In this paper, we assess the impact of the COVID-19 crisis on the bankruptcy risk of a sample of 100 hotel companies and, consequently, on the hotel industry in the Republic of Serbia. The assessment applies to the period, 2019–2026, with the use of the data on the financial indicators for 2015–2020. Five novel structural time-series models, which have the indicators derived from Altman’s EM Z”-score model as predictors, were used, and a new conceptual framework for assessing bankruptcy risk is provided. The framework expands the applicability of credit-risk-scoring models to multiyear predictions, and it takes into account the dynamism of the transitions of the firms among Altman’s risk zones. The predictions that were obtained when the Springate and Zmijewski scores were applied along with the Altman Z”-scores demonstrate the fair applicability of the scores for the models that are introduced here. The results of the models were confirmed by 270 artificial neural networks and they were compared to the results of the classical time-series models. The crisis started to have a negative effect on bankruptcy risk in 2020, and this effect is expected to rise until 2023; currently, in 2022, the highest number of hotel companies may be headed for bankruptcy. Amelioration in the position of the companies cannot be expected before 2024; however, even in 2026, the risk of bankruptcy will remain high when compared to the pre-COVID-19 period and, thus, the surviving companies will become more fragile to any further exogenous changes. These results provide a basis for the adaption of state-supported measures and business policies in order to withstand the crisis and to ensure sustainability.

The effects of process parameters on the extraction of Ginkgo biloba L. leaves with supercritical carbon dioxide were investigated. The investigated parameters include particle size (mean particle diameter 0.19, 0.467 and 1.009 mm), solvent flow rate (1.5810-3, 3.2210-3 and 4.1610-3 kg CO2/min) and pressure (100-300 bar), which were obtained by the response surface methodology (RSM) under the following condition ranges: temperature 40-50-60ºC, pressure 100-140-180 bar and extraction time of 2-3-4 h at the flow rate of 3.2210-3 kg/min. Based on the experimental results of kinetics of Ginkgo biloba leaves extraction with supercritical carbon dioxide, modeling of the extraction system of Ginkgo biloba-supercritical CO2 was done. Two mathematical models (Reverchon-Sesti Osseo and Sovová) were applied to correlate the experimental data. RSM was applied to optimize the process parameters of supercritical carbon dioxide extraction of Ginkgo biloba L. leaves. A second-order polynomial response surface equation was developed indicating the effect of variables on Ginkgo biloba extraction yield. The statistical analysis of the experiment indicated that pressure (X1), extraction time (X3), the quadratic of temperature (X22), and the interaction between pressure and extraction time (X1X3), show significant effect on the extraction yield. The results showed that the data were adequately fitted into the second-order polynomial model. It was predicted that the optimum extraction process parameters within the experimental ranges would be the extraction temperature of 52.7ºC, the pressure of 184.4 bar, and the extraction time of 3.86 h. Under these conditions, the predicted extraction yield is 2.39% (g/100 g drug)

The strongly antiseptic and antifungal activities of thyme is mainly due to the presence of phenolic compounds, thymol and carvacrol. Thyme extracts essential oil, extract obtained using 70% ethanol and extract obtained by supercritical fluid extraction (SFE) using carbon dioxide, were incorporated in the most useful form of pharmaceutical products - tablets. The work is concerned with the characterisation of the obtained tablets containing thyme extracts

The aim of this paper is to investigate the determinants relevant to the identity of family enterprises from the perspective of their owners, in order to determine the differences in perspective according to gender, and to point out their social role. To this end, small and medium-sized family-owned enterprises operating in Serbia were observed. The focus was on determining their identity and the wider (social) role they play. It has been established that there are significant differences in certain attitudes of the owners of small and medium-sized enterprises stemming from a difference in their genders, which affects their identities and the positioning of the role they play in society.