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ISBN 978-9989-695-65-0
PROGRAMME COMMITTEE:
ORGANISING COMMITTEE:
Dejan Zdraveski Marija Midovska Petkoska Emilija Gjorgjioska
DOES THE INTERNET PENETRATION HELP REACH MILLENNIUM GOALS: THE CASE
OF CENTRAL ASIAN TURKIC REPUBLICS
Rasim Yilmaz, Cuneyt Koyuncu 1
SESSION 1:
DIGITAL TRANSFORMATION IN FINANCIAL SERVICES
BANK LOANS VS THE BUSINESSES FUNDING THROUGH THE ISSUE OF SECURITIES:
EVIDENCE FROM NORTH MACEDONIA
Dragica Odzaklieska, Tatjana Spaseska, Gordana Trajkoska, Gordana Vitanova 11
ARE WE READY FOR CENTRAL BANK DIGITAL CURRENCY?
Andrej Ilievski, Evica Delova Jolevska 24
EUROPEAN PAYMENT SERVICES DIRECTIVE 2 IN NORTH MACEDONIA: ARE WE
READY TO COMPLY?
Martin Trajkovski, Renata Petrevska Nechkoska, Olivera Kostoska 36
INVESTMENT POLICY OF PENSION COMPANIES IN BULGARIA
Pavlina Dimitrova 48
A NEW DIGITAL AGE IN FINANCE: BLOCKCHAIN AND SMART CONTRACTS
Dancho Petrov 59
EVALUATING DATA ANALYTICS ADOPTION IN SELECTED COMPANIES OF THE
FINANCIAL SECTOR IN THE REPUBLIC OF NORTH MACEDONIA
Marina Mijoska Belsoska, Kalina Trenevska Blagoeva 68
DIGITAL TRANSFORMATION IN FINANCIAL SERVICES – THE CASE OF THE
REPUBLIC OF THE NORTH MACEDONIA
Ivona Tasevska, Pece Nedanovski 78
SESSION 2:
SMARTH GROWTH AND SUSTAINABLE DEVELOPMENT
DETERMINANTS OF LABOUR PRODUCTIVITY IN THE REPUBLIC OF NORTH
MACEDONIA WITH AN EMPHASIS ON THE ICT INDUSTRY
Dimitar Nikoloski 89
DOES ICT INDUSTRY EXPERIENCE JOBLESS GROWTH? EMPIRICAL EVIDENCE FROM
OECD ECONOMIES
Selda Gorkey 103
LABOUR MARKET IN TERMS OF THE FOURTH INDUSTRIAL REVOLUTION
Borche Trenovski, Marija Trpkova-Nestorovska, Gunter Merdzan, Kristijan Kozheski 117
THE RELATIONSHIP BETWEEN SMART GROWTH AND SUSTAINABLE
DEVELOPMENT FROM THE EU PERSPECTIVE
İrem Yalki Berker 128
MYERSON-SATTERTHWAITE THEOREM AND ASYMMETRIC FPA AUCTIONS
Dushko Josheski, Marina Blazekovic Toshevski, Marija Magdinceva-Shopova 139
SMEs DEVELOPMENT AND BUSINESS ENVIRONMENT IN THE REPUBLIC OF NORTH
MACEDONIA
Aneta Risteska Jankuloska, Miroslav Gveroski, Kosta Sotiroski, Fanka Risteska, Tatjana Spaseska 165
THE POTENTIAL OF THE GAMING INDUSTRY FOR INVESTMENT IN THE REPUBLIC
OF NORTH MACEDONIA
Suzana Trajkovska Kochankovska, Gjorgji Mancheski, Marjan Angeleski 179
ELECTRONIC COMMUNICATION AS A PRECONDITION FOR EFFICIENCY OF THE
INSTITUTIONS AND COMPANIES IN THE REPUBLIC OF NORTH MACEDONIA
Elizabeta Tosheva, Branko Dimeski 191
CONTENTS:
Abstract:
1
Faculty of management Zajecar, Megatrend University Belgrade, biljana.ilic@fmz.edu.rs
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Introduction
Information technology is part of modern technology development and it has entered in all
pores of human life. It can not be possible to imagine the flow of information without using
information technology, not anymore. Informatics is one of the youngest but also the most
complex discipline of today. Her name is derived from Philip Dreyfus, who composed the
first two letters of the French word information (enformasion) and the last two syllables of the
word automatique (otomatic), 1962 (Le Garff, 1973). In German literature, the same term is
used, while the word "Informatik" presented Computer Science. Computer science has
become an area of education as independent scientific discipline first in the US and then in
the Great Britain. By a broader definition, it mainly deals with the technical problems, while
in modern economies and society it has gained abbreviated as Informatics (Buer, Gooz,
1976). The French Academy of Sciences (1966.) defines Informatics as follows: “The science
of rational processing information, primarily by automatic machines, considering information
as bearer of human knowledge and communication in the field of technology, economics and
other social sciences”. Arsac, J., a French scientist said that he did not consider this young
discipline solely related to electronic data organization systems (EDOS), but as much broader
and encompasses various other fields i.e. many scientific fields and disciplines (Arsac,
1970).By definition of the Inter - Governmental Bureau of Informatics (Intergovernmental
Bureau of Informatics) in Rome, Informatics is a discipline that studies the phenomenon
information, information systems and processing, transmission which use information for the
benefit of humanity, first and foremost, but not necessarily, with assistance from EDOS. A
slightly different definition is: “IT is the science of systematic and efficient information
processing, primarily using automatic machines whereby information is considered the
medium of human knowledge and communication, in the context of technology, economics
and sociology”(Balaban, at al., 2005).
