Volume 6, Issue 1

GENDER-BASED ANALYSIS OF INTRINSIC MOTIVATION: THE CASE OF PUBLIC SECTOR SERVANTS IN THE REPUBLIC OF NORTH MACEDONIA gender-based-analysis-of-intrinsic-motivation-the-case-of-public-sector-servants-in-the-republic-of-north-macedonia Volume 6, Issue 1 Research Article 2024 6 Public sector provides various essential services in terms of promoting social equity and inclusion, protecting the public interest, regulating and supervising various aspects of society and economy, fostering economic development, and supporting democratic governance. Therefore, the motivation of the public sector servants indirectly contributes to the overall effectiveness of the public service sector and finally to the well-being and prosperity of the society. Considering this, in the public sector, extrinsic factors cannot be easily and quickly influenced, i.e., they are fixed. This paper can be of crucial importance when determining the intrinsic factors behind the public sector servants’ satisfaction with their jobs and ultimately their performance. Considering this, in developing economies, such as the economy of the Republic of North Macedonia, public sector servants exhibit poor performance. The main purpose of the research presented in this paper has been to investigate the motivational factors of the public sector servants at municipality level in the Republic of North Macedonia. In the research, primary data collected by using descriptive statistics and cross-tabulation have been used to determine whether gender-based differences exist in intrinsic motivation.

]]> Attuned (2023). The State of Motivation Report. Retrieved from: https://www.attuned.ai/whitepaper-state-of-motivation-2023-download
Davenport, T. O. (1999). Human Capital: What It is and Why People Invest It (1st ed.). San Francisco, CA: Jossey-Bass.
Fernandes, A.; Santinha, G.; Forte, T. (2022). Public Service Motivation and Determining Factors to Attract and Retain Health Professionals in the Public Sector: A Systematic Review. Behavioral Sciences 12, 95. https://doi.org/10.3390/bs12040095
Hassoo, A. K., & Akbay, C. (2020). Factors Affecting Motivation of Employees in Public Sector: Case Study in Erbil, Iraq. Review of International Comparative Management, 21(3), 412-422.
Hur, Y. (2018). Testing Herzberg’s Two-Factor Theory of Motivation in the Public Sector: Is it Applicable to Public Managers? Public Organizations Review 18, 329–343. https://doi.org/10.1007/s11115-017-0379-1
Report on the Public Opinion Survey on Citizens’ Satisfaction with Local Services (2021). Retrieved from: https://opstinskisoveti.mk/en/publication-and-research/
Ngowi, R. P. (2015). Determinants and Challenges of Health Workers Motivation in Rural Tanzania, a Story from Rombo District Council, North Eastern Tanzania, East Africa. The International Journal of Business & Management, 3(1). Retrieved from https://www.internationaljournalcorner. com/index.php/theijbm/article/view/129489
Papadopoulou, M., I.,& Dimitriadis, E.D. (2019). Factors Affecting Motivation in the Public Sector under the Context of Self-Determination Theory and Public Service Motivation: The Case of the Hellenic Agricultural Insurance Organization (H.A.I.O.), International Journal of Economics and Business Administration, Volume VII. Issue 4, 112-135
Ritz, A., Neumann, O., & Vandenabeele, W. (2016). Motivation in the Public Sector. The Routledge Handbook of Global Public Policy and Administration, 2-16.
Tranquillo, J., & Stecker, M. (2016). Using Intrinsic and Extrinsic Motivation in Continuing Professional Education. Surgical Neurology International, 7(Suppl 7), S197-S19. doi:10.4103/2152-7806.179231
UNDP Global Centre for Public Service Excellence. (2014). Motivation of Public Service Officials:
Insights for Practitioners. Retrieved from: https://www.undp.org/sites/g/files/zskgke326/files/
publications/GCPSE_PSM_Brief.pdf

