Jasmina Okicic
University of Tuzla, Faculty of Economics, Faculty Member
... FSP=ownership proportion of largest shareholder / total ownership Concentration of Ownership (COE) COE=square sum of ownership proportions of largest five shareholders Ownership Structure Power Balance Index (CBEI) ...
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Purpose – The pandemic caused by the COVID-19 virus left a significant negative mark on the world economy, and tourism industry. It has also significantly affected the perception and behavior of tourists when it comes to the safety of a... more
Purpose – The pandemic caused by the COVID-19 virus left a significant negative mark on the world economy, and tourism industry. It has also significantly affected the perception and behavior of tourists when it comes to the safety of a tourist destination. To continue to record a positive recovery trend, destinations must undertake scientific and professional research, and based on the results consider and develop new development strategies for the development of tourism in the post-pandemic period. The perception of risk in tourists is changing, which ultimately has an impact on their future behavior when choosing a holiday destination. Opatija Riviera is a destination with a rich and long tourist tradition, which until before the pandemic was perceived as safe, as evidenced by the continuous growth of tourist turnover. The purpose of this paper is to emphasize the importance of monitoring whether and to what extent tourists perceive Opatija Riviera as a safe tourist destination a...
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Safety and security became a crucial component of an integral tourist product. Ability to offer tourists a safe stay during their holiday contributes to the attractiveness of a destination and its tourist product. Safety and security... more
Safety and security became a crucial component of an integral tourist product. Ability to offer tourists a safe stay during their holiday contributes to the attractiveness of a destination and its tourist product. Safety and security represent a pre-condition and a motive which many tourists consider crucial when choosing their destination for a holiday. Due to this, tourist destinations need to focus on improving the level of safety and security which will contribute to the satisfaction of tourists, and they will be more interested in visiting and revisiting a destination. Aim of this paper is to determine whether tourists consider safety and riskiness, as well as destination image as relevant factors in their decision-making process when choosing Opatija Riviera for their holiday. An analysis of the relevant scientific literature, and empirical research were conducted to determine if how tourists perceive safety and riskiness as well as the destination image when choosing to visit...
The current study investigates how attitudes towards digital transformation and personal innovativeness affect the acceptance of emergency remote learning in the COVID-19 pandemic environment. The pandemic has affected all aspects of... more
The current study investigates how attitudes towards digital transformation and personal innovativeness affect the acceptance of emergency remote learning in the COVID-19 pandemic environment. The pandemic has affected all aspects of societies across the globe, including higher education that was also a significant push-up factor for the digital transformation of higher education. Thus, the main aim of this paper is to investigate the factors affecting emergency remote learning acceptance among the higher education students in Bosnia and Herzegovina (BiH). The results presented in this paper gained from a study carried out among higher education students in BiH cover the period of April – July 2020 via the open-source platform. The study focused on the students’ attitude towards a digital transformation is a significant factor in accepting emergency remote learning. Also, the personal innovativeness score has proven to be a crucial factor for adopting this new learning setting, i.e....
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The main goal of this paper is to explain the discriminatory variables between the blue chip and second-grade stocks in the underdeveloped stock markets of the South Eastern European (SEE) region. Since there is relatively less empirical... more
The main goal of this paper is to explain the discriminatory variables between the blue chip and second-grade stocks in the underdeveloped stock markets of the South Eastern European (SEE) region. Since there is relatively less empirical research on the stock selection in underdeveloped markets, with even less studies on the markets in the transition economies of the SEE region, this paper is designed to shed some light on the identification of blue chip stocks from this region. Results presented in this paper provide confirmatory evidence that the blue chip stocks from the selected underdeveloped stock markets of the SEE region can be identified by examining their dividend yields, price to cash flow and EPS. Therefore, both institutional and individual investors need to focus on these variables when selecting stocks from these markets in order to reduce the risk associated with investing in equities.
