In the financial theory it is common to make distinction between two types of corporate value creation concept: shareholder value and stakeholder value. In shareholder systems, also known as Anglo-American concept, institutional investors, who usually own small percentages of companies' shares, exert significant influence over managers. In major stakeholder systems, marked as Continental concept, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze influence of globalization processes and economic crises on value creation theory and practice.

Republic of Srpska cannot boast of its economic system ever since the onset of the Global Economic and Financial Crisis (2008) to this day. Global Economic and Financial Crisis has produced negative effects onto a small economy like the economy of the Republic of Srpska (RS). In times of such crisis, RS has been faced with high unemployment rate (44%), reduced industrial production, enormous public debt, high deficits and colossal illiquidity. It indicates that the Republic of Srpska is characterised by poor macroeconomic indicators. The fact that RS possesses rich and diverse natural resources, which should be a key factor in its present and future development, did not help the economic system of RS in any way. The industry has been designated as a major segment of development by a long-term strategy of socio-economic development. Such long-term strategy has not given any results in terms of positive rate of economic growth, nor even the slightest improvement of any of the macroeconomic indicators so far. Urgent transformation of the economic system of the Republic of Srpska and its adaptation to the global processes is more than necessary. This can be achieved by offering investors numerous benefits and opportunities for investment under very favourable conditions, particularly in the industries and sectors representing significant natural resources. First of all, it is believed that there is great potential for the development of agriculture; exceptionally favourable conditions for the development of thermal and hydro energy sector; numerous possibilities of providing energy from renewable sources; vast areas covered by forests, mining and mineral resources; great tourist potential, etc. The above listed items are the essential ones, although there are others, which can represent a good basis for development of the economic system. Transformation of the economic system of RS will depend on many factors, primarily, of globalization that has contributed to the huge increase in trade, as well as of modern communication technologies. Globalisation has both positive and negative aspects, but it has certainly brought significant changes. The developed world is the bearer of the globalization process and it made the best use of current global circumstances. The solution is in creation of economic and political integrations, being in a cause-effect relationship with the process of globalization. Economic system of the Republic of Srpska simply has to be included in the such integrations.

Rezime Ovaj rad ima za cilj da analizira strukturu nezaposlenih visokoobrazovanih kadrova u Republici Srpskoj. Kroz ovu strukturu analiziraćemo nezaposlenost viskokoobrazovanih kadrova, kao i slobodna radna mjesta po polu i zanimanjima u Republici Srpskoj, što će pokazati da više od 1/2 kadrova, nakon završenog fakulteta, završava na Zavodu za zapošljavanje. Ovim istraživanjem doći ćemo do podataka koji govore koliko vremenski traje nezaposlenost visokoobrazovanih kadrova na Zavodu za zapošljavanje, odnosno koliko dugo visokoobrazovani kadrovi čekaju svoj prvi posao. Detaljnije ćemo se baviti analizom nezaposlenosti po regijama u Republici Srpskoj. Nećemo izostaviti ni nadležne institucije u Republici Srpskoj koje su posrednici za uspostavljanje ravnoteže između visokoobrazovanih kadrova i tržišta rada. U ovom radu posebno će biti interesantno istražiti nezaposlenost visokoobrazovanih kadrova iz područja ekonomije. Problem nezaposlenosti u Republici Srpskoj naročito je izražen u zadnjih nekoliko godina (2009, 2010, 2011, 2012, 2013. i 2014). On se produbljuje sve više zbog neusklađene upisne politike od strane nadležnog Ministarstva i nemogućnosti tržišta rada da apsorbuje kadrove u realnom i javnom sektoru. Nećemo se baviti samo analizom nezaposlenosti u Republici Srpskoj. Predložićemo i mjere za smanjenje nezaposlenosti visokoobrazovanih kadrova. Najprije konstatujemo da se današnje društvo širom svijeta suočava sa golemom nezaposlenošću, a u tom kontekstu kao ogroman problem nameće se nezaposlenost visokoobrazovanih kadrova u Republici Srpskoj, koja će biti u fokusu ovog rada. Abstract The paper aims to analyse the structure of unemployed highly educated staff in the Republic of Srpska. As indicated, such structure shall enable analysis of unemployment of highly educated staff as well as of vacant jobs on the basis of gender and profession, thus demonstrating that more than 1/2 of the staff after graduation finds themselves at the Employment Agency. This survey shall provide data indicating the unemployment duration of highly educated staff, i.e. the time they spend waiting for their first job at the Employment Agency. Unemployment analysis throughout various regions of the Republic of Srpska shall be addressed in detail. Likewise, the relevant institutions of the Republic of Srpska, acting as proxies between highly educated people and the labour market, shall be integrated in the analysis. The paper shall be particularly focused on assessment of unemployment of highly educated people from the field of economy. The problem of unemployment in the Republic of Srpska has been particularly pronounced with the last few years (2009, 2010, 2011, 2012, 2013 and 2014). It is constantly deepened due to the inadequate enrolment policy by the Ministry and the inability of the labour market to absorb the staff in the real and the public sector. The analysis is not based exclusively on the Republic of Srpska. The measures to reduce unemployment of highly educated people in the Republic of Srpska shall also be introduced. It is evident that today’s society faces massive unemployment, including the unemployment of highly educated people in the Republic of Srpska, which represents an enormous issue, and is after all, the focus of the paper itself.

Abstract This is a global financial and economic crisis, which can be considered the largest since the World War II. It has become a frequently discussed topic by various analysts, numerous governments, and in particular, a favourite topic of the media. We can rightly say that this is a crisis of the neoliberal system, which has greatly increased the wealth of the rich and impoverished the poor. Such crisis can be overcome by changing the system. Therefore, the directions and guidelines are necessary in order to determine the goals for resolving the crisis. The defined key objectives must be accompanied by specific sub-objectives, followed by establishing certain policies, which will contribute to the realization of these goals. We need to advocate and implement policies that will assist in accomplishing the defined goals. Some of those policies include the following: industrial policy, fiscal policy, monetary policy, regional development policy, public administration policy, and social policy. Rezime Ovaj rad se bavi globalnom finansijskom i ekonomskom krizom koja se može smatrati najvecom krizom nakon Drugog svetskog rata. To pitanje je cest predmet rasprave među brojnim analiticarima, predstavnicima vlasti, a narocito je omiljena tema medija. S pravom možemo reci da je rec o krizi neoliberalnog sistema, koja je u velikoj meri uticala na porast imovine bogatih a koja je još više osiromašila siromašne.Takva kriza može se prevazici promenom samog sistema. Stoga je neophodno da postoje uputstva i smernice kako bi se definisali ciljevi za prevazilaženje krize. Pored tih kljucnih ciljeva, neophodno je definisati podciljeve, koji ce doprineti realizaciji primarnih ciljeva. Neophodno je zagovarati i primenjivati politike koje ce olakšati realizaciju jasno definisanih ciljeva i podciljeva. Neke od tih politika su sledece: industrijska politika, fiskalna politika, monetarna politika, politika regionalnog razvoja, politika javne administracije i socijalna politika.