3 1 2021 2021-06-30 https://tefmj.ibupress.com/issue/volume-3-issue-1 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

efficiency-assessment-of-high-technology-exports-using-the-data-envelopment-analysis 2021 3 The purpose of this study is to assess the efficiency performance of high-technology exports. The empirical analysis uses the sample of selected South East Europe (SEE) and European Union (EU) countries in the year 2017. To provide the empirical evidence, we have used the data envelopment analysis (DEA). Our study does not only evaluate the performance of the countries of interest, but also aims to explain the differences in the efficiency scores. For this purpose, it uses Tobit regression. The findings of DEA analysis suggest the relatively small countries to be efficient. With regards to Tobit regression, exports share is found to have a direct positive link with the efficiency scores obtained from DMUs whereas the coefficient with The Global Innovation Index (GII) is not found to be significant.

]]> ASSESSMENT, EFFICIENCY, DEA, HIGH-TECHNOLOGY 2021-06-30 https://tefmj.ibupress.com/articles/efficiency-assessment-of-high-technology-exports-using-the-data-envelopment-analysis 1 1-9 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/146/31.pdf / /

]]> Marijana Galic School of Economics and Business, University of Sarajevo true Elma Satrovic Department of Economics, University of Novi Pazar 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-new-economic-order-after-globalization-antiglobalization-and-covid-19 2021 3 The dstinctive marks of the late 20th and early 21st centuries are globalization, anti-globalization and the novel coronavirus (Covid-19). Many authors and experts have talked about the benefits of globalization. Globalization is a fact of life. It is a growing economic, social, political and cultural integration of nations around the world. It has brought a lot of benefits to both, developed and developing countries. The last, fourth wave of globalization 4.0, that coincidies with the 4th Industrial revolution is characterized with digitalization, Internet of things, artificial inteligence, robotics, nano-technology, selfdriving and eco-friendly vehicles and big data.Thanks to the globalization, people could enjoy the free movement of goods, services, ideas, information. Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. While globalization offers many benefits, it’s not without challenges. Pascal Lamy, the ex-Director General of the WTO, noted that „globalization is incredibly efficient, but also so far incredibly unjust“. Globalization is not a perfect process. Anti-globalists blame globalization for inequality in the world, the westernization of world economic and political life, the homogenization of cultures, and the emergence of new problems, such as international organized crime, global terorrism, worldwide environmental problems, violence, women trafflicing, etc. And it could be said that everything was fine until the new coronavirus appeared which caused a great lockdown and the biggest global economic crisis in the 21st century. The novel coronavirus was declared as a pandemic by the World Health Organisation in March, 2020. It was called „Once in a century pandemic“, or a „Wuhan virus“ as it has firstly appeared in the Chinese city of Wuhan in December 2019. From September 2020 every economy in the world was in a recession or depression. Coronavirus overshadows globalization by closing borders, national quarantines and lockdowns, restrictions on movement of people, products, services, business closures, high unemployment, health crisis. Will the coronavirus bring the end of globalization? Based on the economic indicators, experts have proposed many scenarios about what will happen after the pandemic. Will the world be the same? What economic order do people can expect? One thing is certain, that globalization will continue and will not vanish so easily. Angela Merkel, the Chancellor of Germany gave a thought for the forthcoming globalization, that „the globalization needs to be shaped politically, it needs to be given a human face, but we cannot allow to fall back into plagued globalization times“. So, probably we will live in a globalized world for a long time to come.

]]> Globalization, Anti-globalization, pandemic, Covid-19, New economic order 2021-06-30 https://tefmj.ibupress.com/articles/the-new-economic-order-after-globalization-antiglobalization-and-covid-19 1 10-18 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/145/32.pdf / /

]]> Savica Dimitrieska International Balkan University – Skopje true Tanja Efremova National Bank of the Republic of North Macedonia 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

principles-of-management-as-guidelines-for-managers 2021 3 The scientific approach to management required that the management theorists dedicate significant attention to the management principles. Many of the classical management theorists are known for their principles. The paper points out the significant fact that even though many of the principles of management were set many, many decades ago, they are still valid nowadays, in this changing world. Since the formal study of management began, numerous concepts have emerged as management principles. Even though nowadays many other, different, contemporary principles of management have been set, they do not lessen the importance of the “classical” principles. The paper focuses on Henri Fayol’s 14 principles of management and their applicability nowadays. The principles of management are considered to be important feature of the management thought. Their proper use can very likely improve the organizational performance. They provide appropriate set of guidelines that managers can use to create a work setting that can effectively and efficiently use the organizational resources.

