In recent decades, predicting company bankruptcies and financial troubles has become a major concern for various stakeholders. Furthermore, because financially sustainable businesses are affected by numerous highly complex factors, both internal and external, the situation is even more complex. This paper applies Altman’s Z-score models; more precisely, the paper applies the initial Z-score model (a model for manufacturing companies), the Z′-score model (for companies operating in emerging markets), and the Z-score bankruptcy probability calculation. Therefore, this paper offers the results of the application of different Z-score models and the calculation of bankruptcy probability on a sample of agricultural companies listed on the Belgrade Stock Exchange in the period 2015–2019. In addition, different Z-score models are used for the same sample so that the difference between their results and application can be determined. In addition, the validity of the data published in the financial statements of the respective companies was confirmed using the Beneish M-score model with five and eight variables. The results obtained by applying Altman’s Z-score model (initial and adapted to emerging markets) indicate that a certain number of companies had impaired financial stability during the observed period, i.e., that they were in danger of bankruptcy. In addition, based on the results obtained using the Beneish M-score model, it was identified that a number of companies showed signals that indicate possible fraudulent financial reporting. Further, it was found that less than half of the observed companies reported on environmental protection in their annual reports, and they did so by providing a modest amount of information. The originality and value of the paper lies in suggesting that policymakers in the Serbian emerging markets should pay more attention to the operations of companies from the observed sector, as well as to their financial and non-financial reporting. Future research should focus on comparisons with agricultural companies from the same sector whose securities are listed on stock exchanges in the region.

Environmental demanding situations require businesses to innovative as a way to gain each environmental, economic and social goals. This article objectives to suggest the elements influencing improvement of green female entrepreneurship thinking about the improvement possibilities thru standardization and gender equality inherent within side the green economy. Using the methods of regression evaluation with the aggregate of Likert's scale approach, 226 woman entrepreneurs from Serbia in 2021 have been involved in the research. The findings display female entrepreneurship however also, that there may be inadequate interest been committed to them within side the procedure of greening their enterprise in green economy support measures for small and medium companies.

International trade drives expansion and development, significantly contributing to national productivity and job creation. The aim of this research is to investigate four groups of factors that act as independent variables and their impact on the export performance of SMEs as the dependent variable. This study examines critical elements shaping the global trade success of small businesses and medium-sized enterprises, with export revenue as the dependent variable. A sample of 342 Serbian enterprises, primarily exporters, was surveyed through an online questionnaire conducted at the end of 2024, in collaboration with the Serbian Association of Employers. The survey targeted business owners and managers, who provided their assessments using a Likert scale on 12 statements related to four predefined research variables, focusing on factors influencing SME export propensity, with a particular emphasis on gender. The findings, with contingency table analysis, indicate that internal factors, such as the implementation of new technologies and organizational adaptability, exert the greatest influence on export performance, along with all external factors examined. Additionally, company size was found to have a significant impact on export revenue. Regarding gender, the study assessed the role of female-owned SMEs and found that they are less likely to engage in export activities. The results align with existing academic literature, suggesting that female-owned SMEs face systemic disadvantages due to smaller firm size, limited managerial capacity, resource constraints, and insufficient market knowledge. Consequently, gender was not identified as a significant direct determinant of SME export performance and revenue. These research findings contribute to the literature on SME internationalization, digitalization, organizational change, gender issues, and women's entrepreneurship. Furthermore, they offer valuable insights for feminist economic studies and policy discussions aimed at supporting female entrepreneurs.