Purpose: Migrations are a complex economic variable that is highly influenced by conditions such ... more Purpose: Migrations are a complex economic variable that is highly influenced by conditions such as social, societal, economic, political, environmental, and the like. The preferences of the population vary and in accordance with their own needs, the population decides to migrate. Many economies of the world are facing the problem of out-migration of the young population. Moreover, the elderly population is increasing as a percentage of the total population. The aim of this research is to show the gender and age structure of the population, the state of migration and the impact on the economic growth in the Republic of Croatia. Methodology: Data on the population structure and migration in the Republic of Croatia are analyzed for the period 2004-2019. Results: The research conducted suggests that the population of the Republic of Croatia is facing a large outflow of young people and a decline in the birth rate. Conclusion: In the Republic of Croatia, the age structure of the populat...
Institucije su pravila ponašanja u određenom društvu odnosno ograničenja koja je čovjek iznašao k... more Institucije su pravila ponašanja u određenom društvu odnosno ograničenja koja je čovjek iznašao kako bi oblikovao ljudske interakcije. Zbog sinergijskog djelovanja svaka pozitivna ili negativna institucionalna promjena može prouzročiti značajne promjene u društvu. S institucijama su usko povezani transakcijski troškovi odnosno troškovi svih sredstava koja su potrebna kako bi se obavila razmjena. Glavni zadatak institucija je smanjenje transakcijskih troškova čime one stvaraju okvir za jačanje produktivnosti i konkurentnosti te okvir za gospodarski rast. Institucionalna promjena nastaje kada sudionici u razmjeni odluče mijenjati dotadašnji sporazum zato što misle da će im to omogućiti povoljniju poziciju. U početku tranzicijskog procesa, gospodarstva i institucije bila su velikim djelom određena višedesetljetnim načinom života, a svaka je tranzicijska zemlja odabrala svoj razvojni put. To je dovelo do različitog stupnja razvoja tranzicijskih država, od kojih su neke postale članice E...
The aim of this paper is to research, theoretically and empirically, the impact of institutional ... more The aim of this paper is to research, theoretically and empirically, the impact of institutional reforms on the economic growth in transition countries (new EU members) and Croatia, in the period from 1996 to 2012. In order to prove the hypothesis, we will use panel analysis of transition economies and Croatia, namely the Arellano-Bond dynamic panel analysis. The analysis includes two dependent variables (GDP/pc and the share of export in GDP) and five independent variables (total Heritage Index of Economic Freedom, WGI government effectiveness indicator, WGI rule of law indicator, corruption perception index and the index of institutional reforms in transition countries). The results show that there is a significant positive impact of institutional reforms on the 1 When citing this paper please refer to altered and modified version of this paper: Buterin, V., Škare, M., Buterin, D. (2017). Macroeconomic model of institutional reforms’ influence on economic growth of the new EU memb...
SAŽETAK Važnost institucija za gospodarski rast i razvoj prepoznali su i naglašavali još od doba ... more SAŽETAK Važnost institucija za gospodarski rast i razvoj prepoznali su i naglašavali još od doba Adama Smitha pa sve do suvremenih teoretičara. Institucije, u najširem smislu, imaju snažan utjecaj na ekonomiju zbog mogućnosti stvaranja poticajnog okruženja za gospodarski rast i razvoj. Kada su tranzicijske zemlje devedesetih godina prošloga stoljeća započele strukturne i institucijske reforme, susrele su se s naglim padom proizvodnje, rastom nezaposlenosti i visokom inflacijom, a investicijska aktivnost u tim zemljama bitno je smanjena. Prvih je godina priljev kapitala bio vezan uz procese privatizacije, ali s vremenom je intenzitet priljeva inozemnog kapitala sve više ovisio o institucijskoj promjeni, osobito u pogledu sigurnosti i zaštite vlasničkih prava. Institucijsko okruženje bilo je od najznačajnijeg utjecaja na privlačenje greenfield investicija koje su s protekom vremena u dijelu tranzicijskih zemalja počele skretati iz sektora niske tehnološke razine u sektore visoke tehno...
