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Steven Henry Dunga

Abstract

The analysis of income at household level is highly important for understanding the poverty and for supporting the efforts to deal with poverty. Poverty measures can be calculated from a multitude of approaches. A common approach is to use household income and draw a minimum level of income required for a household to be considered above or below poverty. This paper looked at income at household level from a gender perspective and a marital status perspective in order to draw conclusions of the nature of household’s characteristics that are associated with higher or lower income as a proxy for poverty. Based on data collected in a low income township in South Africa, the regression analysis was applied to investigate the differences between different marital statuses and gender and how they are associated with different levels of income. The regression results reveal that female headed households have, on average, lower incomes compared to male headed households, and also, that married heads of households have higher incomes compared to the single, divorced, and widowed. The widowed had the lowest average income.

Open access

Mduduzi Biyase and Bianca Fisher

Abstract

This paper investigates the determinants of access to formal credit by poor households in South Africa. Despite some progress in poverty reduction in the recent years, it remains astonishingly high by historical and international standards. Access to credit is believed by some scholars to be a primary means to address poverty and improve the standards of living of poor households. Thus, it is necessary to identify the determinants of the propensity to borrow and of the amount that is borrowed. Using 2008-2012 data from the National Income Dynamics Study (NIDS), a Heckman Selection model was estimated. The results from this study suggest that age of the household head, race, educational level, gender, employment, geographic location of households affect the propensity to borrow by poor households in South Africa.

Open access

Silvia Sumedrea

Abstract

The study aims to see if it could offer a positive response to the question whether the company’s financial performance depends on diversity of ownership structure, board and management team. Studies of this type have been made in the developed financial markets, but hardly any were made in recent years in emerging markets. The results of this study on the Romanian financial market indicate that relationships between ownership structure, board and management team composition and firm performance are mixed. ROA, ROE, ROS and P/BV as measures of firm performance are influenced by the presence of foreign shareholders, top foreign managers, and the percentage of women managers and by company’s size. Boards including foreign members are more inclined to appoint foreign managers and women in firm’s managerial teams, but a small number of such persons are not positively associated with an increased financial performance of the firm.

Open access

Liliana Donath and Veronica Mihutescu Cerna

Abstract

The reformation of the bank systems’ regulation and supervision in The European Union was founded on a macroprudential approach to monitor systemic risks and the vulnerabilities in a more effective way. Considered as the backbone of the new macroprudential supervision architecture, the Bank Union raises intense debates among the catching up economies. The fact that there are few studies on the costs and benefits of joining the Bank Union for the Central and Eastern European countries, explains the different views of the decision makers concerning this issue. The study stresses the manner in which macroprudential policies were implemented in Romania, as a particular case among the CEE countries, and the extent of their contribution to mitigating vulnerabilities and maintaining financial stability. The paper summarises the main arguments in favour of joining the Bank Union by emphasising the Romanian monetary authorities’ stance compared to those of the neighbouring CEE countries.

Open access

Denis Dolinar, Davor Zoričić and Antonija Kožul

Abstract

The fact that cap-weighted indices provide an inefficient risk-return trade-off is well known today. Various research approaches evolved suggesting alternative to cap-weighting in an effort to come up with a more efficient market index benchmark. In this paper we aim to use such an approach and focus on the Croatian capital market. We apply statistical shrinkage method suggested by Ledoit and Wolf (2004) to estimate the covariance matrix and follow the work of Amenc et al. (2011) to obtain estimates of expected returns that rely on risk-return trade-off. Empirical findings for the proposed portfolio optimization include out-of-sample and robustness testing. This way we compare the performance of the capital-weighted benchmark to the alternative and ensure that consistency is achieved in different volatility environments. Research findings do not seem to support relevant research results for the developed markets but rather complement earlier research (Zoričić et al., 2014).

Open access

Danijela Miloš Sprčić, Antonija Kožul and Ena Pecina

Abstract

Severe consequences of the global fi nancial crisis resulted in re-thinking the risk management processes and approaches, highlighting the need for a comprehensive risk management framework. Consequently, more and more companies are moving away from the Traditional “silo-based” Risk Management (TRM) to a more holistic approach known as Enterprise Risk Management (ERM). This paper presents results of both exploratory and empirical research. First, we develop ERM Index that measures maturity of ERM process within the company. Then, we present empirical results on the level of maturity and determinants of risk management system development in listed Croatian companies. Research indicates low levels of ERM development: even 38 per cent of analysed companies have no elements of ERM system, from which 22 per cent do not manage corporate risks at all. Except the company’s size supported by the economies of scale argument, managers’ support is the most important determinant of ERM system maturity in Croatian companies.

Open access

Hamdi Bilici, Loi Ta and Briant Carcamo

Abstract

The Vietnamese economy has been progressing to become a supplier to many multinational corporations (MNC). However, barriers presently exist that prevent Vietnamese firms from fully integrating into the supply chain of these global actors. Weak FDI overflow and block trading has government officials and business executives troubled that Vietnamese firms are still on the periphery of these global supply networks. Even as MNCs operating in Vietnam import many semi-finished products from other countries, Vietnamese firms are not benefiting from the opportunities to incorporate into the supply chain because of the lack of global experience, FDI, an educated workforce and outdated facilities. Vietnamese firms must upgrade their facilities and equip their labor forces to acquire MNC contracts and find global partners who can supply financing and knowhow.

Open access

Ivana Đunđek Kokotec, Marina Klačmer Čalopa and Kristina Detelj

Abstract

The main objective of this research paper is to examine whether the practice of corporate governance (CG) measured by the CGI-Crobank® index is significant for the explanation of variations in the performance of Croatian banks measured by the return on assets, return on equity, interest margin, margin of non-interest income, operating expenses margin, and by Tobin’s Q for the observed period from 2011 to 2015. The research is made on Croatian banks that form the CGI-Crobank® index using the data and information from annual questionnaires of CG codex, primarily to ensure objectivity, standardization and comparability. The goal of the literature analysis was to show present findings in the areas of corporate reporting and its impact on CG. Results obtained in the research indicate that a well implemented practice of corporate governance measured by the CGI-Crobank® index have influence on the variations in the performance of Croatian banks measured by Tobin’s Q and financial indicators.

Open access

Mihaela Grubišić Šeba

Abstract

From 1990s to the end of 2006 there have been two stock exchanges in Croatia - an official stock exchange in Zagreb and a so-called alternative capital market in Varaždin. The Zagreb stock exchange had a dominant role in the Western Balkan region until 2008, when its market capitalisation significantly decreased because of the influence of the global financial crisis and the economic downturn of the country. This paper analyses gradual regulatory and institutional development of the Croatian capital market, emergence and strengthening of institutional investors and assets under their management, key market development indicators related to market supply and demand and investor protection mechanisms. The research presented in this paper has shown the crucial role of regulation in attracting investors and sustaining their presence in the market. It also recommends more active role of regulation and stock exchange towards the issuers and small investors to encourage constant supply of corporate securities.

Open access

Zvonimir Galić, Maša Tonković Grabovac, Irena Gotvald and Željko Jerneić

Abstract

In this paper we report the results of a study exploring psychological contract breach (PCB) in a heterogeneous sample of Croatian employees (N=363). In addition to reporting PCB, the participants informed us about their basic demographic characteristics, job attitudes (job satisfaction and organizational commitment) and reported three aspects of their job performance (in-role performance, organizational citizenship behavior, counterproductive work behavior). Our analyses showed that PCB experience depended on participants’ characteristics, and, more importantly, was negatively related to job attitudes and job performance. Thus, the detrimental effect of PCB reported in the organizational behavior literature was replicated among Croatian employees.