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Commission on Environment and Development: Common Future, from 1987). Is it possible
for humanity to reconcile its rapid development with the capacity of the natural environment
and how will be able to operate and generate profits in the future? That is a question that is
realistically posed today, and it can be answered on the way: men have to find sustainability
at every moment and in every undertaken activity. In the paper, author presents the link
between modern technologies and the impact that they have on sustainable business as well as
to the sustainability component in the modern Internet economy. E-commerce, i.e. internet
economy will be explained in terms of new payment methods as well as its importance for the
modern business operations.
Electronic business have many characteristics, such as: enabling easy and fast
communication, instantaneously uploading large data, easily publishing and updating
multimedia documents, continuous availability, digital delivering of goods and services,
direct payment through the Internet, creating virtual organizations, .... Electronic business
plays an important role in organizational changes, paving the way for new business models,
requiring a reconsideration of the basis for its execution. It enabled new business policies,
turning traditional business practices and procedures, in new ideas of today’s business
relation. E-commerce presents a way of organizing business, based on the application of IT
(Information Technologies) and Internet technologies. It covers all forms of business
transactions i.e. exchange of information obtained by information and communication
technologies: between businesses themselves, between businesses and clients on the market
and between business and public administration (Mladenović, Jovanović, 2007). E-commerce
can be defined as “buying and selling information, products and services via a computer
network, supporting any type of business transaction through digital infrastructure. It is a
business with no time or space constraints ''(Choi, Whinston, 2000). “The more using of
modern technologies in business lead to more sophisticated manner of business, to better
chances for market creation, governed by the laws, approaching to the perfect or the ideal
ways of business. However, at the same time IT increase the risk of trade of different types.
Introducing new technologies demand increasing of social and state oversight as well as legal
trade regulation” (Jovanović, 1998). Modern business that is conducted on the Internet is not
only affects subcontractor i.e. participant of transactions, but also it has impact on the markets
structures. Traditional understanding of trading, as well as practice indicate that the links on
the market are created through the exchange of products, services and money.
E-commerce, in addition to the classic elements, adds a new one that is information. The
online business has evolved into a several different technologies: production driven
communication requirements, team based businesses and grouping, logistics business,
desktop video conferencing, search and storage, e-mail, electronic data exchange, technical
exchange data. Development of the concept of e-commerce is conditional by the influence of
economic forces, consumer influence and changes in technology. “By desire to follow high
tech trends, in line with the need to integrate the leading technologies of the modern
workplace environment, began the process of development and application of modern
electronic applications” (Jovanović, Milovanović, Radović, 2002).The e-commerce model is
the first identified by IBM, that described it as an enabling business building and
implementing a business model in which the catalyst changes growth, and organizational
structure depending on jobs. “Model characterized by computerized relationship with
partners, electronic response times, virtual structures as well as high levels automation,
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contributes to business optimization processes and gaining an edge over the
competition”(Stankić, 2008). Electronic business is based on deployment of Internet, Intranet
and applications for group work. “Various electronic models can be found in the literature
business, such as Zwas's model that differentiates layers infrastructure, core services and
supported business functions” (Jae Moon, Norris, 2005).Modeling the relationship between
businesses and their clients it is recognized three types of connections: the relationship
between customers and business, the connection between business partners and businesses
(suppliers), as well as the link between employees and businesses (Derfler, Freed, 2004).