Management : Journal of Contemporary Management Issues, Jun 30, 2018
This study evaluates the relationship between corporate social responsibility (CSR) and the finan... more This study evaluates the relationship between corporate social responsibility (CSR) and the financial performance of companies operating within the global tobacco industry. According to the Forbes Global 2000 list, the research covers almost the entire industry, more accurately nine companies whose value is about 99% of the total market capitalization of the industry. Analysis of this research problem covered a five-year period, from 2011 to 2015. To evaluate CSR of the companies involved in research, the CSRHub rating list was used. An aforementioned list gives ratings for the four criteria of CSR: community, employees, environment, and governance. To assess the financial performance of the companies and to obtain representative results, two indicators were used: ROA, as a measure based on the accounting records of the company and Tobin's Q ratio, as a measure of the market success of the company. The research results indicate that there is no statistically significant correlation between the CSR and the financial performance at the tobacco industry level, but statistically significant correlation can be confirmed only selectively at the level of individual companies and individual indicators.
Tourism and tourism-related activities are a significant factor in the Croatian economy, with cle... more Tourism and tourism-related activities are a significant factor in the Croatian economy, with clear indications of the continuation of such trends in the future. Research shows that the share of tourism in the Croatian gross domestic product has increased, and efforts to raise the quality of the tourist offer and extend the tourist season are becoming more noticeable. Holders of such initiatives, which are expected to increase long-term returns, are currently mostly tourism companies with the highest financial potential. In this paper, the authors investigate whether the movement in the stock price of such companies is associated with increased revenues during the season, that is, whether the price movement is related to seasonal fluctuations or is related to their long-term business policy. The research has shown that seasonal changes have some influence, but not sufficient to significantly determine the price movement of securities in the financial market of observed enterprises. ...
The responsibility of the financial sector for the global financial crisis spurred the interest o... more The responsibility of the financial sector for the global financial crisis spurred the interest of the public to assess the ‘fair and substantial contribution’ of the financial industry that would level the costs associated with government interventions. In addition to various and comprehensive changes in the regulatory regime, most countries focused its efforts towards reforms of the tax systems. Therefore, it seemed reasonable to investigate the existing tax treatment of different categories of capital income in Croatia, i.e. interest income on savings deposits and bonds, dividends and capital gains. These additional taxes have been introduced recently with the primary objective of growth of budget revenues as well as additional contributions to the stability of the financial system. However, the paper raises the question of the justification of this decision with respect to the relative underdevelopment of the domestic financial system, and particularly illiquid and shallow capit...
Znanje, odnosno proizvodnja temeljena na znanju te stvaranje novih znanja predstavljaju danas gla... more Znanje, odnosno proizvodnja temeljena na znanju te stvaranje novih znanja predstavljaju danas glavni gospodarski resurs razvijenih zemalja. Znanje je cimbenik razvoja, pokretac brojnih aktivnosti koje doprinose razvoju i napretku gospodarstva pojedine države, ali i regije. U uvjetima sveopce globalizacije, integracije i liberalizacije tijekova kapitala, ljudi, ideja, poluproizvoda, gotovih proizvoda i usluga, gospodarstvo Primorsko-goranske županije postaje sve manje konkurentno. Dodatno opterecenje predstavlja nepovoljna industrijska struktura i losa prometna povezanost s europskim robnim i gospodarskim tokovima. Primjenom mjera za pravilno upravljanje znanjem, odnosno intelektualnim kapitalom, postici ce se povecanje konkurentske sposobnosti gospodarstva, tj. poticanje inovacija proizvoda, usluga, procesa i organizacije, poticanje primjene rezultata znanstvenih istraživanja u gospodarstvu i opce povecanje efikasnosti i efektivnosti gospodarstva. U ovom ce se radu definirati potreb...
Važnost institucija za gospodarski rast i razvoj prepoznali su i naglasavali jos od doba Adama Sm... more Važnost institucija za gospodarski rast i razvoj prepoznali su i naglasavali jos od doba Adama Smitha pa sve do suvremenih teoreticara. Institucije, u najsirem smislu, imaju snažan utjecaj na ekonomiju zbog mogucnosti stvaranja poticajnog okruženja za gospodarski rast i razvoj. Kada su tranzicijske zemlje devedesetih godina prosloga stoljeca zapocele strukturne i institucijske reforme, susrele su se s naglim padom proizvodnje, rastom nezaposlenosti i visokom inflacijom, a investicijska aktivnost u tim zemljama bitno je smanjena. Prvih je godina priljev kapitala bio vezan uz procese privatizacije, ali s vremenom je intenzitet priljeva inozemnog kapitala sve vise ovisio o institucijskoj promjeni, osobito u pogledu sigurnosti i zastite vlasnickih prava. Institucijsko okruženje bilo je od najznacajnijeg utjecaja na privlacenje greenfield investicija koje su s protekom vremena u dijelu tranzicijskih zemalja pocele skretati iz sektora niske tehnoloske razine u sektore visoke tehnologije. ...
