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Abstract

The energy sector is characterized by market and monopoly activities. Monopoly activities include network activities, transmission and distribution of electricity, and transport and distribution of natural gas. For this reason, the revenue of the network activities is defined as allowed income, and it is under the control of the national energy regulator. In Croatia, this is the Croatian Energy Regulatory Agency. The allowed revenues of the network system operator in the Croatian energy sector are defined by the methodologies for individual network activities, which are based on the method of eligible costs. Network activities are usually capital-intensive activities. Capital cost is an element of the eligible cost method and is accounted for as a weighted average cost of capital (WACC). WACC affects the allowed revenue of the network system operator and the network tariff. It depends on the interest rates on debt capital, the risk-free rate, the market risk premium and the corporate tax rate. Changing the interest rate on the capital market, which also depends on the credit risk of the country, affects both the change in WACC and the change of tariffs for transport / transmission of energy. Amortization and operating expenses of the network operator, approved by the energy regulator, also have a significant impact on allowed revenues. The impact of the WACC change on the allowed revenue and network tariffs of network system operators has a different impact on the network tariffs, which depends on the structure of the eligible costs of a particular network system operator. Changing WACC affects the changes in tariffs of the network system operator. The aim of the paper is to determine how an interest rate change affects the WACC and how the change in WACC affects the change in the allowed revenue and the network tariff of the gas transport operator and the transmission of electricity in Croatia. The paper will analyse the tariffs of electricity transmission and natural gas transport in Croatia and compare them with those in the European Union.

Abstract

Capital structure refers to the delicate balance between equity and debt that a company uses to finance its assets. It is typically expressed as a debt-to-equity or debt-to-capital ratio, with the components usually located on the right side of the company’s balance sheet. Capital structure can exert great influence on the company’s risk profile and ability to leverage its operations. For this reason, the authors conducted an investigation of the capital structure of 16 joint stock companies listed on the Zagreb Stock Exchange comprising CROBEX, the equity index of Croatia for a three-year period starting in 2015 and ending in 2017. The study demonstrates that many CROBEX-listed companies are very risk averse and choose to remain debt-free. Some are, however, starting to discover the potential offered by financial leverage and have slowly started adjusting their capital structure. In conclusion, capital structure is slowly becoming an issue worthy of discussion on the corporate agendas in Croatia.

Abstract

This paper discusses the harmful tax practices of multinational enterprises (MNEs) and the fight of international organizations against them. We focus on the anti-tax base erosion and profit shifting project (anti-BEPS project) of the Organisation for Economic Co-operation and Development (OECD), namely its 15 actions, which we present in the first part of the paper, using descriptive and analytical methods. In the second part, we use critical and synthetic methods to assess how the selected aspects of multinational business will be impacted with described actions. Our conclusions show that MNEs will have to adapt their business structures and plans according to new tax regulations, which will also lower their profit levels due to unavailability of established harmful tax structures for lowering their tax bases. At the same time, our results indicate that the legal approach in introducing new measures on the subject field, lead to legal uncertainty in tax matters. Due to the scope of analysed problems, it was impossible to introduce individual problems in depth; however, we provide readers with the general characteristics and goals of introduced actions that are necessary for understanding our evaluation of their impact on certain fields of international business. Our paper contributes to literature and practice, as it provides general insight into recent and important international tax law developments that enterprises will have to consider when doing business across borders.

Abstract

The paper is focused on the results of the first conducted sectoral interim evaluation in Croatia, that of the Croatian Tourism Development Strategy till 2020. The authors reflect on the methodology used, the applied approach, the objectives and scope of the recently implemented interim evaluation of the mentioned Strategy. They comment on the purpose and functions of this sectoral evaluation and observe objectively its role from the point of view of achieving effectiveness, long term, and concrete and sustainable development impacts in the sector of tourism. The main findings of the conducted evaluation are presented, based on a number of held interviews and a survey with the main policy makers, civil servants as well as all key stakeholders in the tourism industry. Particular focus is given to evaluation questions and judgement criteria based on the evaluation criteria of effectiveness, impact and sustainability. The authors indicate some of the positive achievements, and particularly the current problems and challenges in the segment of tourism in Croatia in the period until 2020 and beyond. Along with observations related to the issues of accountability in the sector, the paper also provides reflections on the learning effects as the end result of such an evaluation, contributing to further policy development and policy learning in the sector of tourism. The authors indicate that their experience with this first interim evaluation could serve as a good practice example for conducting similar sectoral evaluations in Croatia as well as a tool for further long term development of tourism in the country, since the sector is of pivotal importance for Croatia’s local, regional and urban development as well as its overall economic competitiveness. Particular attention is given to some of the noted deficiencies and needs for further improvements in this sector, vital for Croatia’s further development. Recommendations are provided for improvements of the overall Croatian tourism development policy, with specific focus on the effectiveness of the so far achieved results as well as sustainable implementation of the Strategy and overall policy, aiming at reaching major and more concrete development impacts in the field of tourism.

