Ozren Uzelac

@ef.uns.ac.rs

Economy / Faculty of Economics Subotica
University of Novi Sad - Faculty of Economics

Ozren Uzelac


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https://researchid.co/ozren.uzelac
6

Scopus Publications

279

Scholar Citations

8

Scholar h-index

7

Scholar i10-index

Scopus Publications

  • The Impact of Capital Structure on the Performance of Serbian Manufacturing Companies: Application of Agency Cost Theory
    Aleksandra Stoiljković, Slavica Tomić, Bojan Leković, Ozren Uzelac, Nikola V. Ćurčić
    Sustainability Switzerland, 2024
    This paper examines the impact of debt in the capital structure on agency costs and therefore on the performance of a company. The efficiency of companies was estimated using two parametric techniques: Ordinary Least Squares (OLS) methods and a Stochastic Frontier Analysis (SFA). The estimated efficiency represents a measure of (inverse) agency costs. Agency costs cause a lower level of efficiency compared to companies that have minimized these costs, and companies that reach the efficiency frontier, in the observed context of this research, are viewed as those that have minimized agency costs. A panel regression model was applied in order to determine the direction and intensity of the influence of leverage and control variables on the initially estimated efficiency of the company. The results of this research on Serbian manufacturing companies show the expected positive effect of capital structure (leverage) on the efficiency of the company, which is in accordance with the predictions of the agency cost theory. The contribution of this research is reflected in the application of efficiency as a performance indicator in the observed context of examining the theory of agency costs, bearing in mind that the measure of efficiency is closer to the theoretical view of these costs.
  • Determinants of social entrepreneurs in southeast europe: Gem data analysis
    Bojan Leković, Ozren Uzelac, Tibor Fazekaš, Aleksandra Marcikić Horvat, Petar Vrgović
    Sustainability Switzerland, 2021
    With this paper, we aim to examine the relationship between cognitive, social, and demographical factors, as well as national culture and its relationship with social entrepreneurial activity in Southeast Europe (SEE). The empirical research employs a binary logistic regression model, utilizing data obtained from the Global Entrepreneurship Monitor. For the purpose of the empirical research, we selected a sample of early-stage entrepreneurs who founded their businesses in Hungary, Romania, Slovenia, Croatia, or North Macedonia. The research sample in these five countries includes 10,012 examinees, of which 615 are social entrepreneurs. A statistically significant relationship was identified between observed phenomena in terms of entrepreneurial networking, risk aversion, individualism, entrepreneurial social image, media impact, gender, work status, and education. The results can be explained by the specific entrepreneurial context of the SEE region. We also point out recommendations for future research.
  • Effects of human resources management on the manufacturing firm performance: Sustainable development approach
    Marijana Dukić Mijatović, , Ozren Uzelac, Aleksandra Stoiljković, , and
    International Journal of Industrial Engineering and Management, 2020
    Sustainability is a necessity in today’s business since long-term development cannot be achieved without embracing it. The fourth industrial revolution (i.e., Industry 4.0) that introduced the digital transformation of companies is pushing the industry towards sustainable development. Human resource management (HRM), as part of the Industry 4.0 concept, plays an essential role in the process of digital transformation, since employees represent the most flexible part of the production system. This paper aims to analyze the relationship between the implementation of HRM practices and the introduction of digital technologies in manufacturing firms. Additionally, the authors intend to determine whether the introduction of digital technologies enables the flexibility of the production system. For this purpose, data gathered through the European Manufacturing Survey (EMS) are used. The analyses are based on descriptive statistics and regression analysis. The results reveal that there is a significant positive relationship between the use of HRM practices and the implementation of digital technologies in manufacturing firms. Furthermore, firms that implemented digital technologies have a tendency to organize their production processes in a way that corresponds to trends in production imposed by the Industry 4.0 concept.
  • Legal framework, political environment and economic freedom in central and Eastern Europe: do they matter for economic growth?
    Ozren Uzelac, Milivoje Davidovic, Marijana Dukic Mijatovic
    Post Communist Economies, 2020
    This article investigates the impact of institutional variables on economic activity (GDP) in 19 Central and Eastern Europe (CEE) countries, covering the period 1999–2016. We utilise Principal Component Analysis (PCA) to construct a hybrid measure of economic freedom, and the Random Effect model to estimate the causalities. The analysis shows that many CEE countries have improved their institutional setting, especially the control of corruption. The regression results indicate that the control of corruption and democracy have a positive and significant impact on the GDP. Also, political stability promotes growth, while the quality of regulation is statistically insignificant. Finally, the rule of law and economic freedom accelerate economic growth. Overall, the legal framework, political stability and economic freedom shape the economic reality in the CEE region. We conclude that institutions matter for growth in the CEE countries.
  • Efficiency dynamics of the Croatian banking industry: DEA investigation
    Milivoje Davidovic, Ozren Uzelac, Vera Zelenovic
    Economic Research Ekonomska Istrazivanja, 2019
    The paper deals with the efficiency dynamics of the Croatian banking industry, covering the period from 2006 to 2015. We have implemented the intermediation approach, using interest and non-interes...
  • Review of energy security at global level with special reference to the republic of serbia (Economic and legal aspects)
    Oxidation Communications, 2017

