Experts and economic policy creators debate various economic growth rates without a direct insight into the capabilities of the different economic sectors motivated us to devote this paper to the research of key infrastructure sector capabilities, both in terms of the economic prosperity of the Serbian national economy and as a support for the development of other sectors. This paper examines the energy, transportation, and telecommunications sectors’ exposure to short-term and long-term risks, and assesses their financial strength, investment possibilities, and long-term profitability. We believe that the following results will be a valuable information input for making better strategic decisions and more expedient planning of economic sustainable growth

SažetakStruktura privrede je veoma heterogena. Nju čine preduzeća koja posluju u različitim delatnostima i koja u skladu s tim pripadaju različitim sektorima i unutar njih različitim privrednim granama. Da bi što kvalitetnije obavljala svoju delatnost, preduzeća biraju različite pravne forme, te otuda posluju kao ortačka preduzeća, komanditna društva, društva sa ograničenom odgovornošću, akcionarska društva i državna preduzeća. Konačno, preduzeća koja pripadaju jednoj nacionalnoj ekonomiji mogu da budu drastično različita sa stanovišta njihove veličine, mereno brojem zaposlenih, visinom angažovane imovine, visinom ostvarenih prihoda ili njihovim doprinosom stvaranju dodate vrednosti.U ovom radu akcenat je stavljen na sagledavanje performansi preduzeća sa stanovišta njihove veličine. U prvim delovima rada posebna pažnja posvećena je istraživanju značaja veličine preduzeća za privredna ostvarenja i u tom kontekstu pozicioniranju velikih, srednjih i malih preduzeća u srpskoj privredi. U središnjem delu rada, pažnja je usmerena na sagledavanje prinosnih potencijala srpske privrede iz perspektive veličine preduzeća. Konačno, na kraju rada naglašeni su problemi volatilnosti performansi velikih, malih i srednjih preduzeća, kao i uticaj poslovnog i finansijskog leveridža na njihova ostvarenja.Ključne reči : konkurentnost, veličina preduzeća, zaposlenost, vitalnost, profitabilnost, volatilnost, rizik, leveridž AbstractThe structure of economy is very heterogeneous. It consists of enterprises doing business in various branches and, accordingly, belonging to various sectors and various industries within them. In order to do their businesses with as much quality as possible, enterprises opt for various legal forms and thus operate as partnerships, limited partnerships, limited liability companies, joint stock companies and state-owned enterprises. Finally, enterprises belonging to a national economy can be dramatically different in terms of their size, measured by the number of their employees, level of total assets, level of generated revenues or their contribution to the creation of value added. This paper puts stress on the overview of enterprise performance from their size's point of view. In the first few parts of the paper, special attention is paid to the research regarding the importance of enterprise size to economic performance and, accordingly, positioning big, mediumsized and small enterprises in Serbian economy. Central part of the paper pays attention to the overview of return potential of Serbian economy in terms of enterprise size. Finally, at the end of the paper we emphasize the problems of volatility regarding the performances of big, mediumsized, and small enterprises, as well as the influence of operating and financial leverage on their performance.

Rasprave o kvalitetu sistema finansijskog izveštavanja su uvek aktuelne. One su aktuelne i u razvijenim zemljama koje imaju dobru računovodstvenu infrastrukturu i često su podstaknute pojavom velikih finansijskih skandala koji su najčešće praćeni kreativnim (prevarnim) finansijskim izveštavanjem. Poseban problem predstavlja nedovoljan kvalitet finansijskog izveštavanja u nedovoljno razvijenim zemljama, gde često ne postoji kvalitetna infrastrukturna osnova. Prateće manifestacije su loša i nestabilna zakonska rešenja, nekonzistentne promene normativne osnove, neuporedivost finansijskih izveštaja, nepostojanje ili nefunkcionalno postavljanje nezavisnih nadzornih institucija i loša zaštita javnog interesa. Imajući u vidu nezadovoljavajuće stanje na području finansijskog izveštavanja u Republici Srbiji, u osnovi ovog rada smo postavili tri cilja. Prvi cilj je vezan za podsećanje na važnost kvalitetnog finansijskog izveštavanja, ne samo za računovodstvenu profesiju, već prvenstveno za sigurnost investitora, funkcionisanje tržišta kapitala i prosperitet nacionalnih ekonomija. U tom kontekstu razmotreni su ključni stubovi finansijskog izveštavanja koji čine neophodnu infrastrukturnu osnovu za dostizanje potrebnog kvaliteta na ovom području. Drugi cilj je vezan za ukazivanje na nadležnosti i odgovornosti različitih učesnika u lancu finansijskog izveštavanja za stvaranje kvalitetne zakonske i profesionalne regulative. Konačno, treći cilj je da se kroz rezultate empirijskih istraživanja, koja su zasnovana na stavovima profesionalnih računovođa o kvalitetu postojeće zakonske i profesionalne računovodstvene regulative, ukaže na (ne)prihvatljivost pojedinih zakonskih rešenja i mogućnosti prevazilaženja takvog stanja.

economy in 2013. In the first part of the paper we present the business and financial profile of the Serbian economy in order to provide a general understanding of the financial problems faced by most companies. In the second part we explore the key determinants of profitability with a view to identifying the key value drivers and their impact on the level of profitability. In the third part of the paper the performance of the best Serbian companies is assessed from the standpoint of their ability to create returns to shareholders by applying residual income as the main criterion. Such an approach has enabled us to differentiate companies and sectors in terms of their capacity to create value added as well as to detect the companies that are responsible for the destruction of value.

In this paper we examine ex ante electronic communications market analysis in the European Union's regulatory framework. We start with the analysis of relevant markets in accordance with the 1998 regulatory framework. Then we examine the 2002 regulatory framework through the definition of relevant markets, market analysis, SMP analysis, and adoption of measures for market regulation. We briefly compare the new 2007 regulatory framework with the previous ones. At the end we analyze some drawbacks of market analysis according to EU directives that have occurred in practice