Analysis of Profitability and Efficiency of Trade in Serbia
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Abstract
In this paper, the profitability and efficiency of trade in Serbia are analyzed in the period 2013 - 2019. Taking into account the complexity of the analyzed issues, the research methodology is predominantly based on the strategic profit model and programming based on the DEA approach. The results of the conducted research show that the profitability and overall efficiency of Serbian trade have recently improved. The better trade performance was positively influenced by both external and internal factors, including the application of new business models based on global retailers, multichannel sales - classic and electronic, and the digitalization of the entire business.
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References
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Andersen, Per, and Niels Christian Petersen. 1993. "A procedure for ranking efficient units in data envelopment analysis." Management science 39(10): 1261-1264.
Anand, Neeraj, and Neha Grover. 2015. "Measuring retail supply chain performance." Benchmarking: An International Journal 22(1): 135-166.
Asmild, Mette, et al. 2004. "Combining DEA window analysis with the Malmquist index approach in a study of the Canadian banking industry." Journal of Productivity Analysis 21(1): 67-89.
Barros, Carlos Pestana, and Carlos Alves. 2004. "An empirical analysis of productivity growth in a Portuguese retail chain using Malmquist productivity index." Journal of Retailing and Consumer Services 11(5): 269-278.
Barros, Carlos Pestana. 2006. "Efficiency measurement among hypermarkets and supermarkets and the identification of the efficiency drivers." International Journal of Retail & Distribution Management: 34(2): 135-154.
Bambe, Dayo Ife. 2017. "The Productivity Impact of New Technology: Evidence from the US Retailers Industry." Advances in Social Sciences Research Journal 4(22): 88-96.
Berman, Barry, Joel R. Evans, and Patrali Chatterjee. Retail management: A strategic approach. Pearson Education Limited, 2018.
Busu, Mihail, Madalina Vanesa Vargas, and Ioan Alexandru Gherasim. 2020. "An analysis of the economic performances of the retail companies in Romania." Management & Marketing. Challenges for the Knowledge Society 15(1): 125-133.
Camanho, Ana S., M. C. Portela, and Clara B. Vaz. 2009. "Efficiency analysis accounting for internal and external non-discretionary factors." Computers & Operations Research 36(5): 1591-1601.
Caves, Douglas W., Laurits R. Christensen, and W. Erwin Diewert. 1982. "The economic theory of index numbers and the measurement of input, output, and productivity." Econometrica: Journal of the Econometric Society 50: 1393–1414.
Cheng, CS Agnes, KC Kenneth Chu, and James Ohlson. 2020. "Analyst forecasts: sales and profit margins." Review of Accounting Studies 25: 1-30.
De Jorge, Justo, and Cristina Suárez. 2009. "Assessing productivity growth and technical efficiency in Spain's retail sector: An aggregate sectoral perspective." Journal of Business and retail Management Research 3(2): 1-19.
de Jorge Moreno, Justo. 2010. "Productivity growth of European retailers: a benchmarking approach." Journal of Economic Studies 37(3): 288-313.
de Jorge Moreno, Justo, and María Sanz‐Triguero. 2011. "Estimating technical efficiency and bootstrapping Malmquist indices." International Journal of Retail & Distribution Management 39(4): 272-288.
de Melo, Felipe Luiz Neves Bezerra, Raquel Menezes Bezerra Sampaio, and Luciano Menezes Bezerra Sampaio. 2018. "Efficiency, productivity gains, and the size of Brazilian supermarkets." International Journal of Production Economics 197: 99-111.
Donthu, Naveen, and Boonghee Yoo. 1998. "Retail productivity assessment using data envelopment analysis." Journal of retailing 74(1): 89-105.
Gandhi, Aradhana, and Ravi Shankar. 2014. "Efficiency measurement of Indian retailers using data envelopment analysis." International Journal of Retail & Distribution Management 42(6): 500-520.
Färe, Rolf, et al. 1994. "Productivity growth, technical progress, and efficiency change in industrialized countries." The American economic review 84: 66-83.
