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Open access

Ivan Huljak

Abstract

The view on banks as investments in Croatia is challenged by two phenomena: dual holdings (owners are intensely involved in bank balance sheet as, apart from equity, they provide a significant portion of deposits and loans) and the impediments to determining the cost of equity (as only a handful of banks are traded and with questionable liquidity in the capital market). The paper contributes to the literature by applying the panel regression on the translog cost function in order to calculate the shadow cost of equity for banks in Croatia for the period from 1994 to 2016. In the next step, the Economic Value Added was calculated by taking into account the dual holding role of bank owners. The results suggest that the shareholders economic value is significantly different from the accounting value. In addition, it seems that the standard view that domestic banks are less profitable than foreign banks is only valid from the accounting perspective.

Open access

Davor Galinec, Jadranka Vuglar and Dario Cvrtila

Abstract

The official statistics framework is based on internationally agreed standards, taking into account the core principles of impartiality, objectivity, professional independence, cost effectiveness, statistical confidentiality, minimisation of the reporting burden and high output quality. Since the latest 2007 global economic crisis, a growing demand for more, better and timelier data under limited resources for compilers and reporting agents has been observed. The concept of experimental statistics becomes more relevant, despite the lower quality in terms of coverage, data sources and harmonised definitions. The main aim of this paper is to present the methodological development of the residential property price index in Croatia from experimental to official statistics, as well as to show corresponding changes in time, which occurred due to the changes in methodological framework, institutional responsibility for compilation, coverage and data sources. A general conclusion of the paper is that publication of non-harmonized experimental statistics results, together with explanatory metadata, is better from the point of view of users than having nothing produced by official statistics.

Open access

Nikolina Bošnjak and Vesna Prorok

Abstract

This article provides an upgraded model for actuarial projection of the dependency ratio of the pension fund in the Republic of Srpska. The nonexistence of complete upto-date life tables presents a huge problem of the pension system and life insurance industry modelling in the Republic of Srpska. Therefore, this article tries to encompass the problem by using the life tables of the Republic of Croatia as a starting point for adjustment of age-grouped life tables available for population of the Republic of Srpska. The actuarial projection model for the Pension and Disability Insurance Fund of the Republic of Srpska is upgraded by using these adjusted life tables and the best estimate mortality trend for mortality forecasting. The results of the Republic of Srpska pension fund dependency ratio projections obtained using a forecast of adjusted life tables are compared to the previous research on this topic which used the life tables of the Republic of Serbia for 2013 for the same model. This way we can observe the effect of life expectancy growth on pension fund’s dependency ratio estimates as one of the measures of pension fund’s sustainability.

Open access

Amila Pilav-Velić, Hatidža Jahić, Jasmina Okičić and Meldina Kokorović-Jukan

Abstract

Education plays a central role in today’s understanding of growth and development dynamics. However, its relationship with other factors is complex. This paper aims to investigate the effect of different forms of education on youth employability in Bosnia and Herzegovina. This is done by using the USAID MEASURE – BiH National Youth Survey. Research has shown that formal education and non-formal education through internship programmes, volunteering, paid jobs other than internships are significant predictors of youth employment status. The study also has several implications for academics and practitioners since it provides new insights into both employment patterns and practices in one transition economy but also calls for further analysis of the link between education, formal and non-formal, and youth employment.

Open access

Tihana Škrinjarić

Abstract

This paper observes the short-run effects of stock market index composition changes on stock returns on the Zagreb Stock Exchange (ZSE). In that way, event study methodology is employed in order to estimate abnormal returns and compare them amongst three subsets of stocks: those leaving the market index, those entering it, and constantly included stocks. The research included 14 regular and extraordinary revisions of the market index in the period from January 2nd, 2015 until March 21st, 2018. The results have confirmed two research hypotheses: stock exclusions from the market index have a negative effect on stock returns on the ZSE, which is consistent with the price pressure hypothesis; and there exist asymmetric effects of index composition changes on stock returns. This is the first study of this kind on the Croatian stock market, thus more questions need to be answered in future research.

Open access

Denis Dolinar, Davor Zoričić and Zrinka Lovretin Golubić

Abstract

In the field of portfolio management the focus has been on the out-of-sample estimation of the covariance matrix mainly because the estimation of expected return is much more challenging. However, recent research efforts have not only tried to improve the estimation of risk parameters by expanding the analysis beyond the mean-variance setting but also by testing whether risk measures can be used as proxies for the expected return in the stock market. In this research, we test the standard deviation (measure of total volatility) and the semi-deviation (measure of downside risk) as proxies for the expected market return in the illiquid and undeveloped Croatian stock market in the period from January 2005 until November 2017. In such an environment, the application of the proposed methodology yielded poor results, which helps explain the failure of the out-of-sample estimation of the maximum Sharpe ratio portfolio in earlier research in the Croatian equity market.