]]> public sector servants, motivation, satisfaction with jobs 2024-06-26 https://tefmj.ibupress.com/articles/gender-based-analysis-of-intrinsic-motivation-the-case-of-public-sector-servants-in-the-republic-of-north-macedonia 1 1-12 10.69648/IGHU2184 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/97/ibu-journal-tefmj-1.pdf Andrijana B. Danevska International Balkan University – Skopje true Savica Dimitrieska International Balkan University – Skopje Elena Parnardzieva Stanoevska International Balkan University – Skopje Luljeta Sadiku International Balkan University – Skopje Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

THE EFFECTS OF ENERGY PRICES ON THE INFLATION RATE OF WESTERN BALKAN COUNTRIES the-effects-of-energy-prices-on-the-inflation-rate-of-western-balkan-countries Volume 6, Issue 1 Research Article 2024 6 The Western Balkan countries have experienced significant economic fluctuations in recent years. Among the primary contributors to these fluctuations is the volatility of energy prices. Energy, being a fundamental input in both production and consumption, has a direct and often disproportionate impact on inflation trends. Therefore, this study analyzes how energy prices have contributed to inflation in the Western Balkan (WB) countries in the period 2002 and 2022. The panel regression models, such as the fixed and random effects model as well as the Least Square Dummy Variables (LSDV), have been employed. The results reveal that there is a positive and significant relationship between energy prices and inflation. Variations in energy dependency, domestic energy policies, and economic structures lead to different inflationary responses across the Western Balkan countries. Countries with higher dependence on imported energy tend to experience more pronounced inflationary pressures.

]]> Bigerna, S. (2023). Energy Price Shocks, Exchange Rates and Inflation Nexus. Energy Economics, 128, 107156. https://doi.org/10.1016/j.eneco.2023.107156.
Bruno, M. & Sachs, J. (1985). Economics of Worldwide Stagflation. Cambridge, MA and London, England: Harvard University Press. https://doi.org/10.4159/harvard.9780674493049
Casoli, C., Manera, M., & Valenti, D. (2022). Energy Shocks in the Euro area: Disentangling the Pass-through from Oil and Gas Prices to Inflation. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4307682.
Ferguson, T., & Storm, S. (2023). Myth and Reality in the Great Inflation Debate: Supply Shocks and Wealth Effects in a Multipolar World Economy. International Journal of Political Economy, 52(1), 1–44. https://doi.org/10.1080/08911916.2023.2191421.
Kraja, G., Dedej, D., & Prendi, L. (2022). Economic Development, Unemployment and Inflation in the Western Balkans. Interdisciplinary Journal of Research and Development, 9(4. S1), 1.https://doi.org/10.56345/ijrdv9n4s101.
Minasyan, G., Pinat, M., Ozturk, E., Wang, M., & Zhu, Z. (2023). Inflation Dynamics in the Western Balkans. IMF Working Paper, 2023(049), 1–1. https://doi.org/10.5089/9798400235184.001.
Munteanu, P., & David, G. (2023). The Energy Crisis and its Real Impact on the Inflation Rate. Proceedings of the International Conference on Business Excellence, 17(1), 48–61. https://doi.org/10.2478/picbe-2023-0007.
Obradović, S., & Lojanica, N. (2022). Are Inflation Rates Stationary in the Western Balkan Countries? Evidence from Unit Root Tests. Politická Ekonomie, 70(4), 421–439. https://doi.org/10.18267/j.polek.1362.
Petrovska, M., & Nikolov, M. (2018). The Determinants of Core Inflation in the Republic of Macedonia. Journal of Contemporary Economic and Business Issues, 1857- 9108, Ss. Cyril and
Methodius University in Skopje, Faculty of Economics, Skopje, 5 (1), 25–34. http://hdl.handle.net/10419/193482.
Vlieghe, G. (2024). “Core Strength: International Evidence on the Impact of Energy Prices on Core Inflation,” Discussion Papers 2407, Centre for Macroeconomics (CFM).
Weber, M., D’Acunto, F., Gorodnichenko, Y., & Coibion, O. (2022). The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications. SSRN
Electronic Journal. https://doi.org/10.2139/ssrn.4151270.
World Bank (2022). Western Balkans Regular Economic Report No. 21 (Spring 2022): Steering Through Crisis. Washington D.C.: World Bank Group.
World Bank. (2022). Western Balkans Regular Economic Report, No. 22 (Fall 2022): Beyond the Crises. Washington, DC. World Bank Group.
Yıldırım, S., Özdemir, B. K., & Doğan, B. (2013). Is There a Persistent Inflation in OECD Energy Prices? Evidence from Panel Unit Root Tests. Procedia Economics and Finance, 5, 809–818. https://doi.org/10.1016/s2212-5671(13)00093-2.

