Summary Agriculture in the Western

The shadow economy (SE) is a global phenomenon that affects every country. However, its forms and mechanisms may differ depending on a country's socio-economic characteristics. The major characteristic is a country’s economic system. Hence, market and transition economies can be affected differently. Given that the size of the SE directly affects the level of tax revenue, it is particularly important to investigate the factors of the SE during the post-crisis period, when policymakers need sufficient budgetary funds to implement anti-crisis measures. In that sense, this paper aims to identify the differences in the factors that boosted the SE in 17 market and 19 transition economies in Europe between 2009-2014. The research is based on the PLS-SEM method. A country’s wealth and development, market openness, tax system and political environment are employed as the major SE factors. These factors are the most common in previous literature when investigating the issues of the shadow economy and are most appropriate for this research. The results suggest that particular factors of the SE differently affect market and transition economies. In transition economies, a favourable political environment, greater wealth and development, as well as a lower tax burden contribute to a smaller size of the SE, whereas greater market openness and a higher tax burden lead to a larger size of the SE. The links between market openness, tax system and the SE are not, however, statistically significant. Like transition economies, market economies are characterized by the positive impact of political environment and wealth and development when combating the SE. Unlike in transition economies, the size of the SE in market economies is reduced by a high tax burden and greater market openness. In the latter case, there is only one statistically insignificant path coefficient – it represents the relationship between the SE and market openness. The Multi-Group Analysis (MGA) method was employed to compare the path coefficients estimated for the country groups under consideration. The results indicate that the only difference in the path coefficients representing the relationship between market openness and the SE is not statistically significant. Based on the research results, some recommendations for policymakers in transition and market economies are provided in the conclusion.

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Most enterprises in the Serbian economy are guided, structured and culturally oriented in a way that accepts only minor changes. When such companies face with the challenges from the environment, they respond in an inadequate manner and with a delay. There is an increasing need for the enterprise to have a strategy which is harmonized with the structure that allows normal functioning and, on the other hand, to has an ability to notice and make innovative changes. The organization is successful if its organizational structure allows it through the continuous process of designing and process of making decisions about a number of issues with regards on the form, system and characteristics of the organization (enterprise) of machine industry. Regardless of the size and diversification of the organization, when designing new solutions an attention should be paid to the future of the organization for the challenges yet to come, but also on the motivation of individuals related to the organization's goals. Today doing business is more complex and constantly seeks creation of added value and competitive advantages. New opportunities for better business are within the organizations and through the achievement of efficiency and effectiveness by involving all stakeholders.