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The purpose of this work is to show the development and evaluation of behavioural intentions of students by using mobile banking. The research goal is to explain determinants of students’ intentions towards the use of mobile banking. PLS... more
The purpose of this work is to show the development and evaluation of behavioural intentions of students by using mobile banking. The research goal is to explain determinants of students’ intentions towards the use of mobile banking. PLS SEM (partial least squares structural equation modeling) analysis was used for the model evaluation. The sample consists of 83 students from four higher education institutions operating in Bosnia and Herzegovina (B&H). Research results confirmed that subjective norm and attitude are significant predictors of the user’s attitude towards mobile banking acceptance, while the influence of self-efficacy was not determined. Attitudes related to mobile banking acceptance are primarily determined by perception of usefulness and self-efficacy, and to a lower degree by perception of privacy and security risk. Perception of mobile banking usefulness appeared to be the most significant predictor of attitudes, while simultaneously it influenced positively on acc...
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The purpose of this research is to provide some insights into socio-demographic determinants of predicting the likelihood of residents propensity to travel. Using the quota sampling technique, data collection was carried out from October... more
The purpose of this research is to provide some insights into socio-demographic determinants of predicting the likelihood of residents propensity to travel. Using the quota sampling technique, data collection was carried out from October to December 2019, yielding a sample of 632 valid responses. To gain a better understanding of the sociodemographic determinants of propensity to travel, we, primarily, use descriptive statistical analysis, chi-square test and probit regression model. The research findings have revealed that age, education and household income characteristics may be considered as antecedents of travel propensity of residents. Having in mind the impact that Covid-19 pandemic has on sector of tourism worldwide, and based on the results of this research, policymakers' efforts should be directed to promoting local tourist destinations and to enhancing tourism literacy of residents.
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Education plays a central role in today’s understanding of growth and development dynamics. However, its relationship with other factors is complex. This paper aims to investigate the effect of different forms of education on youth... more
Education plays a central role in today’s understanding of growth and development dynamics. However, its relationship with other factors is complex. This paper aims to investigate the effect of different forms of education on youth employability in Bosnia and Herzegovina. This is done by using the USAID MEASURE – BiH National Youth Survey. Research has shown that formal education and non-formal education through internship programmes, volunteering, paid jobs other than internships are significant predictors of youth employment status. The study also has several implications for academics and practitioners since it provides new insights into both employment patterns and practices in one transition economy but also calls for further analysis of the link between education, formal and non-formal, and youth employment.
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ABSTRACT The goal of this study is to empirically examine the potential impact of supply chain practices on the supply chain performances of the agro-food industry. The constructs of interest are three-dimensional, including supplier... more
ABSTRACT The goal of this study is to empirically examine the potential impact of supply chain practices on the supply chain performances of the agro-food industry. The constructs of interest are three-dimensional, including supplier partnerships, customer relationships and level and quality of information sharing, thus representing supply chain practices, flexibility, agility and innovation as the main characteristics of supply chain performance. To gain better understanding of the possible impact of the supply chain practices on the supply chain performances of the agro-food industry we use structural equation modelling. The analysis has revealed statistically significant positive impact of customers’ relationships as well as statistically significant negative impact of a supplier partnership on the supply chain performance. From a theoretical point of view, this study has indicated contribution of different supply chain practices on supply chain performances. The results obtained from this study provide practical implications that assist managers in improving supply chain performance and highlight limitations for implementation of supply chain practice for the improvement of business operations.
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In this paper authors research: how changes on the capital markets (developed financial markets and financial markets of transitional countries) determine investor's decision about the scope of international portfolio diversification,... more
In this paper authors research: how changes on the capital markets (developed financial markets and financial markets of transitional countries) determine investor's decision about the scope of international portfolio diversification, in other words about the scope of reduction of system risks, and whether beta coefficient movements on the financial market of BandH (beta coefficient estimation on BandH financial market are made) can be an indicator for investors in which stocks to invest.