]]> Inflation, energy prices, WB, panel regression, LSDV 2024-06-26 https://tefmj.ibupress.com/articles/the-effects-of-energy-prices-on-the-inflation-rate-of-western-balkan-countries 1 13-22 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/96/ibu-journal-tefmj-2.pdf Besa Ramadani Mehmedi University of Tetova true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

GENERATIVE ARTIFICIAL INTELLIGENCE AND ADVERTISING generative-artificial-intelligence-and-advertising Volume 6, Issue 1 Research Article 2024 6 Generative artificial intelligence, the new buzzword in technology, is the next step in the evolution of traditional artificial intelligence. Unlike traditional AI that excels in data analyzing and automating processes, generative AI (GenAI) is a pioneer in creating new and original content. GenAI is very close to human intelligence, capable of logical thinking, imitating human behavior and armed with decision making capabilities. Generative AI creates new texts, images, music, 3D designs and codes, thus strongly influencing the activities, strategies, and consumer interactions of various industries. Key industries most affected by GenAI are banking and finance, retail and consumer goods, medicine and pharmaceuticals, education, media and marketing. In marketing, generative AI is significant in the process of personalization, content creation, audience engagement and interactions, performing the STP strategy (segmentation, targeting, positioning), market research, etc. Although it has great advantages, GenAI also has significant limitations, such as unresolved ethical issues, the spread of outdated or imprecise data, lack of legal regulation and control, etc. This paper, with the aid of secondary research, is aimed at exploring the possibilities of GenAI and its impact on marketing, especially advertising.

]]> AI Contentfy team blog. (2023). The Role of AI in Personalized Content Creation. https://aicontentfy.com/en/blog/role-of-ai-in-personalized-content-creation
Bloomberg Intelligence. (2023). Generative AI to Become a $1.3 Trillion Market by 2032, Research Finds, https://www.bloomberg.com/company/press/generative-ai-to-become-a-1-3-trillion-market-by-2032-research-finds/
Bretzfield, M. (2023). The Transformative Power of AI: Impact on 18 Vital Industries. https://www.linkedin.com/pulse/transformative-power-ai-impact-18-vital-industries-maurice-bretzfield-3c
Calls 9 blog. (2023). The History of AI: A Timeline from 1940 to 2023, retrieved from https://www.calls9.com/blogs/the-history-of-ai-a-timeline-from-1940-to-2023
Deloitte Report (2023). What North America’s Top Finance Executives are Thinking—and Doing, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/finance/us-xa-3q23-cfo-signals-full-report-final.pdf
Dimitrieska, S. Danevska.B. A, Stanoevska.P.E. (2023). Brands in the Metaverse. Entrepreneurship, 6/2018, DOI: 10.37708/ep.swu.v11i2.3, https://ep.swu.bg/images/pdfarticles/2023/Entrepreneurship_2_2023-32-43.pdf

