This issue of Economics of Enterprise opens with a discussion on the structural constraints to economic growth in Serbia. The paper by J. Atanasijević and M. Danon examines the dominant patterns of economic growth in Serbia since 2001, taking into account global circumstances, prevailing domestic policies, and the spontaneous development of the private sector.
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The authors argue that future policies should focus on the promotion of a more diverse and competitive financial sector, improved inter-firm coordination, more generous and proactive government support for domestic SMEs, enhancement of the quality of education, and the continued advancement of anti-corruption activities. Without such multidimensional efforts, Serbia risks remaining locked in a cycle of low productivity and limited innovation.

In the Accounting, Auditing and Forensics section, M. Pantelić, M. Živanović,
S. Radić and T. Ostojić expand existing empirical research on the ECL model by including recent conflicts such as the Russia-Ukraine war and the IsraeliPalestinian conflict. Their findings reveal a significant migration of loans from Stage 1 to Stage 2, with no substantial increase in Stage 3 loans. The average cost of risk tripled during these global disruptions, underscoring the substantial impact of global crises on credit risk and loan loss provisions. The authors show that higher proportions of unsecured household loans and investment-related corporate loans are strongly associated with increased loan loss provisions. These findings underline the need for more resilient credit risk management practices, especially during times of geopolitical instability.

In the Finance section, D. Stojković and M. Savićević analyze the developmental potential of crowdfunding in Serbia. The study offers initial insights into the applicability of crowdfunding in Serbia, indicating that both the ‘keep-whatyou-raise’ and reward-based models may be well-suited to the local context. Their analysis provides a useful basis for further exploration of crowdfunding as a complementary funding mechanism.

In the Sustainability and Climate Risks section, M. Vasilić and O. Gavrić investigate the quality and determinants of environmental disclosures in the annual business reports of companies operating in Serbia’s most polluting industries, within the broader context of ecological transition. Using a manually collected dataset and a disclosure scoring framework, the authors assess how firmspecific characteristics, such as size, legal form, ownership structure, industry, and international presence, relate to the substance and extent of environmental reporting, providing a foundation for understanding disclosure patterns within the ecological transition context.

The first paper in the Management and Strategy section by T. Vujović, I. Aleksić and J. Đorović explores the relationship between two key behavioral constructs: willingness to pay and customer engagement. By analyzing the motives that drive consumers to engage in sports/physical activity and their influence on the willingness to pay for exercise programs and allocate time to travel to sports facilities, the authors aim to offer actionable insights for managers of sports facilities seeking to tailor service offerings to user preferences. The study contributes to a growing body of research that links behavioral economics with service design in the wellness and leisure industries. The following paper in this section, authored by I. Vodeničarević, provides an overview of the modern methodologies for evaluating research and development projects. The analysis highlights the specific characteristics of pharmaceutical research and development projects from both business and financial perspectives, including their extended duration and phased structure, key sources of uncertainty, relevant economic and regulatory aspects, and the potential for managerial intervention throughout the project lifecycle. By doing so, it underscores the importance of adaptive project management tools in high-risk, innovation-driven sectors

In this edition of Economics of Enterprise we start with the paper covering the topic of female entrepreneurship. In the Economic Growth and Development section, M. Maksimović, I. Nikolić, and M. Dokmanović investigate the impact of gender parity on entrepreneurial activity levels, exploring the interplay between the digital ecosystem, public policy, and the specific motivators and barriers faced by women entrepreneurs.
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This paper provides a novel global empirical analysis of the gender gap’s impact on entrepreneurship, directly linking quantitative findings with qualitative insights to generate actionable policy recommendations for fostering female entrepreneurship in the digital age. The results of this research provide a robust evidence base for policymakers.

The second paper in the Accounting, Auditing and Forensics section written by N. Karapavlović, V. Obradović, and D. Spasić, examines whether the influence of legal form change on ROE and ROA is dependent on entities’ size and activity. The authors aim to reveal the conditions in which the influence of legal form change on profitability is the most pronounced. The results of the research indicate that the changes in profitability of total assets of production companies after the legal form change are more pronounced in the long-term than in the short-term perspective.

In the Management and Strategy section woman entrepreneurship is in the spotlight again. M. Dejanović and A. Kovačević explore the impact of the covid-19, energy and economic crises on entrepreneurial activities, with a specific focus on the experiences of female entrepreneurs. Their review paper analyzes the experiences of female entrepreneurs with establishment, closure, and challenges of running a business during the covid-19 pandemic, with special attention on the impact of energy and economic crises on their ventures. The authors conclude that women entrepreneurs have been more affected by the pandemic due to their multiple responsibilities in the family and as business owners. The unequal distribution of workload, with women shouldering more household and childcare responsibilities, limits their ability to focus on their businesses thus facing disadvantages in thriving as entrepreneurs.

In the Tax and Law section, J. Vukadinović Marković explores German model of collective redress in competition law and discusses possible implications for the legal system in Serbia. The author argues that, without effective collective redress mechanism, the enforcement of competition law in Serbia cannot be considered fully consistent with EU standards. Germany is used as a benchmark due to its well-developed collective redress framework representing one of the leading approaches in European practice. In light of the absence of a comparable mechanism in domestic legislation, the author recommends that Serbian courts consider adopting a model of collective redress based on the assignment of multiple claims to a designated body, similar to the German system.

The last two papers in this edition pertain to the Tourism and Hospitality Management section. In the first paper, D. Vukolić, A. Popović, T. Gajić, and J. Bugarčić analyze the ongoing transformation in gastronomic management. Their paper addresses the transformation of business practices in gastronomic management through the process of service digitalization, which represents one of the key trends shaping the future of hospitality. The authors examine the impact of digitalization, automation, and sustainability, on the operational efficiency of hospitality businesses. The results indicate that digitalization has the most significant impact on improving efficiency, while automation contributes to the optimization of operations and the reduction of errors in food preparation and service processes.

We say goodbye with rakija. In the second paper in the Tourism and Hospitality Management section, S. Adžić combines macroeconomic indicators with available academic literature covering the economic aspects of rakija. The paper investigates the factors contributing to the commercial underachievement of the traditional Serbian spirit. The author adopts a critical approach, employing a variety of research methods, such as interviews, analysis of secondary macroeconomic data, and a review of current microeconomic literature. Research shows that Serbian distillers struggle with marketing, hindering the development of a quality brand that can achieve growth through economies of scale.