The development of tourism in general besides the anthropogenic factors have important natural features expressed through all their features, and one of them is the climate. When we talk about tourism in rural areas as an alternative form of tourism, we have to look at the climate...

We examine the valuation performance of Discounted Free Cash Flow Model (DFCF) at the Macedonian Stock Exchange (MSE) in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very...

This paper provides insight in dividend policy of publicly listed companies in Bosnia and Herzegovina and investigates appearance of dividend smoothing behavior. The results show increase in portion of dividend paying companies over time while dividend smoothing phenomenon is virtually...

The dynamic rhythm of living in today's contemporary surroundings can not be considered without the use of personal and commercial vehicles, for transport of passengers and cargo. This means that every manufacturer in this segment, in their departments for development, find a way to increase...

Macedonia, as a future member of the European Union, is facing an important and difficult task: to promote its tourism supply according to the leading European Countries in order to achieve competitive advantage in tourism market. Alternative forms of tourism are an important part of a tourism...

A different tourism policy created by various states is one of the primary factors for the existence and development of tourism, along with its natural and anthropogenic resources of specified destinations. The subject of this paper is the tourism policy of the Balkan countries, as seen through...

The epigenetic valleys as part of the fluvial relief are of special geomorphologic significance. As ostensibly anomalous phenomena, they mirror the inconsistent fluvial relief, i.e. a phase of adjustment of longitudinal profiles of rivers. The subject of research in this paper involved some...

Aimed at protection of the market and consumers, the control of solvency is very important for insurer's business activities. Regarding the fact that insurer's insolvency causes a chain of problems, the state regulation is needed that forces insurers to keep their solvency at the necessary...

Neoliberal concept of serbian economic policy generated extremely poor results in all domains of economic and social trends, starting from low competitiveness on a world scale, high foreign indebtedness, deindustrialization of the country, all the way to the staggering unemployment. Enterpises'...

Background: Business excellence represents one of the most valuable management means of achieving competitive advantage of organizations. Modern and global market demands new organizational approaches for the long-term improvement at all organization levels. Objectives: This paper is concerned...