This paper discusses theoretical, methodical and applicative aspect of the ARIMA process, with the focus on the financial time series of the Sarajevo Stock Exchange. Based on forecasting results and during the post-estimation analysis, it... more
This paper discusses theoretical, methodical and applicative aspect of the ARIMA process, with the focus on the financial time series of the Sarajevo Stock Exchange. Based on forecasting results and during the post-estimation analysis, it was concluded that realised daily market variables (return and stock price of the issuer JP Elektroprivreda BiH d.d. Sarajevo) are within 90% forecasting limit.
Decision-making process on organized capital market is often based on pseudo forecasting. This kind of approach is extremely risky giving the fact that it isn’t based on any objective criteria. Therefore, in modern practical as well as... more
Decision-making process on organized capital market is often based on pseudo forecasting. This kind of approach is extremely risky giving the fact that it isn’t based on any objective criteria. Therefore, in modern practical as well as theoretical investment domain the need for such methodical and empirical approaches aimed at capital market information objectification has been taken into consideration. This paper shall discuss one of today’s most popular approaches of that kind: technical analysis.
ABSTRACT The main goal of this paper is to scientifically examine the opportunities for international portfolio diversification across the selected stock markets in the South Eastern European (SEE) region. Apart from examining potential... more
ABSTRACT The main goal of this paper is to scientifically examine the opportunities for international portfolio diversification across the selected stock markets in the South Eastern European (SEE) region. Apart from examining potential portfolio risk reduction we will also investigate possibilities for realization of excess return on these markets. Therefore, this approach is two-dimensional and consists of (1) weak-form efficiency testing, by using autoregressive (AR) model, and (2) by using Johansen's cointegration and Granger causality tests examining long and short-run relationships among selected stock markets in the SEE region. We use publicly available data and information available from stock traded indices in the SEE region and benchmark these against the index of European developed economy. The real implications of this research can be seen in the shaping of investment strategies of potential investors looking to diversify their portfolios.
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The main goal of this paper is to empirically analyse the relationship between financial behavior and financial position of individuals. To gain a better understanding of that relationship we primarily use structural equation modeling.... more
The main goal of this paper is to empirically analyse the relationship between financial behavior and financial position of individuals. To gain a better understanding of that relationship we primarily use structural equation modeling. The research findings have revealed a statistically - significant impact of savings habits and responsible financial behaviour on financial position of an individual. Therefore, and for policy purposes, these results may produce useful pieces of information which might be helpful in the creation of tailored-made training programs which would promote good practises of financial behavior and savings habits.
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The main goal of this paper is to determine the empirically analyse the relationship between financial literacy and investment strategy of individual investors from the underdeveloped capital market of Bosnia and Herzegovina. The OECD... more
The main goal of this paper is to determine the empirically analyse the relationship between financial literacy and investment strategy of individual investors from the underdeveloped capital market of Bosnia and Herzegovina. The OECD INFE Core Questionnaire (2011) was mainly used for measuring financial literacy. Using the purposive sampling technique, 89 individual investors were selected. The research was conducted in Bosnia and Herzegovina during the third quarter of 2019. To gain a better understanding of the relationship between entrepreneurs’ financial literacy and their decision making styles we primarily use structural equation modeling. The research findings have revealed a statistically - significant impact of financial attitudes, financial behaviour and financial knowledge on active investment strategy. Findings suggest that active investment approach may be raised via enhancing the financial literacy of the investors. Therefore, these results may produce useful pieces o...
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The purpose of this research is to provide some insights into relationship between decisionmaking heuristics and perceived quality of life. Using the purposive sampling technique, data collection was carried out, in Bosnia and... more
The purpose of this research is to provide some insights into relationship between decisionmaking heuristics and perceived quality of life. Using the purposive sampling technique, data collection was carried out, in Bosnia and Herzegovina, from June to October 2020, yielding a sample of 319 valid responses. To gain a better understanding of the relationship between decision-making heuristics and the perceived quality of life, we, primarily, use descriptive statistical analysis, chi-square test and probit regression model. The research findings have revealed positive association between all three decision-making heuristics, i.e. representativeness, anchoring, availability, and perceived quality of life. Furthermore, the group with above-average perceived quality of life have higher representativeness, anchoring, and availability scores comparing to the group with below-average perceived quality of life. These differences are statistically significant. Furthermore, out of three decisi...
