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The purpose of this paper is to determine if the agribusiness sector can be an initiator of export on the emerging markets. For this aim, we analyzed export opportunities for the region of Vojvodina, the region in Serbia with the most potential for agribusiness.

This paper uses the Comparative Advantage Index and the Index of Intra-industrial Integration to determine the region's level of comparative advantage and the market's level of integration on the main emerging markets.

The results show that this region has the most competitive advantages in crop production – primarily in cereals and industrial plants – but the situation is not favorable for livestock production. Because of this, comparative advantage should be used as a factor for the growth of competitiveness in the sectors for which crop products are the raw material base. At the same time, agricultural policy measures should encourage more intensive agricultural production, which could create a better foundation for progress in the food industry.

Data collected on foreign trade at the level of statistical regions is not always reliable. Also, regional and local characteristics are specific to each country, so the ability to generalize conclusions is limited.

This paper provides a useful review of the agri-food sector's competitiveness and determines which agri-food segments have competitive advantages. It is essential for policymakers to identify what determinants improve or degrade the competitiveness of the region's agri-food sector.

Since there are a limited number of studies analyzing trends of competitiveness for the region's agri-food sector, the paper will contribute to filling this gap. Furthermore, the framework is conceptually innovative in identifying the determinants that create export opportunities for the region on the international market.

The investigation of the fractal nature of financial data has been growing in the literature. The purpose is to investigate the multifractal behavior of frontier markets using multifractal detrended fluctuation analysis (MFDFA).

This study used daily closing prices of nine frontier stock markets up to 31-Aug-2020. A preliminary analysis reveals that these markets exhibit fat tails and clustering patterns. For a more robust analysis, a combination of Seasonal and Trend Decomposition using Loess (STL) and MFDFA has been employed. The former method is used to decompose daily stock returns, where later detected the long rang dependence in the series.

The results confirm varying degree of multifractality in frontier stock markets, implying that they exhibit long-range dependence. Based on these multifractality levels, Serbian and Romanian stock markets are the ones exhibiting least long-range dependence, while Slovenian and Mauritius stock markets indicating highest dependence in their series. Furthermore, the markets of Kenya, Morocco, Romania and Serbia exhibit mean reversion (anti-persistent) behavior while the remaining frontier markets show persistent behaviors.

The information given by the detection of the fractal measure of data can support for investment and policymaking decisions.

Frontier markets are of great potential from the perspective of international diversification. However, most of the research focused on other emerging and developed markets, especially in the context of multifractal analysis. This study combines the STL method and a physics-based robust technique, MFDFA to detect the multifractal behavior of frontier stock markets.

The purpose of this paper is to empirically evaluate risk spillovers between selected CESEE (Central, Eastern and South-Eastern Europe) stock markets in order to evaluate the possibilities of an international diversification of a portfolio.

The VAR model and the Diebold and Yilmaz (2009, 2012) spillover index are used, with rolling indices estimation over time in order to observe dynamics, which is important for investment strategies. Data are monthly and include selected CESEE stock market indices which were available to the researcher.

The empirical analysis for the period of January 2012–June 2019 indicates that some country risks were the net emitter of shocks in the system (Slovenia and Czech Republic), whereas some were net receivers (Croatia and Ukraine). The results are robust with respect to changing the length of the rolling window analysis, which means that investors could utilize such an approach in a dynamic portfolio selection.

Observing only selected markets due to data (un)availability.

The paper shows how international investors can utilize the aforementioned methodology in order to make a more detailed analysis of the dynamics of stock markets connectedness so that international portfolios can be rebalanced according to the results and investors’ preferences.

This is the first such research which focuses on CESEE countries, since existing research is focused on more developed stock markets. Moreover, the empirical analysis extends to commenting the pairwise net indices over time, which is important for the dynamic portfolio rebalancing over time.

Newly established intersections between offline and online channels create room for enhancing inter-channel synergies. The nature and structure of emerging markets only further emphasize the need to expand existing knowledge. Consequently, this study investigates inter-channel synergy creation during offline–online retail integration in emerging markets.

Data collected from 97 companies in Serbia that incorporated online channels into their offline retailing businesses were analyzed using the structural equation modeling method.

The results show that retailers who have undergone click-to-brick integration in the emerging markets struggle to leverage physical presence for inter-channel synergy creation through digital channels. Essentially, retailers integrating clicks into bricks in emerging markets are less likely to achieve immediate omni-channel synergy, resorting to a multi-iterative transition process.

