Ekonomija - teorija i praksa

The impact of corporate social responsibility on loyalty in the hotel sector

Biljana Popović, Nikola Radivojević, Vinko Burnać — Tue, 23 Dec 2025 00:00:00 +0100

The growing awareness of the broader social community about the importance of socially responsible activities has led to socially responsible behavior of organizations becoming not just a desirable choice, but an expected one. As a multidimensional concept, Corporate Social Responsibility (CSR) is most often observed within the context of its effects, one of the most significant being its influence on consumer behavior-specifically, their intentions to revisit the hotel and/or share positive experiences with others. Therefore, the aim of this paper is to examine the direct impact of CSR on customer loyalty, and then to explore the mediating effects of key factors identified in the literature that shape users' perceptions of hotel services: service quality, corporate image, corporate reputation, and satisfaction, on the relationship between CSR and customer loyalty in the hotel industry. The research results indicate that CSR has a significant, positive, and direct effect on customer loyalty, which is mediated by service quality, corporate image, corporate reputation, and satisfaction, with service quality emerging as the strongest interaction factor.

Traffic regulations

Vidoje Mitrić — Tue, 23 Dec 2025 00:00:00 +0100

The main goal of this research is to analyze regulations in the field of traffic, with a special focus on road traffic, in order to understand their role in improving the safety, efficiency, and sustainability of the traffic system. Road traffic represents one of the most important segments of the transport system, and therefore legal frameworks and regulations are essential for its functioning. Regulations in this area include laws, rulebooks, and standards that define technical requirements for vehicles, traffic regulation on roads, the rights and obligations of traffic participants, as well as measures for preventing and sanctioning violations. Special emphasis is placed on the Law on Road Traffic Safety, which represents the fundamental legal framework for regulating this field. The aim of this research is to highlight the importance of harmonizing national regulations with international standards, as well as the need for continuous adaptation of the legal framework to respond to the challenges of modern traffic. The effects of the implementation of these regulations on reducing traffic accidents and improving the quality of road traffic will also be analyzed.

Green bond market-related dynamic correlations and volatility spillovers: Systematic literature review

Nevena Jolović, Miloš Pjanić, Ivana Jolović — Tue, 23 Dec 2025 00:00:00 +0100

Given the green bond universe's expansion, grasping the evolvement of empirical investigations on green bond market-related dynamic correlations and volatility spillovers is paramount. The research aims to generate a systematic literature review considering these investigations' evidence, delineate dominant green bond-correlated markets and volatility transmissions, ascertain prevalent econometric models employed, and unveil recurring patterns in research findings. To attain the research aim, the academic literature databases' - Web of Science, Scopus, and Google Scholar - collections were scrutinized, and the PRISMA systematic literature review methodology's recommended phases - identification, screening, eligibility, and inclusion - were followed. Articles' selection criteria included the article's content validity, relevance to the research question, evidence robustness, and recency of publication. Finally, the research was built on the latest (2019-2024 period) empirical knowledge, extracted from a total of 30 pertinent articles published in 18 reputable academic journals. The research findings documented a solid knowledge foundation and spawned recommendations valuable for both academic and non-academic actors.

Circular economy as an approach to sustainability and its impact on the environment

Stana Vasić, Kristina Ristić, Milica Vasić Garić — Tue, 23 Dec 2025 00:00:00 +0100

The concept of circular economy (CE) has become a key framework for achieving sustainability through the efficient use of resources, waste minimization, and material recirculation. This study presents a systematic literature review encompassing scientific papers published between 2015 and 2025, with the aim of examining how circular economy practices affect the environment. The analysis focuses on the most frequently applied methodological approaches, including Life Cycle Assessment (LCA), Material Flow Analysis (MFA), and carbon footprint assessment, as well as on indicators applied at the micro, meso, and macro levels. The results indicate a lack of methodological standardization and a limited connection between the environmental, economic, and social dimensions of sustainability. Although the circular economy shows potential for reducing material and energy consumption, the comparability of results remains limited due to the heterogeneity of indicators. This paper contributes to the existing literature by identifying key methodological gaps and proposing the inclusion of digital technologies, data transparency, and harmonized policies as priorities for future research and implementation

The relationship between leisure, income, and happiness: Comparing the labor-leisure trade-off and leisure satisfaction theory

Ichsan Fadilah Muhamad — Tue, 23 Dec 2025 00:00:00 +0100

This study compares two competing theories that explain the relationship among income, leisure, and happiness: the labor-leisure trade-off from microeconomics, which predicts a negative correlation between income and leisure time, and the leisure satisfaction theory from psychology, which predicts a positive correlation between leisure time and happiness. Using 2023 data from the UK Office for National Statistics, the study analyzes aggregated averages for five age groups through linear regression and Pearson's correlation in R software. The results reveal stronger positive correlations between leisure time and happiness (r up to 0.96) than negative correlations between income and leisure time (r up to -0.615), supporting the leisure satisfaction theory over the labor-leisure trade-off model. Although the small sample size and data aggregation limit the generalizability of findings, the results underscore the greater importance of leisure for well-being compared with income alone and highlight the need to integrate economic and psychological perspectives in research on subjective well-being.

Challenges of panel data series application in research of various economic phenomena

Biljana Stankov, Milijana Roganović — Tue, 23 Dec 2025 00:00:00 +0100

In recent decades, in addition to time series data and comparative data, panel data has been intensively used in empirical research. The application of these data series facilitates the implementation of analyses that could not otherwise be carried out using individual time series or comparative data. One of the key advantages of the panel data model in researching numerous economic phenomena and other aspects of social reality is that it provides the maximum amount of information from a limited number of observations per observation unit in a given time period while minimizing the number of degrees of freedom. Greater data variability contributes to greater efficiency of estimates and a reduction of multicollinearity, and given that these models enable the observation of variations by observation units (individual effects) and by time periods (time effects), the analysis of structure and changes in structure over time can be performed simultaneously. In addition, panel models provide greater informativeness as a result of an increased sample size and a higher number of degrees of freedom.