significant driver of economic growth, infrastructure development, and job creation. Increased activity in the tourism sector leads to higher consumption and tax revenues. Taxes are compulsory payments to the state by individuals and business entities. Therefore, local and regional taxes are the main sources of revenue. The aim of this paper is to examine the link between fiscal policy and short-term rentals in the context of tourism development, using the case of Split-Dalmatia County for the period 2016–2024. To provide empirical results, the Ordinary Least Squares (OLS) estimation method within the framework of multiple linear regression has been applied. The results show a positive relationship between tourism intensity and tax revenues in the case of Split-Dalmatia County.
(In)efficiency of Beneish M Score model in detecting fraud in financial statements
The creation and application of accounting standards (International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), American Generally Accepted Accounting Principles (GAAP)) that would have universal acceptability was the guiding idea of the most important accounting authorities when they started the process of defining and adopting accounting rules and procedures (standards), which we could call international professional accounting regulation. However, a certain "rigidity" that became immanent in the aforementioned standards was somewhat "depreciated" by prescribing at least two, and often more, permitted procedures, which put accountants in a position where their subjective preference for a certain procedure can, to a greater or lesser extent, influence the height of the periodic result. In this way, the so-called creative accounting, which with its techniques or methods helps managers, (co)owners, and/or accountants in compiling financial reports that are usually prepared in accordance with legal and professional regulations, but contrary to its spirit, results in an asset-financial and profitable position of a business (accounting entity) that deviates to a greater or lesser extent from what could be characterized as true and fair. Checking the "freedom" in the choice of adequate accounting rules and procedures, i.e., checking the correctness and objectivity of the compiled set of financial reports can be done by applying several methods and techniques developed by forensic accountants, as well as experts from other fields. In the continuation of this article, we will try to explain in more detail the essence of Beneish's M-score model for detecting possible inconsistencies in the asset-financial and yield position of the observed accounting entity, the results that confirm its (in)efficiency, as well as the doubts that still exist and that can raise doubts about the (all) possibility of this model in detecting fraud in financial statements.
Preserving culinary heritage through sustainable tourism: Voices of local communities
This study explores how rural communities in Serbia preserve culinary heritage through sustainable tourism, focusing on the lived experiences of residents in Erdevik, Belo Blato, and Turija. Drawing on semi-structured interviews with local cooks, farmers, cultural organizers, and hospitality providers, the research examines the intergenerational transmission of food knowledge, community involvement in tourism, and the perceived impacts of tourism on cultural identity. Findings reveal that traditional food practices serve as a vital form of intangible heritage, sustained through embodied learning and storytelling. While tourism offers opportunities for cultural revival and economic development, participants also express concerns about authenticity and commodification. The study highlights the importance of community-led, culturally grounded approaches to heritage preservation, particularly in multiethnic rural settings. It contributes to broader debates on intangible heritage, authenticity, and sustainable development, offering practical insights for inclusive and resilient tourism planning.
Assessing banks efficiency: DEA implementation
By examining intermediate, operating, and profitability aspects, this paper aims to construct a performance model for evaluating the relative efficiency and potential for improvement of 20 banks operating in Serbia for the 2022-2023 period. Data Envelopment Analysis (DEA), which belongs to relatively new data-oriented techniques, was used in the research to measure efficiency. To achieve its goals, the paper makes use of the CCR and BCC, two fundamental DEA models, and three approaches: intermediary, operating and profitability. The results of the analysis showed that the highest efficiency can be attributed o the use of the intermediate approach, while the lowest efficiency of banks can be attributed to the profitability approach. Additionally, the BCC model has higher efficiency compared to the CCR model. According to the analysis results, efficiency has generally grown and is comparatively stable.
The interaction between financial, market and environmental components in the banking sector of the Serbia
Banks are one of the essential institutions in the financial systems worldwide, whereby profitability is the ultimate goal for banks’ business. To provide success, bank management should create an attractive market portfolio that will continuosly generate profit. However, banks have to support eco-friendly initiatives and projects and try to implement corporate social responsibility in their business. The goal of the research is to investigate the connection between financial, environmental and market components in the banking sector of the Serbia from 2014 to 2021. The empirical findings of T-test indicate that banks with green loans in portfolio registered higher profitability compared to banks that do not offer this loan type. The obtained results of correlation show that green loans and market share are positively correlated to bank profitability indicators. This does not mean that green loans are a factor that shapes banks' profitability, but that their presence in the portfolio does not negatively affect the level of the bank's realized profit.
