Abstract: The research presented in this paper has been focused
on analysing the impact of traffic on the sustainable development of
tourism in Croatia's Dubrovacko-Neretvanska County by the year
2020, based on the figures and trends reported in 2014 and using the
relevant variables that characterise the synergy of traffic and tourism
in, speaking from the geographic viewpoint, the most problematic
county in the Republic of Croatia. The basic hypothesis has been
confirmed through scientifically obtained research results, through
the quantification of the model's variables and the direct growth rates
of the designed model. On the basis of scientific insights into the
sustainable development of traffic and tourism in Dubrovacko-
Neretvanska County, it is possible to propose a new information
model for traffic at the service of the sustainable development of
tourism in the County for the period 2014-2020.
Abstract: Prior to quantifying the variables of the information
model for using school terminology in Croatia's region of Dalmatia
from 1884 to 2014, the most relevant model variables had to be
determined: historical circumstances, standard of living, education
system, linguistic situation, and media. The research findings show
that there was no significant transfer of the 1884 school terms into
1949 usage; likewise, the 1949 school terms were not widely used in
2014. On the other hand, the research revealed that the meaning of
school terms changed over the decades. The quantification of the
variables will serve as the groundwork for creating an information
model for using school terminology in Dalmatia from 1884 to 2014
and for defining direct growth rates in further research.
Abstract: The paper presents combined automatic speech
recognition (ASR) of English and machine translation (MT) for
English and Croatian and Croatian-English language pairs in the
domain of business correspondence. The first part presents results of
training the ASR commercial system on English data sets, enriched
by error analysis. The second part presents results of machine
translation performed by free online tool for English and Croatian
and Croatian-English language pairs. Human evaluation in terms of
usability is conducted and internal consistency calculated by
Cronbach's alpha coefficient, enriched by error analysis. Automatic
evaluation is performed by WER (Word Error Rate) and PER
(Position-independent word Error Rate) metrics, followed by
investigation of Pearson’s correlation with human evaluation.
Abstract: Decision making is a vital part of the business world
and any other field of human endeavor. Which way a business
organization will take, and where that way will lead it, depends on
broad range of decisions made by managers in the managerial
structure. Strategic decisions are of the greatest importance for
organizational success. Although much empirical research has been
done trying to describe and explain its nature and effectiveness,
knowledge about strategic decision making is still incomplete. This
paper explores the nature of strategic decision making in particular
setting - in Croatian companies. The main focus of this research is on
the style that decision makers on strategic management level are
following when making decisions of life importance for their
companies. Two main decision making style that explain the way
decision maker collects and processes available information and
performs all the activities in strategic decision making process were
empirical tested: rational and intuitive one. Besides analyzing their
existence on strategic management level in Croatian companies, their
effectiveness is analyzed as well. Results showed that decision
makers at strategic management level are following both styles
somewhat equally in order to function effectively, and that intuitive
style is more effective when considering decisions outcomes.
Abstract: In the world of modern communications, visual identity has predominant influence on the overall success of tourist destinations, but despite of these, the problem of designing thriving tourist destination visual identity and their components are hardly addressed. This study highlights the importance of building and managing the visual identity of tourist destination, and based on the empirical study of well-known Mediterranean destination of Croatia analyses three main components of tourist destination visual identity; name, slogan, and logo. Moreover, the paper shows how respondents perceive each component of Croatia’s visual identity. According to study, logo is the most important, followed by the name and slogan. Research also reveals that Croatian economy lags behind developed countries in understanding the importance of visual identity, and its influence on marketing goal achievements.
Abstract: This paper provides an analysis of the insurance cycle in the Republic of Croatia and whether they are affected by catastrophic losses on a global level. In general, it is considered that insurance cycles are particularly pronounced in periods of financial crisis, but are also affected by the growing number of catastrophic losses. They cause the change of insurance cycle and premium growth and intensification and narrowing of the coverage conditions, so these variables move in the same direction and these phenomena point to a new cycle. The main goal of this paper is to determine the existence of insurance cycle in the Republic of Croatia and investigate whether catastrophic losses have an influence on insurance cycles.
Abstract: The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.
