{"title":"Deklarativne organizacijske vrijednosti najvećih svjetskih i hrvatskih poduzeća","authors":"Ivan Malbašić, Nikolina Posarić","doi":"10.32910/ep.73.2.5","DOIUrl":"https://doi.org/10.32910/ep.73.2.5","url":null,"abstract":"Posljednjih godina sve se više prepoznaje uloga organizacijskih vrijednosti u poslovanju jer one povezuju sve segmente poslovanja te utječu na oblikovanje ciljeva i poslovne strategije organizacije. Suvremeni menadžment zato sve veću pažnju pridaje upravljanju organizacijskim vrijednostima. Cilj ovog rada je prikazati i usporediti deklarativne, odnosno javno objavljene organizacijske vrijednosti najvećih svjetskih i hrvatskih poduzeća. U tu svrhu napravljena je analiza korporativnih mrežnih stranica i javno dostupnih dokumenata 100 najvećih svjetskih i 100 najvećih hrvatskih poduzeća, i to onih dijelova na kojima su navedene organizacijske vrijednosti tih poduzeća. U radu su predstavljene najčešće specifične vrijednosti dva navedena uzorka, a dodatno i rezultati usporedbe organizacijskih vrijednosti prema Modelu organizacijskih vrijednosti temeljenom na misiji. Rezultati ukazuju na to da postoje neke sličnosti, ali i značajne razlike u vrijednostima koje kao dominantne ističu najveća svjetska i najveća hrvatska poduzeća. Osim teorijskog doprinosa ovaj rad ima i praktične implikacije jer ukazuje na trendove upravljanja organizacijskim vrijednostima u poslovnoj praksi najvećih svjetskih poduzeća te predstavlja prvu sustavnu usporedbu prakse upravljanja organizacijskim vrijednostima hrvatskih poduzeća s najvećim poduzećima u svijetu.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69444310","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}
{"title":"Primjena umjetnih neuronskih mreža u modeliranju domaće turističke potražnje","authors":"Tea Baldigara","doi":"10.32910/ep.73.3.1","DOIUrl":"https://doi.org/10.32910/ep.73.3.1","url":null,"abstract":"Rad istražuje učinkovitost primjene modela umjetnih neuronskih mreža u modeliranju domaće turističke potražnje u Republici Hrvatskoj, aproksimiranoj brojem dolazaka i brojem ostvarenih noćenja domaćih turista. Indeksi obujma industrijske proizvodnje, indeksi potrošačkih cijena, prosječna neto mjesečna plaća, broj zaposlenih te mjesečne sezonske dummy varijable odabrane su kao ulazne varijable. Za modeliranje empirijskih podataka korištene su mreže višeslojnog perceptrona. Prognostička moć modela evaluirana je prosječnom apsolutnom postotnom te prosječnom apsolutnom prognostičkom pogreškom, Pearsonovim koeficijentom korelacije te koeficijentom determinacije. Evaluacija dobivenih rezultata pokazala je kako su odabrani modeli višeslojnih perceptrona pouzdani za modeliranje domaće turističke potražnje, iako je istraživanje temeljeno na ograničenom, manjem broju podataka te broju ulaznih varijabli. Polazeći od rezultata, ali i ograničenja istraživanja, zaključuje se kako modeli umjetnih neuronskih mreža posjeduju značajne aplikativne potencijale u domeni modeliranja i prognoziranja vremenskih nizova broja dolazaka i noćenja domaćih turista u Republici Hrvatskoj.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69444387","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}
{"title":"Determinants of bank’s net interest margins in Kosovo","authors":"Albulena Mustafa-Zatriqi, Skender Ahmeti","doi":"10.32910/ep.73.4.1","DOIUrl":"https://doi.org/10.32910/ep.73.4.1","url":null,"abstract":"The aim of this paper is to investigate internal and external determinants that impact the Net Interest Margin (NIM). The paper employs an OLS-PSCE procedure using quarterly Panel Data (From March 2013 to December 2019) for commercial banks in Kosovo. Results suggest that the Net Interest Margin is the banking sector in Kosovo is mostly influenced by factors within the bank such as: Loan-to-Deposit Ratio; Operation Costs and Fee Income, but less affected by external factors besides inflation. In addition, results suggest that external factors do not influence the net interest margin; therefore, a governmental policy intervention might not have an impact on Net Interest Margin. The results of the research are important for commercial banks in Kosovo, since they can help improve the efficiency through the internal and external indicators that are impacting the NIM.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445545","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}
