Economic Review: Journal of Economics and Business

STRUCTURAL DEMOGRAPHIC CHANGES AS A DETERMINANT OF LABOR FORCE DYNAMICS IN THE FEDERATION OF BOSNIA AND HERZEGOVINA

Hidajet Klapić, Senad Fazlović, Safet Kozarević — Sun, 30 Nov 2025 00:00:00 +0000

Relevant demographic indicators and available projections suggest a continued deterioration in the age structure of the population, accompanied by persistent depopulation trends in Bosnia and Herzegovina. These changes have multiple implications for labor force dynamics, as well as for the overall economic and demographic development of the country. They lead to a reduction in the potential labor force, a worsening ratio between the active and dependent segments of the population, and as such, increase pressure on the pension, healthcare and education systems. In light of the above, the primary objective of the research is to determine the relationship between demographic structures and labor force dynamics in the Federation of Bosnia and Herzegovina. The empirical part of the study is based on official documents and statistical data published by the Institute for Statistics of the Federation of Bosnia and Herzegovina and the Federal Institute for Development Programming. The research covers ten cantons and the time period from 2013 to 2024. Using panel regression analysis, the study establishes a significant link between demographic structures and the economic activity of the population in the Federation of Bosnia and Herzegovina.

HAPPINESS AT WORK: A SYSTEMATIC LITERATURE REVIEW OF STUDIES PUBLISHED IN THE PERIOD 2022–2025

Ivana Jadrić — Sun, 30 Nov 2025 00:00:00 +0000

This study provides a comprehensive review of research on happiness at work – a dynamic and attractive concept that is constantly evolving. Given the dynamic nature of the concept and the impact of various factors on its understanding, the analysis is focused on scientific papers published in the last three years, with the aim of identifying the latest research trends. In order to map research tendencies and identify existing research gaps, 2,046 scientific articles retrieved from the Web of Science and Scopus databases were analyzed, using the key word happiness at work. After applying the PRISMA method and eliminating the papers that did not fully correspond to the topic, the final analysis included 98 relevant articles that were completely in the scope of the research. The research results indicate a growing interest in this topic, which is reflected in the growing number of publications in the last period. In addition, a strong connection of happiness at work with the concepts of corporate social responsibility, sustainability, management styles, and the formation of a positive organizational climate was observed. Also, there is a trend of increased publication of papers on this topic in specific sectors such as healthcare, banking, and education.

ANALYSIS OF THE EFFICIENCY OF BANKS IN BOSNIA AND HERZEGOVINA BASED ON DEA AND SFA METHODS

Slađana Paunović, Dajana Kovačević — Sun, 30 Nov 2025 00:00:00 +0000

This paper analyzes the efficiency of banks in Bosnia and Herzegovina in 2023 using Data Envelopment Analysis (DEA) and Stochastic Frontier methods (SFA). The aim of the research is to measure the efficiency of banks in generating income, using variables such as total assets, number of employees and operating expenses as inputs, and interest and non-interest income as outputs. The results show that both methods produce similar average efficiency indices throughout the observed period. However, the analysis of the ranks indicates inconsistency in the assessment of efficiency at the level of individual banks. This suggests that while these methods provide stable insights into the overall efficiency of the banking sector, they become inconsistent when applied to individual banks.

INFLUENCE OF PERSONALISATION ON MOBILE LOYALTY PROGRAMME CONFIRMATION AMONG RETAIL CONSUMERS IN SOUTH AFRICAN TOWNSHIPS

Eva Nkgome Mahlangu — Sun, 30 Nov 2025 00:00:00 +0000

This study investigated the influence of personalisation benefits on the confirmation of mobile loyalty programmes among retail consumers in South African township markets. A quantitative research design was employed using an online self-administered survey. Data were collected from 516 black consumers, aged 18-65, residing in South African townships, who had used at least one mobile loyalty programme in the retail industry. Simple random sampling was used, and data were analysed using SmartPLS 4 for structural equation modelling. Demographic characteristics (education, gender, age, and income) were included as control factors. The results revealed that personalisation benefits have a significant but weak positive influence on confirmation. Gender, age, income, and education had no significant effects on confirmation. The study highlights the need for retailers to design and implement personalised mobile loyalty programmes that are tailored to consumers in township markets. This approach is crucial in strengthening consumers’ confirmation of mobile loyalty programmes and ultimately enhancing long-term programme use. The findings offer valuable insights into the under-researched township market and thus provide more understanding of mobile loyalty programme behavior. Additionally, the study extends the application of technology continuance theory and social exchange theory in a developing country context, adding value to academic literature. The study further adds value by adapting and validating measurement instruments for new, under-researched settings, which supports future research and instrument development in similar contexts.

RIDGE REGRESSION AS A POLICY FORECASTING TOOL IN LOW-DATA ENVIRONMENTS: EVIDENCE FROM BANGLADESH

Syed Ishfaqul Bari — Sun, 30 Nov 2025 00:00:00 +0000

Forecasting economic development outcomes in low-data environments is a significant challenge in many developing countries. This study presents ridge regression as a solid alternative to ordinary least squares (OLS) for policy forecasting in situations with small sample sizes and multicollinearity. Using Bangladesh as a case study, we apply ridge regression to evaluate how population growth, savings rates, and inflation affect GDP per capita growth from 1990 to 2025. The model shows a moderate fit (R² = 0.686) and delivers stable, interpretable coefficients despite multicollinearity. Policy simulations, such as increasing the savings rate or reducing population growth, indicate considerable potential to improve economic outcomes. These findings suggest that ridge regression can act as both a diagnostic tool and a practical method for forecasting and assessing policy interventions in data-limited contexts.

GREEN FINANCE AS A CATALYST FOR TECHNOLOGICAL INNOVATION: A HETEROGENEOUS ANALYSIS OF EMERGING ECONOMIES

Saqib Munir, Khawaja Zeeshan Waheed — Sun, 30 Nov 2025 00:00:00 +0000

The role of green finance in driving technological innovation in resource-constrained emerging economies is examined. Despite substantial inflows, many nations struggle to convert funds into green technology advancements, prompting questions about finance-innovation mechanisms. Empirical evidence on heterogeneous impacts of green finance flows on technological innovation is extended, incorporating moderators like institutional quality, energy market dynamics, trade openness, and human capital development. Data from 2004–2023 across 10 BRICS economies (WDI, WGI) are analysed using fixed-effects panel regression and instrumental variable estimation. Renewable Energy Consumption (REC), a proxy for green finance, positively influences technological innovation; a 1% REC increase is associated with a 6.29% innovation rise. Strong institutions amplify this effect while trade openness unexpectedly weakens it. Energy intensity strengthens the linkage, whereas education expenditure negatively moderates it. Prioritization of institutional reforms and alignment of green finance with supportive policies are suggested to maximize technological innovation and advance sustainable development goals (SDGs). Regional variations and feedback loops should be validated to deepen the understanding of technological innovation dynamics.