Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics最新文献

Impact of board size and ownership concentration on agency costs: evidence for Croatian companies 董事会规模和股权集中度对代理成本的影响:克罗地亚公司的证据

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-12-31 DOI: 10.18045/zbefri.2020.2.521

M. Čalopa, Ivana Đunđek Kokotec, Karolina Kokot

{"title":"Impact of board size and ownership concentration on agency costs: evidence for Croatian companies","authors":"M. Čalopa, Ivana Đunđek Kokotec, Karolina Kokot","doi":"10.18045/zbefri.2020.2.521","DOIUrl":"https://doi.org/10.18045/zbefri.2020.2.521","url":null,"abstract":"The main objective of this research paper is to examine the impact of board size and ownership concentration, representing corporate governance mechanisms, on agency costs in large Croatian companies. Furthermore, debt financing and firm growth are examined because those variables also have impact on agency costs. Agency theory defines a framework for the potential issue of the separation of ownership and management as well as for the conflict between stakeholders (principals) and managers (agents). The most significant principal-agent problems are agency costs, but they do not have a directly quantifiable value; hence, in this research paper, the asset turnover ratio is used as the approximation. Therefore, this research will empirically test the significance of the impact of board size, ownership concentration, debt financing and firm growth on agency cost in the observed period from 2014 to 2018 using panel data analysis. This research was conducted with large Croatian companies using data and information from official annual accounts primarily to ensure objectivity, standardization and comparability. Specifically, the analysis was conducted on 219 companies operating in two main categories of economic activity: Manufacturing (C) and Wholesale and retail trade (G). The results indicate that board size has a significant but negative impact on agency costs. The results also indicate that debt and growth have a significant and negative impact on agency costs. Ownership concentration was not found to have significant impact.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Digital transformation and economic cooperation: The case of Western Balkan countries 数字化转型与经济合作:以西巴尔干国家为例

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-12-31 DOI: 10.18045/zbefri.2020.2.697

Goran Buturac, Miloš Parežanin

引用次数: 1

The effect of regulatory changes on relationship between earnings management and financial reporting timeliness: The case of COVID-19 pandemic 监管变化对盈余管理与财务报告及时性关系的影响:以COVID-19大流行为例

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-12-30 DOI: 10.18045/ZBEFRI.2020.2.453

T. Susak

{"title":"The effect of regulatory changes on relationship between earnings management and financial reporting timeliness: The case of COVID-19 pandemic","authors":"T. Susak","doi":"10.18045/ZBEFRI.2020.2.453","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2020.2.453","url":null,"abstract":"The purpose of this paper was to examine the effect of regulatory changes regarding financial reporting deadlines introduced because of COVID-19 pandemic on relationship between earnings management and financial reporting timeliness Using sample of companies listed on stock exchange in Republic of Croatia for the period from 2015 to 2019, pooled OLS regression model was estimated with panel data Financial reporting timeliness was measured with financial reporting delay, while level of earnings management was proxied by discretionary accruals Empirical results supported the hypothesis that the aforementioned changes of regulatory framework during the extraordinary pandemic circumstances had a statistically significant positive effect on relationship between earnings management and financial reporting delay, indicating that financial reporting delays after regulatory changes during pandemic could be attributed to earnings management activities Furthermore, after separating income-increasing and income-decreasing accruals, moderating effect of regulatory changes was significant and negative only in case of income decreasing accruals, suggesting that companies were adjusting their financial information in accordance with pessimistic economic forecasts to mitigate probable profitability deterioration in future periods © 2020, University of Rijeka All rights reserved","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 12

Income smoothing through loan loss provisions in south and Eastern European banks 南欧和东欧银行的贷款损失准备金平滑了收入

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-12-30 DOI: 10.18045/ZBEFRI.2020.2.429

Albulena Shala, Valentin Toçi, Skender Ahmeti

引用次数: 1

The key factors affecting entrepreneurship: a comparative analysis 影响创业的关键因素：比较分析

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-06-30 DOI: 10.18045/ZBEFRI.2020.1.125

M. Jabłońska, J. Stawska

{"title":"The key factors affecting entrepreneurship: a comparative analysis","authors":"M. Jabłońska, J. Stawska","doi":"10.18045/ZBEFRI.2020.1.125","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2020.1.125","url":null,"abstract":"The purpose of the article is to identify the factors determining the rate of entrepreneurship in selected regions of Poland and the Czech Republic, two neighboring countries, within the period 2007 – 2017. This period includes the time of the financial and economic crisis, which could have influenced the entrepreneurship determinants in the regions under study in varying degrees. The differentiation of the impact of selected variables on the entrepreneurship rate had its basis in many elements. To achieve this objective, the following research methods were used: presentation of statistical data, statistical and econometric research methods – the logarithmic panel model with delays. The article also emphasizes the importance of entrepreneurship for the development of a country’s economy. Considering the high level of competitiveness in local and global markets, enterprises should pay increasing attention to micro-environment and some regional conditions, because an enterprise depends on these conditions and may influence many of them. The results of the research and thus the contribution and their added value are as follows: an increase in local entrepreneurship is positively transferred to the growth of international entrepreneurship, while R&D expenditure and average remuneration in the economy are the crucial factors influencing the development of entrepreneurship.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47862197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Working women and per capita household consumption expenditures; an untouched reality 劳动妇女和人均家庭消费支出;未触及的现实