]]> PRINCIPLES, MANAGEMENT, ORGANIZATION, ORGANIZATIONAL PERFORMANCE 2021-06-30 https://tefmj.ibupress.com/articles/principles-of-management-as-guidelines-for-managers 1 19-24 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/144/33.pdf / /

]]> Natasha Kraleva International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

application-of-scenario-planning-in-turbulent-environment-case-of-financial-companies-in-rnm 2021 3 Today’s contemporary environment is characterized with high degree of uncertainty, dynamic changes and innovation. Such a turbulent environment requires from companies to develop ability for identifying and analyzing of factors that drive changes and an ability for anticipating solutions to potential threats. Throughout the history, forecasting and strategic planning have been continuously applied in practice, as ways to establish a vital link between the future of the company and the environment. However, both of these lack the ability to incorporate massive and unexpected political, environmental, economic and social changes into plans. With the advent of scenario planning, plans are being made for significant changes in the environment for which data are limited. Therefore, planners by telling more alternative stories about the future, companies can include structurally different and unexpected future events, factors and actors in their plans for their future environment and answers to them. The main purpose of this research paper is to examine the degree of scenario planning application in the process of thinking and formulating alternative courses of action for the future in financial companies in Republic of North Macedonia. In order to present the application of scenario planning in turbulent environment this research paper makes literature review of scenario planning characteristics and its advantages and additionally, conducts descriptive statics by using data from author’s empirical research conducted in 2016 which covered 9 financial companies (6 banks and 3 non-bank financial companies). The results showed that the degree of application of scenario planning is moderate to significant in Macedonian surveyed financial companies. Also, this research paper strives to encourage companies in financial sector in RNM to use scenario planning as a key technique for dealing with uncertainty in the future global business environment.

]]> SCENARIO PLANNING, SCENARIO, TURBULENT ENVIRONMENT, FORECASTING 2021-06-30 https://tefmj.ibupress.com/articles/application-of-scenario-planning-in-turbulent-environment-case-of-financial-companies-in-rnm 1 25-34 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/143/34.pdf / /

]]> Andrijana B. Danevska International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-impact-of-digital-bank-marketing-on-consumer-satisfaction-and-loyalty-a-case-of-macedonian-commercial-banks 2021 3 World banking analysts predict that in the near future the number of traditional banks will be reduced by 50% worldwide, through a mix of closures, mergers, acquisitions and spinoffs. This is due to the evolution of banks, which have grown from physical infrastructure (brick and mortar business) that served customers into electronic banks. Nowadays, in order to meet the sophisticated needs and wants of customers, banks offer a wider range of digital services. Thus, while the traditional banking comprised of straightforward loans, deposits, treasury, and insurance products, new “universal” banks slowly added more offerings such as derivatives, asset-backed securities, digital wallets, wealth management, and private banking. The banking is facing digital banking innovations across the spectrum of payments, cash, lending, money transfer, investment management, and lending, among other areas. The main objective is to understand the customers, their lifestyle, preferences and then custom build the product to add value and enhance the customer experience. In order to come closer to the consumers, banks use modern integrated marketing communications. However, the question is whether and how satisfied consumers are with the new digital banking services i.e. with the one-stop-shop access for all services. This paper contains a survey to analyze customer satisfaction from Macedonian banks, their operations and way of marketing communications.

]]> TRADITIONAL BANKING, DIGITAL BANKING, MARKETING INNOVATIONS, INTEGRATED MARKETING COMMUNICATION, CUSTOMER SATISFACTION 2021-06-30 https://tefmj.ibupress.com/articles/the-impact-of-digital-bank-marketing-on-consumer-satisfaction-and-loyalty-a-case-of-macedonian-commercial-banks 1 35-45 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/142/35.pdf / /

]]> Tanja Efremova National Bank of the Republic of North Macedonia true Savica Dimitrieska International Balkan University – Skopje 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-effect-of-social-expenditures-on-income-inequality-in-post-socialist-and-capitalist-countries-a-panel-data-analysis 2021 3 Throughout the history of economics, income inequality has been one of the most debated issues. Since the 1990s, the issue of income inequality and welfare segregation has grown increasingly important for countries' economies around the world. One of the most important ways for the government to directly regulate income inequality is through social expenditure. The impact of government social spending on income inequality in selected European nations was explored in this study by examining social benefits and their impact on the Gini indices. On the one hand, post-socialist nations that have undergone transition, and on the other hand, capitalist countries that have never been under the social regime have been picked to be evaluated. Based on the obtained results, government social spending has a positive impact on income disparity for the post-socialist countries i.e. when the government spends more on social programs, income disparity decreases. The findings for the capitalist countries are inconclusive.

