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  • Author: Marko Miletić x
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Critical Mass in the Boardroom of Croatian Banks


This paper investigates the influence of gender diversity in the boardroom of Croatian banks on their performance. Specifically, we deal with both management and supervisory boards. Moreover, based on critical mass theory, the authors try to find out what constitutes critical mass. Using a static panel analysis on a sample of all commercial banks that operated in the period 2002-2014, three models were estimated with return on assets (ROA), return on equity (ROE) and net interest margin (NIM) as dependent variables. Board structure variables include gender of the chairperson, size of the board, share of women on the board and four dummy variables constructed on critical mass theory, specifically uniform group, skewed group, tilted group and balanced group. Other controls employed in the model include capital adequacy, the growth rate of assets at the bank level, ownership, age and a crisis dummy. The main finding is that when a critical mass of 20%-40% of women on the management board has been reached, bank performance improves.

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Tanycytic Ependymoma of the Filum Terminale Region; a Case Report


Tanycytic ependymoma is a very rare spindle-cell variant of ependymoma derived from tanycytes, which are part of the primitive nervous system. This paper is presenting 48-year old woman who presented with low back and right-sided leg pain of moderate intensity. MRI showed spinal intradural tumor at the level of the L1 vertebral body. Right-sided L1 hemilaminectomy and en bloc tumor resection were performed. Neuroradiological and intraoperative diagnosis of schwannoma was revised to tanycytic ependymoma after careful immunohistochemical analysis. Six months post-operativly, MRI did not show tumor recurrence. Tanycytic ependymoma at the region of filum terminale is extremely uncommon and only three cases have been described in the literature. The low incidence of this tumor and atypical histological image, which is distinct from the typical features of commonly encountered ependymomas, can present a challenge in terms of making an accurate diagnosis. Awareness of this transitional form of ependymoma among neurosurgeons and pathologists may avoid incorrect surgical approaches and postoperative treatment course.

Open access
Financial Stability of Insurance Companies in Selected CEE Countries


Background: Financial stability or soundness of insurance companies has gained importance over the years, especially after the financial crisis of 2008. Various stakeholders such as policy makers, regulators, the insured, etc. are interested in keeping the insurance sector stable since it contributes to overall financial stability.

Objectives: The authors explore the determinants of insurers’ soundness in selected countries in Central and Eastern Europe. The analysis covers life, non-life and composite insurers that operated in Croatia, Hungary, and Poland in the period 2013 – 2017.

Methods/Approach: A set of insurer – specific, industry – specific and macroeconomic variables are taken into consideration for having a potential influence on soundness measured by the Z-score. The variables include the size based on total assets, the share of premium ceded to reinsurance, claims growth, gross written premium growth, the premium to surplus ratio, market shares held by the five largest insurers, the share of gross written premium in the gross domestic product (GDP) and the GDP per capita growth.

Results: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer. Both in Hungary and Poland reinsurance plays an important factor positively affecting soundness.

Conclusions: Each of the insurance markets covered by the analysis reveals its characteristics and offers guidelines on factors influencing financial stability.

Open access