This research synthesizes knowledge on inter-channel synergy creation in an omni-channel context, as well as existing findings regarding inter-channel integration. This paper presents the first comprehensive study on inter-channel synergy creation during click-to-brick integration in emerging retail markets. Moreover, this study outlines challenges facing retailers seeking channel synergy during click-to-brick integration. The study results have theoretical and practical implications regarding inter-channel synergy creation in the multi-channel environment of emerging markets.

The purpose of this paper is to consider the enrolment at university and the subsequent possible dropout as a piece of the school-to-work transition and ask whether it improves or worsens the labour market outcomes a few years after graduation from the high school.

The analysis exploits data from the upper secondary graduate survey by ISTAT on a cohort of high school graduates and investigates the effect of dropping out four years after graduation. The labour market outcomes of university dropouts are compared to the outcomes of high school graduates who never enrolled at university. A propensity score matching approach is applied. The model is also estimated on the subsamples of males and females.

The findings show that spending a period at university and leaving it before completion makes the transition to work substantially more difficult. Both the probability of being NEET and getting a bad job increase in the case of dropout, while no relevant effect is found on earnings. Moreover, the impact of university dropout tends to be more harmful the longer the spell from enrolment to dropping out. Separate estimates by gender point out that females appear to be relatively more affected in the case of dropping out without a fallback plan.

While the existing studies in the literature on the school-to-work transition mostly focus on the determinants of the dropout, this paper investigates whether and how the employment outcomes are affected by dropping out in Italy. Moreover, university dropouts are compared to high school graduates with no university experience, rather than to university graduates. Finally, evidence on the mechanisms driving the effect of dropping out is provided, by considering timing and motivations for dropping out.

With the expansion of dining out, visiting ethnic restaurants is becoming one of dominant trends worldwide. Given the fact that ethnic restaurants involve a number of peculiar elements that are not present when visiting regular “local” restaurants, the purpose of this paper is to identify the key determinants of choosing a particular ethnic-themed restaurant, as well as factors that have an impact on an ethnic restaurant’s perceived image.

Research was done by conducting two separate studies. The first study identified factors that were generally the most significant to respondents when making a choice of an ethnic restaurant in which to dine. For the second study, a new sample of respondents – consisting of those who had just visited such an establishment – was used in order to determine which factors have the most significant impact on creating an image of ethnic restaurants. The research was therefore directed toward those restaurants where the customers can experience a unique atmosphere and ambiance that are synonymous within a given culture.

The results obtained from the first study show that quality of food and price are the two most significant factors that determine which restaurant will be visited. On the other hand, the interior and exterior ranked as the two least important factors. In addition, the second study revealed that following the visit, the strongest impact on the restaurant’s image was its interior. Following interior, service quality surfaced as the most important antecedent of perceived image, while the impacts of price and exterior were weaker, but still statistically significant.

The study itself was done in two stages. In the first stage the analytical hierarchical process (AHP) model was used for ranking factors significant for choosing an ethnic restaurant, while in the second stage, structural equation modeling (SEM) model was used to identify triggers of perceived image after a visit to an ethnic restaurant. Future research should utilize both models to determine antecedents of the variables used. Apart from this, it is recommended to employ new variables that further explore the uniqueness of the ethnic restaurants.

One of the main contributions of this work is related to combining of the AHP and SEM models, with the objective of completing a comparative results analysis, identifying in the process the positive aspects of both models and building a foundation for their coordination in terms of future use. This is significant, given that only a few prior studies have used such synergy.

The aim of the research is to determine the effects of the four dimensions of customer values that the study identifies, namely, emotional value, social value, functional value and monetary value, on attitudinal loyalty and behavioral intentions. The concept of perceived value is increasingly becoming a subject of interest for authors and researchers in the field of services marketing. Perceived value is considered to be a significant predictor of behavioral intentions. The manner in which consumers perceive the value of a product or service that is offered affects the level of their loyalty. In this context, an analysis of perceived value represents a very important activity in terms of customer-orientated management. Quite frequently, customer value is seen as a multidimensional construct that includes several components.

The survey was conducted via a sample of 246 respondents – users of mobile telecommunication operators. Each construct of the suggested model was measured with three to five statements. The respondents expressed their level of agreement with statements on a 7-point Likert scale. The fit of the model was tested by using confirmative factor analysis, while the relationships hypothesized in the study were tested by using structural equation modeling.