Strategic management and digital marketing: analysis of their integration in modern business from the aspect of competitive advantage
In an unstable and unpredictable business environment, companies face numerous challenges that require the adaptation of activities and strategies to constant changes resulting from technological progress, digitalization of the market, the evolution of consumer habits and the growth of global competition. Digital marketing, an inseparable part of this process, is increasingly being integrated into strategic business frameworks and is evolving into a key component of strategic management, going beyond its traditional promotional role.. Accordingly, the aim of this paper is to determine, through a theoretical analysis of the available and relevant literature and the conducted empirical research (396 respondents), to what extent and in what way the application of digital marketing techniques – such as content personalization, the use of digital communication channels, building trust in electronic transactions, measuring the quality of online services and encouraging interaction with consumers – can improve the strategic positioning and contribute to the achievement of a company's competitive advantage. The results of the conducted research indicate a clear connection between the application of digital channels and platforms and the realization of the company's strategic goals, primarily through improving the user experience, personalizing the offer and building consumer loyalty. Digital marketing techniques, especially channels and platforms, are proving to be an effective strategic management tool, enabling two-way communication, market adaptation and long-term competitive advantage.
Forensic accounting in higher education in the republic of Serbia: assessing students’ needs for the introduction and design of educational programs in this field
The study explores the level of awareness, self-assessed knowledge, and attitudes of management and IT students at the University of Belgrade regarding forensic accounting and the role of education in promoting this increasingly relevant and important discipline. The research was conducted using a structured questionnaire with 18 items on a sample of 142 students. The results were analyzed using descriptive and inferential statistical methods, as well as latent class analysis, in order to identify patterns of knowledge and attitudes among respondents based on their gender, study program, and year of study. Findings indicate that, although most students are generally aware of the existence of forensic accounting, only a small percentage consider themselves sufficiently knowledgeable, while exposure to this topic through formal education remains limited. Students generally perceive forensic accounting as an attractive and useful field for their professional development. They favor interactive and practical teaching methods, particularly those focused on modern, technology-oriented approaches to fraud detection. Latent class analysis segmented the respondents into two distinct groups based on their attitudes toward forensic accounting. Students in higher years of study were more likely to belong to the class with a stronger affinity for this discipline, while gender and study program had no significant impact on class membership.
The canvas business model as a framework for enhancing restaurant performance through gastronomic offerings
In contemporary hospitality, the gastronomic offer is increasingly positioned as a key element of competitive advantage and strategic restaurant development. The aim of this research is to examine the role of gastronomy as a strategic tool for improving restaurant business performance through the framework of the Canvas Business Model. The study was conducted on a sample of 85 employees working in hospitality establishments in Belgrade and Novi Sad (Serbia), using a quantitative methodological approach. Employing the Canvas model as an analytical framework, the paper explores how individual components of the model can be optimised in accordance with modern gastronomic trends and guest expectations. The results indicate that the gastronomic offer significantly influences all components of the Canvas model, with the strongest impact observed in the domains of gastronomic innovation, value proposition, and customer relationships. This research provides both theoretical and practical contributions to understanding the integration of gastronomy into restaurant business models, offering recommendations for future studies and implementation in gastronomic management.
To what extent does financial performance influence audit opinion modification in the Republic of Serbia?
The aim of this research is to examine the impact of companies’ financial performance on the modification of audit opinion. The sample consists of manufacturing companies listed on the Belgrade Stock Exchange. Based on a sample of 71 companies (representing 84.52% of the entire population) over the period 2021–2023, we investigated whether profitability, liquidity, and leverage influence whether auditors issue an unqualified/ unmodified or a modified opinion. Our analysis is grounded in the financial and audit reports of these companies over a three-year period, encompassing a total of 213 observations. The data were analyzed using multiple logistic regression. The results indicate that companies with higher liquidity levels are more likely to receive an unmodified opinion. Conversely, companies with higher levels of leverage are more likely to receive a modified opinion. Profitability, as a financial performance indicator, did not exhibit a statistically significant effect on audit opinion in this model, suggesting it does not influence the auditor’s opinion.
Fiscal decentralization in the Republic of Serbia from 2000 to 2024
This paper analyses the evolution of fiscal decentralization in Serbia from 2000 to 2024, identifying key legislative changes, institutional mechanisms, and practical challenges in transferring fiscal responsibilities from central to local levels of government. Using descriptive and comparative analysis, the research examines fiscal decentralization in the context of broader democratic and economic transition, focusing on the degree of fiscal autonomy of local governments, regional disparities, and sustainability of reforms. The results show a significant gap between the legislative framework and practical implementation, pronounced impact of economic crises on recentralization tendencies, and persistent differences in administrative capacities of local governments. Comparative analysis with relevant experiences of other transition economies enables the formulation of recommendations for improving the system of intergovernmental fiscal relations and achieving a more efficient balance between national fiscal coherence and local autonomy.