Abstract: The main objective of the research in this paper is to empirically assess the causal relationship of private savings and economic growth in the Republic of Croatia. Households’ savings are approximated by household deposits in banks, while domestic income is approximated by industrial production volume indices. Vector Autoregression model and Granger causality tests are used to in order to analyse the relationship among private savings and economic growth. Since ADF unit root tests have shown that both mentioned series are non stationary at levels, series are first differenced in order to become stationary. Therefore, VAR model is estimated with percentage change in private savings and percentage change in domestic income, which can be interpreted as economic growth in case of positive percentage change in domestic income. The Granger causality test has shown that there is no causal relationship among private savings and economic growth in Croatia. The impulse response functions have shown that the impact of shock in domestic income on private savings change is stronger than the impact of private saving on growth. Variance decompositions show that both economic growth and private saving change explain the largest part of its own forecast variance. The research has shown that the link between private savings economic and growth in Croatia is weak, what is in line with relevant empirical research in small open economies.
Abstract: The purpose of this paper is to analyze the influence and relative share of underwriting risks in explaining the variation in insurance cycles in subsequent periods. Through the insurance contracts they underwrite, insurance companies assume risks. Underwriting risks include pricing risk, reserve risk, reinsurance risk and occurrence risk. These risks pose major risks for property and liability insurers, and therefore their impact on the insurance cycle is important. The main goal of this paper is to determine the relative proportion of underwriting risks in explaining the variation of insurance cycle. In order to fulfill the main goal of the paper vector autoregressive model, VAR, will be applied.
Abstract: The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.
Abstract: Although human resources are recognized as the crucial companies’ resources and their positive influence on companies’ performances has been confirmed through different researches, scientists are still debating it. In order to contribute this debate, this paper firstly discusses the most important human resource management elements and practices and its influence on companies’ success. Afterwards it defines human resource “bundles” – interrelated and internally consistent human resource practices, complementary to each other, or the most important human resource practices and elements regarding Croatian companies and its human resource management activities. Finally, the paper provides empirical results; more precisely it reveals the relation of the level of development of human resource management function (“bundles”) and companies’ financial performances (using profitability ratios, liquidity ratios, solvency ratios and a group of additional ratios related to employees’ indicators).
Abstract: Due to the importance of yield curve and its estimation it is inevitable to have valid methods for yield curve forecasting in cases when there are scarce issues of securities and/or week trade on a secondary market. Therefore in this paper, after the estimation of weekly yield curves on Croatian financial market from October 2011 to August 2012 using Nelson-Siegel and Svensson models, yield curves are forecasted using Vector autoregressive model and Neural networks. In general, it can be concluded that both forecasting methods have good prediction abilities where forecasting of yield curves based on Nelson Siegel estimation model give better results in sense of lower Mean Squared Error than forecasting based on Svensson model Also, in this case Neural networks provide slightly better results. Finally, it can be concluded that most appropriate way of yield curve prediction is Neural networks using Nelson-Siegel estimation of yield curves.
Abstract: While the European Union (EU) harmonized methodology is a benchmark of worldwide used business survey (BS) methodology, the choice of variables that are components of the confidence indicators, as the leading indicators, is not strictly determined and unique. Therefore, the aim of this paper is to investigate and to quantify the relationship between all business survey variables in manufacturing industry and industrial production as a reference macroeconomic series in Croatia. The assumption is that there are variables in the business survey, that are not components of Industrial Confidence Indicator (ICI) and which can accurately (and sometimes better then ICI) predict changes in Croatian industrial production. Empirical analyses are conducted using quarterly data of BS variables in manufacturing industry and Croatian industrial production over the period from the first quarter 2005 to the first quarter 2013. Research results confirmed the assumption: three BS variables which is not components of ICI (competitive position, demand and liquidity) are the best leading indicator then ICI, in forecasting changes in Croatian industrial production instantaneously, with one, two or three quarter ahead.
Abstract: The aim of this paper is to raise general awareness of transparency importance for audit firms and for audit services’ users. This paper analyzes transparency of audit firms that audited financial statements of listed companies, for year 2011 and 2012. We use this two years because in the meantime Code of Ethics for Professional Accountants has been adopted. This paper investigates whether transparency reports of audit firms are in accordance with the Croatian Audit Act and whether there is a difference on transparency in observed years. For this paper quality index of transparency report and financial indicators of audit firms are used to get conclusion about condition of audit firms transparency reporting. Results of our study indicate that audit firms are not fully transparent, looking for both years. Transparency of audit firms in 2012 has improved significantly, compared with transparency in 2011.
Abstract: Countries in recession, among them Croatia, have
lower tax revenues as a result of unfavorable economic situation,
which is decrease of the economic activities and unemployment. The
global tax base has decreased. In order to create larger state revenues,
states use the institute of tax authorities. By controlling transfer
pricing in the international companies and using certain techniques,
tax authorities can create greater tax obligations for the companies in
a short period of time.
