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  • Author: Goran Karanović x
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Examining Financial Management Practices in the Context of Smart ICT Use: Recent Evidence from Croatian Entrepreneurs

Abstract

Recent research demonstrates that entrepreneurs who learn contribute to lower failure rates of their startups. Nowhere is this more evident than in the area of financial management, where the entrepreneurs’ lack of skills and competencies – and their willingness to acquire them - can be a critical factor to the success of the business venture. The purpose of this paper is to examine the financial management practices among Croatian entrepreneurs in relation to budgeting, raising capital, cash flow management, and the use of ICT tools for enhanced efficiency of their businesses. The survey was conducted on a sample of 58 entrepreneurs whose answers provide valuable insight into their grasp of financial concepts in the context of smart ICT use. The ensuing analysis of the level of proficiency in combining smart tools with financial management reveals increased adoption of ICT practices for budgeting and purchasing among Croatian entrepreneurs. Additionally, the findings indicate that the entrepreneurs’ acquisition of skills and competencies for smart financial management presents a sound basis for increased overall financial sustainability of the startups.

Open access
The Day-of-the-Week Effect: Evidence from Selected Balkan Markets

Abstract

The main aim of this paper is to investigate the existence of the “day of the week” financial effect in select Balkans stock markets indices. Many findings of market anomalies have corroborated the presence of the “day of the week” effect in developed markets; however, so far scarce research has been presented on this subject for the Balkan capital markets. Hence, an additional objective of this paper is to examine the impact of this market anomaly on the market efficiency hypothesis. The methodology used in this paper employs a regression including dummy variables which will help determine the existence of the effect. The authors use daily mean returns of selected stock indices found to be lower at the beginning of the week but not necessarily on Monday. The results are interpreted and expounded taking into consideration the history and market development. The paper provides academia and investors as well as policy makers new perspective of the market anomalies linked to the financial behavior of the capital markets in select Balkan countries.

Open access
IPOs Performance Analysis: Evidence from Emerging Markets in the Balkans

Abstract

The main purpose of this paper is to investigate the performance of initial public offerings (IPOs) in the emerging markets with particular focus on the markets of Balkan countries. The paper provides analysis of long and short performance of IPOs. In the Balkan emerging markets IPOs are relatively rarely used. Although all observed Balkan countries have gone through processes of transition from planned economies to market economies in the past 25 years, just a few state-owned companies have been privatized by use of IPOs. Due to this specific nature of the companies the analyzed sample of IPOs is comprised of state-owned and non-state-owned companies. The results are interpreted and expounded accordingly, taking into consideration the aforementioned conjunction. The findings indicate that company characteristics, signalling variables and financial variables have influence on the IPOs short and long term performance. The paper provides academia and policymakers with new revelations concerning the IPO processes in Balkan emerging economies’ capital markets.

Open access
Employers’ Perceptions of Business and Economics Graduates’ Competencies in Croatia

Abstract

Background: The issue of graduates’ competencies is not a new one, but was brought back into the spotlight after the 2007-2008 Global Financial Crisis and the ensuing disturbances in the labour market. These disturbances were manifested through an increased unemployment rate, with a significant share of highly educated people.

Objectives: This paper provides an insight into employers’ assessment of the importance and sufficiency of the competencies acquired by business and economics university bachelor graduates in Croatia.

Methods/Approach: The methodology applied in this research includes the importance-performance analysis (IPA) that provides a two-dimensional importance-satisfaction grid. Data for the IPA analysis were collected by the structured questionnaire.

Results: Results indicated that employers are satisfied with specific competencies (business and economic) and that the emphasis of business and economics higher education institutions (HEI) should be placed on generic competencies.

Conclusions: Findings imply that mobility of highly educated people could be caused by the level and quality of specific competencies of bachelors with a degree from Croatian economics higher education institutions. Additionally, the conclusion of the conducted study indicates a need for implementation of student-oriented teaching methods, the introduction of obligatory internship, and introduction of courses oriented towards the development of generic competencies.

Open access