Dimitrieska, S. Stankovska, A. Efremova, T. (2018). Artificial Intelligence and Marketing. Entrepreneurship, 6/2018, https://ep.swu.bg/index.php/archive/2018/2018-issue-2/140-artificial-
intelligence-and-marketing
Dimitrieska, S. Stankovska, A. Efremova, T. (2018). The Forth Industrial Revoluton – Advantages and Disadvantages. Economics and Management, 2018, vol. 14, issue 2, 182-187, https://econpapers.repec.org/article/neojournl/v_3a14_3ay_3a2018_3ai_3a2_3ap_3a182-187.htm
Ginzburg, J. (2024). Enhancing Audience Engagement with AI Competitive Analysis. https://www.linkedin.com/pulse/enhancing-audience-engagement-ai-competitive-analysis-jeanginzburg-kcq2e#:~:text=AI%20examines%20data%2C%20categorizing%20users,your%20
brand%20and%20your%20audience.
Haddad, H. (2023). The Fascinating Journey of Artificial Intelligence: A Full History, retrieved from https://www.linkedin.com/pulse/fascinating-journey-artificial-intelligence-full-heba-al-haddad
Howarth, J. (2024). 55+ New Generative AI Stats, Exploding Topics blog, retrieved from https://explodingtopics.com/blog/generative-ai-stats
Gao. B, Wang. Y, Xie. H, Hu.Y. (2023). Artificial Intelligence in Advertising: Advancements, Challenges and Ethical Consideration in Targeting, Personalization, Content Creation and Ad Optimization, Sage Open 13(4), DOI: 10.1177/21582440231210759
Kaput, M. (2024). AI in Advertising: Everything You Need to Know, Marketing Artificial Intelligence Institute, https://www.marketingaiinstitute.com/blog/ai-in-advertising
Lawlor. P, Chang. J (2024). The Rise of Generative AI: A Timeline of Breakthrough Innovations, Qualcomm blog, https://www.qualcomm.com/news/onq/2024/02/the-rise-of-generative-ai-timeline-of-breakthrough-innovations
McKinsey Digital Report. (2023). The Economic Potential of Generative AI: The Next Productivity Frontier. https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-AI-the-next-productivity-frontier#business-value
Marr, B. (2024). The Difference between Generative AI and Traditional AI: An Easy Explanation for Anyone, Forbes, https://www.forbes.com/sites/bernardmarr/2023/07/24/the-difference-between-generative-ai-and-traditional-ai-an-easy-explanation-for-anyone/
Mint blog. (2024). Beyond Creativity: What is the Real Impact of AI on Advertising Operations. https://www.mint.ai/blog/beyond-creativity-whats-the-real-impact-of-ai-on-advertising-operations
Miquido Blog. (2024). Understanding the Difference Between AI and Gen AI. https://www.miquido.com/blog/gen-ai-and-ai-difference/
Pecan team blog. (2023). Maximizing your Marketing Budget with AI and Machine Learning. https://www.pecan.ai/blog/maximizing-marketing-budget-ai-machine-learning/
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Thormundsson. J (2024). Generative AI-Worldwide, retrieved from https://www.statista.com/outlook/tmo/artificial-intelligence/generative-ai/worldwide

]]> AI, generative AI, creative content, marketing, advertising 2024-06-26 https://tefmj.ibupress.com/articles/generative-artificial-intelligence-and-advertising 1 23-33 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/95/ibu-journal-tefmj-3.pdf Savica Dimitrieska International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

CIRCULAR BUSINESS MODELS: DRIVERS AND BARRIERS TO SMES IN NORTH MACEDONIA circular-business-models-drivers-and-barriers-to-smes-in-north-macedonia Volume 6, Issue 1 Research Article 2024 6 Running a business in an era increasingly concerned with climate change poses challenges for all stakeholders. Governments and intergovernmental organizations are enacting new regulations, compelling businesses to adapt. While some companies have proactively shifted to eco-friendly
production systems, others face pressure to change. To meet these evolving demands, businesses are exploring models that align with the circular economy. This study is aimed at exploring the drivers and
barriers to circular business models as well as the challenges small and medium sized companies face to achieve the environmental and business objectives. Through a survey conducted among small and medium-sized enterprises in North Macedonia, both closed and open-ended questions were utilized to gather insights. The findings reveal a spectrum of engagement, ranging from incorporating circular principles in product design to active involvement in material recycling. These results underscore
a growing willingness within the business community to embrace sustainable and circular business models.

