Modern consumer society uses an increasing number of products to meet its needs, which become waste after use, thus posing a serious problem that threatens sustainable development. Investment in waste recycling, due to a high level of non-financial benefits, is considered sustainable, especially in the End-of-life Vehicles (ELV) and Waste Electrical and Electronic Equipment (WEEE) recycling areas. The research objective of this paper is to test the sensitivity of the model for sustainable management of recycling projects by applying a cost-benefit analysis (CBA) to investment projects of car and refrigerator recycling in the Republic of Serbia. By testing the key risk factors of the above investment projects within the sensitivity analysis, the main aim is to determine the critical value of these variables in terms of the financial and social acceptability of these investment alternatives. The results obtained indicate that state subsidies have the greatest influence on defining the model of sustainable investment, especially in the field of e-waste recycling. The impact of other factors, the price of secondary raw materials and the social cost of CO₂ emissions, is significantly smaller, but should certainly be taken into account when defining the optimal model of sustainable investment.

This paper investigated key areas in which environmental, social and governance issues may be important in M&A transactions, with a particular emphasis on the Serbian food industry. The analysis was conducted using a sample of 11 realized M&As in the Republic of Serbia with the food producers as target companies and is based on the data acquired from the targets' annual reports and Web sites. The analysed transactions, that have been randomly elected, belong to different legal types of M&A: acquisition of asset, acquisition of shares, tender offer and merger/consolidation. Following the classification of sustainability issues, two types of M&A in the Serbian food industry have been distinguished: one enables the acquirer to build the presence in the key segments with sustainability products in line with modern health trends, while the other helps the buyer to improve synergies and consolidate leadership position by acquiring target with a recognized sustainability profile and credibility.

Bearing in mind the different nature and the impact of various types of foreign direct investments (FDI) on the one hand, and the specific macroeconomic environment in the post-socialist countries on the other hand, in this paper we reexamine the selected macroeconomic factors that affect the two types of FDI inflows (cross-border mergers and acquisitions and greenfield FDI) in four countries of the former Socialist Federal Republic of Yugoslavia. The study employs the balanced panel data framework and covers twelve-year period (2006-2017). Having performed the Hausman test, we use the random effect model and provide evidence that: (1) the key FDI macroeconomic determinants in stable business conditions, examined in numerous research studies, can have a different impact on FDI in times characterized by unstability and financial crisis, (2) some determinants of FDI inflows have different importance and direction in the case of cross-border M&A and greenfield FDI. Our findings are relevant for policymakers who should reconsider the key factors that fuel the FDI inflows towards their developing economies.