Purpose: Migrations are a complex economic variable that is highly influenced by conditions such ... more Purpose: Migrations are a complex economic variable that is highly influenced by conditions such as social, societal, economic, political, environmental, and the like. The preferences of the population vary and in accordance with their own needs, the population decides to migrate. Many economies of the world are facing the problem of out-migration of the young population. Moreover, the elderly population is increasing as a percentage of the total population. The aim of this research is to show the gender and age structure of the population, the state of migration and the impact on the economic growth in the Republic of Croatia. Methodology: Data on the population structure and migration in the Republic of Croatia are analyzed for the period 2004-2019. Results: The research conducted suggests that the population of the Republic of Croatia is facing a large outflow of young people and a decline in the birth rate. Conclusion: In the Republic of Croatia, the age structure of the populat...
Institucije su pravila ponašanja u određenom društvu odnosno ograničenja koja je čovjek iznašao k... more Institucije su pravila ponašanja u određenom društvu odnosno ograničenja koja je čovjek iznašao kako bi oblikovao ljudske interakcije. Zbog sinergijskog djelovanja svaka pozitivna ili negativna institucionalna promjena može prouzročiti značajne promjene u društvu. S institucijama su usko povezani transakcijski troškovi odnosno troškovi svih sredstava koja su potrebna kako bi se obavila razmjena. Glavni zadatak institucija je smanjenje transakcijskih troškova čime one stvaraju okvir za jačanje produktivnosti i konkurentnosti te okvir za gospodarski rast. Institucionalna promjena nastaje kada sudionici u razmjeni odluče mijenjati dotadašnji sporazum zato što misle da će im to omogućiti povoljniju poziciju. U početku tranzicijskog procesa, gospodarstva i institucije bila su velikim djelom određena višedesetljetnim načinom života, a svaka je tranzicijska zemlja odabrala svoj razvojni put. To je dovelo do različitog stupnja razvoja tranzicijskih država, od kojih su neke postale članice E...
The aim of this paper is to research, theoretically and empirically, the impact of institutional ... more The aim of this paper is to research, theoretically and empirically, the impact of institutional reforms on the economic growth in transition countries (new EU members) and Croatia, in the period from 1996 to 2012. In order to prove the hypothesis, we will use panel analysis of transition economies and Croatia, namely the Arellano-Bond dynamic panel analysis. The analysis includes two dependent variables (GDP/pc and the share of export in GDP) and five independent variables (total Heritage Index of Economic Freedom, WGI government effectiveness indicator, WGI rule of law indicator, corruption perception index and the index of institutional reforms in transition countries). The results show that there is a significant positive impact of institutional reforms on the 1 When citing this paper please refer to altered and modified version of this paper: Buterin, V., Škare, M., Buterin, D. (2017). Macroeconomic model of institutional reforms’ influence on economic growth of the new EU memb...
SAŽETAK Važnost institucija za gospodarski rast i razvoj prepoznali su i naglašavali još od doba ... more SAŽETAK Važnost institucija za gospodarski rast i razvoj prepoznali su i naglašavali još od doba Adama Smitha pa sve do suvremenih teoretičara. Institucije, u najširem smislu, imaju snažan utjecaj na ekonomiju zbog mogućnosti stvaranja poticajnog okruženja za gospodarski rast i razvoj. Kada su tranzicijske zemlje devedesetih godina prošloga stoljeća započele strukturne i institucijske reforme, susrele su se s naglim padom proizvodnje, rastom nezaposlenosti i visokom inflacijom, a investicijska aktivnost u tim zemljama bitno je smanjena. Prvih je godina priljev kapitala bio vezan uz procese privatizacije, ali s vremenom je intenzitet priljeva inozemnog kapitala sve više ovisio o institucijskoj promjeni, osobito u pogledu sigurnosti i zaštite vlasničkih prava. Institucijsko okruženje bilo je od najznačajnijeg utjecaja na privlačenje greenfield investicija koje su s protekom vremena u dijelu tranzicijskih zemalja počele skretati iz sektora niske tehnološke razine u sektore visoke tehno...