Färe, Rolf, Shawna Grosskopf, and Pontus Roos. 1995. "Productivity and quality changes in Swedish pharmacies." International Journal of Production Economics 39(1-2): 137-144.
Hsu, Spring C. 2018. "Performance Analysis for Major Chain Convenience Stores in Taiwan." Journal of Social Science Studies 5(1): 214-222.
Almohri, Haidar. 2018. “Mixture Models With Grouping Structure: Retail Analytics Applications.” Wayne State University Dissertations. 1911.https://digitalcommon s.wayne.edu/oa_dissertations/1911.
Hsu, Spring C. 2018. "Performance Analysis for Major Chain Convenience Stores in Taiwan." Journal of Social Science Studies 5(1): 214-222.
Ko, Kyungwan, et al. 2017. "Efficiency analysis of retail chain stores in Korea." Sustainability 9(9): 1-14.
Lau, Kwok Hung. 2013. "Measuring distribution efficiency of a retail network through data envelopment analysis." International Journal of Production Economics 146(2): 598-611.
Lazić, Milena and Ivana Domazet. 2019. “Theoretical and Practical Foundations of Inflation Targeting with Special Emphasis on the Experience of Serbia.” Economic Analysis 52(2): 152-162
Lee, Boon L. 2013. "Productivity performance of Singapore’s Retail Sector: A two-stage non-parametric approach." Economic Analysis and Policy 43(1): 67-77.
Lukić, Radojko. 2018. "The Analysis of the Operative Profit Margin of Trade Companies in Serbia." Revista de Management Comparat Internațional 19(5): 458-475.
Lukic, Radojko, and Blaženka Hadrovic Zekic, 2019. “Evaluation of efficiency of trade companies in Serbia using the DEA approach”. Paper presented at 19 th International Scientific Conference Business Logistics in Modern Management, Osijek.
Lukic, Radojko, Blaženka Hadrovic Zekic, and Dominika Crnjac Milic. 2020. “Financial performance evaluation of trading companies in Serbia using the integrated Fuzzy AHP - Topsis Approach”. Paper presented at 9th International scientific symposium Region, entrepreneurship, development, Osijek.
Goldin, Claudia. 2006. "The Quiet Revolution That Transformed Women's Employment, Education, and Family." Paper presented at the annual meeting of the Allied Social Science Associations, Boston.
Majumdar, Sudipa. 2017. "Performance analysis of listed companies in the UAE-Using DEA Malmquist index approach." American Journal of Operations Research 7: 133-151.
Malmquist, Sten. 1953. "Index numbers and indifference surfaces."Trabajos de estadística 4(2): 209-242.
Radović-Marković, Mirjana, Zvonko Brnjas, and Vladimir Simović. 2019. “Impact of Globalization on Entrepreneurship.” Economic Analysis 52(1): 56-58
Sarmento, Joaquim, Luc Renneboog, and Pedro Verga Matos. 2017. "Measuring highway efficiency by a DEA approach and the Malmquist index." European Journal of Transport and Infrastructure Research 17(4): 530-551.
Tone, Kaoru. 2001. "A slacks-based measure of efficiency in data envelopment analysis."European journal of operational research 130(3): 498-509.
Tone, Kaoru, and Miki Tsutsui. 2009. "Network DEA: A slacks-based measure approach."European journal of operational research 197(1): 243-252.
Tone, Kaoru, and Miki Tsutsui. 2010. "Dynamic DEA: A slacks-based measure approach." Omega 38(3-4): 145-156.
Qiu, Cheng, and Linjie Meng. 2017. “Study on total factor productivity of retail industry in east China.” Advances in Economics, Business and Management Research, 33: 756-763.
Vaz, Clara B., Ana S. Camanho, and Romeu Cardoso Guimarães. 2010. "The assessment of retailing efficiency using network data envelopment analysis." Annals of Operations Research 173(1): 5-24.
Vaz, Clara B., and Ana S. Camanho. 2012."Performance comparison of retailing stores using a Malmquist-type index." Journal of the Operational Research Society 63(5): 631-645.
Wang, Ying-Ming, and Yi-Xin Lan. 2011. "Measuring Malmquist productivity index: A new approach based on double frontiers data envelopment analysis." Mathematical and Computer Modelling 54(11-12) : 2760-2771.
