Surname, N., & Surname, N. (2023). Title. Economics and Sociology, 16(1), 11-25. doi:10.14254/2071-789X.2023/16-1/1

TITLE
Name Surname University of, City, Country E-mail: mail@mail.me ORCID Name Surname University of, City, Country E-mail: mail@mail.me ORCID Received: December, 2022 1st Revision: March, 2023 Accepted: June, 2023 DOI: 10.14254/2071-789X.2023/16-1/1	ABSTRACT. A single paragraph of about 200 words maximum. For research articles, abstracts should give a pertinent overview of the work. We strongly encourage authors to use the following style of structured abstracts, but without headings: 1) Background: Place the question addressed in a broad context and highlight the purpose of the study; 2) Methods: Describe briefly the main methods or treatments applied; 3) Results: Summarize the articles main findings; and 4) Conclusions: Indicate the main conclusions or interpretations. The abstract should be an objective representation of the article, it must not contain results which are not presented and substantiated in the main text and should not exaggerate the main conclusions…
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Introduction

The introduction should briefly place the study in a broad context and highlight why it is important. It should define the purpose of the work and its significance. The current state of the research field should be reviewed carefully and key publications cited. Please highlight controversial and diverging hypotheses when necessary. Finally, briefly mention the main aim of the work and highlight the principal conclusions. As far as possible, please keep the introduction comprehensible to scientists outside your particular field of research.

1. Literature review

These three countries are relatively small and underdeveloped in terms of their geographical size and population, geopolitical importance, market size and aggregate demand, production, investment, export, and technological potential. According to many non-economic indicators (political stability, democratization, liberalization and institutionalization of society, law, infrastructure development, safety, security, investment, compliance with environmental and social standards, efficiency of the legal system, human rights respect, etc.), as well as economic indicators (purchasing power, rate of economic growth, foreign trade balance, current account deficit, public debt, inflation rate, unemployment rate, public expenditure, investments, etc.), they are characterized by a long-term transitional crisis of structural type.

2. Methodological approach

Materials and Methods should be described with sufficient details to allow others to replicate and build on published results. Please note that publication of your manuscript implicates that you must make all materials, data, computer code, and protocols associated with the publication available to readers. Please disclose at the submission stage any restrictions on the availability of materials or information. New methods and protocols should be described in detail while well-established methods can be briefly described and appropriately cited.

3. Conducting research and results

Through the quantitative part of the research, the focus was on data collecting, processing, and analysis. A nine-level Likert scale was used to measure the perceptions and assessments of the respondents, on the dependent variable (transitional crisis), as well as the independent variables (heritage of socialism, geopolitics, nomenclature authorities, deficit of institutional changes, and neoliberal ideology), in a survey that was applied during the research. In measuring the dependent variable (transitional crisis), the scale marks were set from the lowest (1) to the highest (5). Regarding the independent variables, the negative impact was measured from the minimum negative (1) to the maximum (5) on the dependent variable. The survey included filling out 500 questionnaires for each country (Montenegro, Serbia, and Bosnia and Herzegovina), which made a total of 1,500 respondents. Collected data for this study were processed by SPSS software. According to the purpose defined in the hypothesis of work, descriptive statistics were used for the data analysis, correlation analysis, and multi-correlation. The multiple linear regression model was applied after (the method of least square), as well as hierarchical multiple regression model.

3.1. Application of multiple linear regression analysis

Before the regression analysis the descriptive statistics was performed. From the obtained results, the relevant results were singled out in the Table 1.

Table 1. Means end standard deviation

Variables	Montenegro	Serbia	Bosnia and Herzegovina	Total
Mean	Standard dev.	Mean	Standard dev	Mean	Standard dev.	Mean	Standard dev.
Crisis	2.7590	.73655	3.2590	.73655	3.7515	.72212	3.2560	.83582
Path depend.	2.8679	1.07412	3.8120	1.09666	3.8610	1.07260	3.5154	1.17298
Globalization	3.8940	.67652	4.3060	.52241	4.0560	.61776	4.0853	.63165
Politics	2.6320	1.28720	3.1120	1.25363	3.5431	1.15498	3.0953	1.28699
Institutions	3.5990	.78161	4.0870	.76229	4.5020	.49849	4.0613	.78485
Neoliberalideo.	3.3236	.88945	4.4260	.53861	3.9279	.53755	4.1278	.76309

Source: own compilation

For all three countries:

ZaX 1 =3.51. X2=4.08. X3=3.09. X4=4.08 X5=4.12

The level of transitional crisis is the largest in Bosnia and Herzegovina (mean is 3.75), then in Serbia (mean is 3.25) and the lowest is in Montenegro (2.75). Comparation of means by variables is shown on the Graph 1.

Graph 1. Comparation data by countries

Source: own data

The Graph 1 shows that the level of different perception of independent variables in different countries. Bosnia and Herzegovina regarding the level of transition crisis is in worst situation than Serbia and Montenegro. Also, the negative influence of independent variables is the stronger in Bosnia and Herzegovina, after that in Serbia, then in Montenegro. Montenegro is in better situation than other countries, in all researched aspects. The existence of differences is expected because in the previous process of transition various economic, political, institutional and social changes have been realized. There are also other factors which have not been examined in this paper. Still, presented results clearly show similarity of models of influence and functional dependency, on the basis of common factors of influence research.

Conclusion

Theoretical part of this paper explains that the transitional crisis is influenced by different institutional, economic, political, cultural, and the following factors: conflicts of formal and alternative institutions, global processes, liberalization of economy, domination of politics, etc. Characteristically, they had a multiple impact through several independent variables which we have analyzed in three countries in transition (Montenegro, Serbia, and Bosnia and Herzegovina). During the socialist period, these countries had centrally-planned economies, limited economic growth, and spiral reproduction of the crisis. However, they are a typical example of the general situation in the Eastern Europe. Therefore, the results of this research are expected to contribute to the understanding the transitional crisis in the most Eastern European countries. Apart from some positive processes and improvements (in business environment, tourism, liberalization, civil society, civil and political rights, democracy, freedom of the media, the development of a knowledge society, environment for investments, etc.) the observed countries experienced the intensification of the social, political and economic crisis for the last 25 years. Conducted Empirical research has verified it. A number of negative factors provoked the transitional crisis. The most important of them (from my perspective) are selectively identified and explored in this research.

Acknowledgement

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EXAMPLE: The authors are thankful to the Internal Grant Agency of University No.: “Title” for financial support to carry out this research.

References

Acemoglu, D., Johnson, S., Robinson. I., & Thaicharoen, Y. (2004). Institutional causes. Macroeconomic simptoms: Volatility, crises and growth. Journal of Monetary Economics, 50(1), 49-123. https://doi.org/10.1016/S0304-3932(02)00208-8