The main goal of the paper is to determine underlying dimensions of perceived quality of maritime tourist destination´s offer. Using the purposive sampling technique, data collection was carried out from January to August 2019 in the... more
The main goal of the paper is to determine underlying dimensions of perceived quality of maritime tourist destination´s offer. Using the purposive sampling technique, data collection was carried out from January to August 2019 in the destinations of Opatija Riviera, yielding a sample of 155 valid responses. To gain better understanding of underlying dimensions of perceived quality of maritime tourist destination´s offer, we, primarily, use exploratory factor analysis. The research findings have revealed that organization of a destination, gastronomic offer, natural resources, traffic infrastructure, destination´s cultural resources, accommodation capacities, attractions and sports activities are the main factors of perceived quality of maritime tourist destination´s offer.
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Abstract: The purpose of this study is to explain difference in tolerance towards financial risk among entrepreneurs with different levels of financial literacy. Financial risk tolerance is the maximum amount of uncertainty an... more
Abstract: The purpose of this study is to explain difference in tolerance towards financial risk among entrepreneurs with different levels of financial literacy. Financial risk tolerance is the maximum amount of uncertainty an entrepreneur is willing to accept when making a financial decision. On the other hand, and according to the Organisation for Economic Co-operation and Development (OECD), financial literacy can be defined as a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing. Therefore, the aim of the study is to explain relationship between measured level of entrepreneurs’ financial literacy and their assessed tolerance towards financial risk. This is a quantitative study, where we use a questionnaire to asses tolerance towards financial risk and to measure the level of financial literacy. Also, we use non-probability sampling methods where participants are recr...
The purpose of this research is to provide some insights into financial literacy among undergraduate students focusing primarily on the relationship between financial knowledge, financial attitudes and financial behavior and on possible... more
The purpose of this research is to provide some insights into financial literacy among undergraduate students focusing primarily on the relationship between financial knowledge, financial attitudes and financial behavior and on possible gender and financial education gap in financial literacy. Using the purposive sampling technique, data collection was carried out from April to June 2020, yielding a sample of 1,046 valid responses. To gain a better understanding of the relationship between financial behaviour, financial attitudes and financial knowledge, we, primarily, use exploratory factor analysis and multiple regression model. The research findings have revealed several important issues. First, findings have suggested that financial knowledge, financial attitudes and gender may be considered as an antecedent of the financial behaviour of undergraduate students. Second, findings have also suggested a statistically - significant difference between the financial literacy of undergr...
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The main goal of this paper is to investigate the behaviour of stock returns in the case of stock markets from Central and Eastern Europe (CEE), focusing on the relationship between returns and conditional volatility. Since there is... more
The main goal of this paper is to investigate the behaviour of stock returns in the case of stock markets from Central and Eastern Europe (CEE), focusing on the relationship between returns and conditional volatility. Since there is relatively little empirical research on the volatility of stock returns in underdeveloped stock markets, with even fewer studies on markets in the transitional economies of the CEE region, this paper is designed to shed some light on the econometric modelling of the conditional mean and volatility of stock returns from this region. The results presented in this paper provide confirmatory evidence that ARIMA and GARCH processes provide parsimonious approximations of mean and volatility dynamics in the case of the selected stock markets. There is overwhelming evidence corroborating the existence of a leverage effect, meaning that negative shocks increase volatility more than positive shocks do. Since financial decisions are generally based upon the trade-o...
