Rad analizira izazove i specifičnosti primjene metode diskontovanog slobodnog novčanog toka (DCF) na nelikvidnim tržištima kapitala, sa fokusom na Banjalučku berzu. Motivi istraživanja proističu iz potrebe za objektivnijim vrednovanjem kapitala u uslovima visoke tržišne volatilnosti i informacione asimetrije, te neophodnosti usklađivanja domaće prakse sa novim globalnim okvirom IVS 2025. Centralni predmet rada je utvrđivanje unutrašnje vrijednosti akcionarskog društva Telekom Srpske a.d. Banja Luka, uz kritički osvrt na kvantifikaciju neopipljivih rizika. Poseban doprinos rada ogleda se u integraciji ESG faktora (ekoloških, socijalnih i upravljačkih) kroz specifične premije rizika unutar WACC modela. Rezultati analize, uz primjenu svjesno konzervativne diskontne stope od 14,42%, ukazuju na unutrašnju vrijednost od 1,70 KM po akciji. Ovako postavljen visok WACC, iako iznad industrijskog prosjeka, služi kao neophodan filter za institucionalne rizike i nelikvidnost. Analiza osjetljivosti je potvrdila da je cijena akcije veoma volatilna, sa rasponom od 1,43 KM do 2,04 KM, što opravdava napuštanje statičnih procjena. Preporuke istraživanja usmjerene su na obavezno uvođenje standardizovanog ESG izvještavanja za listirana društva kako bi se smanjila subjektivnost procjenitelja. Takođe, afirmiše se upotreba profesionalnog skepticizma i analiza osjetljivosti kao nezaobilaznih elemenata u procesu donošenja investicionih odluka na nerazvijenim tržištima. Rad zaključuje da na malim berzama transparentnost nije samo regulatorni zahtjev, već direktan generator tržišne vrijednosti, dok IVS 2025 standardi pružaju neophodan okvir za zaštitu integriteta profesije.

Digital culture is recognised as one of the key company competencies associated with a sustainable competitive advantage. Leaders play a vital role in creating a digital culture that enhances the company’s digital competencies by investing in individual and company knowledge to increase its innovation capacity. The study indicates that combining transformational and transactional leadership is essential for shaping digital culture successfully. The positive correlation between the level of development of digital culture and competitive advantage highlights the strategic importance of digital culture in raising a company’s digital maturity and ability to compete. The findings that companies in Bosnia and Herzegovina and Bulgaria invest more in company knowledge than individual knowledge open new perspectives in strategic planning. Companies should balance knowledge investment at individual and company levels to foster innovation. As leadership, digital culture, and balanced knowledge investment collectively contribute to innovation and sustainable competitive advantage, there is a need for a holistic approach to address this issue.

Introduction/Objective. Rhegmatogenous retinal detachment is an ophthalmic emergency which can result in vision loss. The aim of our study was to evaluate the demographic, epidemiological, clinical characteristics and treatment method of rhegmatogenous retinal detachment. Methods. This retrospective study was conducted at the Department of Vitreoretinal Surgery and Eye Trauma in the period between January 1, 2024 and December 31, 2025. The data included sex, age, season, onset of symptoms, presence of myopia, previous cataract surgery, as well as the method of treatment. Results. Out of 275 patients, there were 177 males (64.36%) and 98 females (35.64%). The majority of the study population was between 61 and 80 years old (n = 140, 50.91%). The most commonly selected surgical procedure was PPV (n = 226, 81.88%). Silicon oil was the preferred tamponade (n = 191, 75.2%). Best corrected visual acuity on admission was worse than 0.1 in the majority of the affected eyes (n = 177, 64.13%), while one month after surgery nearly half (n = 130, 47.1%) achieved visual acuity between 0.1 and 0.5. Recurrent detachment had 29 patients (10.32%). Conclusion. In conclusion, our study emphasizes that rhegmatogenous retinal detachment primarily affects males and individuals over 60 years of age within our region. Consequently, there is an urgent need to implement targeted public health initiatives to educate high-risk individuals on early symptoms, optimize primary ophthalmic triage, and establish efficient referral pathways to ensure timely surgical intervention and preserve functional vision.

