The aim of our research is to consider the potential for women’s empowerment through tourism and women’s equality inherent in the green economy. In addition, our research should shed more light on the women’s dimensions of green growth, especially in the context of development of entrepreneurship in tourism. In line with this, our approach in the study combines a women’s perspective with green growth and entrepreneurship development in the tourism sector in Serbia. The research was carried out in the most important tourist centers in the country, such as Novi Sad, Nis, Zlatibor, Vrnjačka Banja, and Sokobanja. This study showed that insufficient attention has been dedicated to this industry from the perspective of its benefits for women. In addition, the research indicated that, in the field of tourism, women mostly prefer special programs of education that are adjusted to the job requirements that they have already been performing or to a similar job that they are just about to start. It is necessary to involve them more often in various projects that encourage their further empowerment. The research also discovered gaps in the supply of finance between the needs of green entrepreneurs in tourism and what the financial system is willing to provide to them. Firstly, there is a lack of appropriate lending products offered by the commercial banking sector. In particular, a combination of financial support and suitable financial tools to encourage women’s initiatives for start-ups in tourism is missing.

This paper represents a case study examining perceptions about tourism and reactions of the local community and bank decision makers to its development. The survey method was applied to establish the community’s attitude towards the impact of tourism in different spheres of life in the Kopaonik National Park (Serbia). The sample of 195 adult respondents covered inhabitants of 16 communities located within the wider area of the national park. In parallel, the potential support of banks for tourism development was examined on a sample of 21 banks. The survey results identified strong positive attitudes towards tourism and the presence of tourists among the local population. Compared to other categories, the community’s members employed in tourism had more favorable perceptions of tourism. The findings of the study also revealed that younger and better educated members of the population had more positive attitudes towards tourism impacts. Certain independent economic variables (the impact of tourism on job creation) and non-economic ones (the impact of tourism on activities of the community, reactions to the presence of tourists) significantly predicted the community´s support for tourism. An analysis of potential bank support showed that future community involvement in the tourism industry should be initiated by an adequate approach and credit policy instruments in the wider area of the Kopaonik National park.

Serbian local state-owned enterprises (SOEs) owed in excess of EUR 220mn in late 2015, with estimates reaching a much higher figure. According to the national Fiscal Council, underinvestment by local governments amounted to some EUR 250mn annually. This paper looks at insufficient commercial borrowing by local SOEs trying to identify the causes of this financing gap by looking at two aspects: on one hand, we look at quantitative and qualitative inputs provided by local SOEs for credit analysis that may cause significant information asymmetries, and, on the other, we consider the possibility that bank credit analyses, even if done properly, could reveal that these firms are unable to borrow from banks. The research has revealed that the length and efficiency of the bank credit approval process is dictated by: the need to properly organise qualitative and quantitative SOE information and ensure that it reflects the actual state of affairs; the poor quality of financial statements of SOEs and their pro forma annual business planning and reporting; a common lack of appropriate revaluation of future income; and an existent drawback related to ownership over fixed assets that are considered as a public property in Serbia (rather than as a property of the SOE that uses them). On the other hand, banks do not distinguish sufficiently between private firms and SOEs. This does not allow banks to account for issues specific to SOEs such as the spillover of fiscal risk, corporate governance, relationships between the owner and its SOEs, economic and social objectives, and the like. The frequent inability of local SOEs to provide mortgages as collateral, coupled with the restriction on guarantees from local governments, nearly completely preclude lending for large-scale and long-term investment. We conclude that local SOEs have a limited access to finance due to information asymmetries caused by unsuitable qualitative and quantitative inputs made by SOEs in the credit analysis process. Nevertheless, appropriate credit analyses reveal that these companies can be able to borrow commercially, especially in lower amounts and at shorter maturities which could mitigate underinvestment by local SOEs.