Information Communication Technology provides various opportunities to support and
enhance existing i.e. building new connections. This support is not limited to quantitative
indicators, but also qualitative indicators such as building and maintaining a client
relationship management system and businesses. Most commonly, relationship modeling in e-
commerce comes down to modeling business-client relationships. That's the way it is
common e-business systems: business-to-business (B2B -business to business) and business
to client (B2C - business to customer), in practice, systems also meet client-to-client (C2C-
customer to customer) and client to company (C2B), B2G (business to government /enterprise
- government) and G2C (government to customer). Real-world business processes can be
represented by Figure 1(Mladenović, Jovanović, 2007).The two basic e-business models are
the business to business model (B2B) and model business to customer (B2C) (Stojanović,
2012) Figure 2 shows the process of modern e - marketing model.
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Figure 2. The process of modern marketing model
Source: Introducing the modern marketing model,
(https://econsultancy.com/introducing-the-modern-marketing-model-m3/)
From Figure 2 many relationships and ways of realizing the modern marketing model can be
seen; from planning, than execution, through strategy till analysis with all steps inside these
activities.
Realization of business e- models include the following relationships: Business to Business
(B2B), Business to Consumer (B2C), Consumer to Business (C2B), Consumer to Consumer
(C2C), Business to Employee (B2E), Employee to business (E2B), Electronic
Communication to Governments: Business-to-government (B2G); Government-to-business
(G2B); Government-to-Government (G2G); Government-to-consumer (G2C), Multi
Transactions: Business to Business to Consumer (B2B2C); Peer to Peer (P2P) - Consumer to
Business to Consumer (C2B2C).Business to business, or B2B, is a model of electronic
business, i.e. exchange, of products, services and information between businesses, through
internet technology. B2B connects all participants in business that proceeds to the finally
users: suppliers, customers and distributors. B2B applications enable a business to use new
technologies - business system with facilitates of transactions, sales of goods and provisions
of services via the Internet; this means integration of the chain supply and on-line
procurement of goods by one to other company. B2B e-commerce is characterized by high-
volume enterprises trade, high net worth of goods traded, more supported electronic payment
methods with respect to B2C, the previous partner enterprise consent, much higher level of
information between partners, as well as more places to which information is referred, higher
the level of authorization in the buying process, as well as multiple ways of taxing sales.
Recent years it can be seen the development and emergence of Electronic market place (e-
Markets) shopping centers, in other words a new form of organizing B2B business on the
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Internet. Markets like this represent web sites where a large number of sellers and buyers, are
in one place presenting their offer and demand, in a particular area
(http://elektronskopolsovanje.blogspot.rs/2015/12/blog-post_52.html). Business to Customer
or B2C e-business model provides a direct interface between the enterprise and the consumer.
Model allows the business which is very efficient. The B2C model is useful to existing
retailer’s places because it allows increasing the customer base. It's on the other side
beneficial to the consumer because it enables the global market to be available, wide selection
and lower prices. The first online store was opened by Maxi discount Delta holding, which is
also an example of a B2C business (website retailing products and services). Business to
Employees i.e. B2E business model is a model that indicates a relationship, services,
information and other products that business provides to its customers employees. Employees
order electronically funds but also material they need to work. So, employees get it on
discounts and more affordable insurance. Examples for this business are online training and
online banking (Mahadevan, 2000). The Customer to Customer or C2C e-business model is a
newer form of e-commerce that allows consumers to trade directly with other consumers. A
company that supports these services must find the traditional way to charge for services.
Service prices are relative low and charged in the form of membership fees, advertisements,
etc. Government to Government or G2G model electronic business, implies that public
authorities can use effectively Internet services at all levels of government, between Federal
and Republican governments, as well as in the process of inter-ministerial governance.
Government to Business or G2B e-business model has facilitates for exchange information
between the government and businesses, i.e. legal entities.