{"title":"The nexus between uncertainty and foreign direct investment flows to G20 member countries","authors":"M. Daştan, Kerem Karabulut, Ömer Yalçinkaya","doi":"10.32910/ep.73.5.3","DOIUrl":"https://doi.org/10.32910/ep.73.5.3","url":null,"abstract":"The main objective of this study is to examine the link between global economic, political, and geopolitical uncertainties and FDI flows to G20 member countries over the 1996-2018 period. Unlike most of the previous studies, this study employs reasonable uncertainty indexes, namely, the Economic Policy Uncertainty (EPU) index, the World Uncertainty Index (WUI) for economic/political uncertainty rather than the volatility or election indicators. The study also uses the Geopolitical Risk index as a proxy for geopolitical uncertainty, and thereby it not only focuses on economic/political uncertainty but also considers the geopolitical uncertainty to provide a more comprehensive picture of uncertainty. Findings obtained from the panel data analysis indicate that heightened uncertainty in the global economic/political and geopolitical environment deters FDI flows to G20 member countries. It is also found that there is a unilateral causality running from uncertainty to FDI inflows. Considering these empirical findings, policymakers in G20 economies should provide a stable economic/political and geopolitical environment to attach FDI inflows, which have a key role in stimulating economic growth and development.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445866","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}
{"title":"Influence of structural distribution of FDI inflows on labour productivity of Visegrad countries","authors":"R. Čuhlová, Sylvie Kotíková","doi":"10.32910/ep.73.6.1","DOIUrl":"https://doi.org/10.32910/ep.73.6.1","url":null,"abstract":"Although FDI flows into most post-socialist countries are based on their market transformation development, the largest volume is directed to the Visegrad countries that are generally perceived as above-average successful in attracting foreign investors. The paper analyses how does the inflow of FDI into Czech Republic, Hungary, Poland and Slovakia contribute to the growth potential of labor productivity during period of 2010-2016. The shift-share analysis of OECD data within 11 key sectors decomposes the determinants of labour productivity and determines contribution to the potential of labour productivity growth. The results are interpreted on the basis of the sectoral, competitive and residual effect. Findings proved no significant differences in productivity between economics however the localization of foreign capital to technology-intensive industries does not put pressure on progressive productivity growth. Decreased inflows of foreign capital, averaged by 8% from all sectors within the region, are driven in each country by a different industry. Results also demonstrated more attractive structure of the sectors of the Czech and Hungarian economics for stimulation the inflow of foreign capital into a country. The presented approach contributes to the issue of complexity of the FDI localisation and the countries´ ability to assume the presence of foreign capital. The stated recommendations are considering the economic regulations related to pandemic situation in 2020.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445940","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}
{"title":"Critical review of models of earnings mean reversion","authors":"Tomáš Buus, M. Vlčková","doi":"10.32910/ep.73.1.6","DOIUrl":"https://doi.org/10.32910/ep.73.1.6","url":null,"abstract":"The hypothesis that earnings are mean reverting was suggested 90 years ago and has been extensively tested since then. Expectations of earnings’ mean reversion (hereinafter “EMR”) significantly influence pricing of shares or earnings forecasts. Despite proposals and testing of numerous models of EMR, there has been very little inquiry into the meaning of those models in corporate and valuation terms in the academic literature. Therefore, we see such an inquiry as highly desirable. The aim of this paper is to critically review the models of transitory earnings (vice versa EMR), their methodology, practical applicability of their results, and their limitations stemming from the characteristics of earnings data. We find that most of the recent models of transitory earnings (EMR) are misspecified in terms of target earnings or reasons of EMR. We also find that EMR is partly caused by cycles in relevant industry or economy, and partly by company-specific processes and accruals. Also, elimination of survivorship bias and use of margins or lower-level profitability like ROI and ROC instead of ROE is worth testing in EMR models.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69444166","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}
{"title":"Osiguranje vinograda kao jedan od načina upravljanja rizikom","authors":"Ivana Rašić, Željka Kordej-De Villa, Maja Vehovec","doi":"10.32910/ep.73.2.4","DOIUrl":"https://doi.org/10.32910/ep.73.2.4","url":null,"abstract":"U fokusu ovog rada analiza je osiguranja vinograda. Iako postoje tehnološki načini zaštite vinograda od elementarnih nepogoda, koji su u određenoj mjeri i učinkoviti, osiguranje i nadoknada štete još uvijek jedan je od značajnih instrumenata upravljanja rizikom. Tržište poljoprivrednog osiguranja, u Hrvatskoj je nedovoljno razvijeno. Broj zaključenih ugovora poljoprivrednog osiguranja u Hrvatskoj posljednjih godina ipak raste i to uglavnom kao posljedica češćih pojava intenzivnih elementarnih nepogoda, a proračunska sredstva namijenjena za naknadu šteta od elementarnih nepogoda su nedostatna. Cilj rada je ispitati razvijenost tržišta poljoprivrednog osiguranja u Hrvatskoj i ispitati percepcije vinogradara – vinara vezane uz korištenje osiguranja kao instrumenta za upravljanje rizikom u vinogradarstvu. Percepcije vinogradara o korištenju osiguranja kao instrumenta upravljanja rizikom ispitane su anketnim istraživanjem vinogradara u Istri. Rezultati anketnog istraživanja upotpunjeni su i rezultatima intervjua izabranih osiguravajućih društava. Rezultati ankete vinogradara i intervjui osiguravajućih društava pokazuju da se osiguranje vinograda kao instrument za upravljanje rizikom u poljoprivredi ne koristi u dovoljnoj mjeri. Pritom, osiguravajuća društva ocjenjuju da u Hrvatskoj postoji potražnja za poljoprivrednim osiguranjem, ali da je ona nedovoljna i neproporcionalna broju i veličini nasada.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69444253","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}
