This paper aims to: a) analyse the environmental disclosure practice in the Serbian banking sector, b) determine whether the degree of disclosure is higher in the case of big, i.e. systemically important banks, and c) examine if there is a positive r...

Papaver rhoeas L. (Papaveraceae) is an annual grass native to many regions of the world, which is known to possess several pharmacological properties. It is also known that represent a rich source of anthocyanins. In this study, the content of the anthocyanin was determined in the examined various extracts of fresh petals by HPLC analysis. The most represented anthocyanins in the extracts of Papaver rhoeas L. are delphinidin-3-O-glucoside, cyanidin-3-O-glucoside, cyanidin-3-O-rutinoside, peonidin-3-O-glucoside, petunidin-3-O-glucoside, petunidin-3-acetylglucoside, and delphinidin-3-p-coumaroylglucoside. Acyl derivatives of anthocyanins in the water extract have not been identified. By comparing the contents of individual anthocyanins, the glycosides (polar) are better extracted with 50% alcohol solution, and their acyl derivatives are better extracted with pure alcohol. The water solution is the least suitable for anthocyanin extraction.

This paper examines the earnings and cash flow persistence of selected agriculture Serbian enterprises as a measure of their earnings quality. We study the persistence of income statements and cash flow statement items of medium-sized agriculture enterprises in Serbia. Agriculture is a relevant sector for the national economy and medium-sized enterprises are the main drivers of her economic growth. We use panel regression analysis with annual data over the period from 2010 to 2018. The results of our research indicate that earnings and cash flow-based indicators have different persistence. Analysing accruals and net cash flows of operating activities as determinants of operating profit of analysed enterprises, we conclude that operating profit that represents accruals are more persistent than operating profit backed by net operating cash flows.

The main objective of this paper is to examine selected literature on the relationship between environmental performance and financial performance on firm-level. Specific objectives are defined in accordance with the observed group of environmental performance measures. We decided to investigate environmental performance measured that refer to pollutant emissions, waste, and environmental disclosures. Examined studies cover different periods, regions, and companies. In observed literature, we found mixed results. The results depend on many factors such as the used environmental measures, the financial performance measure, the control variables, the industry type, and the characteristics of companies.

Research Question: This paper examines the impact of liquidity on the profitability of the Serbian polluting medium sized enterprises. Motivation: We study the impact of traditional liquidity indicators and indicators based on cash flow on the profitability. In domestic literature, a contribution in the field of financial stability analysis based on cash-flow is rare, consequently we use cash flow indicators as a liquidity measure. Focus of this paper is on the medium sized enterprises in Serbia being the major sources of environmental pollution. Medium-sized enterprises are the main drivers of economic growth. For improving environmental performance and applying technologies and processes that meet environmental requirements, it is necessary the liquidity and profitability improvement. The progress in the area of environmental protection is the relevant part of the accession process of Serbia to the EU. Idea: The idea of this paper was to empirically examine the liquidity profitability trade-off of selected enterprises. The research was conducted using return on assets as the dependent variable, and three liquidity ratios and three cash flow based indicators as independent variables. Data: The financial analysis is based on the sample of 48 polluting medium-sized enterprises for the period 2010-2015. The official financial statements were taken from the Serbian Business Registers Agency. The data are used on an annual basis. Tools: We tested the panel regression model of profitability with the total number of observations being 288. We estimated the unbalanced panel because our dataset had missing values. It is used the standard pooled OLS estimator. Before estimated panel regression model, we did stationarity and cointegration analysis of sample data. Findings: The results of our study show a significant impact of quick liquidity ratio, cash flow operating margin and cash flow investing margin on profitability measured by return on assets. However, there are no significant effects of current liquidity ratio, operating cash flow liquidity ratio and cash flow financing margin on profitability. The conclusions of our paper refer to the selected enterprises in the observed periods. Contribution: This paper contributes both to the literature concerning liquidity and profitability analysis, since we use cash flow indicators as a liquidity measure.