Tijana Radojević

Modern tourists are looking for rural destinations that provide various ‘anti-stress’ services, compatible with the wellness philosophy. The present study examines the complex relationship of the dry spa - Sofia’s springs and its tourism potential for rural destination development assessment, using the modified GAM framework and data obtained from the 687 tourists of six European nations between 2018. and 2023. For robustness checks, the study additionally deploys structural equation modelling (SEM) to validate the estimates. The analysis of responses regarding the geo-site Sofia’s spring in Serbia reveals that it is highly regarded for its health benefits, with a significant number of respondents rating it positively for rehabilitation and tranquillity. However, the location lacks adequate promotional activities and tourism infrastructure, which limits its touristic appeal despite its natural beauty and potential for rural tourism development. The findings suggest that while health and scenic values are strong attractions, there is a pressing need for improved tourism services and facilities to enhance the overall visitor experience and ultimately fostering rural development.

This paper examines the role of the International Bank for Reconstruction and Development (IBRD) within the global financial system, emphasizing its institutional frameworks, objectives, and membership criteria

Established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO) is a pivotal institution overseeing international trade. With 166 member nations representing more than 98% of worldwide commerce, the WTO aims to promote open and equitable trade by minimizing trade restrictions and settling conflicts. It fulfills a vital function in upholding compliance with trade regulations, particularly in protecting the interests of smaller economies, while addressing a broad spectrum of matters, including intellectual property rights and agricultural policies. Despite its contributions, the WTO encounters substantial obstacles, including adjusting to the digital economy, tackling climate change, and mitigating the resurgence of protectionist policies. Critics argue that its framework often benefits developed nations at the expense of developing countries, underscoring the need for reform. To maintain its efficiency and fairness, the WTO must update its mechanisms and regulatory frameworks. This study analyzes the organization's function in governing global trade, investigates the current challenges, and assesses proposed reforms designed to strengthen its significance and uphold equity among all member nations.

Various tourism destination competitiveness indicators and models have been developed and applied by different researchers and regions. Scholars emphasize that there is no single set of competitiveness indicators applicable to all destinations, and a more specific approach for each destination is required. Therefore, this paper aims to present the development of a tourism destination competitiveness model tailor-made for Serbia, adapted to the common specificities of this developing economy, with inputs from Serbian tourism experts and industry representatives. The development of the model required a multi-step process using mix-methodology. This included a literature review, a targeted workshop (applying Delphi method), pilot testing and model validation using structural equation modelling. The final model resulted in four factors: Natural and cultural heritage, Quality of tourist offer and infrastructure, Tourism policy and sustainable development of tourism, and Marketing and experience, with 48 competitiveness indicators in total. The study offers theoretical and practical contributions with generally applicable insights for Serbia and similar developing destinations.

This paper describes the basic concept of multi-project management in the science and research organizations in Serbia and worldwide. A brief discussion was held on the sources of funding for these projects, and several proposed solutions to problems that may arise in the management of projects in the field of mining, were considered from the perspective of worldwide practice. An overview of completed projects in the field of mining and geology in the period from 2010 to 2023 is given using the example of a case study of a selected scientific and research organization, the Bor Mining and Metallurgy Institute, by type and number of projects and sources of funding. A brief analysis of the success of multi-project management in this institution was carried out. Considering the years of project development, it was determined it was found that the greatest success of multi-project management has been achieved in the last five years, which indicates the good business strategy of the Institute. The financing structure has shown that the largest number of projects in this institution, in the given period was financed by the private sector, i.e. the Chinese mining company Serbia Zijin Copper Bor (formerly RTB Bor).

Purpose - This study aims to determine the impact of cultural traits on restaurant service quality and infer implications for the hospitality sector. Specifically, it investigates which of Hofstede's cultural dimensions correlate with superior service. Methodology - The research analyzes 35,000 customer reviews from restaurants in 80 capitals worldwide. It employs a multivariate multilevel model to explore the effects of cultural dimensions on service ratings, complemented by qualitative evidence. Findings - The results reveal that positive customer service evaluations are significantly linked to low power distance, high uncertainty avoidance, and low indulgence (restraint). Additionally, sector-specific cultural traits such as collectivism for hotels and uncertainty avoidance for restaurants are found to be crucial. Implications - This study provides both theoretical and practical insights into the cultural influences on hospitality service quality. It offers valuable guidance for leveraging these insights in staff recruitment and training, ultimately enhancing service delivery and business performance in the hospitality industry. By understanding and integrating cultural dimensions, hospitality businesses can improve their service quality and customer satisfaction.

This paper explores the relationship between the International Monetary Fund (IMF), a prominent global financial institution specializing in economic issues and aiding countries facing financial challenges, and Serbia

In recent years, the telecommunications services sector has made a remarkable contribution to the global economy, thereby attracting the interest of researchers. This study aims to examine the relationship between total leverage and its main components (short-term and longterm leverage) and firm-specific and country-specific factors affecting the capital structure of European telecom operators during 2009-2020. The observed period, beginning right after the world economic crisis in 2008, was characterized by a stable economy and the expansion of mobile communications, and the Internet and multimedia services. We used dynamic panel regression models with 9 explanatory and three dependent variables and concluded that liquidity, profitability, sales growth, assets turnover, cost of debt, and non-debt tax shield had a significant influence on the capital structure of European telecom operators. We found that total leverage and long-term leverage significantly depend on their previous year's values. Tangibility, size of firm, and country GDP growth rate were not significantly associated with the capital structure of telecom operators within the observed period. The findings about a dominant negative impact of liquidity and profitability, and the positive impact of sales growth on leverage, are in line with the postulations of the pecking-order theory. This study can be helpful to managers and other stakeholders in improving their understanding of the factors affecting the capital structure of telecom operators.

The phenomenon of credit risk is one of the main distresses for the bank portfolio. If it becomes nonviable to gather claims from various main clients, a bank could persist in being insolvent. The latest financial crises have distinguished the necessity for a bank to identify, measure, assess, and control credit risk, in addition to providing an acceptable degree of capital to protect against possible decline in case of loan defaults. Accordingly, risk management depends steadily on the straight implementation of mathematical and statistical methods and models and the application of their outcomes for business goals. The aim of this paper is to present the disclosures that are related to bank credit risk, bearing in mind that credit risk management is one of the indicators of the results of banking operations.

The appearance of credit risk is one of the key dangers for the banking portfolio because if it becomes impossible to collect claims from several key clients, the bank could remain insolvent