Editorial Board
UTMS JOURNAL OF ECONOMICS
EDITOR-IN-CHIEF
Prof. Zoran Ivanovic, Ph.D.
Managing Editor: Prof. Ace Milenkovski, Ph.D.
Editorial Assistent: Suzana Baresa, M.A.
Production Editor: Mario Cacic, M.A.
INTERNATIONAL SCIENTIFIC AND EDITORIAL BOARD
Prof. Amal Abou Fayad, Ph.D., Université Saint-Esprit de Kaslik, Faculté de Gestion et des Sciences Commerciales, Jounieh, Lebanon;
Prof. Ahmet Aktaş, Ph.D., Akdeniz University, School of Tourism and Hotel Management, Arapsuyu, Turkey;
Prof. Mehmet Teoman Alemdar, Ph.D., ÖZYEĞİN University, School of Applied Sciences, Istanbul, Turkey;
Prof. Constantin A. Bob, Ph.D., Academy of Economics Studies, Faculty of Commerce, Academy of Economics Studies, Bucharest, Romania;
Prof. Dimitrios Buhalis, Ph.D., Bournemouth University, The School of Services Management, Dorset, United Kingdom;
Prof. Slobodan Cerovic, Ph.D., University of Singidunum, Beograd, Serbia;
Prof. Kaye Chon, Ph.D., Hong Kong Polytechnic University, School of Hotel and Tourism Management, Hong Kong, China;
Prof. Evangelos Christou, Ph.D., University of the Aegean, Department of Business Administration, Chios, Greece;
Prof. Muris Cicic, Ph.D., University of Sarajevo, School of Economics and Business in Sarajevo, Bosnia and Herzegovina;
Prof. Chris Cooper, Ph.D., Business Faculty, Oxford Brookes University, Oxford, UK;
Prof. Besim Culahovic, Ph.D., University of Sarajevo, School of Economics and Business in Sarajevo, Bosnia and Herzegovina;
Prof. Lidija Dedi, Ph.D., University of Zagreb, Faculty of Economics, Zagreb, Croatia;
Prof. Anca Dodescu, Ph.D., University of Oradea, Economics Faculty, Oradea, Romania;
Prof. Ivan Ferencak, Ph.D., University of Osijek, Faculty of Economics in Osijek, Croatia;
Prof. Gancho Ganchev, Ph.D., South West University, Faculty of Economics Blagoevgrad, Bulgaria;
Prof. Georgi Georgiev, Ph.D., South West University, Faculty of Economics, Blagoevgrad, Bulgaria;
Prof. Marian Gúcik, Ph.D., University of Banska Bystrica, Faculty of Economics, Banska Bystrica, Slovakia;
Prof. Dogan Gursoy, Ph.D., Washington State University, College of Business, Washington, USA;
Prof. Antti Haahti, Ph.D., University of Lapland, Finland;
Prof. Olga Hadzic, Ph.D., University of Novi Sad, Faculty of Sciences, Serbia;
Prof. Michael Hall, Ph.D., University of Canterbury, College of Business & Economics, Christchurch, New Zeland;
Prof. Ritva Hoykinpuro, Ph.D., Lahti Polytechnic, Fellmanni Institute for Hospitality & Tourism, Lahti, Finland;
Prof. Elizabeth M. Ineson, Ph.D., Manchester Metropolitan University, Faculty of Food Clothing & Hospitality Management, United Kingdom;
Prof. Slobodan Ivanovic, Ph.D., University of Rijeka, Faculty of Tourism and Hospitality Management in Opatija, Croatia;
Prof. Sandra Jankovic, Ph.D., University of Rijeka, Faculty of Tourism and Hospitality Management in Opatija, Croatia;
Prof. Dobrica Jovicic, Ph.D., University of Belgrade, Faculty of Geography, Serbia;
Prof. Dora Smolcic Jurdana, Ph.D., University of Rijeka, Faculty of Tourism and Hospitality Management in Opatija;
Prof. Jay Kandampully, Ph.D., Ohio State University, College of Education & Human Ecology, USA;
Prof. Rabija Somun-Kapetanovic, Ph.D., University of Sarajevo, School of Economics and Business in Sarajevo, Bosnia and Herzegovina;
Prof. Pavlos Karakoltsidis, Ph.D., Technological Educational Institute of Thessaloniki, Greece;
Prof. Ioannis Karamanidis, Ph.D., Technological Educational Institution of Thessaloniki, Greece;
Prof. Hanan Kattara, Ph.D., Alexandria University, Faculty of Tourism and Hotels, Alexandria, Egypt;
Prof. Saad Al-Deen Kharfan, Ph.D., Tishreen University, Syria;
Prof. Fotis Kilipiris, Ph.D., Technological Educational Institute of Thessaloniki, Greece;
Prof. Metin Kozak, Ph.D., University of Mugla, School of Tourism and Hospitality Management, Turkey;
Prof. Todor Kralev, Ph.D., University of Tourism and Management - Skopje, Macedonia;
Prof. Silio Rigatti Luchini, Ph.D., Universita degli studi di Padova, Italia;