RECENT SCHOLAR PUBLICATIONS

  • Liability insurance against infringement of intellectual property rights
    O Uzelac, S Jovanović
    Tokovi osiguranja 41 (2), 352-378 , 2025
    2025
  • SOME ASPECTS OF RISKS IN EXTREME SPORTS INSURANCE
    S Jovanović
    Teme-Časopis za Društvene Nauke 49 (1), 35-47 , 2025
    2025
  • The impact of capital structure on the performance of Serbian manufacturing companies: Application of agency cost theory
    A Stoiljković, S Tomić, B Leković, O Uzelac, NV Ćurčić
    Sustainability 16 (2), 869 , 2024
    2024
    Citations: 15
  • Insurance of Musicians and Their Material Interests
    S Jovanovic, O Uzelac
    Eur. Ins. L. Rev., 27 , 2024
    2024
  • Planirana dotrajalost kao korporativna strategija proizvo ača: pojmovno odre enje, posledice primene i pravna regulacija
    M Mijatović, T Gajinov, O Uzelac
    Ecologica 30 (110), 173-179 , 2023
    2023
    Citations: 2
  • The Nature of the Legal Norms Regulating the Insurance Contract
    O Uzelac, S Jovanovic
    Eur. Ins. L. Rev., 8 , 2023
    2023
  • CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT–INTERNATIONAL LEGAL FRAMEWORK FOR GOALS ACHIEVEMENT AND SOME THEORETICAL INSIGHTS
    DMS Marijana, UN Ozren, SV Aleksandra
    Pravo–teorija i praksa 40 (1), 1-16 , 2023
    2023
    Citations: 3
  • Directions of Development of Universal Human Right to a Healthy Environment
    DZ Nikolic
    Zbornik Radova 57, 71 , 2023
    2023
  • Sustainable development and corporate social responsibility: Theoretical background and socio-economic context
    O Uzelac, MD Mijatović, A Stoiljković
    Ekonomija-teorija i praksa 15 (4), 153-165 , 2022
    2022
  • Digital token in the business function of cooperatives
    MD Mijatović, O Uzelac, P Mirković
    Economic of Agriculture 69 (4), 1225-1239 , 2022
    2022
    Citations: 5
  • Gender Diversity in Corporate Governance in Serbia: Legal Issues and Potential Remedies
    ON Uzelac, MD Mijatović
    Kultura Polisa 19 (4), 46-64 , 2022
    2022
  • Legal and economic aspects of the use of municipal bonds
    P Jakšić, O Uzelac
    Ekonomija-teorija i praksa 15 (2) , 2022
    2022
    Citations: 1
  • The role of branding agricultural products in better market valorization
    O Uzelac, MD Mijatović, M Lukinović
    Economic of Agriculture 69 (2), 613-625 , 2022
    2022
    Citations: 15
  • Pravni aspekti svetlosnog zagađenja Legal aspects of light pollution
    T Gajinov, O Uzelac, M Mijatović
    Ecologica 29 (108), 617-626 , 2022
    2022
    Citations: 2
  • Principi solidarnosti i uzajamnosti u obaveznom socijalnom osiguranju zanatlija, trgovaca i rudara u 19. veku u Srbiji
    S JOVANOVIĆ, O UZELAC
    Evropska revija za pravo osiguranja 21 (1), 9-16 , 2022
    2022
    Citations: 1
  • The Principle of Solidarity and Mutuality in the Mandatory Social Insurance of Craftsmen, Merchants and Miners in the 19th Century in Serbia
    S Jovanovic, O Uzelac
    Eur. Ins. L. Rev., 9 , 2022
    2022
  • Practice of extended competence of the Ombudsman for the financial services of the United Kingdom in the field of insurance
    O Uzelac, MD Mijatović
    Pravo-teorija i praksa 38 (4), 1-15 , 2021
    2021
  • Determinants of social entrepreneurs in southeast Europe: Gem data analysis
    B Leković, O Uzelac, T Fazekaš, AM Horvat, P Vrgović
    Sustainability 13 (20), 11513 , 2021
    2021
    Citations: 8
  • Does capital structure affect the differences in the financial performances of small enterprises?
    A Stoiljković, S Tomić, O Uzelac
    Strategic Management-International Journal of Strategic Management and … , 2021
    2021
    Citations: 16
  • NASTANAK I PRAVNO REGULISANJE INSTITUTA DRUGE ŠANSE ZA PREDUZETNIKE U EVROPSKOJ UNIJI
    MSD Mijatović, ON Uzelac
    Strani pravni život 65 (1), 91-104 , 2021
    2021

