Serbian Journal of Management

NEW MEMBER OF EDITORIAL BOARD

Maria Menshikova — Thu, 23 Oct 2025 00:00:00 +0200

Employee empowerment and its performance in emerging economy: mediating role of psychological capital

S.M. Sayem, Most. Sadia Akter, Md Muktadir Islam , Azharul Islam — Wed, 04 Jun 2025 00:00:00 +0200

The study aims to examine the mediating role of psychological capital between employee empowerment and its performance in an emerging economy like Bangladesh. A structured questionnaire has been distributed among employees serving in different public and private organizations in Bangladesh. Data collected from 385 respondents are analyzed with Partial Least Square Structural Equation Modeling (PLS-SEM) to test hypothetical relationships among the latent constructs. The results showed that both structural and psychological empowerment positively influence employee performance. The psychological capital which presents a significant positive influence on performance, also mediates the positive relationship between both empowerment (structural and psychological) and employee performance. The study pioneered in establishing psychological capital as a mediator between empowerment and employee performance in a developing economy context like Bangladesh. The results would provide valuable insights for the organization in designing human resource policies and training programs that will empower employees which leads to improved psychological capital and subsequently enhance their performance.

Consumer decision-making and legal awareness in the circular economy: A regulatory perspective

Andrea Tick, Jelena Ruso, Sorin Gabriel Anton, Adriana Buzdugan — Tue, 16 Sep 2025 09:56:50 +0200

Linear economic models have been regular business since the industrial revolution, but, the deepening sustainability problems and the accumulation of waste gave birth to the concept of circular economy, which might ease the ecological burden on industries and societies. The operation of such economic models is always backed by rules and regulations developed by national and intranational legislative bodies. The aim of the paper is to investigate the consumers' familiarity with circular economy legislation and how this familiarity correlates with sustainable consumption behavior. The main result highlights a positive and significant link between knowledge of circular legislation and its perceived impact on consumer decisions, confirming that legal information can facilitate more sustainable behaviors. Three distinct segments of consumers according to their level of knowledge and attitude have been identified, suggesting that the public is not homogeneous in relation to the circular economy. Our findings have significant practical and policy implications. First, they suggest the need to strengthen large-scale consumer education and information efforts. Second, the normative implications of the study suggest further efforts to adapt the regulatory framework to sustainability objectives, while ensuring that this framework is coherent and harmonized across countries.

ESG perceptions in the corporate sphere: are there differences by firm size, gender of owners/managers & business duration?

Michal Kudej, Michal Erben, Jan Kubálek — Fri, 03 Oct 2025 12:52:37 +0200

This paper investigates corporate perceptions of ESG and compares findings across three dimensions: company size, manager gender, and business longevity. The study focuses on ESG’s impact on financial performance, risk management, and its practical application in businesses. Conducted in March 2024, the research involved 650 respondents from the Czech and Slovak Republics. The results show that larger firms are more capable of effectively implementing ESG practices and benefiting from enhanced long-term financial performance and risk management. Firm size was a significant factor in ESG perception, while manager gender had no clear impact on attitudes towards ESG. However, business duration played a crucial role, with more experienced firms demonstrating a stronger link between ESG efforts and financial outcomes. Differences between Slovakia and the Czech Republic indicate that regional and sector-specific factors may influence corporate ESG perspectives. Overall, the research highlights that the perception and application of ESG vary based on company characteristics and context

The role of legislation and consumer perception in shaping circular economy behaviour

Isidora Miloje Milosevic, Olesea Plotnic, Kosjenka Dumančić, Katerina Bojkovska — Mon, 06 Oct 2025 15:30:14 +0200

The concept of the circular economy (CE) brings about significant and radical changes in consumption patterns, especially in the habits and decisions of consumers, who are key participants in this model. Understanding how organisational barriers, laws, and circular economy strategies affect consumer preferences in the circular model can help manufacturers develop efficient and profitable strategies that respond to market needs and encourage sustainable consumption. Therefore, the paper aims to examine how personal, organisational, and financial barriers affect circular economy strategies and perceptions of them to achieve the effect of legislation on consumer decisions regarding sustainable consumption, consumer behaviour, and support for circular initiatives. The results of empirical research have shown that all proposed hypotheses are accepted, with a special emphasis on the impact of legislation on consumer decisions, which can significantly shape consumer behaviour in sustainable consumption and provide incentives for the circular economy. Based on the influence of factors, this paper can serve as a roadmap for decision-makers in creating regulations and for consumers to participate actively in circular initiatives towards sustainable consumption