Yu, Wantao, and Ramakrishnan Ramanathan. 2009. "An assessment of operational efficiency of retail firms in China." Journal of Retailing and Consumer Services 16(2): 109-122.
Andersen, Per, and Niels Christian Petersen. 1993. "A procedure for ranking efficient units in data envelopment analysis." Management science 39(10): 1261-1264.
Anand, Neeraj, and Neha Grover. 2015. "Measuring retail supply chain performance." Benchmarking: An International Journal 22(1): 135-166.
Asmild, Mette, et al. 2004. "Combining DEA window analysis with the Malmquist index approach in a study of the Canadian banking industry." Journal of Productivity Analysis 21(1): 67-89.
Barros, Carlos Pestana, and Carlos Alves. 2004. "An empirical analysis of productivity growth in a Portuguese retail chain using Malmquist productivity index." Journal of Retailing and Consumer Services 11(5): 269-278.
Barros, Carlos Pestana. 2006. "Efficiency measurement among hypermarkets and supermarkets and the identification of the efficiency drivers." International Journal of Retail & Distribution Management: 34(2): 135-154.
Bambe, Dayo Ife. 2017. "The Productivity Impact of New Technology: Evidence from the US Retailers Industry." Advances in Social Sciences Research Journal 4(22): 88-96.
Berman, Barry, Joel R. Evans, and Patrali Chatterjee. Retail management: A strategic approach. Pearson Education Limited, 2018.
Busu, Mihail, Madalina Vanesa Vargas, and Ioan Alexandru Gherasim. 2020. "An analysis of the economic performances of the retail companies in Romania." Management & Marketing. Challenges for the Knowledge Society 15(1): 125-133.
Camanho, Ana S., M. C. Portela, and Clara B. Vaz. 2009. "Efficiency analysis accounting for internal and external non-discretionary factors." Computers & Operations Research 36(5): 1591-1601.
Caves, Douglas W., Laurits R. Christensen, and W. Erwin Diewert. 1982. "The economic theory of index numbers and the measurement of input, output, and productivity." Econometrica: Journal of the Econometric Society 50: 1393–1414.
Cheng, CS Agnes, KC Kenneth Chu, and James Ohlson. 2020. "Analyst forecasts: sales and profit margins." Review of Accounting Studies 25: 1-30.
De Jorge, Justo, and Cristina Suárez. 2009. "Assessing productivity growth and technical efficiency in Spain's retail sector: An aggregate sectoral perspective." Journal of Business and retail Management Research 3(2): 1-19.
de Jorge Moreno, Justo. 2010. "Productivity growth of European retailers: a benchmarking approach." Journal of Economic Studies 37(3): 288-313.
de Jorge Moreno, Justo, and María Sanz‐Triguero. 2011. "Estimating technical efficiency and bootstrapping Malmquist indices." International Journal of Retail & Distribution Management 39(4): 272-288.
de Melo, Felipe Luiz Neves Bezerra, Raquel Menezes Bezerra Sampaio, and Luciano Menezes Bezerra Sampaio. 2018. "Efficiency, productivity gains, and the size of Brazilian supermarkets." International Journal of Production Economics 197: 99-111.
Donthu, Naveen, and Boonghee Yoo. 1998. "Retail productivity assessment using data envelopment analysis." Journal of retailing 74(1): 89-105.
Gandhi, Aradhana, and Ravi Shankar. 2014. "Efficiency measurement of Indian retailers using data envelopment analysis." International Journal of Retail & Distribution Management 42(6): 500-520.
Färe, Rolf, et al. 1994. "Productivity growth, technical progress, and efficiency change in industrialized countries." The American economic review 84: 66-83.
Färe, Rolf, Shawna Grosskopf, and Pontus Roos. 1995. "Productivity and quality changes in Swedish pharmacies." International Journal of Production Economics 39(1-2): 137-144.
Hsu, Spring C. 2018. "Performance Analysis for Major Chain Convenience Stores in Taiwan." Journal of Social Science Studies 5(1): 214-222.