MOST CITED SCHOLAR PUBLICATIONS

  • Effects of human resources management on the manufacturing firm performance: Sustainable development approach
    MD Mijatović, O Uzelac, A Stoiljković
    International Journal of Industrial Engineering and Management 11 (3), 205-212 , 2020
    2020
    Citations: 54
  • Legal framework, political environment and economic freedom in central and Eastern Europe: do they matter for economic growth?
    O Uzelac, M Davidovic, MD Mijatovic
    Post-Communist Economies 32 (6), 697-725 , 2020
    2020
    Citations: 49
  • Efficiency dynamics of the Croatian banking industry: DEA investigation
    M Davidovic, O Uzelac, V Zelenovic
    Economic research-Ekonomska istraživanja 32 (1), 33-49 , 2019
    2019
    Citations: 49
  • Does capital structure affect the differences in the financial performances of small enterprises?
    A Stoiljković, S Tomić, O Uzelac
    Strategic Management-International Journal of Strategic Management and … , 2021
    2021
    Citations: 16
  • The impact of capital structure on the performance of Serbian manufacturing companies: Application of agency cost theory
    A Stoiljković, S Tomić, B Leković, O Uzelac, NV Ćurčić
    Sustainability 16 (2), 869 , 2024
    2024
    Citations: 15
  • The role of branding agricultural products in better market valorization
    O Uzelac, MD Mijatović, M Lukinović
    Economic of Agriculture 69 (2), 613-625 , 2022
    2022
    Citations: 15
  • Agricultural sustainability and social responsibility
    MD Mijatović, O Uzelac, A Stoiljković
    Економика пољопривреде 68 (4), 1109-1119 , 2021
    2021
    Citations: 14
  • Determinants of social entrepreneurs in southeast Europe: Gem data analysis
    B Leković, O Uzelac, T Fazekaš, AM Horvat, P Vrgović
    Sustainability 13 (20), 11513 , 2021
    2021
    Citations: 8
  • Digital token in the business function of cooperatives
    MD Mijatović, O Uzelac, P Mirković
    Economic of Agriculture 69 (4), 1225-1239 , 2022
    2022
    Citations: 5
  • Tradicionalne pravne ustanove i pravo osiguranja
    S Jovanović, O Uzelac
    Evropska revija za pravo osiguranja 19 (1), 8-15 , 2020
    2020
    Citations: 5
  • Neka pitanja pravnog aspekta elektronske trgovine
    O Uzelac, D Protić
    Pravo-teorija i praksa 28 (10-12), 101-109 , 2011
    2011
    Citations: 5
  • Ownership structure as a measure of corporate performance
    S Marić, O Uzelac, MS Jelača
    Strategic Management-International Journal of Strategic Management and … , 2019
    2019
    Citations: 4
  • Telematics and recent trends in automotive insurance and other types of insurance
    N Gvozdenović, O Uzelac
    Anali Ekonomskog Fakulteta u Subotici, 33-43 , 2018
    2018
    Citations: 4
  • Pravni opseg postupanja lokalnog ombudsmana posmatran kroz prizmu problema koji se javljaju u svakodnevnom radu
    А Grujić, О Uzelac
    Zbronik radova IX tradicionalnog međunarodnog naučnog skupa „Pravnički dani … , 2012
    2012
    Citations: 4
  • Pravni aspekti ugovora o osiguranju života posmatrani u odnosu na druge slične ugovore
    O Uzelac
    Revija za pravo osiguranja 2, 22 , 2011
    2011
    Citations: 4
  • CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT–INTERNATIONAL LEGAL FRAMEWORK FOR GOALS ACHIEVEMENT AND SOME THEORETICAL INSIGHTS
    DMS Marijana, UN Ozren, SV Aleksandra
    Pravo–teorija i praksa 40 (1), 1-16 , 2023
    2023
    Citations: 3
  • Fakultativna međunarodna pravila u oblasti ugovornog prava reosiguranja
    S JOVANOVIĆ, O UZELAC
    Evropska revija za pravo osiguranja 22 (1), 38-51 , 2021
    2021
    Citations: 3
  • Review of Energy Security at Global Level with Special Reference to the Republic of Serbia (Economic and Legal Aspects)
    Z Bjelajac, M Dukić Mijatovic, O Uzelac
    Oxidation Communications 40 (2), 762-772 , 2017
    2017
    Citations: 3
  • Human resources management in agribusiness: Specifics and systematization possibilities
    V Konja, O Uzelac
    Anali Ekonomskog fakulteta u Subotici, 309-322 , 2015
    2015
    Citations: 3
  • Criticism of leadership scholarship and education: The case of Serbia
    V Konja, D Matic, O Uzelac, A Grujic
    Proceedings of the" International Conference on Advanced Education and … , 2014
    2014
    Citations: 3