Decoding key antecedents, moderators, and consequences of herd behaviour to predict consumers’ behaviour intentions: a systematic literature review

Rizka Zulfikar, Ananda Sabil Hussein, Nanang Suryadi; Margono Setiawan — Wed, 01 Oct 2025 12:32:06 +0200

This study conducted a systematic literature review to identify the antecedents, moderators, and consequences of herd Behaviour in marketing. The urgency of the research arose from the growing influence of social dynamics in digital consumer environments, where individuals increasingly relied on peer Behaviour and social proof to guide decisions. Drawing upon the TCCM (Theory, Context, Characteristics, and Methodology) and PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) frameworks, a total of 183 peer-reviewed articles published between 2000 and 2024 were analysed to ensure methodological rigour and thematic coherence. The review revealed that herd Behaviour in marketing is shaped by key antecedents such as homophily, trust, product uncertainty, and consumer interaction. These factors trigger herd tendencies and moderate their intensity across different contexts. In turn, herd Behaviour significantly influences consumer outcomes, including purchase intentions, impulse buying, and brand engagement. The study highlighted how marketers can strategically leverage herd mechanisms, such as user-generated content, influencer endorsements, and real-time social proof, to enhance consumer persuasion and brand loyalty. By synthesising fragmented insights across disciplines, this research offers a robust theoretical foundation for future investigations into socially influenced consumer Behaviour. It contributes to developing more adaptive marketing strategies in increasingly networked marketplaces

The role of senior management in natural hazards: a European banking industry case

Tamas Somogyi, Rudolf Nagy — Tue, 14 Oct 2025 12:15:47 +0200

The issue of natural hazards is a major area of interest within the field of security and business management. Proper risk management has been found to be fundamental, thus has received considerable attention. However, very little attention has been paid to the role of senior management within an enterprise’s risk management framework. This paper seeks to explore this special role in the risk management process, especially when dealing with the risks related to natural hazards. The appropriate role of senior management in managing the risks related to natural hazards is a key issue. The European banking industry’s approach is presented, based on the publicly available sector-specific regulations and guidance. Some recommendations are provided to further enhance the key role of senior management in natural hazards. Our result is considered as a solution that can be adopted by enterprises, organisations and institutions in any sector

Validity and reliability assessment of the transformative learning outcomes and processes (TROPOS) survey in public sector work-related learning

Mary Viterouli, Dimitrios Belias, Athanasios Koustelios, Nikolaos Tsigilis — Mon, 13 Oct 2025 11:44:49 +0200

As corporate contexts and business environments become increasingly complex, Transformative Learning (TL) in workplace research is gaining prominence. This type of learning can shift perspectives, leading to psychological, convictional, and behavioural changes, as described by Clark’s (1991) adaptation of Mezirow’s theory of transformation (1978). The Transformative Outcomes and Processes Survey (TROPOS), developed by Robert Cox (2017), is a reliable tool for measuring TL, featuring four subscales: Social Support, Attitude toward Uncertainty, Criticality, and Transformative Outcomes. This study assesses the validity and reliability of the 30-item TROPOS instrument in workplace learning using a quantitative, questionnaire-based approach. Convenience sampling was employed, targeting accessible respondents from 238 employees of the Public Employment Services in Greece. Results from confirmatory factor analysis and Cronbach’s alpha confirm the instrument’s applicability to workplace learning. The study validates TROPOS as a useful tool for evaluating TL outside educational settings and extends the understanding of TL in work-related contexts. The implications and constraints of TL research are discussed, contributing to the literature and practice in this field.