]]> Antikainen, R., Lazarevic, D., & Seppälä, J. (2018). Circular Economy: Origins and Future Orientations. Factor X , Springer International Publishing. pg.115-129.
Gardetti, M. A. (2019). Introduction and the Concept of Circular Economy. Circular Economy in Textiles and Apparel, 1-11.
Geisendorf, S., & Pietrulla, F. (2017). The Circular Economy and Circular Economic Concepts—a Literature Analysis and Redefinition. Thunderbird International Business Review, 60(5), 771-782. doi:https://doi.org/10.1002/tie.21924
Geissdoerfer, M., Santa-Maria, T., Kirchherr, J., & Pelzeter, C. (2022). Drivers and Barriers for Circular Business Model Innovation. Business Strategy and the Environment. doi:https://doi.org/10.1002/bse.3339
Geissdoerfer, M., Savaget, P., Bocken, N. M., & Hultink, E. J. (2017). The Circular Economy – A New Sustainability Paradigm? Journal of Cleaner Production, 143, 757-768. doi:https://doi.org/10.1016/j.jclepro.2016.12.048
Hart, J., Adams, K., Gieskam, J., Tingley, D. D., & Pomponi, F. (2019). Barriers and Drivers in a Circular Economy: the Case of the Built Environment. Procedia CIRP, 80, 619-624. doi:https://doi.org/10.1016/j.procir.2018.12.015
Kirchherr, J., Reike, D., & Hekkert, M. (2017). Conceptualizing the Circular Economy: An Analysis of 114 Definitions. Resources, Conservation and Recycling, 127, 221-232. doi:https://doi.org/10.1016/j.resconrec.2017.09.005
MacArthur, E. (2013). Towards the Circular Economy. Journal of Industrial Ecology, 2(1), 23-44.
Patwa, N., Sivarajah, U., Seetharaman, A., Sarkar, S., Maiti, K., & Hingorani, K. (2021). Towards a Circular Economy: An Emerging Economies Context. Journal of Business Research, 122, 725-735. doi:10.1016/j.jbusres.2020.05.015
Tan, J., Tan, F. J., & Ramakrishna, S. (2022). Transitioning to a Circular Economy: A Systematic Review of Its Drivers and Barriers. Sustainability, 14(3), 1757. doi:https://doi.org/10.3390/su14031757

]]> Circular economy, business model, SMEs, drivers, barriers 2024-06-26 https://tefmj.ibupress.com/articles/circular-business-models-drivers-and-barriers-to-smes-in-north-macedonia 1 35-49 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/94/ibu-journal-tefmj-4.pdf Adnan Ademi International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

ASSESSING THE IMPACT OF NON-PERFORMING LOANS AND CAPITAL ADEQUACY ON BANK PROFITABILITY FOR THE CASE OF NORTH MACEDONIA assessing-the-impact-of-non-performing-loans-and-capital-adequacy-on-bank-profitability-for-the-case-of-north-macedonia Volume 6, Issue 1 Research Article 2024 6 This study investigates the influence of non-performing loans on the profitability of banks operating in the Republic of North Macedonia, providing insights into the specific dynamics of the banking sector.
Non-Performing Loans (NPL) represent a critical concern for banking institutions worldwide, reflecting potential credit risk and weakening of financial stability. In the context of North Macedonia, where the
banking sector has a significant function in driving economic growth and development, understanding the relationship between NPLs and profitability is of great importance. Also, taking into consideration the importance of the ratio of Capital to Risk Weighted Assets (CRWA), this study also investigates the relationship between Capital to RWA and bank profitability. By employing an autoregressive distributed
lag (ADL) model, the study intends to uncover the trends and the relationship between variables, by also considering how past values affect the current values of the bank profitability. The results of the
analysis disclose a highly significant negative influence of the NPLs on the bank profitability indicators, such as Return on Equity (ROE) and Return on Assets (ROA). Thus, the findings reveal important insights for the policymakers and the banking industry in North Macedonia, aiding in the formulation of effective risk management strategies and regulatory policies aimed at mitigating the adverse effects of NPLs and capital needs on bank profitability. At the same time, the study is expected to contribute to the existing body of literature on the topic by offering empirical evidence specific for the Macedonian banking sector, thus filling the gap in the research landscape.