Prof. Slobodan Malinic, Ph.D., University of Kragujevac, Faculty of Economic, Serbia;
Prof. Branimir Markovic, Ph.D., University of Osijek, Faculty of Economics in Osijek, Croatia;
Prof. Sofronija Miladinoski, Ph.D., Faculty of Tourism and Hospitality, Ohrid, Macedonia;
Prof. Violeta Milenkovska, Ph.D., University of Tourism and Management - Skopje, Macedonia;
Prof. Dieter Müller, Ph.D., University of Umeå, Department of Social and Economic Geography, Sweden;
Prof. Chavdar Nikolov, Ph.D., South West University, Blagoevgrad, Bulgaria;
Prof. Ludmila Novacká, Ph.D., University of Economics, Faculty of Commerce, Bratislava, Slovakia;
Prof. Silvie Orsag, Ph.D., University of Zagreb, Faculty of Economics, Zagreb, Croatia;
Prof. Giovanni Panjek, Ph.D., Universita degli studi di Tireste, Facolta di Economia il Preside, Trieste, Italia;
Prof. Franc Pauko, Ph.D., Faculty of Economics & Business Maribor, Slovenia;
Prof. Harald Pechlaner, Ph.D., Universität Innsbruck, Austria;
Prof. Marko Peric, Ph.D., University of Rijeka, Faculty of Tourism and Hospitality Management in Opatija;
Prof. Jovan Plavsa, University of Novi Sad, Faculty of Sciences, Serbia;
Prof. Stevan Popovic, Ph.D., Mediterranean University, Podgorica, Montenegro;
Prof. Rayka Presbury, Ph.D., Australian International Hotel School Canberra, Australia;
Prof. Goran Radovic, Ph.D., University of Montenegro, Faculty of Tourism and Hotel Management, Kotor, Montenegro;
Prof. Mukesh Ranga, Ph.D., Institute of Business Management, CSJM University, Kanpur (UP) India;
Prof. Gordana Reckoska, Ph.D., University of Bitola «St. Kliment Ohridski», Ohrid, Macedonia;
Prof. Chris Roberts, Ph.D., University of Massachusetts, USA;
Prof. Zeljko Sain, Ph.D., University of Sarajevo, School of Economics and Business in Sarajevo, Bosnia and Herzegovina;
Prof. Odysseas Sakellaridis, Ph.D., University of the Aegean, Greece;
Prof. Josef Sala, Ph.D., Akademia Ekonomiczna Krakowie, Poland;
Prof. Ian Senior, Ph.D., Emirates Academy, United Arab Emirates;
Prof. Alexey Sesyolkin, Ph.D., Russian International Academmy for Tourism, Moscow, Russia;
Prof. Marianna Sigala, Ph.D., University of the Aegean, Greece;
Prof. Branka Krivokapic-Skoko, Ph.D., Faculty of Business, Charles Sturt University Bathurst, Australia;
Prof. Marcin W. Staniewski, Ph.D., University of Finance and Management in Warsaw, Poland;
Prof. Anders Steene, Ph.D., Södertörn University, Tourism Studies, Huddinge, Sweden;
Prof. Vladimir Stojanovic, Ph.D., University of Novi Sad, Faculty of Science, Department of Geography, Tourism and Hotel Management, Novi Sad, Serbia;
Prof. Lorena Mosnja-Skare, Ph.D., Department of Economics and Tourism, Juraj Dobrila University of Pula, Croatia;
Prof. Marinko Skare, Ph.D., Department of Economics and Tourism, Juraj Dobrila University of Pula, Croatia;
Prof. Tatjana Stanovcic, Ph.D., University of Montenegro, Faculty of Tourism and Hospitality, Kotor, Montenegro;
Prof. Snezana Stetic, Ph.D., University of Novi Sad, Faculty of Sciences, Department of Geography, Tourism and Hotel Management, Serbia;
Prof. Dessislava Stoilova, Ph.D., South West University, Blagoevgrad, Bulgaria;
Prof. Aleksandar Stojmilov, Ph.D., University of Tourism and Management - Skopje, Macedonia;
Prof. Jan Telus, Ph.D., Wyzsza Szkola Zarzadzania Gospodarka Regionalna i Turystyka, Kielce, Poland;
Prof. Ada Mirela Tomescu, Ph.D., University of Oradea, Economics Faculty, Oradea, Romania;
Prof. Veljko Trivun, Ph.D., University of Sarajevo, School of Economics and Business in Sarajevo, Bosnia and Herzegovina;
Prof. Paris Tsartas, Ph.D., University of the Aegean, Chios, Greece;
Prof. Francois Vellas, Ph.D., University of Toulouse, France;
Prof. Craig Webster, Ph.D., College of Tourism and Hotel Management, Cyprus;
Prof. Elfrida Zefi, Ph.D., University «Fan S. Noli», Korça Economic Faculty, Korçë, Albania;
Prof. Igor V. Zorin, Ph.D., Russian International Academmy for Tourism, Moscow, Russia.