{"title":"Odrednice održivosti poslovanja malih i srednjih poslovnih subjekata u Republici Hrvatskoj","authors":"Anita Pavković, Gordana Soldo, August Cesarec","doi":"10.32910/ep.73.5.1","DOIUrl":"https://doi.org/10.32910/ep.73.5.1","url":null,"abstract":"Mala i srednja poduzeća čine najveći dio poslovnih subjekata te zapošljavaju značajan dio radne snage određene ekonomije. Cilj ovog rada je utvrditi pokazatelje uspješnosti poslovanja malih i srednjih poduzeća različitih gospodarskih sektora u Republici Hrvatskoj te ukazati koja su to mala i srednja poduzeća najizloženija mogućim negativnim posljedicama krize povezane s COVID-19 virusom. Za potrebe analize i usporedbe poslovnih subjekata korištena je vertikalna i horizontalna analiza financijskih izvještaja te analiza poslovnih pokazatelja. Rezultati rada ukazuju kako mikro poduzeća u Hrvatskoj imaju najniži udio vlastitih izvora financiranja te najviši udio kratkoročnih obveza, a navedeno se reflektira kroz lošije pokazatelje likvidnosti i zaduženosti. Gospodarske mjere i potpore donesene tijekom COVID-19 pandemije osigurale su određenu stabilnost poslovnih subjekata te prevladavanje poslovnih izazova. Mikro poduzeća trebala bi u svojem poslovanju više voditi računa o strukturi izvora financiranja te, radi povećanja stabilnosti, koristiti dugoročnije izvore financiranja.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445816","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}
{"title":"Analiza konvergencijskog procesa na lokalnoj i regionalnoj razini u Hrvatskoj","authors":"Jakša Puljiz, I. Rukavina","doi":"10.32910/ep.73.5.2","DOIUrl":"https://doi.org/10.32910/ep.73.5.2","url":null,"abstract":"Koristeći se podacima o osobnim dohocima u radu se analizira proces konvergencije na lokalnoj i županijskoj razini u Republici Hrvatskoj u razdoblju 2002. - 2018. pomoću koncepta sigma i beta konvergencije. Također, u radu se testira mobilnost lokalnih i županijskih jedinica u promatranom razdoblju korištenjem matrice prijelaznih vjerojatnosti temeljene na Markovljevom lancu. Rezultati provedenog istraživanja ukazuju na smanjenje dohodovnih nejednakosti na lokalnoj i županijskoj razini te na prisutnost apsolutne i uvjetne beta konvergencije. Daljnjom analizom utvrđeno je da konvergencija izrazito jača nakon 2014. godine. Rezultati matrice prijelaznih vjerojatnosti sugeriraju da se proces konvergencije odvija, prije svega, kroz promjene u srednjem dijelu distribucije teritorijalnih jedinica, što znači da najsiromašnije lokalne i županijske jedinice i dalje imaju vrlo male šanse za promjenu svojega relativnog položaja.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445832","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}
{"title":"Tourism demand and energy consumption in the service sector","authors":"Maša Trinajstić, Ljerka Cerović, Marinela Krstinić Nižić","doi":"10.32910/ep.73.3.2","DOIUrl":"https://doi.org/10.32910/ep.73.3.2","url":null,"abstract":"In the context of sustainable development, energy consumption reduction and energy efficiency improvement are recognized as global priorities. International tourist arrivals are increasing year by year, and tourism is recording increases in energy consumption. However, tourism needs to recognize its role in sustainable development, and make a significant contribution by using renewable energy and energy efficient technologies. Therefore, the aim of this paper is to analyze the relationship between tourist overnight stays and energy consumption in the service sector in the 10 EU countries that achieved the highest number of overnight stays. The survey covers a period of 19 years, from 2000 to 2018. Panel data analysis is used to observe the relationship between these two variables across time, based on random effects. The results show that there is a correlation between tourism overnights stays and energy consumption in the service sector, and that energy consumption is changing with the increase in tourist overnight stays. The results of the analysis indicate the need to enhance energy efficiency as well as encourage the use of energy from renewable sources in order to enable the sustainable development of economic and ecological systems. The empirical findings of this study can provide guidance on energy management to private entities and tourism policy makers in the EU.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445846","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}