]]> Altunbas, Y., Carbo-Valverde, S., & Molyneux, P. (2007). Examining the Relationship between Capital, Risk and Efficiency in European Banking. European Financial Management, 13(1), 49–70.
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Simeonov, P., Dimovski, P., & Bislimoski, Z. (2019). Determinants of Non-Performing Loans: Evidence from Southeast European Banking Systems. International Journal of Financial Studies, 7(3), 46
Samir, & Kamra, D. (2013). A Comparative Analysis of Non-performing Assets (NPAs) of Selected Commercial Banks in India. International Journal of Management, 3(1), pg. 68-80.
Sverko, I., Prga, I., & Vrdoljak, T. (2010). Non-performing Loans and Loan Loss Provisions: The Case of Croatia. Conference Proceedings: International Conference of the Faculty of Economics Sarajevo. Economic Development Perspectives of SEE Region in Global Recession Context.

]]> Non-performing loans, bank profitability, capital, assets, bank risk 2024-06-26 https://tefmj.ibupress.com/articles/assessing-the-impact-of-non-performing-loans-and-capital-adequacy-on-bank-profitability-for-the-case-of-north-macedonia 1 51-62 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/93/ibu-journal-tefmj-5.pdf Edita Mustafa International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

INVESTMENT CLIMATE AND ROLE OF TECHNOLOGICAL INDUSTRIAL DEVELOPMENT ZONES IN DIRECT FOREIGN INVESTMENT INFLOW IN NORTH MACEDONIA investment-climate-and-role-of-technological-industrial-development-zones-in-direct-foreign-investment-inflow-in-north-macedonia Volume 6, Issue 1 Research Article 2024 6 This article investigates the establishment of Technological Industrial Development Zones (TIDZ) in North Macedonia. These zones are aimed at attracting Foreign Direct Investment (FDI) and represent an innovative strategy to promote business relations that were previously unavailable in North Macedonia. If their output is sold to international markets, companies operating within the TIDZ benefit from incentives and subsidies. In addition to the legally announced incentives available to investors within the TIDZ, the government offers extra incentives on a case-by-case basis, in agreements with significant overseas partners. Since the introduction of this approach, the government has made a public display of its benefits. The consequences of the implemented strategy
for FDI attraction deserves an effort for its analysis by all available means. Using the available data and sources from relevant documents, the focus in the paper will be put on the impact of the creation of such zones on the FDI inflow. North Macedonia is an attractive investment destination for international investors because of the fiscal, economic, and financial benefits provided by the actual law, as well as the excellent business climate, as measured by the ‘Doing Business’ indicator.

]]> Bne IntelliNews (2021). Free economic zones accounted for 48% of North Macedonia’s exports. https://intellinews.com/free-economic-zones-accounted-for-48-of-north-macedonia-sexports-in-february-205677/
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Zimenkov R.I. (2015). Free Economic Zones: Tutorial. M.: YUNITI-DANA. 223.

]]> business climate, investing, FDI, North Macedonia, economic development 2024-06-26 https://tefmj.ibupress.com/articles/investment-climate-and-role-of-technological-industrial-development-zones-in-direct-foreign-investment-inflow-in-north-macedonia 1 63-80 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/92/ibu-journal-tefmj-6.pdf Tirana Ameti International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com