Insurance contract and protection of travellers against insolvency of package travel organisers
Tourism is accompanied by numerous risks which could cause damage not only to travellers, but also to other persons who are directly or indirectly involved in tourism activities. The efficient way to reduce the risk is to transfer the risk to the other party by entering into an insurance agreement. There are different types of insurance in tourism, such as: travel insurance, tour operator liability insurance, public liability insurance, professional indemnity insurance, travel guarantee insurance. The article will provide a comprehensive overview of the concept, constitutive elements and types of insurance contract as well as legal analysis of the specific rules related to travel guarantee and protection of travellers against insolvency of package travel organisers. The aim of the article is to make an overview and assessment of the relevant insurance law rules and consumer protection law rules de lege lata and de lege ferenda, with the particular reference to the rules adopted at the national and EU level, including the on-going revision of the Package Travel Directive 2015/2302/EU.
Analysis of the determinants of the current account of the balance of payments of Serbia in the long term
One of the most complex tasks in conditions of rapid growth and constant structural changes is balancing between internal and external balance. Violation of the external balance is considered justified only if the attracted foreign capital aims to bridge the resource gap by investing in economic development at the expense of future debt repayment. In order to identify the sources of external imbalances, it is necessary to determine the factors that determine the movement of the current account of the balance of payments, which is what these paper deals with. The paper is structured to follow the development and analyze the determinants of Serbia's foreign positions during the period from 2005 to 2021. In addition, the analysis builds on theoretical and empirical achievements with the aim of providing answers to some current questions in this area. The balance of payments as a key indicator of the economic performance of an open economy plays a crucial role in defining the macroeconomic policy of a country. The results of the research will also have a practical dimension because they should show when adjustments are necessary in the management of the country's economic and development policy.
Fund-specific determinants of hedge funds – example of Man Group
To evaluate hedge fund performance, managers are obliged to follow the trend of the return at any cost. This could be practically done by focusing on fund-specific indicators. Fund-specific indicators offer better understanding of how hedge funds perform since their parameters consist of balance positions from balance sheet and income statement. Furthermore, the data used for the research (AUM, return and incentive fees) is mostly taken from the balance sheet and income statement, except for NAV, whose data is taken from CompaniesMarketCap. This research raises a question on whether and to what extent NAV, AUM and incentive fees affect return. The study covers the hedge fund Man Group which is situated in the United Kingdom and data set covers the 2015-2024 period. By using log-log regression model, results show that NAV and AUM positively affect return, whereas the incentive fees do not have an impact on return.
The impact of the metaverse on compulsive buying
The main objective of this research is to examine the impact of metaverse characteristics on compulsive shopping among young users, who represent the most active population in this digital ecosystem. The metaverse, as an innovative space that combines real and virtual flows, shapes new forms of social interaction and consumption. The research was conducted in November 2024 on a sample of 200 respondents, predominantly young people. Using a questionnaire technique and validated instruments for measuring metaverse characteristics and compulsive shopping, the research hypothesis was tested. The impact of metaverse characteristics on compulsive shopping was tested using multiple regression, and the research results show that metaverse characteristics (seamlessness, presence, interoperability, competition, economic flow, persistence, ubiquity, scalability, and creativity) have a statistically significant and positive impact on compulsive shopping. This research contributes to the theoretical understanding of the metaverse, highlighting the role of technological features in shaping consumer behavior, and paves the way for future studies to explore the long-term psychological and social implications of the metaverse, with a broader demographic focus.
Pro-environmental practices and green solutions adoption in Western Balkans hotels: transformative path to enhance sustainability
In the rapidly evolving landscape of hospitality, the emphasis on sustainability and environmental stewardship has gained unprecedented momentum. Hotels, as significant consumers of resources and contributors to waste, are increasingly recognizing the imperative of adopting green splutions. The paper started from the initial hypothesis H that different green solutions are a long-term path to achieving sustainable and responsible business in hotels. Research conducted among managers and owners of hotels in mountain centers of the Western Balkans showed that among employees there is a need for a transition from classic to sustainable business. Central to this transition are two factors: green training and green rewards, which together foster a culture of sustainability within the hotel industry. This paper explores the essential role of green training in equipping hotel staff with the knowledge and skills needed for sustainable operations, the various green rewards programs that incentivize eco-friendly practices, and the overall environmental performance indicators that reflect a hotel’s commitment to sustainability. By analyzing these interconnected facets, it becomes evident that a holistic approach to environmental responsibility not only enhances the reputation of hotels but also contributes to a more sustainable future.
