Authors: Prof. Dr. Ismet Kalić
Mr. Nermina Ćatić
Mr. Tarik Ćatić

The circular economy is a new way of creating value that ensures that resources remain in use for as long as possible. Unlike the linear economic model, in which a product is simply discarded after use, in a circular economy, once the maximum value of a product has been extracted, that value can be recovered, reproduced, reused and recycled to create new products. The first chapter of the paper discusses the principles and foundations of the circular economy and sustainable development. The circular economy provides companies with new sources of income through new savings, while more efficient use of resources reduces production costs. In a circular economy, less material is required in the production process, which directly results in the minimisation of waste and, in turn, lower disposal and storage costs.

The second chapter elaborates a new approach to financing and investment in the circular economy. Implementing a circular business model in most cases requires significant initial investments. However, in the long term, this model brings financial benefits such as reduced resource consumption, more efficient use of energy, recycling and reuse of materials, which can significantly reduce production costs. The third chapter presents modern financial management as a link between the circular economy and sustainable development. Financial management plays a key role in the successful implementation of the circular economy. Efficient use of resources, risk management and ensuring the long-term stability and sustainability of the company represent the new role of modern financial management in the circular economy.

Authors: Dr. Suzi Mikulić
Ivo Pandža

The aim of this research was to analyse changes in indicators of profitability, efficiency and growth of large enterprises in the non-financial sector in the Federation of Bosnia and Herzegovina during the crisis period (2020–2024) compared to the pre-crisis period (2015–2019), as well as to examine their resilience to macroeconomic shocks. The results show a significant increase in return on assets (ROA), while the net profit margin and total asset turnover remained stable. At the same time, a decline in the growth rate of revenues and assets was recorded in the crisis period. These findings indicate that large enterprises, despite the crisis, managed to optimise costs, use resources more efficiently and maintain business stability. The research contributes to a better understanding of the behaviour of enterprises facing multiple crises and can serve as a basis for further research.

Authors: Dr. Minela Nuhić Mešković
Dr. Admir Mešković

In the contemporary business environment, risk management is gaining increasing importance. Organisations are increasingly abandoning traditional, silo-based approaches and turning to integrated and strategically oriented frameworks. This paper analyses key differences between traditional and modern approaches to risk management, with particular emphasis on the advantages brought by standardisation through international frameworks such as ISO 31000 and COSO ERM. Traditional models, although still present in practice, are characterised by reactivity, fragmentation and weak alignment with organisational objectives. In contrast, integrated approaches enable proactive and coordinated risk management, thereby contributing to greater resilience, transparency and value creation. Through a comparative analysis, this paper highlights the importance of moving towards standardised approaches that allow better insight into risks in the overall business context and improvement of business performance.

Authors: Dr. Ankica Čanić
Dr. Azira Osmanović

Today’s modern society is characterised by a dynamic business environment with frequent crises in the operations of enterprises. Management accounting plays a very important role in business decision-making, especially in crisis conditions. This type of accounting enables managers to obtain key information they need in order to determine courses of action and make sound business decisions that will pull the enterprise out of crisis and ensure successful continuation of operations in a changing and dynamic market. The information obtained helps in analysis and forecasting and is indispensable for managers. The more management accounting is present and the more readily available its reports are to management, the more correct and successful the business decisions taken for the future of the enterprise will be. Its application is no longer an option but a necessity, leading the enterprise towards sustainability, optimisation of operations and increased profitability.

Author: Mr. Advija Alihodžić

The purpose of this paper is to highlight the contribution of insurance companies and other financial institutions, such as banks, microcredit foundations and investment funds, to the creation of a circular economy – a system in which the use of resources, waste, emissions and energy consumption are reduced to a minimum. The aim of this system is a renewable and regenerative economy that, at all times, maintains the highest possible usability and value of products, materials and components without waste.

The paper consists of three parts: introduction, the importance of insurance companies and other financial institutions for the development of the circular economy and conclusion. The introductory part defines the concepts of insurance, banks, microcredit foundations and investment funds, the circular economy, as well as their contribution to creating a better quality of life for all within the ecological boundaries of the planet. The section “The importance of insurance companies and other financial institutions for the development of the circular economy” highlights the possibility of providing financial resources and insurance services under more favourable conditions for activities that do not generate non-reusable waste, as well as for activities engaged in waste recycling, turning it into new raw materials for new industrial branches, which contributes to higher employee incomes, increased employment and sustainable development. The analysis of material flows (metabolism) and waste management from production activities to service companies is a very important activity for the development of the circular economy. This research uses quantitative and qualitative methods. The contribution of the paper is to draw attention to the importance of more favourable sources of investment funds and more favourable insurance services for the development of the circular economy – a zero-waste economy.

Author: Prof. Dr. Jamila Jaganjac

Organisational justice, which is realised through distributive, procedural and interactional justice, can significantly influence employee motivation. It represents employees’ perception of the fairness of decision-making in the allocation of resources, as well as fair relationships and treatment in the workplace. The aim of the paper is to examine the impact of elements of organisational justice on employee motivation. The purpose of the paper is to highlight the key aspects of organisational justice in the creation of human resource management strategies. Comparative and statistical methods were used. The research results indicate that there are no statistically significant differences in attitudes regarding the impact of elements of organisational justice on employee motivation with respect to the respondents’ demographic characteristics. The obtained results can be used as a starting point in the creation of human resource management strategies.

Author: Assist. Prof. Dr. Muzafer Brigić

The circular economy is a new economic model that requires the engagement of all market participants in order to implement it in practice. To establish economically and environmentally sustainable development models and thereby achieve the goals of the circular economy, this concept places emphasis on innovative thinking in all production processes (design thinking), on systems theory (systems thinking), on extending product life cycles, as well as on recycling. Great expectations are directed towards the activities carried out by enterprises, primarily in the part relating to the creation of innovations in their technological processes, product range and business models. Existing enterprises, through their intrapreneurial activities, generate innovations aimed at improving the economic model of the circular economy and building their own competitive advantages. This paper presents the results of research conducted on 100 enterprises in BiH, with clear indicators of the impact of intrapreneurial innovation on competitive advantages.

Authors: Mr. Malik Ikanović
Mr. Asim Bojić

This paper analyses reorganization as a new approach to bankruptcy issues. Reorganization represents a set of organisational, financial and other measures undertaken in relation to the bankruptcy debtor with the aim of its financial recovery and continuation of business activities, including the termination of bankruptcy proceedings. The bankruptcy system should ensure the stability of creditors’ claims during regular business operations, but also in times of potential financial difficulties. Bankruptcy proceedings are uncertain and very difficult for creditors. One of the objectives of bankruptcy is certainly the satisfaction of creditors, but this depends on the debtor’s assets entering the bankruptcy estate.