Merima Činjarević, Emir Agić and Almir Peštek
Despite numerous scholarly attempts, there is a lack of consensus regarding the relevance of various factors influencing consumer’s intention to purchase organic food. The purpose of this study is to asses the impact of subjective and personal norms on consumer attitude toward buying organic food. Moreover, this study aims to explore the moderating role of contextual factors - product knowledge and consumer scepticism on the norms- attitude link. Data were collected through an online survey on a sample of 212 organic food buyers in Bosnia and Herzegovina. Moderated regression analysis was used to test the hypothesized relations between the constructs of interest. Findings indicate the subjective and personal norms are positively and significantly related to consumer attitude toward organic food purchases. Also, our findings revealed that product knowledge strengthens the subjective norms-attitude relationship, while consumer scepticism toward organic food claims weakens the subjective norms-attitude link. This study informs producers, marketers, and policy-makers about the relative importance of norms, scepticism, and knowledge in the context of organic food consumption.
Davor Zoričić, Denis Dolinar and Zrinka Lovretin Golubić
The work of Arnott et al. (2005) presented an interesting fact that the fundamentally-weighted indices generally outperform the market capitalisation-weighted counterparts in the US stock market. The research results prompted the introduction of fundamentally-weighted indices in the US market. Since research dealing with Croatian capital market also points out the inefficiency of the risk return trade-off of the cap-weighted (CROBEX) index this paper examines more closely the risk return characteristics of the potential fundamentally-weighted alternative and analyses the source of higher returns in the case of fundamentally-weighted indices. We use the original and propose a modified Fama French three factor model in order to try to capture specific sources of risk in the small and illiquid market. We find evidence in support of the view that better risk return trade-off of the fundamentally-weighted indices is driven by additional exposure to risk factors in comparison to CROBEX index.
Marko Ropret, Aleksander Aristovnik and Dejan Ravšelj
The importance of small and medium-sized enterprises (SMEs) is widely recognised for the Slovenian economy. However, the issues regarding legislative and other administrative barriers and their perception by SMEs as a heterogeneous group of enterprises are not yet fully investigated. The main research hypothesis concerns that there exist significant differences in the perception of administrative barriers among characteristic SME groups. Consequently, this paper aims to provide a comprehensive analysis of the key administrative barriers SMEs face in Slovenia. This entails three activities: (1) identifying the main areas in which barriers are found; (2) establishing what they imply performance-wise; and (3) providing policymaker guidelines tailored to different SME groups (size, legal form, sector, age). The empirical results, based on one-way analysis of variance (ANOVA) and Bonferroni post hoc tests on a sample of 925 SMEs, show differences in the various groups of SMEs mentioned above. Thus, it is shown that it is most promising to address the administrative barriers through an in-depth approach that targets specific enterprise groups and is reflected within guidelines for responsible policymakers.
Hacer Simay Karaalp-Orhan
In this study, how the human capital disaggregated by gender and physical capital affects economic growth in Turkey is examined for the period of 1971–2015. By using an arithmetic average of health and education indicators as a proxy of human capital formation, an attempt was made to examine the relationship between the human capital and economic growth under the scope of gender inequality. In this context, an ARDL-bounds testing approach and the unrestricted error-correction model were used to investigate the co-integration in the long- run and short run. Further, the causality test was also conducted to identify the direction of the causality between the variables. The main finding indicates that male human capital has been the central variable affected by both economic growth and physical capital. On one hand, a significant positive relationship was found between the economic growth and physical capital and male human capital in the long-run, while on the other hand, the female human capital was associated negatively to the economic growth. There is no evidence of causality that links the female human capital to other variables. This result suggests that women are not well utilized in the Turkish economy and the country suffers from untapped potential of women.
Nikolina Dečman and Ana Rep
Timely access to information and business transparency make the foundation for business success. Companies present their financial position and financial performance through the financial statements. As a financial information is not the only relevant factor of business value creation, presentation of non-financial information brings added value to different stakeholders. For the purpose of more transparent business operations and international comparability of the presented data, it is especially important that reports are compiled according to internationally accepted rules. The paper has sought to investigate whether Croatian companies recognize benefits of integrated reporting. The aim of the paper was to identify whether and to what extent largest companies in Croatia present the information regarding their intellectual capital, principle customers, business partners, environmental considerations, future plans, investments, market conditions, and further expectations of business development. Based on the research results, suggestions for improvement of the non-financial reporting in Croatia have been given.
Irena Kikerkova, Elena Naumovska, Katerina Toshevska-Trpchevska and Elena Makrevska Disoska
The subject of this paper is the foreign direct investment (FDI) inflow in Macedonia and its impact upon the economic growth and development of the country. Its basic purpose is to analyse the interconnection of FDI with a number of economic, political and institutional variables in Macedonia. We decided to apply Vector Error Correction Model (VECM) on FDI impact upon the Macedonian economy. The FDI indicator is calculated as a function of certain fundamental economic variables (GDP growth rate, labor productivity rate, openness to trade, current account balance) as well as of Worldwide Governance Indicators (control of corruption, government effectiveness, political stability, regulatory quality and rule of law). Results obtained by the econometric model should provide relevant conclusions on the impact of the up-to-date FDI inflow upon the growth and development of the Macedonian economy.
Marko Kolaković, Mladen Turuk and Ivan Turčić
Social Entrepreneurship is an area of entrepreneurship and economics in general that have become more and more popular in the last 30 years across the whole globe. However, the topics related to social entrepreneurship came in focus in Croatia during the past years due to developing and adopting the Strategy for the Development of Social Entrepreneurship in the Republic of Croatia for the period from 2015 to 2020. This paper will provide an overview of the relevant definitions of social entrepreneurship, social entrepreneur and social enterprise (with reference to the Strategy). The aim of this paper is to analyse the strategic framework for development of social entrepreneurship in Croatia and finally, to propose the direction of development of social entrepreneurship in Croatia in the future.
This paper sets up a small open economy general equilibrium model operating in a monetary union. Exogenous oil shocks that hit the modelled economy are alleviated by introducing a pro-cyclical excise duty tax rule on oil prices. It provides a model-based theoretical background for studying a fiscal response of curbing the negative effects of volatile global oil prices on inflation. Against this backdrop, we estimate the key parameters of the DSGE model and simulate different responses of the fiscal policy tax rule, based on different values of the responsiveness of the excise duty parameter.
Ivan D. Trofimov, Nazaria Md. Aris and Dickson C. D. Xuan
This paper studies the relationship between residential property prices and macroeconomic and demographic determinants in Malaysia. In the years following the Asian financial crisis, property prices in Malaysia rose substantially, resulting in an affordability crisis and ultimately policy responses to the problem. Using unit root, Johansen-Juselius cointegration, VECM-based Granger causality tests and variance decomposition, and considering quarterly data that covers 2000-2015 period, we established that residential property price growth is principally driven by strong demographic performance and population growth and is backed by the low interest rate environment and rising consumer prices. Household income and level of GDP do not appear to contribute to property price growth. Certain distortions and asymmetries in the Malaysian real estate markets are documented: oversupply in the higher price segment of the market coupled with the lack of affordable housing in the lower price segment; household income growth lagging behind GDP and property price growth, thereby dampening housing demand; growing rental markets in major urban areas as a result of the affordability crisis; and a quality mismatch between buyers’ preferences and housing supply.