New rules on the protection of consumer credit users
The article analyzes the rules cotained in the EU Directive 2023/2225 on consumer credit agreements, which in comparison to the previous ones (contained in Directive 87/102, which was modified by Directives 90/88 and 98/7, and Directive 2008/48), are significant step forward towards creating the conditions for achieving long-established goals: a high level of consumer protection and the development of a single credit market. These rules refer to those that regulate for the first time some issues related to the advertising of credit agreements and consumer information, rules that determine the position of creditors and consumers regarding the provision of certain services, rules on the conduct of business obligations of creditors (credit intermediaries), as well as rules on restrictive and educational measures for the purpose of consumer protection.
Potentials of blockchain technology application in accounting and financial reporting
Blockchain technology has caused a significant boom in academic and professional circles, becoming a central topic of discussion in the fields of business process modernisation, transparency, privacy, and data security. In the accounting field, this technology can bring revolutionary changes through the automation of record-keeping, the immutability of financial records, and the transparent exchange of data among all participants, thereby enhancing trust and efficiency in accounting practices. However, it also introduces challenges related to reduced employment opportunities in this profession and new skill requirements that the profession must adapt to. This paper discusses the characteristics of blockchain technology, its potential aspects and domains of application in accounting activities and financial reporting, the benefits and limitations of its implementation, and the changes it may bring to accounting practices and overall business operations. Additionally, the paper presents a conceptual system for the implementation of financial reporting and the automation of accounting activities through the application of smart contracts.
Organic and functional food consumption: a sociodemographic perspective
Health gains importance when it comes to important social and personal values. In addition to physical activity, people are becoming aware that the food they consume has a great impact on their health and are increasingly paying attention to the benefits of leading and maintaining a healthier lifestyle. This study examines the consumption of organic and functional foods, highlighting the growing interest in these products due to their perceived health benefits. Organic foods are produced through environmentally sustainable practices, free from synthetic chemicals, while functional foods are enriched with bioactive ingredients that promote health beyond basic nutritional needs. The study focused on the consumption of organic and functional food among Serbian residents concerning sociodemographic characteristics. The results show that organic food is consumed more frequently than functional food. Differences in consumption were tested based on sociodemographic characteristics, revealing that gender and age do not significantly influence consumption patterns. However, education level and income were identified as significant factors influencing the consumption of organic food, whereas they did not play a substantial role in the consumption of functional food. These findings suggest that higher education and income levels contribute to a greater preference for organic products, while functional food consumption remains consistent across different demographic groups.
Examining user attitudes towards electronic and mobile banking applications in Serbia
The development of electronic and mobile banking has significantly improved the way users conduct financial transactions, making these services an essential part of modern banking. The aim of this paper is to examine the user experience of e-banking and m-banking application users in Serbia, with a focus on perceived usefulness, ease of use, security, and overall satisfaction. The paper also provides an overview of the functionalities offered by selected banks’ electronic and mobile applications in order to illustrate the level of development of digital banking services. The empirical part of the research is based on an anonymous survey and the application of descriptive methods. The results show that most respondents use these applications daily and consider them useful, easy to use, and important for saving time and money. Perceptions of security are generally positive, although some users still express concerns about the possibility of payment errors. The findings indicate that digital banking services are widely accepted and that user experience plays a key role in their adoption. Further improvement of digital skills and strengthening user trust may contribute to even broader usage of these services.
Blockchain as an inevitable factor for future financial and industrial management
Blockchain technology, originally developed for cryptocurrencies like Bitcoin, is becoming a key factor in future financial and industrial management. This paper explores its potential for the transformation of these sectors through analysis of current research and projections of future trends. Blockchain is characterized by features such as decentralization, transparency, and security, which can significantly improve efficiency, reduce transaction costs, and improve data accuracy. In the financial sector, the technology enables the development of new digital assets, smart contracts, and decentralized applications, while in the industrial sector, it can improve logistics, supply chain tracking, and resource management. The paper also discusses the challenges in blockchain implementation, including technical, regulatory, and operational aspects. Through analysis and recommendations, the paper provides insight into how blockchain can shape the future of management and contribute to global economic and industrial changes.