Legal entities are government suppliers, partners in community service, government service
users, and sometimes the competitors. Government communication with legal entities is a
good prerequisite for increasing the efficiency of the economy. There are very important
electronic document exchange systems, especially financial documents. In this way, the
execution time is reduced by complex transactions on the one hand while the good ones are
creating other bases for quality decision making. Government to Customer or G2C e-
commerce model has put the government in a position to take advantage of the ability to
exchange information electronically and improve communication with citizens, make their
decisions more accessible and transparent, faster answering to citizens' demands. Government
to Employees or G2E business model represents the use of information and communication
technologies for better collaboration and coordination government employees:
communication among employees, timely notification and flow of information, e-education
that is needs in government and its services, as well as governance knowledge, etc. E-
marketplaces represent new appearance of online intermediaries that effectively capture
aggregate supply and demand at one location, providing customers with lower procurement
costs, but also with possibility to contact with new suppliers and lower suppliers sales costs
(with the ability to contact new customers). Different e-Markets models depend on organizers
of the same. There are several different models of e-Markets, depending on who is their
organizer: organized by one or more buyers (Driven-E Marketplaces’), E marketplaces –
organized between the industrial giants, which in this Businesses mode can see the possibility
of increasing the efficiency of the supply chain. Where e-Market exists, e-commerce also
exists (Figure 3). From Figure 3 it can be seen that the e-commerce comprises Internet shop,
but also the elements such as Web shop, Electronic exchange data and electronic fund transfer
(EFT)
(http://www.linkelearning.com/site/kursevi/lekcija/6946).
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Figure 3. E business
Source: https://www.link-elearning.com/site/kursevi/lekcija/6946
E-commerce, as a distinguished category with its distinct penetration and dispersion, occupies
an increasingly important place in the global economic trends, paving the way for a whole
new form of economy, so-called internet economy. Electronic exchange data, business
records based on EDI (an acronym for English words Electronic Data Interchange) and
Internet enabled multinational companies to connect with their affiliates, business partners
and subcontractors all over the country and all over the world. A "network economy" model is
way of new sustainable economy. It saves time, money and space. Notion "Network
economy", "digital economy", "and knowledge economy", are the term used for the "post-
industrial society". New economy as the terms began in theory a few years ago (Milovanović,
Veselinović, 2009). It is young (conditionally called) a new scientific paradigm that needs to
explain the whole set of the economic, social and cultural changes that bring ICT
(Information Communication Technologies), where the place of “honor” belongs to the
Internet (Ćuzović, Sokolov-Mladenović, 2014). In Internet economy (as in traditional
concepts of economics), can not be avoided payment methods and transactions as essence of
economic relations and activities. Modern means of internet technology and payments include
credit cards, debit cards, electronic check, electronic cash, and micropayments. There will be
more to say about each of these forms. Payment cards are widespread today in the payment
system. The beginnings of using payment cards bind to 1914 when Western Union, for its
privileged users, enabled deferred payment of bills. In 1950s there were great interests for
card based on on-line payment system. Representative of the first such card was the Diners
and charge card, in 1950. Subsequently, Bank of America introduced the AmeriCredit card
(in 1977. and it was named Visa) and later Belgium (the Euro card ...). Since then, the cards
have undergone a significant evolution into their development, and they have become a
significant tools of electronic payment. The use of payment cards has great potential for many
reasons. These include creating a single payment system which are not limited with national
and currency borders, avoiding risk of carrying cash, making the possibility of permanent
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disposal cash as well as many other benefits. Cards can produce only authorized
manufacturers, and each must satisfy certain characteristics and standards. It is also necessary
to disable playback cards, which means that they all need to be with specified dimensions,
holograms and other characteristics markings that are difficult forge. The cards are made of
plastic, while on the back it has a magnetic runway with safety data. Front of the card
contains embossed information about the owner, number cards and expiration date. A special
place on the card belongs to the chip. Credit card “Pay-later” is related to an account that is
approved by the bank, allowing subsequently payment. It involves payment on credit,
deferred payments in installments and letter of credit, whereby payment limits are approved
for card issuer. The customer activates the credit line and spends the bank money of the
issuer. At the end of the month, the bank issues the listing to the client, the deadline for
payment of debt, interest accrued, etc.