Aronia is known for its medicinal properties due to its unique chemical characteristics, which are influenced by various factors, including growing conditions, soil quality and harvest time. Like most fruit species with high water content, aronia has a low caloric value. The specific composition of aronia may vary slightly in different ecological conditions due to influencing factors. The research included the most common aronia variety Nero, at three different growing locations: Mostar (Gornji Jasenjani), Bugojno and Kupres. The research results indicate that the average height and width of the Nero variety fruit was the highest at the Kupres location with 10.92 mm and 12.01 mm, and the lowest at the Mostar (Gornji Jasenjani) location with 9.19 mm and 10.02 mm. The chemical composition of the Nero variety fruits varied at different locations. The Nero variety had the highest content of total sugars at the Kupres location (6.35%) and total acids (1.36%), while at the Mostar location (Gornji Jasenjani) it had slightly lower values of total sugars (5.59%) and total acids (1.06%). Regarding the content of dry matter, minerals and pH values, the Nero variety had higher average values at the Mostar location (Gornji Jasenjani) compared to Bugojno. The lowest pH value (3.45) was recorded for the Nero variety at the Kupres location. The results of morphological and chemical characteristics of chokeberry in different agro-ecological conditions indicate the potential for increased production of this attractive fruit species in the mountainous areas of Bosnia and Herzegovina.

Quantum key distribution and post-quantum cryptography represent the backbone for tackling security challenges in the quantum era. Although each of them has its own shortcomings, their practical implementation raises the question of their possible combination and synergy. In this context, the paper considers mixing established cryptographic keys at key management layer, using both approaches to optimize the available key resources in a quantum network, also balancing the provided security. We provide analytical model, security analysis, and optimal contribution of keys in the mixed cryptographic key. Extensive simulation results demonstrate the validity of this approach in point-to-point and network environments.

Savremeni ekonomski razvoj sve snažnije je usmjeren ka principima održive ekonomije, što zahtijeva redefinisanje uloge računovodstva i kompetencija koje računovodstveni profesionalci treba da posjeduju. U tom kontekstu, računovodstveno obrazovanje dobija strateški značaj kao ključni mehanizam za razvoj znanja i vještina neophodnih za povezivanje ekonomskih, ekoloških i društvenih ciljeva. Cilj rada je analiza usklađenosti studijskih i profesionalnih programa iz oblasti računovodstva u zemljama bivše Jugoslavije sa savremenim kompetencijama relevantnim za održivu ekonomiju. Istraživanje je zasnovano na teorijsko-analitičkom pregledu konceptualnih okvira održivog razvoja, međunarodnih obrazovnih standarda i dominantnih zahtjeva računovodstvene profesije. Posebna pažnja posvećena je stepenu integracije održivosti, digitalnih vještina i etike u postojeće kurikulume. Rezultati analize pokazuju da, uprkos vidljivim pomacima u pojedinim segmentima, sistemska integracija ovih sadržaja ostaje ograničena. Nalazi ukazuju na potrebu daljeg unapređenja računovodstvenog obrazovanja kako bi obrazovni ishodi efikasnije odgovarali zahtjevima održivog razvoja i savremenog poslovanja.

Razvijanje talenata predstavlja jednu od ključnih aktivnosti u okviru talent menadžmenta i značajno doprinosi zadovoljstvu zaposlenika i ukupnoj organizacijskoj uspješnosti. Cilj ovog istraživanja bio je ispitati nivo razvijenosti aktivnosti razvoja talenata u uslužnim poduzećima u Bosni i Hercegovini, kao i analizirati njihov utjecaj na zadovoljstvo zaposlenih. Istraživanje je provedeno na uzorku od 101 poduzeća, korištenjem Likertove skale i upitnika za menadžere i talentirane zaposlenike. Pouzdanost skala potvrđena je visokim vrijednostima Cronbach-α koeficijenata (α = 0.78 za razvoj, α = 0.84 za zadovoljstvo). Dobiveni rezultati pokazuju da su razvojne aktivnosti u prosjeku visoko razvijene, posebno u malim i srednjim poduzećima. Regresijska analiza je potvrdila da razvojne aktivnosti značajno pozitivno utječu na zadovoljstvo zaposlenih (β = 0.355, p < 0.001), što ukazuje da ulaganje u razvoj talenata nije samo organizacijska obaveza, već i ključna strategija za povećanje zadovoljstva i lojalnosti zaposlenika. Ovi nalazi pružaju važne smjernice za unaprjeđenje HR praksi u organizacijama koje žele zadržati i motivirati svoje talente. Ključne riječi: Talenti, razvijanje talenata, zadovoljstvo zaposlenih