By applying structural equation modeling, the significance of the influence of emotional and social values on attitudinal loyalty, as well as the significant effects of functional and monetary value on behavioral intentions, was confirmed. Furthermore, the strong influence of attitudinal loyalty on behavioral intentions was also identified. The results clearly reveal that in terms of the intensity of the effect, emotional value stands out as the strongest antecedent of attitudinal loyalty. Emotional value has a significant indirect effect on behavioral intentions through attitudinal loyalty.

The originality of the study is invoked through identifying four key components of perceived value. The concept of perceived value has only been analyzed by means of its emotional, social, functional and monetary dimension in a small number of prior studies. This paper identifies theoretical, as well as managerial, implications. From a theoretical aspect, causal relationships among viewed variables of the conceptualized model were determined. From the managerial perspective, the results obtained indicate that it is important that mobile operators primarily build a strong emotional connection with their customers because the emotional component of the perceived value has the greatest potential for generating long-term relationships. The findings of this research assist managers employed within mobile network operators to understand the role of various components of customer value in the process of creating customer loyalty.

The purpose of this paper is to identify the antecedents of satisfaction and revisit intentions for full-service restaurants. The economic crisis is known to have had a deep impact on consumer behavior with regards to restaurants and this study is primarily focussed on exploring the effects on the traditional antecedents of satisfaction and revisit intentions as full-time restaurants attempt to reposition their offer.

The study involved 218 respondents who were guests of full-service restaurants. In terms of statistical analyses, confirmative factor analysis was used to test the suitability of the proposed model for measuring satisfaction and revisit intentions, while structural equation modeling was employed to analyze the relationship among variables of the conceptualized model.

The results confirmed the significant impact of atmosphere and quality of interaction on guest satisfaction. It was interesting to notice that perceived price has no statistically significant impact on guest satisfaction. In addition, satisfaction, along with atmosphere and perceived price emerged as a significant trigger of revisit intentions. While measuring impact of atmosphere and perceived price on revisit intentions, both direct and indirect effects were measured.

This study emphasizes in particular, the significance of revisit intention as an important behavioral reaction and reveals its antecedents. In a limited number of studies, models for understanding triggers of revisit intention were developed as separate variables, rather than as components of behavioral reactions. In that context, the tested model identifies causal relationships between latent variables. Restaurants involved in the survey are full-service restaurants dealing with the changing behavior of guests who are heavily impacted by the economic crisis. Guests show a tendency to reduce their visits to restaurants in these circumstances, forcing restaurants to reformulate their service offering in order to align with changing customers’ needs.

Presents the results of an international marketing research, in which they integrate culture with manifestation of values, trust, and commitment as vital components of business‐to‐business relationships. Analyses trust, relationship commitment, and values in the context of business relationships in two former Yugoslav markets, Serbia and Croatia. The results from a survey of over 400 large‐ and medium‐sized companies show that Serbian firms evaluate trust and relationship commitment as more important than Croatian companies. Differences in evaluations of values, trust, and commitment for business‐to‐business relationships are explained as outcomes of culture and market situations. These findings provide companies with action menus of potential advantages to pursue for maintaining and developing business relationships.

The paper aims to demonstrate the utility of qualitative research for: understanding differences in brand image across markets; the critical assessment of marketing theory; informing revisions to quantitative scales and metrics used in international branding research. This is accomplished via research on a particular case (socialist era brands in Croatia and Serbia).

A total of 12 focus groups, cutting across two countries (Croatia and Serbia) and three age groups (18-21, 35-45, pensioners), were conducted. The contemporary brand images of labels from the socialist era were compared against competing products (launched in the post-socialist period by local manufacturers and those from transnational companies).

Analysis revealed significant differences in the image of the socialist era brands between their home and foreign markets. Variations are linked to a cultural context of newly (re)emerging states with high ethnocentrism, animosity and uneasy political relationships. Transnational brands, however, appear immune to much consumer ethnocentrism.

Firms from the region face significant barriers to creating standardised brand images across the successor states of the Socijalistička Federativna Republika Jugoslavija. While strong in their home markets, the socialist era brands are rarely suitable platforms for international market entry in the region. The dangers of conflating “Western” with foreign in international branding research are documented.

The case illustrates the role qualitative research can play in understanding variations in perceived brand image across international markets. It evaluates the utility of Kapferer’s approach to brand identity. The concept of origin hierarchies is introduced and the inadequacies of international marketing research that relies on a simple domestic versus foreign dichotomy are documented.