Abstract

This paper aims to analyse and examine consumer behaviour based on different variables (age, gender, level of education, income, customer care, delivery time), and the impact of those variables on consumer satisfaction on domestic and foreign online services in Kosovo. The data represented in the paper have been collected on 2017 and 2019. The majority of demographic variables (except gender and income) as independent variables have shown to be significant in explaining consumer satisfaction from online services. On the contrary, the level of customers’ gender and income have shown to be statistically insignificant (p=0.143 and p=0.264 respectively; where α=5%). In addition, income has shifted from being insignificant in 2017 to significant in 2019. It can be inferred that the strongest correlation has shifted towards the price level of the 4 P’s of Marketing with total customer satisfaction from online services (r=.996), followed by customer care (r=.990).

Abstract

Human resources are the most significant resource of a company; this is especially true for small and medium enterprises (SMEs) in which they create the company’s competitive advantage because of their uniqueness. Human resources manage other resources and are responsible for the efficiency and success of the organization. The main goal of this research is to determine whether and to what extent the recruitment and selection of human resources are in correlation with the performance of SMEs. The research was conducted in SMEs in the Herzegovina Region in the Federation of Bosnia and Herzegovina in April 2019. An original questionnaire was created for the survey, within which top managers views on recruitment and selection of human resources were collected as well as the four-perspective performance of the business based on the Balanced Scorecard model. SPSS 20.0 was used for data analysis. Descriptive measurements used for data analysis include mean, standard deviation, and mode. The Kolmogorov-Smirnov test was used to test distribution normality. To test the correlation of variables and to determine the significance of differences, the Pearson correlation coefficient and t-test for independent samples were used. The level of significance was set to p = 0.05. The research results showed the correlation between the studied variables and the correlation of recruitment and selection of human resources and the performance of SMEs viewed from all four perspectives. A limitation of the research is the sample size and the sampling method. The results can be applied in the human resource management of SMEs.

Abstract

We study the impact of selected characteristics of Slovenian tax residents with income from work with source in other countries on their fulfilment of tax obligations from this income. We received anonymised data for the year 2015 from Slovenian Financial administration, which includes selected taxation data, some demographic variables as well as some data from other registers. On the sample of 9016 taxpayers of personal income tax from the group with income from work with source in other countries we found that with knowledge of some characteristics of taxpayers it is possible to discern a higher or lower probability of fulfilment of their tax obligations. Tools as the here presented model can help to increase the effectiveness of targeted inspection taxation supervision. The analysis has shown that groups of taxpayers with common characteristics share also a common pattern of the fulfilment of their tax obligations.

Abstract

The purpose of research presented in this paper is to determine how selected characteristics of a city event affect the satisfaction of visitors. In particular, the aim is to identify factors related to event atmospherics that determine visitor satisfaction in the city destination in continental part of Croatia. For this purpose, questionnaire was created based on previously conducted research by Bitner (1992), Oliver (1980, 1997), Baker and Crompton (2000), and Lee, Lee, Lee, and Babin (2008). It comprised measures for assessing event atmospherics, visitor satisfaction, and demographic characteristics of the respondents. The research was conducted among visitors of a city event that takes place every year during December 2018. A total of 191 questionnaires were obtained during the one-month period. Principal component analysis was utilised to determine the factor structure of city event atmospherics. In addition, multiple regression analysis was conducted to determine which factors may serve as predictors of visitor satisfaction in city event context. As a result, the analyses revealed four factors related to city event atmospherics. In addition, these factors positively and significantly affected visitor satisfaction, indicating that they have important role in determining visitor satisfaction in a city event context. These findings can contribute to the knowledge advancement of the city events, their influence on tourist satisfaction, and consequently, to better understand specific groups of visitors as well as establish efficient marketing and promotion strategies.

Abstract

The purpose of this paper is to explore the relationship between market orientation, innovation resources and companies’ financial performance. Focus is put on the mediator role of proactive market orientation (PMO) in the relationship between reactive market orientation (RMO), innovation resources and financial performance in the context of Central and Eastern European (CEE) countries. Research builds on reliable scales. Four hundred and fifteen usable questionnaires were collected from companies in Slovenia with more than 20 employees. The results show a strong and positive relationship between RMO and PMO. The impact of RMO on innovativeness as an element of organisational culture is both positive and stronger than the impact of PMO. PMO proved to have a significant positive influence on the capacity to innovate. While innovativeness alone does not directly influence financial performance, the results do confirm the positive impact of an organisational capacity to innovate on financial performance. The finding of our paper is that when PMO was included as a mediator between RMO and the capacity to innovate, the result was that this indirect impact proved to be one of the strongest in the model. Also, it proves that in CEE countries, it is important to stress the influence of market and market orientation in building innovation resources and consequently financial performance. The limitation of the current study is that we considered the relationship only among few marketing resources and organisational performance. In future research, additional measures of market performance may be introduced as mediators between innovation resources and financial performance.

Abstract

Recently, quality issues have been widely addressed in the higher education sector as a result of which the identification and the role of stakeholders have come to the forefront. When evaluating service quality in higher education, three distinct levels of operation could be taken into account, namely, institutional level, program or faculty level and course level, on which the relevant stakeholders perceive service quality by focusing on different attributes. Besides students considered as primary stakeholders, the academic staff is paid considerable attention as they have a direct influence on how students perceive educational service quality. The establishment of a course level service quality framework of a special course is presented in this paper by demonstrating not only the students’ but also the supervisors’ aspects through a student questionnaire, focus group discussions and personal interviews. These approaches resulted in a new, more sophisticated understanding of service quality on course level.