Open access

Jan Hunady, Marta Orviska and Peter Pisar

Abstract

Background: Transfer of knowledge from academia to business is one of the crucial issues for creating innovation. Creation of university spin-offs could significantly improve this transfer. Objectives: The main scientific aim is to examine the differences between universities in European countries and identify factors affecting the probability of creating the university spin-off. The paper is also focused on the differences in the specialization and financial sources of universities. Methods/Approach: We compare selected indicators for higher education institutions in European countries and examine potential determinants affecting the probability of academic spin-off formation. With respect to the main aim, the logit and probit regression analyses have been used. Results: Our results show that the creation of spin-offs is typical on the one hand for highly specialized universities or on the other hand for universities with a wide variety of study programs. They should also have an optimum number of doctoral students and have mostly less funding from tuition fees. Conclusions: Several indicators appear to play an important role in the formation of university spin-off. These indicators are the level of specialization, the share of tuition fees in the University budget, and the share of Ph.D. and foreign students.

Open access

Tamara Ćurlin, Božidar Jaković and Ivan Miloloža

Abstract

Background: Twitter is the most popular microblog platform. Individuals, companies, organizations, and even governments use Twitter on a daily bases and get vast benefits from it. Twitter also has been valuable for the tourism sector, especially in developing business strategies, planning and studying tourist decision-making processes. Objectives: Goal of the paper is to identify the trends, patterns and the research gaps of the research focusing on the Twitter usage in tourism. Methods/Approach: A bibliometric analysis was conducted in order to identify significant authors, journals, and institutions who engaged in the research-oriented towards Twitter utilization in tourism. In addition, text-mining analysis has been conducted in order to extract and identify the topics of the papers investigating the utilization of Twitter for tourism research. Results: Research of Twitter utilization in tourism has increased substantially in the last decade, with most of the research conducted in the United States and Japan. Extracted topics are focused on distinctive themes, such as network analysis, word of mouth, and destination management. Conclusions: New topics have emerged, such as the utilization of Twitter in crisis communication and terrorist attacks, as well as the integration of Twitter and other social media such as Flickr.

Open access

Janusz Opiła

Abstract

Background: Efficient management of the knowledge requires implementation of new tools and refinement of the old ones - one of them is visualization. As visualization turns out to be an efficient tool for transfer of acquired knowledge, understanding of the influence of visualization techniques on the process of knowledge sharing is a necessity. Objectives: The main objective of the paper is to deepen the understanding of the relation of visualization to other knowledge sharing paths. The supplementary goal is a discussion of constraints on visualization styles in relation to readability and efficiency. Methods/Approach: Due to the ambiguous nature of the problem, case analysis was selected as a research method. Two research papers have been selected for that. The first one focused on agrotourism, introduces a general use theoretical tool suitable for various purposes, such as consumer sentiment analysis. The second one evaluates possibilities of revealing an implicit organizational structure of an organization by means of visual analysis using interaction graphs. Results: Visualization is an important part of data analysis and knowledge transfer process. Hybrid visualization styles enhance information density but may decrease clarity. Conclusions: In order to maximise the role of visualization in a knowledg tranfer process, the special care must be devoted to clarity, the optimal level of details and information density in order to avoid obfuscation.

Open access

Andreas Cebulla and David Wilkinson

Abstract

Background: An ageing workforce is a challenge for businesses that are increasingly expected to adapt workplaces to enable employees to remain in work longer. Emerging evidence highlights employer practices to attract or retain older workers. This paper explores employers’ motivations for introducing measures to accommodate an older workforce in three European case study countries. Objectives: The objective is to illustrate and understand different approaches to, and stages in, adjusting workplaces to accommodate an ageing workforce. Methods/Approach: The study combines case studies, including site visits and interviews, with expert consultations. Results: The research finds marked between-country differences, with United Kingdom case studies highlighting a strong emphasis on age-neutral practices shaped by legislation; age-confident practices in Germany resulting from collaborative arrangement between employers and trades unions (with legislation permissive towards age discrimination); business in Spain remaining relatively inactive, despite evidence of people expecting to work longer in life. Conclusions: Diverging employer motivations and responses to the challenge of an ageing workforce risk a multi-speed Europe in age-confident workplace innovation. A concerted effort that draws on the multiple factors that motivate initiative would be required to achieve good working conditions for older workers across Europe.