Towards deciphering the crypto-shopper: an analysis on knowledge and preferences of consumers using cryptocurrencies for purchases

Massimiliano Silenzi, Umut Can Çabuk, Ömer Aydin, Enis Karaarslan — Mon, 13 Oct 2025 12:37:57 +0200

The fast-growing cryptocurrency sector presents both challenges and opportunities for businesses and consumers alike. This study investigates the knowledge, expertise, and buying habits of people who shop using cryptocurrencies. Our survey of 516 participants shows that knowledge levels vary from beginners to experts. Interestingly, a segment of respondents, nearly 30%, showed high purchase frequency despite their limited knowledge. Regression analyses indicated that while domain knowledge plays a role, it only accounts for 11.6% of the factors affecting purchasing frequency. A K-means cluster analysis further segmented the respondents into three distinct groups, each having unique knowledge levels and purchasing tendencies. These results challenge the conventional idea linking extensive knowledge to increased cryptocurrency usage, suggesting other factors at play. Understanding this varying crypto-shopper demographic is pivotal for businesses, emphasizing the need for tailored strategies and user-friendly experiences. This study offers insights into current crypto-shopping behaviors and discusses future research exploring the broader impacts and potential shifts in the crypto-consumer landscape.

From awareness to action: ranking EU countries by consumer readiness to adopt sustainable products using a hybrid M–M methodology

Mon, 20 Oct 2025 17:54:37 +0200

In light of growing economic, environmental and sustainability challenges, increasingly more attention from policymakers, companies and researchers is being devoted to consumption patterns and understanding the factors that shape consumer behavior. The adoption of sustainable products within the European Union is actively promoted through a series of policies and initiatives aligned with the principles of the circular economy, to provide consumers with more transparent and accessible information, thereby empowering them to make eco-friendly choices. Nevertheless, consumer acceptance of sustainable products appears to vary considerably and is influenced by complex interactions among diverse factors. This study examines consumer readiness for sustainable products across twenty-seven EU countries using nine indicators across three dimensions: environmental awareness, financial readiness and trust in institutional sustainability mechanisms. A hybrid MEREC–MARCOS methodology was employed for ranking countries. This novel methodological approach allows for a detailed cross-country comparison and identification of areas for improving policies that incentivize sustainable consumption across the EU. Sweden emerges as the top-ranked country, followed by Cyprus and the Netherlands, while Latvia and Estonia rank lowest. The results suggest considerable divergence among EU Member States and potentially offer valuable insight into gaps in sustainable consumer behavior.

Corporate social performance and corporate financial performance: the role of productivity and innovation in the moderated-mediation model

Prillinaya Yudhistira, Wahyu Agus Winarno, Alwan Sri Kustono — Mon, 20 Oct 2025 18:26:18 +0200

This study aims to investigate the fundamental processes and particular circumstances that allow Corporate Social Performance (CSP) to impact Corporate Financial Performance (CFP). Based on the Instrumental Stakeholder Theory perspective, our research explains the mechanism of the relationship between CSP in improving CFP through the mediating role of Total Factor Productivity (TFP) with the main contingency factor, namely innovation. This study uses a panel data set of 133 firm-year observations of manufacturing firms listed on the Indonesia Stock Exchange (IDX) over the 2018–2021 period. This study proposes a new model that incorporates additional contextual variables in the form of innovation and uses a moderated mediation model for this study. Our results show that the relationship between Corporate Social Performance (CSP) and Corporate Financial Performance (CFP) is mediated by Total Factor Productivity (TFP), especially in small firms. In addition, this study also finds that the moderating effect of Research and Development (R&D) on the CSP-CFP relationship becomes apparent when applied to large firms. Small-sized companies in sectors, consumer cyclical and industrial, can enhance their CSR performance by integrating it into their corporate strategy, as strategic CSR can yield a competitive edge, boost productivity, and elicit a positive market response that improves financial performance.
The implications of this study suggest that the company can enhance its CSR performance by integrating it into its corporate strategy. Strategic CSR has the potential to provide a competitive edge, boosting productivity and positively influencing financial performance through favorable market reactions.

Harmony within the new digital paradigm: management of human factor and balance between new and legacy practices

Camila Calcagno, Jaka Vadnjal — Thu, 06 Nov 2025 00:00:00 +0100

Digitalization has become a central topic within societies and organizations, described as a new paradigm or as the fourth industrial revolution. This is a change taking place at many layers, impacting people’s needs, behaviour and expectations. The purpose of this research is to show that for a digitalization process to be successful, a holistic approach is required where change management practices together with the human factor are at its core. The research was performed doing a sistematic literature review together with a measurement instrument in the form of a comprehensive survey that was filled by respondents across different countries and industries.
Based on this research, it is important to understand that the environment in which organizations operate is fast and ever-changing. There are constantly new ways of doing things, new technologies and frameworks that could be implemented, new strategies to be explored, etc. What is not different is the need for change with its human centricity.