The aim of this study is to analyze which factors affect the profitability of banks in the eurozone and to make recommendations for supporting them to achieve higher levels of profitability in particular eurozone countries. The banks operating in the eurozone are specific that they are under one monetary policy. The main purpose of the banks’ profitability analysis is to identify main bank-specific and macroeconomic determinants and help bank management to more fully comprehend their importance of bank-specific determinants and macroeconomic determinants’ influence when measuring and evaluating bank profitability. For the purpose of this research, we analyze the impact of bank-specific determinants (NPL, CIR, NIM, NIF and NIT) and macroeconomic determinants (GDP, INF, UNM and DEBT) on bank profitability in the eurozone for the period of 2015–2020 using a random effects model, fixed effects model, and the general method of moments (GMM). This empirical research analyzed quarterly data series from Eurostat for eighteen countries in the eurozone. We came to the results that on the eurozone-level NPL, the cost-to-income ratio has a negative impact on the banks’ profitability, while the net interest income to the operating income, the net income for trading assets to the operating income and the net fee and commission income to the operating income have a positive impact on the banks’ profitability. Considering the macroeconomic variables, we found a positive impact only in the case of GDP, while the inflation rate, unemployment rate and gross government debt have shown a negative impact on the banks’ profitability. The main contribution of this study implies different panel techniques with two uncommonly used macroeconomic variables such as the unemployment rate and debt ratio. The results on the country level differ from country to country and these findings can give a lead to policy makers on the national level on how to enhance the banks’ profitability levels.

Banks represent important subjects in business, with dominant positions in the financial system in the world. Banks developed various financial products and services that can cover most market needs. As a result of adequate portfolio diversifications, banks recorded positive profitability rates. In addition to being adjusted to competition, banks should also focus on the environment. Therefore, banks have recognized an opportunity to offer green products and services and support environmentally-friendly initiatives and projects. The aim of this paper is to identify whether crucial determinants of bank profitability are moderated by the presence of green loans in the bank portfolio. For this purpose, a panel fixed-effects approach was applied to data from the Republic of Serbia (2014–2021). The obtained results indicate that the presence of green loans in a bank’s portfolio moderates the influences of a bank’s liquidity on the bank’s profitability measured by return on assets (ROA) and return on equity (ROE). The contribution of the conducted research is that it is, according to the authors’ knowledge, the first measurement and estimation of the moderating effects of green loans’ presence in banks’ portfolios on their profitability. In addition to financial, marketing implications were considered.

Net interest income represents one of the main indicators of banks' profitability. In practice, return on assets (ROA) and return on capital (ROE) indicators are most often used as indicators, but the topic of this study is the investigation of determinants, that have the greatest impact on the net interest income of banks in the Serbian market. The research is based on numerous previous analyzes of factors that have effects on the profitability of banks in many countries. This study covers the period from 2014 to 2021 and includes a total of 22 banks currently operating in the Serbian market. The data used for the purposes of the research were taken from the financial reports of the banks themselves, as well as the World Bank database. In the research, the authors take Net Interest Margin (NIM) as a dependent variable, while as independent variables they take indicators of Net Non-Interest Margin (NNIM), Liquidity (LIQ), Debts (LOAN), Bank Size (SIZE), Non-performing loans (NPL) and Unemployment (UNEM). In the analysis, the authors analyzed the correlation matrix, the Levin, Lin & Chu unit root test, the variance inflation index, as well as the derivation of regression models based on fixed and random effects. The findings showed a negative effect of liquidity and bank size factors on direction of net interest margin, while debt and unemployment indicators showed a positive influence.

The relevance of value added tax is reflected in the generation of a significant amount of revenue and the suppression of tax evasion. The purpose of the research is aimed at assessing collected revenues and measuring the efficiency of VAT revenue collection in the Benelux countries (Belgium, the Netherlands and Luxembourg) for the period 2011-2020. years. Empirical research results indicate that the average VAT efficiency was 59.84% in the observed countries. where the highest degree of efficiency was recorded in Luxembourg, and the lowest value in Belgium. Panel regression results show that economic growth, final consumption, government expenditures and VAT revenues have a positive effect on VAT efficiency in the observed countries. At the same time, variables such as unemployment and inflation, as well as the standard VAT rate, have a negative effect on the efficiency of VAT revenue. The obtained empirical findings can be of help to economic policy makers in the analyzed countries when profiling and adjusting tax policy from the point of view of value added tax.

The aim of the work is to determine the impact of macroeconomic factors (GDP and inflation) on the performance of the capital market in the former Yugoslav republics, in terms of their market capitalization, in the period from March 2021 to February 2023, as well as determining the moderating role of the former Yugoslav republics that do not use the euro. Namely, previous research has suggested that macroeconomic factors typically have a major impact on stock market performance, but other research has only revealed a minimal correlation. It's also important to keep in mind that the majority of these research were carried out in developed markets, with few exceptions. Empirical results showed that inflation had a positive and significant impact on market capitalization in the observed period, while the impact of GDP was positive, but not statistically significant. In addition, the results showed that the former Yugoslav republics, which do not use the euro, are a significant moderator of the relationship between market capitalization and GDP and market capitalization and inflation. The obtained results can be useful to investors when making their investment decisions.

One of the basic types of portfolio valuation as well as valuation of individual company shares is the CAPM (Capital Asset Pricing) model, which uses a well-known measure of systemic risk in its analysis, which is beta. The CAPM model in its analysis uses the link between the systemic risk measure (beta) and the expected market return. Guided by this model, the analysis of monthly returns of selected shares on the Belgrade Stock Exchange in the period from 2011 to 2021 was performed in this research. In the research, the beta coefficient of selected shares was calculated with the help of the covariance of market return and stock return. The results and their statistical value were confirmed by the linear regression test. The rest of the research tests the applicability of the CAPM model to selected actions and in the same way, the SML (security market line) is devised, which is a graphical representation of the model. The research indicated that the basic assumptions of the CAPM model are not applicable as a predictor of future expected returns of selected shares on the Belgrade Stock Exchange due to various other elements that affect price movements and returns of selected shares not covered by the model.