]]> INCOME INEQUALITY, SOCIAL EXPENDITURES, PANEL DATA ANALYSIS 2021-06-30 https://tefmj.ibupress.com/articles/the-effect-of-social-expenditures-on-income-inequality-in-post-socialist-and-capitalist-countries-a-panel-data-analysis 1 46-60 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/141/36.pdf / /

]]> Kristina Velichkovska International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

responses-of-social-security-policies-during-the-pandemic-case-of-albania-and-north-macedonia 2021 3 Taking into consideration the outbreak of the pandemic all countries around the world have faced a numerous of social challenges. In this paper it is intended to track the policies and expenditures of social security and see the similarities and differences of countries in facing these difficulties, focusing on the responses and social security policies and what was their approach towards the covid 19 crisis during 2019- 2020 period of time. This paper will try to analyze the characteristics of social security system and the policies of North Macedonia and Albania during the pandemic. The paper is organized as follows. After briefly reviewing the COVID-19 situation and economic data, we review the social security and related measures implemented to address economic and social consequences of the COVID-19 pandemics during the first lockdown. This is followed by a preliminary assessment of the effects of the COVID-19 response measures on the labor market and the household income. Then it is concluded by lessons learned so far and discuss future prospects. In the context of the Republic of North Macedonia and Albania, the coordination of the social security system is particularly affected. The pandemic has caused a deep socio-economic crisis, with thousands out of work or working part-time. In such circumstances the national social security system has a strong role to support insured persons, healthcare professionals and the economy at large. The analysis shows not so much differences on how they handled the social policies and expenditures during this period were identified, however this study can help the policymakers to take corrective actions if the pandemic will continue in coming years. Conclusions and recommendations will be given at the end.

]]> SOCIAL SECURITY, SOCIAL ASSISTANCE, COVID-19, SOCIAL EXPENDITURES, ALBANIA, N. MACEDONIA 2021-06-30 https://tefmj.ibupress.com/articles/responses-of-social-security-policies-during-the-pandemic-case-of-albania-and-north-macedonia 1 61-77 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/140/37.pdf / /

]]> Tirana Ameti International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-use-of-activity-based-management-a-study-of-manufacturing-companies-in-the-republic-of-north-macedonia 2021 3 Cost management, i.e planning, calculation and cost control is the most important area of management accounting where cost calculation methods play the crucial role. Traditional methods date back to the time when direct labor costs were significantly involved in the cost structure but with the rise of support costs or indirect costs the cost accounting approaches have changed. This paper presents the cost management models with a special focus on the method of calculating activity-based costs (ABC). The research part of the paper is carried out for chosen companies in the Republic of North Macedonian. By conducting a field survey in 24 companies from the manufacturing sector, the main research aim of this paper is to investigates the adoption of activity-based costing as a cost management technique among the employees. More specifically, the survey examines the adoption and the implementation of specific cost management techniques, or more precisely, the use of the ABC method and the benefits of its implementation. Based on the information obtained from 216 responses, the findings indicate that the major part of the companies in the manufacturing sector in the Republic of North Macedonia practice the system of activities. The surveyed employees are familiar with the activity-based management and are highly aware of the benefits and the advantages of the implementation of the ABC system.

]]> ACCOUNTING, AUDIT, COSTS, MANAGEMENT, ACTIVITY-BASED COSTS, ABC METHOD 2021-06-30 https://tefmj.ibupress.com/articles/the-use-of-activity-based-management-a-study-of-manufacturing-companies-in-the-republic-of-north-macedonia 1 78-86 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/139/38.pdf / /

]]> Angela Zafirova Institute of Economics – Skopje true Snezhana Hristova University American College Skopje – Republic of North Macedonia Dushica Stevchevska-Srbinoska University American College Skopje – Republic of North Macedonia 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-impact-of-pandemic-crisis-on-the-financial-stability-of-the-banking-sector-in-republic-of-north-macedonia 2021 3 The pandemic crisis, even though primarily is a health crisis, of course it affected the whole economy and especially it impacted the banking sector. This shock to the banking industry and the economy came as a result of a combination of several factors, the pandemic and the governmental and social responses to it. More specifically, the research is concerned on how the pandemic crisis affected the financial stability of the banking sector in North Macedonia by analyzing four financial indicators, capital adequacy ratios, non-performing loan ratios, return on average equity and liquidity indicators and by comparing these with the financial indicators in Italy, being one of the countries which was hit the hardest during the beginning of the crisis. It further focuses on the measures undertaken by the National Bank of North Macedonia and whether these measures have had an impact on remaining financial stability, as well as, whet the role of the banking sector in the recovery of the economy is.