The owner of the card pays an annual fee. There are two types of credit cards: charge and
revolving cards. Charge cards allow cashless credit payment and upon the maturity of the
report on the card account, the obligation is to pay the full amount, up to that point of used
credit. Credit Card revolving enables cashless credit payment, and at the maturity of the
report the obligation to pay only one part, (the loan used to give it accounting period). Debit
cards pay-now - represents a payment model in card history with recent history and it is used
in many countries. They are enabled cashless payment covered by the amount of money that
already exists in the owner's account. Debit cards are most commonly used in the store, or
post terminals or ATMs. An electronic check contains the same elements as well as the
classic check but its being cashed and processed electronically. Electronic checks are
nowadays in fully digitized version, and attempts to make the payment at any cost that have
resulted in this modern business solution. By using an electronic check, bank ranks decreased,
to satisfaction of banks and clients. Electronic cash represents a series numbers generated by
the issuing bank and originated from the idea that in the virtual world it has the same function
as the real. Generation of numbers is done by application cryptographic appropriate methods
while using this method of electronic payment assumes the existence of a high degree
customer anonymity and lack of intermediaries in the payment process. An electronic wallet
is a special type of smart card that has special application that is support for saving electronic
money. Electronic wallets in use today have memory for saving several hundred Euros. There
are two currently versions in use- basic electronic cash payment systems - on-line and off-
line. If there is an online connection between the bank and the seller (at the time of the sale)
there are number of online cash transactions payment. If the merchant does not have a direct
connection, electronic cash authentication is done on the face places; electronic cash traffic
contains a number of operations, and because of that it is called off-line payment by
electronic cash. All described forms of electronic payment as part of e-commerce and Internet
economies and there are very popular and representative nowadays. As already mentioned in
the paper, the process of modern business introduces a new dimension of business. Modern
business also means caring for the environment and its protection. Environmental protection
can be studied with different aspects; it involves defining problems and ways of solving them.
Methods of planning, monitoring, recording, reporting and promoting are activities of the
environmental protection. Notion of sustainability and the environment include many sciences
that take on the attribute “green”. It can be seen terms such as: green economy, green
marketing, green management, and so on (Trandaflović, 2013). What do the green economy
mean and how it is connected with Information technology? A green economy means
sustainable economy as well as sustainable investments in business activities that not have a
bad effect on the environment. New materials and information technologies will significantly
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reduce the dependency on natural resources. Numerous analytical data and increasingly
accurate simulations of the global ecosystem model can help to predict the availability,
production and consumption of raw materials and energy (Božić, Aleksić, 2016).Talking
about the achieving of sustainable development, it can not be achieved without environmental
protection; because the system of sustainable development is the link between society and
nature (https://agroekonomija.wordpress.com/2012/04/23/odrzivi-razvoj/).Modern economy
is stimulating sustainability playing imported role in environmental protection - because many
traditional actions such as transport, delivery, waiting and similar are accelerated by mail and
information technology. Therefore the modern ways of business reduced negative impact of
traditional business, contributing to quality of life (Lechner, Hummel, 2002).
Instead conclusion
In the modern world, in the business that dominates market globalization and economic
regionalization modern information technologies play a very important role. Networking of
business, companies and administrational, by Internet development, have contributed to much
more efficient and distance business. Because of the rapid technological development that
accompanies the 21st century, adopting modern technology and e-commerce at the global
level is a necessity. Modern forms of business have also contributed to creation of modern
economics, i.e. internet economy. Despite the many benefits that modern Information
Technology brings (as well as the speed of information), it is necessary to noted some
disadvantages of this technology. Using of Internet means that the privacy was loosed; people
are slowly alienating. There is no need to see each other and to speak few words in some
place, because they already do this through modern virtual social networks. A circle of false
friends is created! With all that, man of modern society uses less and less the “living” words,
traditionally written; communication and explanation are reduced by computers! All
mentioned, contributed to the reduction of writing and reading, as well as to disappearance of
the essence of face to face human communication. The man of nowadays has become very
insecure, hiding from the real world, considering that it is not so important to communicate on
the traditional ways. Multimedia creates a fulfilled image living space and life in general; the
men think that traditional manners are no longer needed. Anything can be done and said with
just one touch of a button. But, are the modern tools safe for using? Of course, that there are
not safe. Thanks to the computerized mode, in which is various information left by internet
users, there has appeared a new so-called internet mafia. Name, address, telephone numbers,
current locations, current accounts, as well as card numbers and electronic payments can be
used instantly; an internet offender can conceal his existence on the internet in a second.
When we talk about sustainable development - in line to the economic and environmental
components - social component represent the third pillar of sustainability. However, it seems
that man by using of modern technologies became isolated from nature and all the benefits
that nature offers. Man must not forget that he was made of blood and flesh, that he is a part
of nature, part of the great Universe, and that he is only little dust in Universe. On the one
hand, accelerated technological development brings great benefits, while on the other hand it
can be a trigger of self-destruction! Modern civilization must learn to harmonize, in other
words to balance own capabilities and desires, with the capacity of the environment.
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Literature
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