Almohri, Haidar. 2018. “Mixture Models With Grouping Structure: Retail Analytics Applications.” Wayne State University Dissertations. 1911.https://digitalcommon s.wayne.edu/oa_dissertations/1911.
Hsu, Spring C. 2018. "Performance Analysis for Major Chain Convenience Stores in Taiwan." Journal of Social Science Studies 5(1): 214-222.
Ko, Kyungwan, et al. 2017. "Efficiency analysis of retail chain stores in Korea." Sustainability 9(9): 1-14.
Lau, Kwok Hung. 2013. "Measuring distribution efficiency of a retail network through data envelopment analysis." International Journal of Production Economics 146(2): 598-611.
Lazić, Milena and Ivana Domazet. 2019. “Theoretical and Practical Foundations of Inflation Targeting with Special Emphasis on the Experience of Serbia.” Economic Analysis 52(2): 152-162
Lee, Boon L. 2013. "Productivity performance of Singapore’s Retail Sector: A two-stage non-parametric approach." Economic Analysis and Policy 43(1): 67-77.
Lukić, Radojko. 2018. "The Analysis of the Operative Profit Margin of Trade Companies in Serbia." Revista de Management Comparat Internațional 19(5): 458-475.
Lukic, Radojko, and Blaženka Hadrovic Zekic, 2019. “Evaluation of efficiency of trade companies in Serbia using the DEA approach”. Paper presented at 19 th International Scientific Conference Business Logistics in Modern Management, Osijek.
Lukic, Radojko, Blaženka Hadrovic Zekic, and Dominika Crnjac Milic. 2020. “Financial performance evaluation of trading companies in Serbia using the integrated Fuzzy AHP - Topsis Approach”. Paper presented at 9th International scientific symposium Region, entrepreneurship, development, Osijek.
Goldin, Claudia. 2006. "The Quiet Revolution That Transformed Women's Employment, Education, and Family." Paper presented at the annual meeting of the Allied Social Science Associations, Boston.
Majumdar, Sudipa. 2017. "Performance analysis of listed companies in the UAE-Using DEA Malmquist index approach." American Journal of Operations Research 7: 133-151.
Malmquist, Sten. 1953. "Index numbers and indifference surfaces."Trabajos de estadística 4(2): 209-242.
Radović-Marković, Mirjana, Zvonko Brnjas, and Vladimir Simović. 2019. “Impact of Globalization on Entrepreneurship.” Economic Analysis 52(1): 56-58
Sarmento, Joaquim, Luc Renneboog, and Pedro Verga Matos. 2017. "Measuring highway efficiency by a DEA approach and the Malmquist index." European Journal of Transport and Infrastructure Research 17(4): 530-551.
Tone, Kaoru. 2001. "A slacks-based measure of efficiency in data envelopment analysis."European journal of operational research 130(3): 498-509.
Tone, Kaoru, and Miki Tsutsui. 2009. "Network DEA: A slacks-based measure approach."European journal of operational research 197(1): 243-252.
Tone, Kaoru, and Miki Tsutsui. 2010. "Dynamic DEA: A slacks-based measure approach." Omega 38(3-4): 145-156.
Qiu, Cheng, and Linjie Meng. 2017. “Study on total factor productivity of retail industry in east China.” Advances in Economics, Business and Management Research, 33: 756-763.
Vaz, Clara B., Ana S. Camanho, and Romeu Cardoso Guimarães. 2010. "The assessment of retailing efficiency using network data envelopment analysis." Annals of Operations Research 173(1): 5-24.
Vaz, Clara B., and Ana S. Camanho. 2012."Performance comparison of retailing stores using a Malmquist-type index." Journal of the Operational Research Society 63(5): 631-645.
Wang, Ying-Ming, and Yi-Xin Lan. 2011. "Measuring Malmquist productivity index: A new approach based on double frontiers data envelopment analysis." Mathematical and Computer Modelling 54(11-12) : 2760-2771.
Yu, Wantao, and Ramakrishnan Ramanathan. 2009. "An assessment of operational efficiency of retail firms in China." Journal of Retailing and Consumer Services 16(2): 109-122.