Abstract: In Croatia, the majority of cultured marine fish species are reared in net cages. The intensive production of the fish in net cages may generate the considerable amount of bio waste and change water quality especially in enclosed and semi-enclosed coastal areas. The aim of this paper is to assess the potential impact of sea bass (Dicentrarchus labrax L.) cage farm on water quality. The weak relationship between food supply and water quality parameters (nutrient content and phytoplankton biomass) was found, but significant changes in oxygen saturation was observed in the cages during the warmer period of a year especially in the morning (occasionally it dropped below 70 %). Despite of, satisfactory results of water quality parameters, it is necessary to establish comprehensive monitoring process, especially to include quality assessment of fouling communities.
Abstract: This paper deals with econometric analysis of real
retail trade turnover. It is a part of an extensive scientific research
about modern trends in Croatian national economy. At the end of the
period of transition economy, Croatia confronts with challenges and
problems of high consumption society. In such environment as
crucial economic variables: real retail trade turnover, average
monthly real wages and household loans are chosen for consequence
analysis. For the purpose of complete procedure of multiple
econometric analysis data base adjustment has been provided.
Namely, it has been necessary to deflate original national statistics
data of retail trade turnover using consumer price indices, as well as
provide process of seasonally adjustment of its contemporary
behavior. In model establishment it has been necessary to involve the
overcoming procedure for the autocorrelation and colinearity
problems. Moreover, for case of time-series shift a specific
appropriate econometric instrument has been applied. It would be
emphasize that the whole methodology procedure is based on the real
Croatian national economy time-series.
Abstract: Development of knowledge based society carries multiple challenges to the higher education system. Some of the challenges laid before the higher education sector of countries which aspire to become knowledge based societies are: the entrepreneurial leadership of the higher education institutions, finding new sources of financing in order to minimize dependence on public resources, creating connections with the labor market, commercial utilization of R&D results, promotion of innovations as well as the overall promotion of science excellence relevant to the economic sector. Within a framework of this paper and its main subject of research, the challenge which is being put before the higher education institutions is an effort of establishing regional mission of higher education through the open collaboration with regional key factors, both private and public. Development of the mentioned collaboration and its contribution to the overall regional development in Croatia is the main subject of empirical research in this paper.
Abstract: Dew harvesting needs only weak investment and
exploits a free, clean and inexhaustible energy. This study aims to
measure the relative contributions of dew and rain water in the
Mediterranean Dalmatian coast and islands of Croatia and determine
whether dew water is potable. Two sites were chosen, an open site on
the coast favourable to dew formation (Zadar) and a less favourable
site in a circus of mountains in Komiža (Vis Island). Between July
1st, 2003 and October 31st, 2006, dew hasbeen daily collected on a 1
m2 tilted (30°) test dew condenser together with ordinary
meteorological data (air temperature and relative humidity, cloud
coverage, windspeed and direction). The mean yearly cumulative
dew yields were found to be 20 mm (Zadar) and 9.3 mm (Komiža ).
During the dry season (May to October), monthly cumulative dew
water yield can represent up to 38% of water collected by rain fall. In
July 2003 and 2006, dew water represented about 120% of the
monthly cumulative rain water. Dew and rain water were analyzed in
Zadar. The corresponding parameters were measured: pH, electrical
conductivity, major anions (HCO3
-, Cl-, SO4
2-
, NO3
-
, ,) and major
cations (NH4
+, Na+, K+, Ca2+, Mg2+. Both dew and rain water are in
conformity with the WHO directives for potability except Mg2+.
Using existing roofs and refurbishing the abandoned impluviums to
permit dew collection could then provide a useful supplementary
amount of water, especially during the dry season.
Abstract: Because of the increasing business pressures, companies must be adaptable and flexible in order to withstand them. Inadequate business processes and low level of business process orientation, that in its core accentuates business processes as opposed to business functions and focuses on process performance and customer satisfaction, hider the ability to adapt to changing environment. It has been shown in previous studies that the companies which have reached higher business process maturity level consistently outperform those that have not reached them. The aim of this paper is to provide a basic understanding of business process orientation concept and business process maturity model. Besides that the paper presents the state of business process orientation in Croatia that has been captured with a study conducted in 2013. Based on the results some practical implications and guidelines for managers are given.