In general, methodologies for forecasting specific financial variables movement (e.g. stock price), used by high-profile financial institutions in developed capital markets, may be divided into three groups: quantitative stock prices... more
In general, methodologies for forecasting specific financial variables movement (e.g. stock price), used by high-profile financial institutions in developed capital markets, may be divided into three groups: quantitative stock prices movement analysis, analysis of financial statements and economic market indicator analysis. This paper shall discuss quantitative analysis of stock prices movement, i.e. stock price volatility, as a key modeling parameter.
The capital market of Bosnia and Herzegovina is characterized by territorial division, the incompatibility of entity institutions and of legal regulations; which negatively affect the investment climate and the liquidity of securities.In... more
The capital market of Bosnia and Herzegovina is characterized by territorial division, the incompatibility of entity institutions and of legal regulations; which negatively affect the investment climate and the liquidity of securities.In order to meet modern economic standards, BaH must immediately face the challenge of establishing a joint capital market. Therefore, this paper will analyse exisiting capital markets in BiH, before providing recommendations on its future development.
This paper discusses the impact of the global financial crisis on the stock exchange movements in Bosnia and Herzegovina. During the period of observation, a high correlation between developed capital markets (USA, Germany, Japan, France,... more
This paper discusses the impact of the global financial crisis on the stock exchange movements in Bosnia and Herzegovina. During the period of observation, a high correlation between developed capital markets (USA, Germany, Japan, France, United Kingdom) was identified, but the same conclusion could not be made in the case of the capital market of Bosnia and Herzegovina. It has also been confirmed that the Granger causality test and vector autoregression model can be used as an adequate instrument for causality between capital markets research.
This paper discusses theoretical, methodical and applicative aspect of the GARCH process, with the focus on the financial time series of the Sarajevo and the Banja Luka Stock Exchange. During the period of observation, it has been... more
This paper discusses theoretical, methodical and applicative aspect of the GARCH process, with the focus on the financial time series of the Sarajevo and the Banja Luka Stock Exchange. During the period of observation, it has been confirmed that conditional mean follows ARMA(2,1) process, while symmetric and asymmetric GARCH models were tested for a conditional variance.
Taking into consideration specificity and heterogeneity of banking services, objectivity of their actual quality becomes a very important issue. Having in mind that discussion about this topic is equaly important for both - clients and... more
Taking into consideration specificity and heterogeneity of banking services, objectivity of their actual quality becomes a very important issue. Having in mind that discussion about this topic is equaly important for both - clients and banks, the authors of this paper analyse a possibility of application of linear programming, functioning as a banking services quality measurement tool. A quality measure is defined as a difference between optimal and realised function value.
This paper discusses the effects of the latest global financial crisis (exogenous shock) on the capital market integration in the Western Balkan countries. Therefore, the main goal of this paper is the analysis of the exogenous shock... more
This paper discusses the effects of the latest global financial crisis (exogenous shock) on the capital market integration in the Western Balkan countries. Therefore, the main goal of this paper is the analysis of the exogenous shock effects using the scientific method approach. The integration testing has been done by using the vector autoregressive model and the Granger causality test. During the research we used a representative sample of relevant capital market stock exchange indices which consists of BIRS SASX-10 (Bosnia and Herzegovina), BELEX-15 (Serbia), CROBEX (Croatia), MOSTE (Montenegro), MBI-10 (Macedonia), SBI20 (Slovenia), as well as a sample of relevant benchmarks, as follows: and S&P 500 (USA), CAC-40 (France), DAX (Germany), NIKKEI 300 (Japan) and FTSE 100 (United Kingdom). The research sample was divided into two groups. The first group consists of data covering the period of time before the escalation of the global financial crisis, and the second group consists o...