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-06-30 DOI: 10.18045/zbefri.2020.1.35

Wen Jun, Junaid Waheed, H. Hussain, Ihsan Jamil, M. K. Anser

{"title":"Working women and per capita household consumption expenditures; an untouched reality","authors":"Wen Jun, Junaid Waheed, H. Hussain, Ihsan Jamil, M. K. Anser","doi":"10.18045/zbefri.2020.1.35","DOIUrl":"https://doi.org/10.18045/zbefri.2020.1.35","url":null,"abstract":"Working women have more compulsive buying tendencies which can lead to a significant increase in their household consumption expenditures. This study investigates the effects of changes in the number of working women on household per capita consumption. We test the hypothesis that changes in the number of working women have a discernible impact on household final per capita consumption expenditures, due to their differing consumption propensities, by doing an empirical analysis based on panel data set of 36 OECD economies within the period 2000-2016. The results indicate that changes in the number of working women increase the household per capita consumption expenditures. The result also implies that age plays a significant role in working women consumption decision making and may lead to significant differences in aggregate consumption expenditure. These findings suggest the importance of understanding changes in the number of working women in planning for aggregate consumption mobilization and in the formulation of aggregate growth policies.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.18045/zbefri.2020.1.35","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 13

Globalizacija i ekonomski rast ekonomija Eurozone 欧元区经济全球化

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-06-30 DOI: 10.18045/ZBEFRI.2020.183

Marija Radulović, Milan Kostić

引用次数: 0

Preispitivanje odrednica rasta poduzeća tijekom kriznih perioda 危机时期企业成长研究

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-06-30 DOI: 10.18045/ZBEFRI.2020.1.101

Dejan Malinić, K. Denčić-Mihajlov, Konrad Grabiński

引用次数: 3

Water extended input-output analysis of the Croatian economy 水扩展克罗地亚经济的投入产出分析

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-06-30 DOI: 10.18045/zbefri.2020.1.147

{"title":"Water extended input-output analysis of the Croatian economy","authors":"","doi":"10.18045/zbefri.2020.1.147","DOIUrl":"https://doi.org/10.18045/zbefri.2020.1.147","url":null,"abstract":"The main objective of this paper is to identify the most important direct and indirect sources of water use in the Croatian economy and, based on that, to identify the key drivers of water use in the process of Croatian national production. For this purpose, water extended input-output model was constructed and empirically applied in the paper, based on which the indicators of direct, indirect, and cumulative water intensities of production sectors in the Croatian economy have been quantified and analysed, including their cumulative and indirect water use multipliers. Using the aforementioned model, the paper also assesses and analyses domestic, net imported, and total water footprints of production sectors in the Croatian economy, as well as the relative strength of pull-and-push effects of their water use. For the purpose of model construction, the last published input-output table of the Croatian economy for 2010 and the reference data of the Croatian official water statistics were used. The results of the model indicate that direct and indirect water use flows in the Croatian economy are mostly determined by intermediate processes of generating and using the output of the power, chemical, and oil-processing sector. Through the application of the model, it has also been found that these sectors dominate in the structure of the total water footprint of the Croatian economy, whereby the Republic of Croatia, overall, achieves a surplus in the international exchange of virtual waters. Given the new findings on indirect and cumulative water use flows in the Croatian economy, the author’s recommendation is that the multiplicative effects of inter-sectoral dependencies in the processes of national production on the total water use must be taken into account when conducting future activities of planning, management, and protection of Croatian water resources.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67569255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Long-run price performance of local and dual class IPOs in alternative investment market 另类投资市场本地及双层ipo的长期价格表现

IF 1.2

Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics Pub Date : 2020-06-30 DOI: 10.18045/zbefri.2020.1.71

Abdul Wahid, Muhammad Zubair Mumtaz

{"title":"Long-run price performance of local and dual class IPOs in alternative investment market","authors":"Abdul Wahid, Muhammad Zubair Mumtaz","doi":"10.18045/zbefri.2020.1.71","DOIUrl":"https://doi.org/10.18045/zbefri.2020.1.71","url":null,"abstract":"Earlier studies document that IPOs are underpriced in the short-run and underperformed in the long-run. In almost all studies, researchers analyze the IPO performance using the dataset from highly liquid markets. However, the pricing behavior of IPOs in the Alternative Investment Market (AIM) is different. There is a reason to expect the price performance of IPOs in the AIM to be significantly different from IPO performance in traditional markets mainly because of the diminished liquidity of AIM offerings as well as the meager disclosures required in comparison to traditional markets. To test our propositions, we select 292 IPOs listed on AIM during the period between 2001 and 2016 and apply the Extreme Bound Analysis (EBA) to determine the factors that cause longer-term performance. This study reports that investors in the alternative markets earn significant positive returns if the stock is held for three years, and the price variation is dependent upon the firm size. This illustrates that investment in smallsized firms seems more profitable as compared to those of large-sized firms in the AIM. Moreover, this study examines statistical evidence bearing on the question of whether early investors in IPOs can expect abnormal excess returns in the longrun.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.18045/zbefri.2020.1.71","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1