]]> FINANCIAL STABILITY, PANDEMIC CRISIS, BANKING SECTOR, FINANCIAL INDICATORS 2021-06-30 https://tefmj.ibupress.com/articles/the-impact-of-pandemic-crisis-on-the-financial-stability-of-the-banking-sector-in-republic-of-north-macedonia 1 87-97 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/138/39.pdf / /

]]> Diellza Bilalli International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

globalization-impact-on-income-inequality-distribution-european-union 2021 3 The conclusions presented on the effects of increasing globalization and the inequality of income distribution is not consensual. With this paper it is intended to contribute to the clarification of this relationship, particularly with regard to the effects of the economic aspect of integration at the European Union (EU) during the period of 1995 to 2018. In this sense, an adequate review of theoretical and empirical literature is carried out, as well as the realization of an econometric application. The 19 EU countries considered in the sample were divided into two subsamples, “North” and “South” countries, taking into account a benchmark for the level of real GDP per capita. In a complementary way, it is still an objective of this paper to try understand if the Great Recession, initiated in 2008-09, has impact on globalization on inequality and through what mechanisms, since the literature reports persistent effects of periods of recession on inequality. The main results suggest that, since 1995, international trade has decreased the inequality in income distribution in the two groups of countries, while the financial globalization, through the entry of FDI, has provoked this inequality in the group of “Northern” countries. Regarding to the effect of the crisis in 2008- 09 financial report, it is concluded that: on one side, economic globalization, after the crisis, eased the inequality in the income distribution in both groups of countries; on the other hand, after the recession, social integration contributed to the worsening of this inequality, both in the countries of the "North" and in the countries of the "South".

]]> INCOME INEQUALITY, GINI COEFFICIENT, GLOBALISATION, EU, KOF 2021-06-30 https://tefmj.ibupress.com/articles/globalization-impact-on-income-inequality-distribution-european-union 1 98-109 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/137/40.pdf / /

]]> Ana Mihajlovska International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

storyboarding-as-teaching-practice-and-assessment-technique-in-teacher-training-a-survey-study 2021 3 This study investigated in-service teachers’ instructional design performances in designing storyboards for Serious Games through some tools and planning procedures crafted by the team of Erasmus+ project Ecological Learning and Simulation Environments in Higher Education (ELSE – 2018-1-IT02-KA203-048006). The ELSE project was promoted and coordinated by Università della Tuscia (IT) for the span of the past three years and included a consortium of ten universities, among which IBU (N. Macedonia). As part of a flexible toolkit to be used by academic tutors to design and deliver lessons, one of the Intellectual Outputs envisaged the production of a digital editor (ECORE) for the creation of learning games (Serious Games) to be destined to academic teaching environments. The experience carried out during the ELSE project has inspired a related yet more specific issue connected to the pre- and in-service teacher training initiatives organized by the Tuscia partner: i.e., could storyboarding be adopted within an effective teaching practice and as a learning assessment technique in teacher training? Significant indicators and qualitative data, supporting a subsequent structured research project, were collected through an explorative survey conducted on in-service teachers engaged in a Training Course for Special Needs Teachers (SNT), in the A.Y. 2019-20. After playing a Serious Game created by the project team, this group of 40 teachers produced storyboards to simulate further typical school situations at all levels. The analysis of their products revealed a relevant educational potential for the practice of storyboarding as a teaching/learning strategy and provided practical indications in favour of the research hypothesis.

]]> INSTRUCTIONAL DESIGN, SERIOUS GAMES, STORYBOARDING 2021-06-30 https://tefmj.ibupress.com/articles/storyboarding-as-teaching-practice-and-assessment-technique-in-teacher-training-a-survey-study 1 110-116 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/136/41.pdf / /

]]> Patrizia Sibi Università della Tuscia, Viterbo (Italy) true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com