The main goal of this paper is to scientifically examine the impacts of the global financial crisis on the capital markets in Central and Eastern Europe (CEE). The paper analysis market capitalization, trading volumes and other factors... more
The main goal of this paper is to scientifically examine the impacts of the global financial crisis on the capital markets in Central and Eastern Europe (CEE). The paper analysis market capitalization, trading volumes and other factors measuring the pulse of capital markets, as well as their integration and correlation in order to identify investment strategies for potential investors. Capital markets impact economic growth, creation of jobs and raise the material standard, serving as an important source of finance for companies. They also build the country’s investment base and are significantly connected to other social and economic facets. We use publicly available data and information available from stock traded indices in the CEE region and benchmark these against the major indices of developed economies such as: CAC-40 (France), S&P 500 (USA), DAX (Germany), NIKKEI 300 (Japan) and FTSE 100 (United Kingdom). We then use the vector autoregression model to test the integration of...
The main goal of this paper was to identify a level of correlation between frontier capital markets of the Western Balkan countries (Bosnia and Herzegovina, Croatia, Serbia, Slovenia, Montenegro and Macedonia) by using a scientific method... more
The main goal of this paper was to identify a level of correlation between frontier capital markets of the Western Balkan countries (Bosnia and Herzegovina, Croatia, Serbia, Slovenia, Montenegro and Macedonia) by using a scientific method and to analyze their respective efficiency levels before and during a global recession periods of time. Using statistical tests of independence in combination with autoregressive model we concluded that, in period of time before and during global financial crisis escalation, frontier Western Balkans capital markets are not weak-form efficient. We also concluded that unexpected exogenous shocks, such as recent global financial recession, diminish possibilities for efficient international portfolio diversification.
The paper discusses the impact of the global financial crisis on the securities portfolio performance in the context of underdeveloped capital markets. Such markets are, as well known, characterized by low market capitalization, poor... more
The paper discusses the impact of the global financial crisis on the securities portfolio performance in the context of underdeveloped capital markets. Such markets are, as well known, characterized by low market capitalization, poor liquidity and turnover, weak legal protection for minority shareholders, low correlation with developed and emerging capital markets, etc. These features directly determine investment decision making process, thus affecting portfolio performance. Therefore, this paper seeks to ascertain the impact of the recent global financial crisis on securities portfolio performance determined on the selected capital markets in the South Eastern European (SEE) region. During the research, we used publicly available data and information from stock exchanges in the SEE region to create the sample which we split into the pre-Lehman and post-Lehman subsets, in order to compare the pre-crisis to the during crisis scenarios. Based on theoretical inferences and empirical e...
In recent years there is an increasing research attention on youth and their transition to adulthood. In that transition they have increasing demand for financial products and services. If they are not financial included it may leave... more
In recent years there is an increasing research attention on youth and their transition to adulthood. In that transition they have increasing demand for financial products and services. If they are not financial included it may leave long-lasting consequences for their future independence and stability.The main goal of this research is to investigate and explain barriers to poor financial inclusion of youth in Federation of Bosnia and Herzegovina (FBiH), and make some recommendations for increasing their financial inclusion, and indirectly for strengthening their social inclusion. Implications of this study suggest that the main reason for being unbanked is because someone else in the family already has an account, or because they do not have enough money to use services of financial institutions. The results have revealed statistically significant relation between need for financial services at a formal institution and having a bank account, category of students’ financial knowledg...
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Employment has been identified at the top of the list of young people's concerns across Europe. Given the fact that in Bosnia and Herzegovina youth is one of the most vulnerable group, mainly due to the high unemployment rate, the main... more
Employment has been identified at the top of the list of young people's concerns across Europe. Given the fact that in Bosnia and Herzegovina youth is one of the most vulnerable group, mainly due to the high unemployment rate, the main goal of this paper to determine the key individual and household characteristics of young people that influence their employment probability in order to support further development of decision-making policies in the labour market of Bosnia and Herzegovina. By using the USAID MEASURE-BiH National Youth Survey data set we analyse the effects of various individual and household characteristics on the probability of youth employment in Bosnia and Herzegovina. The analysis has revealed that education, age, gender and certain household characteristics have an impact on the probability of youth employment. The paper is expected to produce useful pieces of information that might be helpful for government decision makers in Bosnia and Herzegovina in the process of creating employment policies to support young people. ARTICLE HISTORY