Management : Journal of Contemporary Management Issues, Jun 30, 2018
This study evaluates the relationship between corporate social responsibility (CSR) and the finan... more This study evaluates the relationship between corporate social responsibility (CSR) and the financial performance of companies operating within the global tobacco industry. According to the Forbes Global 2000 list, the research covers almost the entire industry, more accurately nine companies whose value is about 99% of the total market capitalization of the industry. Analysis of this research problem covered a five-year period, from 2011 to 2015. To evaluate CSR of the companies involved in research, the CSRHub rating list was used. An aforementioned list gives ratings for the four criteria of CSR: community, employees, environment, and governance. To assess the financial performance of the companies and to obtain representative results, two indicators were used: ROA, as a measure based on the accounting records of the company and Tobin's Q ratio, as a measure of the market success of the company. The research results indicate that there is no statistically significant correlation between the CSR and the financial performance at the tobacco industry level, but statistically significant correlation can be confirmed only selectively at the level of individual companies and individual indicators.
Tourism and tourism-related activities are a significant factor in the Croatian economy, with cle... more Tourism and tourism-related activities are a significant factor in the Croatian economy, with clear indications of the continuation of such trends in the future. Research shows that the share of tourism in the Croatian gross domestic product has increased, and efforts to raise the quality of the tourist offer and extend the tourist season are becoming more noticeable. Holders of such initiatives, which are expected to increase long-term returns, are currently mostly tourism companies with the highest financial potential. In this paper, the authors investigate whether the movement in the stock price of such companies is associated with increased revenues during the season, that is, whether the price movement is related to seasonal fluctuations or is related to their long-term business policy. The research has shown that seasonal changes have some influence, but not sufficient to significantly determine the price movement of securities in the financial market of observed enterprises. ...
The responsibility of the financial sector for the global financial crisis spurred the interest o... more The responsibility of the financial sector for the global financial crisis spurred the interest of the public to assess the ‘fair and substantial contribution’ of the financial industry that would level the costs associated with government interventions. In addition to various and comprehensive changes in the regulatory regime, most countries focused its efforts towards reforms of the tax systems. Therefore, it seemed reasonable to investigate the existing tax treatment of different categories of capital income in Croatia, i.e. interest income on savings deposits and bonds, dividends and capital gains. These additional taxes have been introduced recently with the primary objective of growth of budget revenues as well as additional contributions to the stability of the financial system. However, the paper raises the question of the justification of this decision with respect to the relative underdevelopment of the domestic financial system, and particularly illiquid and shallow capit...
Znanje, odnosno proizvodnja temeljena na znanju te stvaranje novih znanja predstavljaju danas gla... more Znanje, odnosno proizvodnja temeljena na znanju te stvaranje novih znanja predstavljaju danas glavni gospodarski resurs razvijenih zemalja. Znanje je cimbenik razvoja, pokretac brojnih aktivnosti koje doprinose razvoju i napretku gospodarstva pojedine države, ali i regije. U uvjetima sveopce globalizacije, integracije i liberalizacije tijekova kapitala, ljudi, ideja, poluproizvoda, gotovih proizvoda i usluga, gospodarstvo Primorsko-goranske županije postaje sve manje konkurentno. Dodatno opterecenje predstavlja nepovoljna industrijska struktura i losa prometna povezanost s europskim robnim i gospodarskim tokovima. Primjenom mjera za pravilno upravljanje znanjem, odnosno intelektualnim kapitalom, postici ce se povecanje konkurentske sposobnosti gospodarstva, tj. poticanje inovacija proizvoda, usluga, procesa i organizacije, poticanje primjene rezultata znanstvenih istraživanja u gospodarstvu i opce povecanje efikasnosti i efektivnosti gospodarstva. U ovom ce se radu definirati potreb...
Važnost institucija za gospodarski rast i razvoj prepoznali su i naglasavali jos od doba Adama Sm... more Važnost institucija za gospodarski rast i razvoj prepoznali su i naglasavali jos od doba Adama Smitha pa sve do suvremenih teoreticara. Institucije, u najsirem smislu, imaju snažan utjecaj na ekonomiju zbog mogucnosti stvaranja poticajnog okruženja za gospodarski rast i razvoj. Kada su tranzicijske zemlje devedesetih godina prosloga stoljeca zapocele strukturne i institucijske reforme, susrele su se s naglim padom proizvodnje, rastom nezaposlenosti i visokom inflacijom, a investicijska aktivnost u tim zemljama bitno je smanjena. Prvih je godina priljev kapitala bio vezan uz procese privatizacije, ali s vremenom je intenzitet priljeva inozemnog kapitala sve vise ovisio o institucijskoj promjeni, osobito u pogledu sigurnosti i zastite vlasnickih prava. Institucijsko okruženje bilo je od najznacajnijeg utjecaja na privlacenje greenfield investicija koje su s protekom vremena u dijelu tranzicijskih zemalja pocele skretati iz sektora niske tehnoloske razine u sektore visoke tehnologije. ...
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