Video game induced tourism - a critical literature review
Video games have become an integral part of the lives of many people around the world. Dynamic technological development and growing popularity have enabled them to provide almost realistic experiences and immerse players in their virtual world, shaping their thinking, attitudes and creating a high emotional connection. Therefore, video games allow the presentation and promotion of tourist destinations and their attractions realistically and in detail through the game world, while players are motivated to visit these destinations in the real world. The purpose of this paper is to critically analyze the existing literature that studies this new and insufficiently researched topic, in order to create a perception of the level of existing knowledge, to see the shortcomings of the previous and show the potential directions for further research. A critical literature review determined the existing base of knowledge with conclusion that there are great possibilities for additional research in this field.
Media and culture-based public in the quadruple helix innovation model
Spiral innovation models challenge the technological and economic determinism inherent in linear "science and technology push" and "demand pull" frameworks that explain the primary drivers of innovation. These models posit that innovation is a multifaceted phenomenon, shaped by socio-economic contexts and cultural-historical legacies. The Quadruple Helix model extends the foundational Triple Helix by integrating civil society as a fourth dimension alongside academia, industry, and government. This expanded model emphasizes the interplay between these actors and civil society in shaping demands for innovative solutions in products and services. Civil society, as a multi-layered concept, encompasses media, culture, social values, lifestyles, art, and democratic principles. This paper critically examines the role of the culture- and media-based public and the inherently ambivalent nature of civil society within the Quadruple Helix model. By exploring their influence on the commercialization of knowledge into innovation, the analysis underscores the theoretical and practical implications of this extended framework.
Digital transformation of the healthcare system in Serbia: attitudes of eZdravlje and HIS users
The permanent development of information technologies and the global digitization trend have transformed many sectors, including medicine. Serbia's health information system (HIS) represents a key platform for centralized data collection and processing. At the same time, its integration with the digital service eZdravlje has the potential to improve communication between health workers and patients. eZdravlje and HIS based on empirical research conducted among citizens and health workers in Serbia from February to June 2024. The results were obtained through two surveys, one of which was conducted among citizens, while the other was conducted among doctors. Based on the analysis of these data, the paper provides a comparative overview of the use of the digital services eZdravlje and HIS in Serbia. In addition, deficiencies in HIS were identified that can serve as a basis for further creation of digitization strategies, as well as improvement and improvement of health services in Serbia, in accordance with modern technological achievements.
Audit opinions on financial reports of economic entities from the organic and conventional food market
The main goal of this research is to examine the quality of financial reporting of business entities in the Republic of Serbia that operate on the organic and conventional food markets. In the current research, regular annual financial reports for 2023 were analyzed for 75 companies operating in the organic food market and 75 companies from the conventional food market. The results showed that the analyzed economic entities submit their financial reports in a timely manner within the deadline provided by law and that they were most often assessed by auditors as accurate and that they received positive audit opinions.
Contribution of tourism to economic development in selected European countries
The aim of the study is to explore the interplay between fundamental indicators related to tourism's contribution to economic development. These indicators encompass Total contribution to Employment, Direct contribution to Employment, Total contribution to GDP, Direct contribution to GDP, Capital Investment, and Visitor Exports - Foreign Spending. A cluster analysis of the 30 studied countries was formed based on the entropy results as a measure of equality. The research relies on data from the TTDI Index for the year 2019, as published by the World Economic Forum. The Kruskal-Wallis test highlighted the differences between the clusters. The entropy results support the the cluster analysis, as the coastal countries show the highest values of these indicators.The contribution of tourism to the European economy is imperative for countries to develop strategies for the exploitation of natural and cultural assets.The practical implications emphasize the need for greater investment and foreign spending.
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Considering the ethical aspects of artificial intelligence application from the consumer perspective
Artificial intelligence (AI) uses large datasets to "train" algorithms that make autonomous decisions, leading to significant changes across fields, including digital marketing and personalized advertising. Given AI's growing importance for business and society, ethical concerns, particularly related to privacy and transparency, are becoming increasingly relevant. This research focuses on the ethical aspects of AI in digital marketing, specifically examining consumer perceptions and responses to personalized recommendations and advertisements. The findings highlight consumer attitudes toward AI in personalized advertising, their digital behaviors, and the caution they exhibit when sharing personal data. The paper also briefly discusses regulatory efforts and the adoption of ethical codes concerning AI, both in Serbia and internationally.
Copyright (c) 2025 BizInfo (Blace) Journal of Economics, Management and Informatics https://creativecommons.org/licenses/by-nc/4.0/